Onpex Announces Instant Currency Conversions on Cross-border Transactions

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

Previously, 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 slow and complicated. Noting this pain point, Onpex created an automated solution that 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 businesses and individuals benefit from in-account FX, especially for those managing global payments such as e-money institutions, e-wallets, FX providers, acquirers and payment service providers.

Clients will be able to exchange up to 25 different currencies including euros, British pounds, Australian dollars, Japanese yen, Canadian dollar, Swiss franc, Russian ruble and more.

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.