eToro embraces embedded finance with new OpenPayd payments deal
eToro’s customers can now make deposits and withdrawals from their eToro Money accounts more quickly.
eToro Money connects with an existing eToro investment account. Users can manage their funds in one place, and transfer them to and from their eToro investment account—including making instant withdrawals and deposits.
The move means that eToro, which says its has 25 million customers, can cut time spent on reconciliations, remove the possibility of human error and speed up payment processing times
Each customer will now receive their own virtual IBAN and access to the real-time European payment rails.
Banking-as-a-Service infrastructure provider OpenPayd enables eToro to issue Euro virtual IBANs (International Bank Account Numbers), unique to each of its customers, and gives eToro access to SEPA Instant rails.
The new payments function is now live in 12 countries and is being rolled out across Europe.
“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.