FCA-regulated e-money institution (EMI), Financial House, has partnered with ONPEX, a leading provider of multi-currency IBAN accounts. The partnership empowers the EMI to offer cross-border transaction banking to its international customer base.
UK-based Financial House provides Software-as-a-Service (SaaS) banking and e-money issuing for small and medium-sized e-commerce businesses across Europe.
Prior to partnering with ONPEX, however, Financial House struggled to provide the level of transparency that customers required from their account history. The EMI also didn’t have access to SEPA clearing participation and to direct cross-border SWIFT payments.
In order to overcome these obstacles, Financial House turned to ONPEX’ Banking-as-a-Service (BaaS) platform. ONPEX BaaS allows the EMI to build its own financial services using Application-Programme-Interfaces (APIs)
Through ONPEX’ BaaS platform, Financial House can now access a wide range of payment and transaction banking features including multi-currency account issuing. This empowers the EMI to offer IBANs in its own and in its customers’ name, send and receive local SEPA and cross-border SWIFT payments, and enable seamless foreign exchange (FX) trade in up to 25 currencies. Additional currencies now offered by Financial House include: Euros, Great British Pounds, Japanese Yen and Indian Rupees.
Alisher Abdukadyrov, General Manager at Financial House, commented: “ONPEX was the outright choice for us when looking for a partner that would meet not only our needs, but that of our customers as well.”
“By joining with ONPEX, we’ve been able to send and receive SEPA transfers, as well as international SWIFT transfers. At the same time, we’ve integrated new foreign exchange capabilities into our offering for our customers. Equipped with the right payment and transaction banking features, our customers can now expand into new markets.”
Christoph Tutsch, Founder of ONPEX, added: “We are thrilled to be providing our IBAN solution to Financial House to help it ensure a better payments service for customers. We’re confident this partnership will see both companies thrive and are excited to finalise the integration phase with Financial House’s internal team.”
Once Financial House’s new services are available to customers, ONPEX will be managing the payment flows and processes in the back-end, ensuring efficiency and ease of use.