Xapo Bank Launches Euro Payment Rails, Expanding Integrated Offering For Crypto and Retail Banking

ecommerce, computer, cash-2301933.jpg

Facilitated by an integration with the single euro payments area (SEPA) network, members now have rapid access to the movement of EUR-denominated funds

Gibraltar — 1 June 2023 – Xapo Bank, a fully licensed private bank that combines traditional banking with access to Bitcoin and stablecoins, today announced an integration with the single euro payments area (SEPA) network, allowing members the seamless movement of funds in Euros (EUR).

First introduced in 2008 and comprising 36 countries, SEPA allows for cashless EUR payments to anywhere in the European Union (EU), as well as a number of non-EU members, in a fast, safe and efficient way.

The SEPA feature within Xapo Bank’s mobile application enables members to send funds to or settle invoices with individuals and businesses holding accounts in any of the countries within the SEPA network. These include all EU countries, the three European Economic Area (EEA) countries of Norway, Liechtenstein, and Iceland, as well as Switzerland, Monaco, and the United Kingdom.

As a result of the SEPA integration, members can now receive funds in their Xapo Bank account in EUR from financial institutions from all the SEPA participant countries which will be automatically converted to USD in order to be credited. All EUR deposits received by Xapo Bank are automatically converted to USD, meaning that members can benefit from Xapo Bank’s competitive 4.1% annual interest rate on deposits. Members will also be able to send funds from their Xapo Bank account in EUR to financial institutions in all the SEPA participant countries. Across withdrawals and deposits, members will enjoy competitive exchange rates, which are managed by Xapo Bank.

Seamus Rocca, CEO of Xapo Bank, said: “With traditional payment rails, it can take people outside of the EU hours to move EUR in and out of their accounts, often requiring them to switch between banks and at a much higher cost too. This is an issue for people across emerging markets, digital nomads, and any person who is working internationally or moving money across multiple borders. The SEPA integration addresses this by allowing for instant transactions at competitive rates. In addition to the launch of the USDC payment rails earlier this year, the inclusion of the SEPA feature marks Xapo Bank’s commitment to offer our members additional currency rail choices across fiat and crypto, managed with the security of a fully-regulated bank. In line with our mission to help protect and grow our members’ wealth, we continue to find ways to make it simpler and more flexible for them to transact transparently and securely.”

The launch of Xapo Bank’s SEPA payment feature comes off the back of its recent integration in March with the Faster Payments System to offer members round-the-clock fund settlement in Great British Pounds (GBP) in the United Kingdom and overseas territories. The same month, Xapo Bank also announced an integration with Bitcoin’s Lightning Network, in collaboration with Lightspark, to enable super fast bitcoin payments on small transactions.

Xapo Bank provides a guarantee on fiat deposits up to $100,000 US Dollars.

About Xapo Bank

Xapo Bank is a fully licensed private bank that combines traditional banking with access to Bitcoin and stablecoins. Founded in 2013, Xapo became one of the most trusted Bitcoin custodians in the industry, providing users with a secure platform to store and transact with their cryptocurrency. Coinbase‘s custody arm purchased Xapo’s institutional custody business in 2019. Pivoting to service solely retail customers, it evolved into Xapo Bank, the first crypto company in the world to obtain a banking license, issued and regulated by the Gibraltar Financial Services Commission. It has since expanded its offerings to include a full suite of private banking services. With this expansion, Xapo Bank is poised to become one of the leading private banks in the world, offering clients a level of security, privacy, and flexibility that is unmatched in the traditional banking industry.

To learn more about Xapo Bank visit: https://www.xapo.com/

Image by: Pixabay

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.