Caxton and OpenPayd partner to offer a simplified payments experience

By Joy Dumasia

Caxton, the leading UK FinTech payments provider, announced a significant partnership with Banking-as-a-Service provider OpenPayd to offer customers a simplified payments experience. To meet the demands of rapid growth, the collaboration will upgrade and automate Caxton’s payments infrastructure, to drive faster processing of payments in and out and deliver a better customer experience. 

The deal enables Caxton to issue IBANs (International Bank Account Numbers) unique to its consumer and corporate clients. This will reduce time spent on payment reconciliations, remove the possibility of human error and significantly speed up the payment processing time. In just two weeks, the capability, integrated into Caxton’s platform, is part of OpenPayd’s embedded finance infrastructure for payments businesses offering plug-and-play banking products and services through a single API. 

Rupert Lee-Browne, CEO, said: “For over 20 years, Caxton has provided its corporate and consumer clients with a world-class payments experience, combining best-of-breed financial technology with an award-winning level of customer service. As we continue to grow, we’ve chosen to partner with OpenPayd to overhaul our operations. OpenPayd’s unique API-driven infrastructure will help our teams continue to shape the future of payments, automating time-consuming processes, delivering improved operational efficiency and an even better service for our customers.” 

Iana Dimitrova, CEO of OpenPayd, said: “Embedded Accounts are fundamental elements of embedded finance infrastructure. They power critical operational processes which enable embedded finance use cases. No matter how quickly Caxton scales, embedded IBANs give them the infrastructure they need to deliver an efficient finance operation and improved customer experience. We are proud to support the bold growth ambitions of a business with such an established presence and reputation for innovation.”

IBS Intelligence reported that OpenPayd, leading global payments and Banking-as-a-Service (BaaS) platform, has announced the appointment of Barry O’Sullivan as its Head of Payments Infrastructure.