Embedded finance firm OpenPayd has confirmed it can now send and receive payments via Pix, the Brazilian real-time payment network.
OpenPayd will provide its clients with a global suite of embedded finance infrastructure through a single API. Customers can embed payments, accounts in multiple currencies and foreign exchange services into their own platforms, moving banking and payments from a cost centre to a revenue generator.
Mert Aslaner, Head of Product at OpenPayd, said: “Brazil is positioning itself as a global leader for the digital finance transformation, and we’re ensuring our clients can be a part of it.
“In May 2024, there were over 5 billion Pix transactions processed, demonstrating the scale of, and demand for, real-time payments in the LATAM market. Enabling access to the world’s largest payment rails ensures that our customers’ payments can be as wide-reaching and agile as they are.”
Pix was developed to combat the challenges created by traditional fund transfer methods offered by Brazil’s banking sector which incurred high transfer fees, were limited by settlement time and restricted to ‘working day’ operational hours.
Pix local payments in contrast are available 24/7 and are viewed as a much cheaper, more reliable option for businesses and consumers alike.
Since launching in 2020, roughly two-thirds of the Brazilian population use Pix to make and receive payments. It has become one of the most used real-time electronic transfer systems in the world, second only to India’s United Payments Interface.
OpenPayd will continue to expand its access to local and international payment rails to support its mission of powering the growth of the digital economy.