Digital token trading firm Bitfinex is collaborating with fiat on-ramp services provider OpenPayd, enabling SEPA (Single Euro Payments Area) payments for deposits and withdrawals.
SEPA payments create additional payment methods for Bitfinex consumers, being able to facilitate their euros in a host of European countries. This allows for an instant pay-in pay-out transaction period that makes digital token trading become more efficient.
“We chose to work with OpenPayd because of its ability to help us access SEPA real-time payment rails and the speed of integration its API enables,” states Paolo Ardoino, CTO at Bitfinex.
“This collaboration forms part of our continued efforts to provide a premium customer service experience to our growing user base.”
SEPA was introduced to provide European customers with a frictionless approach to transferring and receiving payments online across the continent. The SEPA project was launched by the European Central Bank to build a framework for credit and debit cards to be processed all under one roof.
OpenPayd’s service enables the automation of critical back-end functions such as reconciliation, and has enabled businesses to scale operations across Europe. The firm’s embedded finance technology looks to transfer its knowledge of fiat currencies over into the digital realm of cryptocurrencies.
Iana Dimitrova, CEO of OpenPayd, commented on the partnership: “The vision of embedded finance is to create a world where anyone building disruptive financial products can simply plug-and-play a fully-functional payments platform and access all the benefits that come with them and this is exactly what we’ve enabled for Bitfinex.”
“We’re thrilled to be helping one of the world’s largest digital token exchanges to bridge the gap between fiat and crypto. It’s critical that Bitfinex and its customers have access to real-time payment rails and benefit from both improved customer experience and improve their potential to scale.”