Press release: Yaspa partners with OpenPayd to simplify payments
London, Tuesday 28th February 2023 – European fintech, Citizen, has today announced it has chosen embedded finance infrastructure provider, OpenPayd, as its real-time payments provider. The partnership will give the end-users of Citizen’s clients a simplified payments experience via OpenPayd’s BaaS platform, which offers plug-and-play banking and payments infrastructure through a single API.
Founded by former Worldpay CTO, James Neville, Citizen harnesses Open Banking to provide simple and secure instant cardless payments for merchants. Citizen is transforming merchant acquiring and processing, bypassing traditional methods with no cards, no codes and no apps - offering cost-effective payments that settle instantly. To deliver an even better experience to its clients, Citizen needed an embedded finance infrastructure provider that could facilitate instant payouts and offer a greater global reach than other providers in the market.
Partnering with OpenPayd enables Citizen to issue virtual International Bank Account Numbers (vIBANs) for every client and enable simpler payouts via OpenPayd’s API. Unlike a traditional business account, OpenPayd’s infrastructure allows Citizen to issue clients with a corporate account and vIBANs that provide real-time data notifications as soon as money reaches their account, delivering better cash flow management and reconciliation. The partnership is already live and is available to Citizen’s multi-industry customer base.
“Through the collaboration of technical expertise, Citizen’s partnership with OpenPayd has opened up new product opportunities for us in even more locations across Europe,” said James Neville, CEO and co-founder of Citizen. “By offering a more expansive range of solutions to our customers, such as bank account creation and eWallet functionality, Citizen is more than a simple payment method - we are truly a payments ecosystem.”
“Working with Citizen is another example of how versatile our BaaS infrastructure is,” said Iana Dimitrova, CEO of OpenPayd. “Our broad and evolving technology suite can cater for any industry, any payment rail, anywhere. We’re looking forward to a long and successful relationship with Citizen, as they scale their offering and deliver a better payments experience to their clients.”
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About Citizen
Citizen is an award-winning European fintech, founded in 2017 by former Worldpay CTO, James Neville, and one of the first companies licensed to provide payments and identity services using open banking. Citizen's instant cardless payments (account-to-account (A2A) bank transfers) are faster, more secure and more cost-effective than cards, and used by businesses across a wide range of sectors to transform their payment processing. With headquarters in London, Citizen is backed by leading investors including Metavallon VC, SGH Capital and Fin Capital.
For more information visit: yaspa.com or contact Kate Marsden, CMO, at kate@yaspa.com.
To see more from James Neville, watch his episode of Fintech Rewired here: https://youtu.be/oHpuruOLMWs
About OpenPayd
OpenPayd is the leading embedded finance and banking-as-a-service infrastructure provider for the digital economy.
OpenPayd’s platform delivers a suite of banking and payments infrastructure: accounts, FX, international and domestic payments, card acquiring and Open Banking services - all via a single API. With a growing network of licences across the UK, Europe and North America, OpenPayd is providing the banking infrastructure digital businesses need to thrive.
For additional information on OpenPayd, please visit https://openpayd.com/.
Yaspa is the new name for Citizen. Read more on our rebrand here.
