Onpex enables instant currency conversions during cross-border transactions

Source: Onpex

Building on its successful multi-currency IBAN account offering, Onpex will be launching its new automated foreign exchange (FX) capability in March 2019. With the release of this solution, Onpex’ unique Iban offering will support seamless FX for more efficient currency management and for sending and receiving money internationally.

Previous to ONPEX’ solution, businesses handling FX struggled when it came to exchanging currencies within their accounts or in-transfer. Traditional banks often make onward payments in a different currency extremely slow and complicated. Noting this pain point, ONPEX created an innovative, automated solution which streamlines the process to allow transparent, close to real-time and simple in-account and in-transfer FX.

ONPEX account users will be able to directly convert many currency pairs, allowing faster and seamless payments. These capabilities will see both individuals and businesses benefit from in-account FX, especially for those managing global payments such as eMoney institutions, eWallets, FX providers, acquirers and payment service providers.

Clients will be able to exchange up to 25 different currencies including Euros (EUR), Pound Sterling (GBP), Australian Dollars (AUD), Japanese Yen (JPY), Canadian Dollar (CAD), Swiss Franc (CHF), Russian Ruble (RUB), and many more. The product will ensure faster payments and settlements for both businesses and customers wanting to buy and sell without borders.

ONPEX’ clients will be able to offer FX trading to their customers — generating further revenue streams — through a responsive User Interface, fully white-labelled platform, or as part of an open Banking-as-a-Service API solution.

Christoph Tutsch, CEO at ONPEX, commented: “With this latest development to our IBAN solution, we are one step closer to ONPEX’ vision of becoming the leading platform for managing currencies, assets, and smart contracts in the digital economy.”

“Our main goal is to make the industry less fragmented and offer a solution that incorporates all banking and payment needs.”

With ongoing success and international growth, ONPEX aims to add additional currencies for its users while integrating further banking and payments features.  

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