Multipass, a bank challenger providing payment accounts, currency exchange, and an open API banking service for businesses, announces that it has joined the SWIFT network and obtained its own connected BIC DYPYGB3L.
Multipass will utilise its SWIFT connectivity to strengthen and enhance the cross-border transaction experience across its correspondent bank networks for Multipass clients.
The company’s unique Bank Identifier Code (BIC) will be used to streamline international business transactions and equip customers with a single set of account details for collecting cross-border SWIFT payments across their Multipass accounts. Customers will also be able to benefit from transactions in 30+ currencies and, as usual, access wholesale FX rates.
“The connectivity with SWIFT lays the foundation for more efficient product development. Our clients may benefit from a more tailor-made service, adapted to their business needs. The modular approach to product-building gives Multipass the flexibility to quickly amend the offering, adding on new features and expanding the list of payment providers to meet the needs of our global customer base. The new connectivity will allow us to integrate new channels faster and easier, opening our customers up to more payment geographies and markets to operate in and grow their business,” – comments Konstantin Zaripov, Managing Director at Multipass.
Multipass team is set on the task of partnering with 4 new financial institutions to provide comprehensive coverage of payment corridors, excluding sanctioned countries and banks, to their customers by the end of 2021.
Multipass Ltd. is a UK-based Electronic Money Institution, regulated by the FCA and providing intelligent and flexible fintech solutions for small and medium businesses globally. It offers payment accounts for businesses and merchants globally, currency exchange, and an open API that allows third parties to create value-added services on top of Multipass’s innovative legal, technical, and banking infrastructure. Multipass is a part of Dyninno Group, an American-founded global information technology group of companies with travel, fintech, and entertech divisions that provide a range of products and services to millions of customers in more than 50 markets worldwide.
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