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Simplicity in transaction banking for payment service providers

Cross-border payments are the backbone of global eCommerce. However, Payment Service Providers (PSPs) face several complex challenges when handling these payments, such as; managing customer funds, receiving and processing payment instructions for a cross-border transactions, and managing in-transfer FX with local clearing.

Most banking and payment service providers want to offer easy, cost-efficient and fast ways to send and receive money across borders. Thankfully, Open Banking and API-based technology has given PSPs and their customers access to simpler and more transparent ways to manage funds.

Rather than developing their own technology, PSPs can integrate innovative solutions created by highly specialised solution providers, like ONPEX, into their product offerings with the use of APIs. This allows, them to easily outsource secondary elements from their offering and provide better solutions for their customers, while reducing investment in resources, such as: time and staff.

The benefits of using APIs

So, what are Application Programming Interfaces (APIs) and how do they work? At ONPEX, all our services can be integrated into another client’s existing app, system or software via flexible APIs. APIs are a fast and easy way for businesses to connect their services with one another.

When an API is created, the developer shares a set of rules about how it must be used, what the API can do and how it should be implemented. In other words, each API has its own environment and universal language which helps the receiving end (the client’s developer) to understand, use and integrate these protocols into their own applications. This allows businesses to introduce frameworks, services, and software tools into their existing technology.

This technology is making financial services simpler to build and use for several reasons. Firstly, the clear set of rules and protocols create an easier understanding between developers and collaborating partners, enabling efficient and secure integrations. This helps reduce system integration time and time-to-market for the product.

Secondly, Payment Service Providers can adopt a ‘plug and play’ approach, where banking and payment features from third-party suppliers can be individually picked and integrated into any site or application. This allows PSPs to customise their offerings in order to fit customers’ needs, making the services they provide tailor-made. Businesses can do this because they can connect the API protocols to their existing framework rather than buying a one-size-fits-all package, where most of the services included aren’t necessary. What’s more, there’s a wide range of innovative banking and payments features that PSPs can choose from to improve their financial services.

Finally, PSPs will benefit from increased flexibility, as APIs enable them to regularly update their product offerings, with the most innovative solutions available on the market. This reduces the time-to-market for new products and prevents financial institutions from being stuck with outdated legacy systems.

How we use APIs

At ONPEX, all our solutions for Payment Service Providers, financial institutions and corporates are API-based, to allow for greater levels of simplicity. They include:

  • IBAN issuing

  • multi-currency accounts supporting 25+ currencies

  • seamless in-account and in-transfer foreign exchange (FX)

  • cross-border SWIFT and local European SEPA payments

  • real-time internal transfers, payment tracking and more

By providing modular solutions, ONPEX helps businesses enhance the user experience (UX) and payment processes. For example, when sending a payment, our client’s customers can easily choose the transaction type from their accounts that suits them, such as internal, SEPA or SWIFT payments. They also choose from up to 25 different currencies including GBP, EUR and CNY, ensuring fast in-account FX and multi-currency payments.

These features ensure international payments are made simpler and convenient for clients and their customers, allowing seamless cross border trade with reduced costs.

Keeping ahead of the competition

PSPs, financial institutions and corporates that want to offer financial services benefit from the simplicity of our APIs. It helps them keep ahead of the competition by reducing costs and giving them the opportunity to expand into new markets. At the same time, it removes any long-winded processes and confusion when managing finances. ONPEX does all of this behind the scenes and creates simplicity for all parties involved.

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ONPEX is a leading provider of transaction banking and cross-border payment services to fintechs and digital businesses. Based on our flexible, API-driven BaaS platform, our clients create user-friendly, compliant and cost-efficient solutions.

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