OpenPayd rolls out real-time FX offering – InstantFX

By Megha Bhattacharya

API-based Banking-as-a-Service provider, OpenPayd today rolled out its FX-as-a-Service product – InstantFX. The new service is expected to provide clients with real-time trading, thus putting an end to the need for batch processing. OpenPayd’s customers will now be able to offer automated mid-market spot rates in 18 currencies delivered either through a web front end or an API for full integration.

InstantFX will also be adding real-time settlement, plus the ability to pay out USD via SWIFT, ACH, and Wire. The new service can be integrated with clients’ existing technology through an API.

OpenPayd CEO Iana Dimitrova said, “Covid is killing cash and accelerating the rise of digital payments. This is creating opportunity for firms that can offer real-time, frictionless and intuitive payment experiences. Seamless foreign exchange is a big but complex part of that for which many firms still rely on batch processing.”

Recently, OpenPayd released its banking and payments solution for digital currency businesses. The service is expected to provide cryptocurrency businesses with access to a range of banking and payment networks.

“Not only is this a huge capital outlay, it does not provide the speed of settlement and competitive rates that these businesses need to grow in these volatile times. The launch of InstantFX ensures that our customers can trade easily and cost-effectively, and OpenPayd’s simple integration—designed by developers for developers—means they can go to market with speed.”