Enhancing the way it serves clients through digital payments, OpenPayd, the API-led Banking-as-a-Service provider, has announced the launch of InstantFX. 

The FX-as-a-Service product provides clients with real-time trading and seeks to eradicate the need for batch processing.

Commenting on the launch of InstantFX, OpenPayd CEO, Iana Dimitrova, said: “COVID is killing cash and accelerating the rise of digital payments. This is creating opportunities for firms that can offer real-time, frictionless and intuitive payment experiences. Seamless foreign exchange is a big but complex part of that for which many firms still rely on batch processing.

“Not only is this a huge capital outlay, it does not provide the speed of settlement and competitive rates that these businesses need to grow in these volatile times. The launch of InstantFX ensures that our customers can trade easily and cost-effectively, and OpenPayd’s simple integration—designed by developers for developers—means they can go to market with speed.”

The launch allows OpenPayd customers to have the ability to offer automated mid-market spot rates in 18 currencies delivered either through a web front end or an API for full integration.

“Clients are able to hold funds in a currency wallet and payout these currencies through a number of payment networks, including FPS, CHAPS, SEPA and SEPA INSTANT. In an update scheduled to roll out before the end of the year, InstantFX will also add real-time settlement, plus the ability to pay out USD via SWIFT, ACH, and Wire.