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Banking as a Service Infrastructure Provider OpenPayd will help eToro issue a unique Euro Virtual IBAN (International Bank Account Number) to each customer, allowing eToro to access the SEPA Instant rail for the first time.
The proposal is currently in 12 countries and is being rolled out across Europe. As a result, eToro customers can now deposit and withdraw quickly and securely from their eToro Money accounts.
Watercress Satya eToro’s Director of Payments said the partnership is an example of embedded finance and a significant evolution of how innovative financial services are built.
Mr Thathiah said: Every customer receives their own virtual IBAN and access to her SEPA Instant, a real-time European payment rail, so you can see when, how and to whom your funds are going.
OpenPayd’s bespoke, API-based solution means eToro can spend less time reconciling, eliminate the possibility of human error, and significantly speed up payment processing times.
Yana Dimitrova The CEO of OpenPayd commented: We strongly believe that embedding financial services in this way will drive business growth and enable any company to build new products, streamline operations and manage payments globally. This is the future of financial services.
