Christoph Tutsch, CEO at ONPEX

Cross-border payments expert, ONPEX, has announced its new automated foreign exchange (FX) capability.

Building on its already successful multi-currency IBAN account offering, the solution will see ONPEX’ clients make in-account and in-transfer FX. This means clients have instant currency conversions when moving money across international borders, allowing them to offer FX trading in up to 25 different currencies.

Previously, due to inefficient and complicated traditional bank practices, businesses struggled to make in-account and in-transfer exchanges – resulting in a loss of time, efficiency and revenue. With ONPEX, a whole new level of simplicity and transparency is available.

The new automated foreign exchange (FX) capability will be available in March 2019. With the release of this solution, ONPEX’ unique IBAN offering will support seamless FX for more efficient currency management and for sending and receiving money internationally.

Previous to ONPEX’ solution, businesses handling FX struggled when it came to exchanging currencies within their accounts or in-transfer. Traditional banks often make onward payments in a different currency extremely slow and complicated. Noting this pain point, ONPEX created an innovative, automated solution which streamlines the process to allow transparent, close to real-time and simple in-account and in-transfer FX.

ONPEX account users will be able to directly convert many currency pairs, allowing faster and seamless payments. These capabilities will see both individuals and businesses benefit from in-account FX, especially for those managing global payments such as eMoney institutions, eWallets, FX providers, acquirers and payment service providers.

Clients will be able to exchange up to 25 different currencies including Euros (EUR), Pound Sterling (GBP), Australian Dollars (AUD), Japanese Yen (JPY), Canadian Dollar (CAD), Swiss Franc (CHF), Russian Ruble (RUB), and many more. The product will ensure faster payments and settlements for both businesses and customers wanting to buy and sell without borders.

ONPEX’ clients will be able to offer FX trading to their customers — generating further revenue streams — through a responsive User Interface, fully white-labelled platform, or as part of an open Banking-as-a-Service API solution.

Christoph Tutsch, CEO at ONPEX, said: “With this latest development to our IBAN solution, we are one step closer to ONPEX’ vision of becoming the leading platform for managing currencies, assets, and smart contracts in the digital economy.”

“Our main goal is to make the industry less fragmented and offer a solution that incorporates all banking and payment needs.”

ONPEX aims to add additional currencies for its users while integrating further banking and payments features.

To find out more about ONPEX’ FX capabilities, visit the ONPEX website.

ONPEX is a global provider of modular payment and banking solutions. The Luxembourg-regulated Payment Institution combines multi-currency IBAN accounts, FX, global transfers, and ePayments into one easy-to-use cloud-based platform. All ONPEX’ services are available via API and web UI with optional white-label capability, enabling digital businesses to offer their own financial services to drive their customers’ success.

by Bill Boyle
IBS Intelligence Senior Editor
Scroll Up