Businesses today need API-driven banking and payments technology that makes it effortless to build and scale financial services in the digital age. 

OpenPayd is a global payments and banking-as-a-service platform for the digital economy, licensed in the UK and EU. The company processes 120 billion euros annually across 30 million transactions. Through its API-driven technology, businesses can embed financial services into their products and create the user experiences needed to drive business growth. 

In this interview with Martin Wallraff, Director at Payments Consulting Network, leading up to Pay360 conference, Barry O’Sullivan, Head of Banking and Payments Infrastructure at OpenPayd, discusses his role, the company’s priorities, trends in Banking, Payments, and Digital Assets, and what he is looking forward to at the conference. 

Read the full interview below. 

Martin Wallraff: Let’s kick it off with you giving a broad introduction about yourself at OpenPayd. 

Barry O’Sullivan: Lovely to meet you. I’m the Head of Banking and Payments Infrastructure at OpenPayd, responsible for all our banking and non-bank relationships globally. We work with numerous banking partners to provide financial services to customers, ensuring seamless cross-border payments. Our goal is to enable payments in any currency, any country, instantly through our global network. OpenPayd provides embedded financial services, including payments, accounts, and FX, via API integration. 

We operate under a strong regulatory framework, holding an FCA-regulated Electronic Money Institution (EMI) in the UK and EMI in Malta for Europe. With cutting-edge technology, we serve corporate customers and facilitate around 30 million transactions totalling around 120 billion euros annually. 

MW: So, OpenPayd focuses mainly on account-to-account payments rather than card payments? 

BOS: Correct. While we do partner with card acquirers, our primary focus is account-to-account transactions. Customers can use our infrastructure to make and receive payments seamlessly. 

MW: Can you share some use cases for your corporate clients? 

BOS: Absolutely. We serve multiple industries, including financial institutions, digital asset exchanges, and affiliate marketing. For example, a digital asset exchange needs a banking infrastructure to facilitate fiat transactions. We provide virtual IBANs to their end customers, enabling smooth deposits and withdrawals and automated reconciliation. Similarly, affiliate marketing companies leverage our solution to process thousands of payments globally in various currencies efficiently. 

MW: Are non-bank financial institutions your key clients? 

BOS: It is a mix. We work with trading platforms, CFD providers, other FIs, and digital asset companies. Our clients are typically regulated entities that rely on us for infrastructure while they focus on their core services. 

MW: What are OpenPayd’s key priorities for the next 12-18 months? 

BOS: Our primary goal is to offer rail-agnostic solutions that enable businesses to move and manage money in the most efficient way. We will be looking to expand geographically with new licensing and to build on our current infrastructure to provide local payment solutions and real-time settlements, reducing reliance on traditional slow international transactions.

The company has been focused on growth for three years, and that is just going to remain for 2025. Growing the verticals we have today, adding more customers, adding more volume, and growing the solutions that we have for those customers. But also adding other markets that we are not serving today like travel and insurance. 

MW: Why should banks partner with OpenPayd? 

BOS: Smaller banks often rely on tier-one banks for clearing services. If they want to expand into global payments, they face three options: build, buy, or partner. Building an international network takes years and significant investment. By partnering with OpenPayd, banks gain immediate access to global payment rails via a single API, enabling them to offer competitive solutions without the heavy lifting. 

MW: Are banks ready for API-based integrations? 

BOS: Increasingly, yes. Most banks now have APIs, though larger institutions still face transformation challenges. Some banks restrict API access, meaning integration remains a mix of API, SWIFT, and host-to-host connections. We are also working on integrating directly with SWIFT now. 

MW: Open banking and crypto are shaping the industry. What trends do you see? 

BOS: Open banking is growing, especially with payment initiation services. It is an alternative to card payments, helping merchants reduce interchange fees. However, many consumers remain unfamiliar with it, so adoption is still evolving. 

In the crypto space, institutional adoption is rising. Major firms like BlackRock entering the market signal long-term growth. Stablecoins are particularly transformative, enabling instant cross-border payments, avoiding the three-to-five-day delays of SWIFT. For example, we see use cases in payroll for remote workers, ensuring instant salary transfers globally. The bridge between fiat and crypto is a massive growth area for us as a business. 

MW: Are you considering using stablecoins for OpenPayd’s own money movements? 

BOS: We are always looking for the most efficient way to move and manage money. With the evolving regulatory landscape and the increasing global adoption, stablecoins now have to be part of that conversation. Stablecoins can facilitate faster settlements and improve efficiency so are a strong fit for our existing model. 

MW: Finally, you are speaking at Pay360 the upcoming payments system ecosystem conference in London, March 25-26. What are your expectations? 

BOS: I love this event because it offers opportunities to meet bank partners, learn about new payment technologies, and understand regulatory developments. It is also an excellent chance to strengthen relationships with both existing and new partners. 

MW: Thanks, Barry! Looking forward to meeting you at the conference. 

BOS: My pleasure! Thanks for having me. 

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Barry O’Sullivan is speaking at Pay360, which will be held in London from 25-26 March 2025. He is one of the panellists on Day 2 ‘The golden opportunity in embedded finance’ together with Runa CEO Aron Alexander, 11:FS Global Strategy Director David Barton-Grimley, and First Direct Head of Partnerships and Innovations Saira Khan. The panel will be moderated by Andrew Doukanaris, Ambassador, The Payments Association. Access the full agenda here. 

Payments Consulting Network is a media partner for the conference. Visit the official conference page here for more information. Get your tickets now.  

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Author: Martin Wallraff, Director, London, Payments Consulting Network  

Martin brings over 18 years of experience in financial services strategy consulting, both with external consultants and internal strategy teams. For the past decade, he has specialized in payments, fintech, and transaction banking, advising clients on strategy, market entry, product development, and cost management. His extensive international expertise includes leading projects worldwide and residing in various locations across Europe and Southeast Asia. 

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