A new payments solution, built upon multi-currency account provider ONPEX’s banking-as-a-service platform, has been established to give fintech Supercapital a means of improving its international payments offer.
Multi-currency IBAN account provider ONPEX has partnered with international UK-based wholesale fintech Supercapital in an alliance designed to make international payments more seamless and secure.
Supercapital provides money transfers to bank accounts across 200 countries and in 25 different currencies. To support its ongoing business activity in local and cross-border bank transfers for personal and corporate customers – including FX brokers – Supercapital required a partner. With the business undergoing growth, there was a need to replace existing systems with a solution which offered automatic settlement reconciliation.
The new partnership, built upon ONPEX’s Banking-as-a-Service (BaaS) and IBAN accounts, is designed to supply Supercapital with a solution that ensures funds can be uniquely identified. Supercapital has integrated BaaS via ONPEX’s flexible API technology, and as a result is able to assign unique IBANs to each customer.
The solution means Supercapital can now deliver real-time automated processing at a lower cost and risk – guaranteeing a seamless experience for customers by eliminating the need for unique references, which can be time-consuming and prone to human error.
With the pain points still associated with cross-border payments, companies need a universal solution
According to Christoph Tutsch, CEO at ONPEX, “With the pain points still associated with cross-border payments, companies need a universal solution. Before our partnership, Supercapital’s system caused friction for its users, with an obligatory reference number required for each payment.
“As this could not be automated, the entire transaction process did not meet the expectations of modern-day customers. With our support and product offering, we enable Supercapital to eliminate the strains which previously caused them to underperform.”
Joel Smalley, managing director at Supercapital, added: “We chose to partner with ONPEX because of the business’ ability to solve our ongoing reconciliation problem. To continue to compete on an international level it was essential for us to resolve these issues for our customers. ONPEX has allowed us to automate our process which in turn, has increased speed, security and customer satisfaction.”
As a CSSF regulated payment institution, ONPEX also allows Supercapital to operate in an environment compliant with its own regulatory requirements by the FCA. All necessary regulation requirements are covered by ONPEX’s BaaS, ensuring customer peace of mind and security.