OpenPayd, a leading global payments and banking-as-a-service (BaaS) platform for the digital economy, today announced it is working with SwissBorg, a cryptocurrency wealth management platform based on blockchain technology. OpenPayd’s platform enables SwissBorg to seamlessly embed a full suite of financial services into its user experience, driving increased processing speeds and reducing operational costs, to support further business growth.
With the price of Bitcoin continuing to set new all-time highs – the latest reaching more than $63,000 (CoinMetrics, 13 April 2021), scaling to meet demand is crucial for digital asset businesses. SwissBorg itself is an extremely fast-growing platform and, after a huge spike in user numbers, faced the unexpected need to replace their incumbent banking provider at short notice (a common issue for cryptocurrency businesses). Since launching with OpenPayd, its monthly new user growth has increased by nearly 800% – and it needed a solution to support its scaling.
Embedded financial infrastructure
The micro-level, deep technical integration between the SwissBorg back-end systems and the OpenPayd API mean the services provided by OpenPayd are embedded into the customer experience on an individual user level. Most notably, this can take place without the need for SwissBorg to change any of their technology to support the new infrastructure, meaning the integration process was streamlined and the service was live in just 2 weeks.
Through OpenPayd’s specialist BaaS platform, which includes a feature set specifically designed for digital asset businesses, SwissBorg can completely automate the process of receiving fiat deposits and initiating fiat withdrawals from and to their customers via SEPA, SEPA Instant and SWIFT. Crucially, with SwissBorg having access to theSEPA Instant payment scheme, its customers are now able to top up their fiat wallets in real time.
Eliminated manual payment references
In addition, because OpenPayd’s virtual IBANs (uniquely allocated to each SwissBorg customer) are directly embedded into the SwissBorg platform’s back end, SwissBorg’s customers will no longer need to include a Unique Reference when instructing payments to SwissBorg from their bank account. This helps reduce payment reconciliation errors (leading to increased operational costs) and significantly speeds up the payment processing time.
OpenPayd’s platform helps reduce fraud by enabling SwissBorg to step into the deposit flow via API and automatically approve / reject any incoming deposits before funds are allocated to an individual customer. This is based on pre-defined logic of what SwissBorg deems an acceptable deposit and SwissBorg’s own compliance requirements. Finally, OpenPayd also helps SwissBorg control the flow of off-ramps thanks to OpenPayd’s proprietary depositor-beneficiary matching solution. These features add a new layer of security for the wealth management platform and its customers.
“Crypto is proving itself a viable alternative to traditional financial services and is rapidly entering the mainstream. As crypto players begin to compete with traditional financial services, maintaining a keen focus on customer-centricity and exploring the full potential of embedded finance is imperative,” said Cyrus Fazel, CEO at SwissBorg. “Off-the-shelf BaaS products don’t work for digital asset businesses – we need specialist crypto knowledge, bespoke technology and enhanced compliance capabilities to lead in this market. OpenPayd is enabling us to innovate ahead of demand, embedding new financial services products into our offering, and transforming personal finance and wealth management for our customers.”
“Cryptocurrency’s potential as a store of wealth is fast being realised. A melting pot of factors ranging from the pandemic to technological advancements and regulatory developments has meant crypto is on a high-growth trajectory,” said Iana Dimitrova, CEO of OpenPayd. “SwissBorg is undoubtedly challenging the status quo. It’s growing fast and needs a BaaS partner built for the digital economy that understands crypto. We’re beyond excited to help SwissBorg realise its mission of revolutionising personal finance by making investments in digital assets easier, safer and quicker than ever.”