Latest news with #OpenPayd
Yahoo
19-05-2025
- Business
- Yahoo
SCRYPT extends Euro payment capabilities with OpenPayd collaboration
SCRYPT, a Swiss-licenced entity specialising in crypto solutions, has selected financial infrastructure provider OpenPayd to power Euro payment infrastructure. The alliance aims to augment SCRYPT's Euro (EUR) payment capabilities, enabling compliant settlement services for its institutional clientele. SCRYPT's customer base spans a variety of sectors, including traditional financial institutions, Web3 companies, brokers, fintechs, payment service providers, family offices, and banks. The partnership will offer the fiat infrastructure that facilitates entities to expedite their launch and expansion while retaining 'control' over their financial operations. Through this collaboration, SCRYPT will leverage OpenPayd's pan-European infrastructure and its connections with over 200 digital asset businesses. This will provide SCRYPT's clients with the ability to conduct instant EUR transfers continuously for third-party payment channels. The integration is expected to enhance SCRYPT's institutional framework by providing quicker access to liquidity, improving capital efficiency, and enabling cross-border transactions for institutional clients. SCRYPT markets & trading managing director Gabriel Titopoulos stated: 'Partnering with OpenPayd allows us to offer instant Euro rails that match the speed and security expectations of our institutional clients. We see OpenPayd as a valuable addition to our growing network of trusted providers, supporting our continued commitment to deliver fast and seamless institutional-grade settlement solutions.' OpenPayd chief commercial officer Lux Thiagarajah said: 'We are delighted to be working with the team at SCRYPT. Our mission is to provide a universal financial infrastructure that empowers innovators like SCRYPT to move and manage money globally. Through our proprietary platform, and deep network of digital asset firms, we're enabling faster, safer and more scalable payment flows – powering the future of the digital economy.' This development follows OpenPayd's announcement in July last year regarding the ability for its clients to utilise Pix, the Brazilian real-time payment network, for sending and receiving payments. "SCRYPT extends Euro payment capabilities with OpenPayd collaboration " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
02-05-2025
- Business
- Associated Press
OpenPayd Showcases Innovation at Money20/20 Asia in Bangkok
OpenPayd showcased innovative embedded finance solutions at Money20/20 Asia in Bangkok, strengthening its expansion strategy in Asia's fintech market. 'Money20/20 Asia has been a perfect platform for us to showcase our capabilities and forge the partnerships that will help us drive embedded finance forward across the region.'— Dr Ozan Ozerk LONDON, UNITED KINGDOM, May 2, 2025 / / -- The financial world gathered in Bangkok last week for the highly anticipated Money20/20 Asia event, marking a significant milestone for the globally renowned Money20/20 brand. Traditionally held in Europe and the United States, Money20/20 hosted its second event in Asia with an ambitious agenda, welcoming thousands of attendees from across the globe. Money20/20 has established itself as the premier platform for financial services innovation, bringing together the brightest minds in fintech, banking, payments, and digital commerce. Originating in 2012 with events in Las Vegas and later expanding to Europe, the conference has become synonymous with breakthrough ideas and industry-shaping deals. The Launch of Money20/20 Asia This year, Bangkok hosted the second Asian edition, attracting over 4,000 attendees from more than 1,500 companies and 70 countries. The event featured 300+ speakers across six stages, highlighting trends like embedded finance, cross-border payments, AI in financial services, and the rise of Web3 technologies. The success of Money20/20 Asia reflects the region's burgeoning role as a fintech powerhouse, with Southeast Asia becoming one of the fastest-growing digital economies globally. Among the standout participants was OpenPayd, the leading Banking-as-a-Service (BaaS) and embedded finance platform. OpenPayd wasn't just attending; it had a strong exhibiting presence, showcasing its cutting-edge solutions in payments, accounts, and embedded finance. The team reported making numerous valuable connections with potential partners, clients, and industry peers, strengthening its expansion strategy in the Asian market. OpenPayd Founder Dr Ozan Ozerk on Money20/20 Asia OpenPayd's founder Dr. Ozan Ozerk commented: 'Asia is not just the future of fintech – it's already leading innovation in ways the rest of the world is beginning to emulate. At OpenPayd, we see enormous opportunities to enable businesses here to build better, faster, and more inclusive financial services. Money20/20 Asia has been a perfect platform for us to showcase our capabilities and forge the partnerships that will help us drive embedded finance forward across the region.' Dr. Ozerk also emphasised the importance of collaboration in the evolving financial services landscape: 'No single company will shape the future of finance alone. It will be a network of innovators, regulators, and enablers like OpenPayd working together. Events like Money20/20 are vital in creating those ecosystems.' OpenPayd's exhibition emphasised its single API platform that provides access to a suite of services: virtual IBANs, multicurrency accounts, open banking, and instant payments. Their real-time cross-border payment solutions and regulatory expertise positioned OpenPayd as an attractive partner for digital businesses looking to scale internationally — a message that resonated strongly throughout the event. About OpenPayd Founded in 2015 and headquartered in London, OpenPayd is a leading provider of embedded finance and Banking-as-a-Service (BaaS) infrastructure, enabling businesses to move and manage money globally through a universal financial platform. With a rails-agnostic approach, OpenPayd empowers companies to embed accounts, FX, international and domestic payments, Open Banking capabilities and more — all through a single, powerful API. With licenses across the UK, Europe, and North America, OpenPayd serves a wide range