OpenPayd strikes deal with Caxton to drive zippier payments

OpenPayd, a payments and banking-as-a-service platform, has struck a deal with Caxton, to speed up the UK fintech’s payment processing.

OpenPayd’s embedded finance infrastructure has been integrated into Caxton’s platform, offering plug-and-play banking products and services through a single API.

The deal means that Caxton can issue IBANs (International Bank Account Numbers) unique to each of its consumer and corporate clients, which Caxton says will speed up payment processing time and improve customer experience.

Through OpenPayd’s API integration, customers can access accounts, FX, international and domestic payments, acquiring and open banking services globally.

“As we continue to grow, we’ve chosen to partner with OpenPayd to overhaul our operations,” said Rupert Lee-Browne, Caxton CEO.

“OpenPayd’s unique API-driven infrastructure will help our teams continue to shape the future of payments, automating time-consuming processes, delivering improved operational efficiency and an even better service for our customers.” 

“Embedded accounts are fundamental elements of embedded finance infrastructure. They power critical operational processes which enable embedded finance use cases,” said Iana Dimitrova, CEO of OpenPayd.

“No matter how quickly Caxton scales, embedded IBANs give them the infrastructure they need to deliver an efficient finance operation and improved customer experience."

In February this year, OpenPayd hired former Yolt executive Daniel Belda as its new head of product strategy.

Belda will oversee the product team at OpenPayd.

Caxton was founded in 2002 with a mission to challenge the fees of high-street banks and better their services.