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SwissBorg accelerates growth and selects OpenPayd’s banking-as-a-service platform in Europe

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OpenPayd is providing virtual IBAN accounts and fiat on-and off-ramps enabling SwissBorg to improve user experience as it continues to scale

LONDON, 13 May, 2021OpenPayd, a leading global payments and banking-as-a-service (BaaS) platform for the digital economy, today announced it is working with SwissBorg, a cryptocurrency wealth management platform based on blockchain technology. OpenPayd’s platform enables SwissBorg to seamlessly embed a full suite of financial services into its user experience, driving increased processing speeds and reducing operational costs, to support further business growth.

With the price of Bitcoin continuing to set new all-time highs – the latest reaching more than $63,000 (CoinMetrics, 13 April 2021), scaling to meet demand is crucial for digital asset businesses. SwissBorg itself is an extremely fast-growing platform and, after a huge spike in user numbers, faced the unexpected need to replace their incumbent banking provider at short notice (a common issue for cryptocurrency businesses). Since launching with OpenPayd, its monthly new user growth has increased by nearly 800% – and it needed a solution to support its scaling.

Embedded financial infrastructure
The micro-level, deep technical integration between the SwissBorg back-end systems and the OpenPayd API mean the services provided by OpenPayd are embedded into the customer experience on an individual user level. Most notably, this can take place without the need for SwissBorg to change any of their technology to support the new infrastructure, meaning the integration process was streamlined and the service was live in just 2 weeks.

Through OpenPayd’s specialist BaaS platform, which includes a feature set specifically designed for digital asset businesses, SwissBorg can completely automate the process of receiving fiat deposits and initiating fiat withdrawals from and to their customers via SEPA, SEPA Instant and SWIFT. Crucially, with SwissBorg having access to the SEPA Instant payment scheme, its customers are now able to top up their fiat wallets in real time.

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Eliminated manual payment references
In addition, because OpenPayd’s virtual IBANs (uniquely allocated to each SwissBorg customer) are directly embedded into the SwissBorg platform’s back end, SwissBorg’s customers will no longer need to include a Unique Reference when instructing payments to SwissBorg from their bank account. This helps reduce payment reconciliation errors (leading to increased operational costs) and significantly speeds up the payment processing time.

Reduced fraud
OpenPayd’s platform helps reduce fraud by enabling SwissBorg to step into the deposit flow via API and automatically approve / reject any incoming deposits before funds are allocated to an individual customer. This is based on pre-defined logic of what SwissBorg deems an acceptable deposit and SwissBorg’s own compliance requirements. Finally, OpenPayd also helps SwissBorg control the flow of off-ramps thanks to OpenPayd’s proprietary depositor-beneficiary matching solution. These features add a new layer of security for the wealth management platform and its customers.

“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.”

“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.”

– ENDS-

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About SwissBorg
SwissBorg is democratising wealth management by making it fun, fair, and community-centric. Headquartered in Lausanne, Switzerland, SwissBorg has an international team of over 150 people and holds a Virtual Currency License, which allows us to provide virtual currency exchange and virtual currency wallets internationally.

Our showcase product, the SwissBorg app, is empowering over 350,000 users to buy, sell and exchange digital assets, with features like AI-powered asset analysis and Portfolio Analytics to help them make smart investment decisions. Our best-in-class Smart Yield wallet gives users the opportunity to earn yields of up to 30% of USDC, ETH, BTC and CHSB, along with increasing the benefits of our own token’s staking utility by offering Premium account holders 2X yield.

We believe that blockchain technology can empower everyone to control their wealth, and that this is the next step towards a world of decentralised nations, where every individual is welcome and is fairly rewarded for their contributions. Learn more: http://swissborg.com/

About OpenPayd
OpenPayd is a leading global payments and banking-as-a-service platform for the digital economy. Through its API-driven technology, businesses can embed financial services into their products and create the seamless user experiences needed to drive business growth.

OpenPayd’s platform removes the need to contract with multiple providers for different services and across different markets. Instead, businesses can access accounts, FX, international and domestic payments, acquiring and Open Banking services globally via a single API integration. With licensing across the UK, Europe, Canada and others, OpenPayd is committed to providing businesses with a fully compliant solution across all markets, leaving your business to focus on growth.

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For additional information on OpenPayd, please visit https://openpayd.com/

Press contact:
Katie Wilson
CCgroup for OpenPayd
+ 44 203 824 9200
[email protected]

Source: RealWire

RealWire is an award-winning online press release distribution service with over 15 years of experience, and is first choice for many of the UK’s top agency, freelance and in-house PR professionals. RealWire’s service can increase your story’s coverage and improve your online visibility. The UK’s leading innovator in press release distribution, RealWire introduced the Social Media News Release in 2007 and relevance targeting system PRFilter in 2010.

Blockchain

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

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Blockchain

Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws

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Blockchain

Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)

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Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:

BlackRock ETF Embraces Blockchain with First Muni Bond Purchase

BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.

By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.

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Source: Yahoo Finance

Plume Secures Funding for Tokenization Platform

Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.

Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.

Source: Fortune

SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips

SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.

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As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.

Source: The Quantum Insider

Deutsche Bank’s Public, Permissioned Blockchain Initiative

Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.

The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.

Source: CoinDesk

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KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands

Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.

By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.

Source: PR Newswire

Industry Implications and Key Takeaways

Today’s developments highlight the transformative potential of blockchain across multiple domains:

  1. Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
  2. Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
  3. Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
  4. Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
  5. Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.

The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.

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