The Israeli social investment platform eToro has partnered with OpenPayd, a banking-as-a-service (BaaS) infrastructure provider enabling eToro, to issue Euro virtual IBANs, unique to each of its customers, and gives eToro access to SEPA Instant rails for the first time. The solution is currently available in 12 countries and is being rolled out across Europe. eToro’s customers can now make deposits and withdrawals from their eToro Money accounts quickly and securely.
“This partnership is an example of embedded finance in action; it’s a significant evolution in how we build innovative financial services,” says Kreeson Thathiah, director of payments at eToro. “With every customer receiving their own virtual IBAN and access to the real-time European payment rails, SEPA Instant, we can ensure that funds are moving when, how and to whom they’re supposed to.”
OpenPayd is a project of fintech entrepreneur Ozan Ozerk and is operated through OpenPayd Holdings Limited in the UK. Part of the OpenPayd Group is also the FCA-registered e-money institution Settlego Solutions Limited.
