Partnering with infrastructure provider OpenPayD, European eToro clients are now able to use eToro Money to manage their funds in one place.
Forex broker eToro has partnered with Banking-as-a-Service infrastructure provider OpenPayd to provide eToro Money accounts across Europe. This social investment platform seeks to offer European customers a simplified and instant payment experience through eToro Money. Since eToro Money is linked to the eToro's investment account, clients can easily manage their funds in one place and transfer them to and from the eToro investment account, such as instant withdrawals and deposits.
Now, eToro is able to issue a unique virtual Euro IBAN (International Bank Account Number) to each of its customers and gives users access to SEPA Instant rail for the first time. Thus, eToro European clients can now make deposits and withdrawals from their eToro Money accounts, quickly and safely. eToro Money is already available in 12 countries and is being processed for use throughout Europe.
Kreeson Thathiah, Director of Payments at eToro, commented: “This partnership is an example of embedded finance in action; it’s a significant evolution in how we build innovative financial services. Working with OpenPayd – whose platform and team have accommodated all of our needs – has been a pleasure. With every customer receiving their own virtual IBAN and access to the real-time European payment rails, SEPA Instant, we can ensure that funds are moving when, how and to whom they’re supposed to.”
Iana Dimitrova, CEO of OpenPayd added that eToro has changed the game for the trading community around the world. Therefore, OpenPayd is very pleased to be able to support its products across Europe, as OpenPayD's infrastructure is indeed built for use cases like eToro Money. The Israeli company firmly believes that embedding financial services in this way drives business growth, enabling any company to build new products, streamline operations, and manage payments globally.