OpenPayd launches Pix instant payments

Posted on July 11, 2024
OpenPayd launches Pix instant payments
OpenPayd customers can now embed Pix into their platforms to enable real-time payments in Brazilian Real
OpenPayd Editorial Team
OpenPayd Editorial Team
July 11, 2024

London, 11 July 2024 — Today, the global provider of embedded finance infrastructure, OpenPayd, announces its clients can now send and receive payments via Pix, the Brazilian real-time payment network.

The digital economy’s global nature necessitates robust international infrastructure for businesses with strong growth ambitions. As such, OpenPayd provides its clients with a global suite of embedded finance infrastructure through a single API. Customers can easily embed payments, accounts in multiple currencies and foreign exchange services into their own platforms, moving banking and payments from a cost centre to a revenue generator.

Pix was developed to combat the challenges created by traditional fund transfer methods offered by Brazil’s banking sector which incurred high transfer fees, were limited by settlement time and restricted to ‘working day’ operational hours. Pix local payments in contrast are available 24/7 and a much cheaper, more reliable option for businesses and consumers alike.

Since launching in 2020, around two-thirds of the Brazilian population has used Pix to make and receive payments. It’s now one of the most used real-time electronic transfer systems in the world, second only to India’s United Payments Interface. 

“Brazil is positioning itself as a global leader for the digital finance transformation, and we’re ensuring our clients can be a part of it. In May 2024, there were over 5 billion Pix transactions processed, demonstrating the scale of, and demand for, real-time payments in the LATAM market,” said Mert Aslaner, Head of Product at OpenPayd. “Enabling access to the world’s largest payment rails ensures that our customers’ payments can be as wide-reaching and agile as they are.”

OpenPayd will continue to expand its access to local and international payment rails to support its mission of powering the growth of the digital economy. Today, OpenPayd clients can send and receive payments across 190+ countries and territories through a single API or via the online platform.

 

-ENDS-

About OpenPayd

OpenPayd builds embedded finance and banking-as-a-service infrastructure that powers business growth. With OpenPayd’s financial services infrastructure, innovative companies can build new products, streamline their operations and manage their payments on a global scale.

The OpenPayd platform delivers a suite of banking and payments infrastructure: accounts, FX, international and domestic payments and Open Banking services – all via a single API. With a growing network of licences across the UK, Europe and globally, OpenPayd is providing the banking infrastructure digital businesses need to thrive.

For additional information on OpenPayd, please visit https://openpayd.com/.