Provider of multi-currency IBAN accounts ONPEX has partnered with Ronghan International Limited – the UK-based and regulated division of the Chinese financial service provider OnerWay.
The new partnership aims to improve cross-border marketplace settlements for international eCommerce businesses.
OnerWay facilitates a payment collection platform which enables Chinese merchants to sell their products on local marketplaces globally
Partnering with ONPEX enables the firm to provide its clients with access to the European market in the hope it would expand their business potential.
Jiangzi Ning, director at Ronghan International Limited, explained: “We chose to partner with ONPEX as it was the only provider in the market to offer solutions which cater exactly to the needs of our merchants.
“With more and more of our customers looking to buy and sell on marketplaces across Europe, it was essential for our growth that we had a solution which put automation in marketplace settlements, cross-border payments, and foreign exchange capabilities at its core.”
OnerWay collects pay-outs from local marketplaces, such as Amazon, eBay, Wish, and Cdiscount.
The statement said that the Chinese financial service provider was searching for a regulated European partner that offers automated banking and reconciliation solutions.
ONPEX’ solution, provides payments in over 25 currencies and allow the PSP to operate in a PSD2 compliant environment, regulated by the Luxembourg CSSF in accordance with European law.
Christoph Tutsch, CEO at ONPEX, explained the with the rise in international eCommerce it is important for businesses to keep on top of secure cross-border payments.
He said: “With our API-driven technology, we’re making global commerce easier and helping OnerWay to create a tailored solution which supports the complex and costly task of transferring funds to and from differing countries and currencies. Through automated processes, we expect to see significant growth from OnerWay and its merchant base.”
Without individual IBANs attached to the corresponding receiving accounts, to identify each transaction, businesses outside of the EU face major challenges when managing currency exchange and cross-border transfers.
ONPEX’ Banking-as-a-Service uses API technology to assign unique IBANs to each customer and allow businesses outside of the EU to process payments.
Ning concluded: “With ONPEX’ strong financial reputation and understanding of regulations within the EU, we have a partner who has a secure and compliant platform to support us as we grow.
“As a result, we are now able to provide regulated, automated client management solutions through ONPEX’ multi-level IBAN accounts which not only allows us to track payments but also make cross-border SWIFT and SEPA transfers at lower costs.”
ONPEX recently landed a similar partnership with eMoney institution Settle Go.