of industries, including fintech, digital assets, marketplaces, iGaming, and payroll solutions. The firm's infrastructure is proven at scale, processing over €130 billion in volume annually for more than 750 enterprise clients, including industry giants such as eToro, OKX, and Libertex. Looking Ahead OpenPayd's successful participation at Money20/20 Asia marks a new chapter in its global growth strategy. With Asia's fintech ecosystem expanding rapidly, OpenPayd's agile infrastructure and regulatory know-how position it perfectly to support businesses looking to capitalise on new market opportunities. As the financial world continues to converge across borders, OpenPayd stands ready to facilitate the next generation of seamless, embedded financial experiences, making its mark not only in Europe and North America but now firmly in Asia as well. Michael Treacy OpenPayd email us here Visit us on social media: LinkedIn Instagram X Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Forbes
16-04-2025
- Business
- Forbes
Open Banking Sees Slow, But Steady Progress
Dr. Ozan Ozerk is the founder of OpenPayd . He is a serial entrepreneur with a vested interest in several digital ventures. getty A quote, often attributed to Lao Tzu, states, 'Nature does not hurry, yet everything is accomplished.' For all those involved in open banking, these may feel like cold words of comfort, because progress has been painfully slow at times. It kicked off in earnest in 2018, when the Europeans, heralding the launch of a new set of open banking standards, tried to sell the idea to the public. 'I am convinced that the innovative and competitive EU payments market fostered by the PSD2 [Payments Service Directive] is a great opportunity for all,' said Valdis Dombrovskis, the vice president for Financial Stability, Financial Services and Capital Markets Union in the EU, in a 2019 statement. The U.K. was a little more muted while rolling out its open banking standards: 'This is a new capability that can make the boring and anxiety-inducing task of managing money simpler, quicker and more convenient,' stated Faith Reynolds, consumer representative for the Open Banking Implementation Entity (OBIE). The reaction? The banks, worried about the work it entailed, decried it a failure from the start, whipping up consumer fear and leading to headlines such as ''Open Banking' revolution will leave account holders at the mercy of 'hackers and thieves', banks warn.'' Opinion pieces followed suit, such as the simply titled 'Open banking? I think I'll be keeping my door shut.' Underlying this was a simple problem: For an industry where security is paramount, where consumers had been taught for decades to keep all financial information safe and secure, the term 'open banking' was an anathema. And this was against a backdrop of serious data breaches in 2017. Remember Yahoo announcing all 3 billion of its user accounts had been hacked? What could potentially empower consumers was terrifying them. At its heart, open banking would always be a hard sell. And yet, the benefits were clear to those of us in finance—a world where consumers could switch loans, mortgages and bank accounts at the click of a button. The doors open to possibilities where consumers could see all of their accounts, financing, credit history and more in one app. A place where loan applications could be completed in seconds, where consumers could control their own data. The list goes on. Since these rollouts, we've seen a transformation that's happened way slower than anyone would have wanted, but likely as fast as any of us could have expected. Why Is It Taking So Long? In the U.K. last year, open banking hit over 10 million users. By 2020, the EU had surpassed 12 million users and was projected to hit almost 64 million by 2024. Nonetheless, I believe we have finally reached a tipping point in consumer acceptance, technical stability and a competent regulatory landscape in both the U.K. and EU. Firstly, it's only by seeing the benefits (and feeling confident their data is safe) that consumers will ever come to accept the step-change in opening up their financial details. Today, millions of users allow accounting software to access their bank accounts, and it's fair to say no one laments the days of line-by-line data entry. It's now a far smaller jump for consumers to accept further integration, such as your accounting software passing on—with permission—your financial details to a loan provider on the basis of a rich data file on which instant decisions can be made. Secondly, it was inevitable it would take time because while consumers stood to gain, open banking opens a whole new layer of competition to every branch of the traditional banking business. Not only that, but changes to legacy systems are expensive and time-consuming for the major financial players. Thirdly, regulatory changes were needed. The U.K. has led the way in clearing one of the last hurdles with its Data (Use and Access) Bill in October 2024. The bill extends the practices of open banking to other industries such as telecoms, insurance, pensions, energy, etc., heralding a new era of open data. This is significant not simply for consumers but in opening up the potential of cross-industry solutions. This means technological solutions can recoup their costs with potential application to multiple industries, all of which encourage investment and competition. Fourthly, in all of this, you may have noticed there's been no mention of the U.S. That's because it has taken an astonishing seven years since Europe and the U.K. announced their technical standards for the U.S. to appoint a body, the Financial Data Exchange (FDX), to set up the same, as the Consumer Financial Protection Bureau finally did earlier this year. Without the might of U.S. tech firms and investment, adoption has no doubt been slower than it might have been otherwise, but now we know that's about to change. It's All Coming Together Overall, I'm bullish on the growth of open banking. There may be no fireworks or great stampede right now, but to quote another great mind, Vincent Van Gogh, 'For the great doesn't happen through impulse alone, and is a succession of little things that are brought together.' And those small things have finally come together. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
