European fintech, Citizen, has partnered with OpenPayd to boost its real-time payments offering, the company has announced.
The partnership gives the fintech access to plug-and-play banking and payments capabilities through a single API, via OpenPayd’s embedded finance BaaS platform.
Citizen said the deal helps it to enable simpler payouts by issuing corporate accounts and virtual International Bank Account Numbers (vIBANs) for every client. These can provide real-time data notifications as soon as money reaches the user’s account, delivering improved cash flow management and reconciliation.
It added that a key feature of the partnership was OpenPayd’s ability to facilitate instant payouts along with its large global reach. Founded in 2017 by former Worldpay CTO, James Neville, Citizen is licensed to provide payments and identity services using open banking.
“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 Neville, CEO and co-founder, in a statement.
“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,” he added.
