Caxton (PC42 profile), an FCA-regulated e-Money Institution and payments provider, entered into a partnership with Banking-as-a-Service provider OpenPayd (PC42 profile) to provide clients with a simplified payments experience.
In order to meet the demands of steady growth, the cooperation will upgrade and automate Caxton’s payments infrastructure, to drive faster processing of payments in and out and deliver a better customer experience.”
The partnership with OpenPayd enables Caxton to issue unique IBANs to its private and corporate clients. The capability, integrated into Caxton’s platform in just two weeks, “is part of OpenPayd’s embedded finance infrastructure for payments businesses – offering plug-and-play banking products and services through a single API.”
“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. We are proud to support the bold growth ambitions of a business with such an established presence and reputation for innovation.”
Caxton CEO Rupert Lee-Browne said: “For over 20 years, Caxton has provided its corporate and consumer clients with a world-class payments experience. As we continue to grow, we’ve chosen to partner with OpenPayd to overhaul our operations.”
OpenPayd is one of the FinTech ventures of Ozan Ozerk and his group of companies.