OpenPayd, a leading global payments and banking-as-a-service (BaaS) platform, on Thursday announced it is working with SwissBorg, a cryptocurrency wealth management platform based on blockchain technology.
OpenPayd’s platform enables SwissBorg to seamlessly embed a full suite of financial services into its user experience, driving increased processing speeds and reducing operational costs, to support further business growth.
The micro-level, deep technical integration between the SwissBorg back-end systems and the OpenPayd API mean the services provided by OpenPayd are embedded into the customer experience on an individual user level. Most notably, this can take place without the need for SwissBorg to change any of their technology to support the new infrastructure, meaning the integration process was streamlined and the service was live in just 2 weeks.
Through OpenPayd’s specialist BaaS platform, which includes a feature set specifically designed for digital asset businesses, SwissBorg can completely automate the process of receiving fiat deposits and initiating fiat withdrawals from and to their customers via SEPA, SEPA Instant and SWIFT. Crucially, with SwissBorg having access to the SEPA Instant payment scheme, its customers are now able to top up their fiat wallets in real time.
OpenPayd’s platform helps reduce fraud by enabling SwissBorg to step into the deposit flow via API and automatically approve / reject any incoming deposits before funds are allocated to an individual customer.
Cyrus Fazel, CEO at SwissBorg
Crypto is proving itself a viable alternative to traditional financial services and is rapidly entering the mainstream. As crypto players begin to compete with traditional financial services, maintaining a keen focus on customer-centricity and exploring the full potential of embedded finance is imperative.
Iana Dimitrova, CEO of OpenPayd
SwissBorg is undoubtedly challenging the status quo. It’s growing fast and needs a BaaS partner built for the digital economy that understands crypto.
