Frequently Asked Questions.

What is an API?

API stands for Application Programming Interface. It is essentially a set of functions and interactions between two or more applications. APIs work behind the scenes to provide users with information they need, such as when checking the weather through a smartphone app. The OpenPayd platform is built on a series of APIs that come together to provide banking and payment solutions for you and your customers.

What is low latency?

Latency in FX markets refers to the delay or amount of time between a request and a response. Low latency therefore denotes a shorter delay and, as a general rule, a higher accuracy between the FX rate being shown and what you can expect to achieve. Low latency is important because FX markets can be volatile, with the rates changing every millisecond. If you achieve low latency, you will have a better and more realistic reading of the currency market.

What is a card issuer?

An issuer (also known as a card issuer or issuing bank) is a bank or financial institution that issues payment cards to customers (cardholders) on behalf of card scheme networks, such as Visa and Mastercard.

The issuer is responsible for debiting funds from the cardholder’s account when they make a payment using a card issued by the issuer. After the funds have been deducted from the account, the issuer transfers the funds to the applicable card scheme for onward settlement to the merchant acquirer.

What is a cardholder?

The cardholder is the person holding a debit or credit card issued by a bank or financial institution.

Cardholders may use contactless terminals, a chip and PIN reader or an online payment gateway to indicate their agreement to proceed with a transaction.

What is a merchant?

A merchant is an individual or company that sells goods and/or services to customers. The selling can take place face-to-face in shops, over the phone, or online.

What are cross-border payments?

Cross-border payments are transactions involving parties that are situated in at least two different countries. Typically, cross-border payments are made using country-specific regulations. Having an understanding of country-specific requirements can speed up payment times and make the process less cumbersome.

OpenPayd’s existing banking and payments infrastructure can help businesses overcome many of the challenges associated with cross-border payments.

What is an acquirer?

An acquirer (also known as an acquiring bank) is a bank or financial institution that processes card payments on behalf of a merchant. The acquirer accepts card payments from an issuer (also known as an issuing bank) on behalf of the merchant.

The acquirer is responsible for receiving the card transaction details from the merchant’s terminal or online payment gateway, which are passed to the issuer via the card scheme for authorisation. Once authorisation has been granted, the acquirer completes the processing of the transaction.

The acquirer will then arrange for the card transaction to be settled and will credit the merchant’s nominated bank account with the funds.

What is a payment gateway?

A payment gateway is a technical service that a merchant uses to accept card payments from their customers (cardholders). Payment gateways are the consumer-facing interfaces, such as payment processing portals found online. Payment gateways may be provided by a bank to its customers, or a specialised payment service provider.

Who is OpenPayd?

OpenPayd is a digital Banking-as-a-Service platform, dedicated to improving and simplifying access to payments and banking. Its services can be integrated through a single API and are supported by a network of licenses across UK, Europe and Canada and others.

The platform enables businesses such as marketplaces, PSPs, fintechs and crypto wallet operators, looking to streamline collection of funds and payouts to benefit from virtual IBANs in multiple currencies, access to local and international payment networks, wholesale FX, and card processing capabilities.

What is a standing order?

A standing order is an instruction a bank account holder gives to their bank account provider to pay a set amount to another account at regular intervals. The intervals are generally weekly, monthly, quarterly or annually. The payer of the standing order has full control. They define the amount to be paid and the frequency of the payments. Standing orders either cover a set period of time or continue until they are cancelled.

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©2021 OpenPayd Holdings Limited. All rights reserved. OpenPayd™ and OpenPayd® are trademarks of SettleGo Solutions Limited.

SettleGo Solutions Limited (trading as OpenPayd) is a company incorporated in England (company number 09570221) with registered address at The Bower, 207-211 Old Street, London, England, EC1V 9NR. OpenPayd is authorised by the Financial Conduct Authority in the United Kingdom under the Electronic Money Regulations 2011 (FRN: 900483) for the issuance of electronic money and payment services. OpenPayd is not a bank.

OpenPayd Financial Services Malta Limited is a company incorporated in Malta (company number C 75580) with registered address at Level -3, 137 Spinola Road, ST. Julians STJ 3011, Malta. OpenPayd Financial Services Malta Limited is authorised by the Malta Financial Services Authority under the Financial Institutions Act for the issuance of electronic money and payment services. OpenPayd Financial Services Malta Limited is not a bank.


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