SwissBorg selects OpenPayd’s banking-as-a-service platform

By Megha Bhattacharya

Global payments platform OpenPayd today announced that it has partnered with SwissBorg, a cryptocurrency wealth management platform based on blockchain technology. OpenPayd’s platform enables SwissBorg to embed a full suite of financial services into its user experience, driving increased processing speeds and reducing operational costs, to support further business growth.

“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.”

Through OpenPayd’s specialist BaaS platform, which includes a feature set for digital asset businesses, SwissBorg can automate the process of receiving fiat deposits and initiating fiat withdrawals from and to their customers via SEPA, SEPA Instant and SWIFT.

With SwissBorg having access to the SEPA Instant Payment scheme, its customers are now able to top up their fiat wallets in real-time. SwissBorg’s customers will no longer need to include a Unique Reference when instructing payments to SwissBorg from their bank account, thus reducing payment reconciliation errors (leading to increased operational costs) and speeding up the payment processing time.

“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.”

According to OpenPayd, it also helps SwissBorg control the flow of off-ramps with its depositor-beneficiary matching solution. These features add a new layer of security for the wealth management platform and its customers.