ONPEX, a provider of multi-currency IBAN accounts and B2B payment services, has partnered with Canadian financial institution Wirexend to provide their clients with a cross-border solution to access accounts with SWIFT and SEPA transfer capabilities.
Launched in 2018, Wirexend provides access to cross-border payments for fast-growing businesses.
The partnership aims to accelerate the successful development, global expansion and scalability of the business and to provide Wirexend customers direct access to IBAN accounts with SWIFT and SEPA payments.
This, in turn, enables the Canadian financial institution to enter the European market. In addition to facilitating these international transfers, Wirexend will be made bankable through ONPEX.
Stas Lobkowicz, CEO at Wirexend said: “We decided to partner with ONPEX due to its ability to offer our customers direct access to cross-border payments and to enter the European market.
“Thanks to our partnership with ONPEX, we plan on expanding our client base ten times by the end of 2019. We believe Banking-as-a-Service providers like ONPEX will play a key role in what we can offer our customers now and in the future.”
Wirexend plan to integrate ONPEX’ Banking-as-a-Service (BaaS) platform via a flexible Application-Program-Interface (API) to offer automated access to international payments.
In the release, the firm also spoke of the benefits having ONPEX’ multi-currency IBAN accounts and foreign exchange (FX) capabilities at its disposal.
These banking and payment features ensure that Wirexend’s customers can convert funds within their account and make payments in multiple currencies, including: Euro (EUR), Pound Sterling (GBP), Chinese Yuan (CNY).
In addition to the multi-currency management, Wirexend hope that attaching IBANs to accounts will make the sending and receiving of funds more secure and easier to reconcile.
Speaking about the new partnership, Christoph Tutsch, CEO at ONPEX, explained: “Partnering with Wirexend has helped ONPEX expand the global reach of its growing platform.
“It is the first step in our 2019 expansion plans, which will help businesses like Wirexend provide seamless and automated cross-border payments in the competitive financial services industry. ONPEX is happy to be providing these banking and payment services so that Wirexend can meet and exceed customer needs.”
News of the partnership comes after ONPEX recently secured a seven-digit investment from fintech investors FinLab AG.