Social investment platform eToro has partnered with banking infrastructure provider OpenPayd to provide eToro’s European customers with instant withdrawals and deposits.

OpenPayd will allow eToro to issue virtual International Bank Account Numbers or IBANs unique to each customer, and give eToro access to SEPA Instant rails for the first time.

OpenPayd’s API-based solution means that eToro can slash time spent on reconciliations, remove the possibility of human error and speed up payment processing times.

The solution is currently live for eToro Money accounts in 12 countries and is being rolled out across Europe. eToro Money connects with an existing eToro investment account so that users can manage their funds in one place.

“With every customer receiving their own virtual IBAN and access to the real-time European payment rails, SEPA Instant, we can ensure that funds are moving when, how and to whom they’re supposed to,”

says Kreeson Thathiah, Director of Payments at eToro.

“Our infrastructure was built for use cases just like eToro Money. We strongly believe that embedding financial services in this way powers business growth, enabling any company to build new products, streamline operations and manage payments globally,”

says Iana Dimitrova, CEO of OpenPayd.