We are excited to announce that OpenPayd has enhanced its SEPA capabilities which will significantly reduce some payment processing times for our customers.
The SEPA (Single Euro Payments Area) payment scheme was established as a means of harmonising the ways in which euro payments were made. SEPA aims to improve the efficiency of cross-border payments and make all cross-border electronic payments in euros as easy as domestic payments.
Prior to our obtaining direct access, we were integrated with SEPA via an agency bank partner. However, now that we have direct access to the scheme, we can submit payments directly into SEPA on behalf of our customers, which will reduce payment processing times and shorten onboarding times.
“Friction with bank payment services is one of the biggest challenges for modern businesses. It’s often painful, expensive and slow to move money around. The ability to process intra-European payments quickly is vital to a number of B2B use cases,” says Adam Bialy, OpenPayd’s Chief Product Officer. “By providing our customers with direct access to SEPA, in addition to our existing payments schemes connectivity, we’re helping our business customers meet ever rising demands of their customers and maintain a competitive advantage in today’s increasingly congested market.”
Direct access to SEPA will boost our service offering to customers, who will benefit from fast and cost-effective payment processing across the 36 participating nations of the SEPA scheme, including all EU member states and EEA members.
It is the latest enhancement of our services and capabilities, alongside other payment schemes including BACS, CHAPS, Faster Payments and SWIFT. Our network of licences also enables us to issue euro-denominated IBANs for customers to streamline collections and pay-outs within the eurozone.
“Our customers feel the effects of the ever-changing nature of cross-border business every day, and for them, speed and cost are of the essence,” explains Bialy. “By improving our SEPA functionality, we’re ensuring our customers keep that edge to remain competitive.”