Client case study: Xago

We are not treated as just another customer, but genuinely as a valued client and partner.

Powering liquidity across complex corridors 

As global commerce becomes more interconnected, businesses operating across complex markets continue to face a fundamental barrier: consistent access to liquidity across borders. Xago operates at the centre of this challenge as a liquidity provider, facilitating essential on/off-ramp services at the frontier of emerging markets. 

Focused on underserved corridors, Xago enables businesses and institutions to move between local and major global currencies, supporting cross-border flows where access to efficient financial infrastructure can be limited. Headquartered in South Africa, with operations spanning multiple regions, the business has built its own technology on the XRP Ledger to facilitate faster, more efficient movement of value across currencies. 

This positioning allows Xago to serve clients in high-growth, often complex environments, where speed, reliability and access to global liquidity are critical to maintaining competitive advantage. 

In 2023, evolving dynamics in the global banking landscape highlighted the need for greater resilience and flexibility in cross-border payments. 

For Xago, this was a clear moment to strengthen its operating model by introducing an additional, trusted infrastructure partner across the UK and Europe. This would ensure consistent access to international payment rails as demand continued to grow, while future-proofing its operations against evolving market requirements. 

For a business supporting market makers and institutional clients with large, time-sensitive flows, consistency is critical. Expanding its network would allow Xago to maintain high performance standards while continuing to support clients moving value across local and international currencies. 

Evaluating providers: beyond pricing to operational dependability 

Selecting a new global infrastructure partner required a detailed and highly commercial evaluation process. Xago assessed providers across cost structures, FX spreads, minimum commitments and access to key currencies. 

While these factors were important, they were not decisive on their own. For a business operating at pace, infrastructure reliability and responsiveness became critical differentiators. 

Delays, uncertainty or lack of access at the banking layer directly affect Xago’s ability to execute trades and support its clients. As a result, the evaluation focused heavily on whether a partner could provide consistent access to liquidity and respond quickly when it mattered most. 

OpenPayd distinguished itself through its ability to combine competitive commercial terms with a responsive, solutions-oriented approach. 

Xago’s Chief Executive Officer, Jurgen Kuhnel, explained that when it comes to working with OpenPayd, “It does not feel like an ‘us vs them’ scenario, but a partnership focused on bringing high-quality business into the ecosystem.” 

Why OpenPayd: enabling access, scale and control 

OpenPayd provided Xago with immediate access to the core currency infrastructure required to operate effectively at scale. This included reliable connectivity to GBP, EUR and USD corridors, alongside the liquidity needed to support larger transaction volumes without disruption.  

Jurgen noted that the impact was felt immediately at the trading level: “The direct access to liquidity and the operational ease provided by OpenPayd gives the market makers on our exchange the crucial ability to lock in and settle large transaction sizes.” 

The platform’s multi-currency capabilities, including Virtual IBANs, also introduced greater flexibility in how Xago manages collections and client flows. This removed operational constraints and enabled Xago to support a wider range of use cases, unlocking new commercial opportunities. 

Access to multi-currency SWIFT rails further extended Xago’s reach into currencies and markets that would otherwise be difficult to access. While Xago typically prioritises faster, local settlement methods where possible, the availability of SWIFT provides an important fallback, ensuring continuity and coverage when alternative rails are not available. 

Jurgen added, “The most significant ‘add-on’ we have experienced with the OpenPayd offering was the inclusion of multi-currency SWIFT rails. This has been highly beneficial for Xago.” 

Crucially, OpenPayd provides access to established financial markets, allowing Xago to focus its resources on building liquidity in more complex environments. This separation of roles strengthens Xago’s ability to scale efficiently, combining global market access with specialised corridor expertise. 

Implementation: a process designed for long-term resilience 

The onboarding process followed a structured and detailed approach. For Xago, this level of scrutiny was not a barrier, but a validation point. 

A rigorous onboarding process signalled a partner with strong governance, robust controls and a long-term mindset, closely aligned with Xago’s own standards for due diligence. 

“A lack of onboarding process is a significant warning sign for us. When onboarding is thorough, it gives us confidence that the same level of professionalism carries through to all aspects of the business.” 

In Xago’s experience, partners that invest in robust onboarding tend to demonstrate the same discipline across service delivery, risk management and ongoing support. 

Impact: restoring momentum and strengthening the offering 

Since integrating with OpenPayd, Xago has not only recovered lost ground but moved beyond its previous levels of activity. Access to dependable rails has strengthened Xago’s position with institutional clients, particularly those requiring speed, certainty and scale. 

At the same time, capabilities such as Virtual IBANs have expanded how Xago supports its clients, enabling more streamlined collections, improved reconciliation and greater operational efficiency. 

Collaboration between the two teams has also evolved into a highly coordinated working relationship. Communication is direct, processes are aligned, and both sides are able to respond quickly to changing market conditions. 

OpenPayd’s responsiveness to requests is critically important to us. Xago operates a high-frequency, fast-moving business, and we require rapid answers. We have consistently experienced this level of support in our partnership. 

Enabling growth, now and next 

Xago’s next phase of growth is focused on expanding its market footprint, with a clear roadmap to scale its presence across multiple regions by the end of 2026. Demand continues to build from financial institutions, trading platforms and businesses seeking more efficient access to global liquidity. 

At the same time, digital assets are accelerating expectations around speed, cost and accessibility in cross-border payments. Businesses are increasingly looking for infrastructure that can support both traditional and alternative rails without added complexity. 

OpenPayd enables this expansion by providing consistent access to global payment infrastructure through a single integration. By removing the need to manage multiple banking relationships, it allows Xago to focus on developing liquidity in more complex corridors and supporting its clients more effectively. 

For Xago, the relationship extends beyond infrastructure. It is a partnership built on alignment, responsiveness and a shared focus on growth. 

Every discussion is focused on how we can both grow and perform better. What more could you ask for from a partner?