The world of banking and payments is evolving rapidly, with embedded finance and Banking-as-a-Service (BaaS) reshaping how businesses interact with financial services.
Barry O’Sullivan, Head of Banking and Payments Infrastructure at OpenPayd, recently spoke with Payments Consulting Network about the challenges businesses face in accessing banking services and how OpenPayd is providing a seamless solution.
O’Sullivan explained how businesses today require more than just a bank account—they need financial infrastructure that integrates directly into their operations. “Traditional banking is still built around outdated processes that don’t fit the needs of modern businesses,” he said. “Companies operating across multiple markets require instant access to payment and banking solutions without the inefficiencies of legacy systems.”
For businesses making global transactions, delays in settlements and high costs remain significant pain points. O’Sullivan highlighted how OpenPayd is addressing these issues. “Our platform removes the barriers businesses face when trying to move money internationally. With a single API, they can send, receive, and manage funds across multiple currencies and payment rails in real time,” he said.
A New Approach to Banking and Payments
At the heart of OpenPayd’s approach is its ability to integrate banking services directly into platforms, enabling businesses to access financial services in a way that suits their needs. Instead of relying on traditional banks, businesses can use OpenPayd’s embedded finance solutions to power everything from real-time payments to foreign exchange (FX) and virtual IBANs.
One of OpenPayd’s key strengths is its rail-agnostic approach, which allows businesses to use the most efficient payment methods for different regions and currencies. “Our infrastructure connects to multiple payment networks, giving businesses the flexibility to move money faster and more cost-effectively,” O’Sullivan explained. “Whether it’s instant payments, SEPA, SWIFT, or blockchain-based settlements, we provide access to the best available option.”
The Power of Embedded Finance
Embedded finance has become a crucial tool for businesses looking to streamline operations and offer financial services directly to their customers. OpenPayd supports companies in industries such as digital assets, fintech, and marketplaces, providing them with the tools to manage global transactions seamlessly.
For example, digital asset platforms, marketplaces and affiliate networks rely on OpenPayd’s infrastructure and payment solutions to process large volumes of international payouts. By offering a scalable solution, OpenPayd helps businesses reduce costs and improve operational efficiency.
Looking ahead, O’Sullivan sees continued growth in embedded finance, with more businesses integrating banking and payments directly into their platforms. “The financial services industry is shifting away from traditional banking models,” he said. “Businesses no longer need to build their own banking infrastructure or depend on slow-moving institutions. Instead, they can plug into OpenPayd’s platform and access everything they need in one place.”
With its API-driven approach and extensive global reach, OpenPayd is helping businesses unlock new opportunities in financial services. By bridging the gap between traditional banking and modern fintech solutions, the company is leading the charge in reshaping how businesses manage and move money worldwide.
For more insights, read the full interview with Barry O’Sullivan on Payments Consulting Network.
Read more:
Barry O’Sullivan on How OpenPayd is Revolutionising Embedded Finance