Simplex, the largest fiat infrastructure for digital currencies globally, has added SEPA Instant to its growing list of payment methods, allowing users to seamlessly move between the fiat banking system and crypto in mere seconds.
For Simplex partners and their users, the SEPA Instant integration is a major milestone that dramatically reduces friction and costs of moving to and from crypto. Simplex partners will be able to provide European users with an instant deposit feature that is cheaper and higher capacity than debit or credit cards, thanks to the reduced chargeback risk. The end users will also benefit from instant off-ramp support by setting up a dedicated Simplex Banking account (if they don’t already have one) and receiving their funds there via the Simplex partner.
Instant on-ramping and off-ramping enables unprecedented flexibility in managing a crypto portfolio, giving the ability to quickly deposit funds to Simplex’s partners, including Changelly, Coinomi and Poloniex, or to deal with spending emergencies without resorting to debt or other tools.
SEPA Instant is a pan-European instant payment network connected to the traditional banking system. Unlike other types of bank wire transfers, SEPA Instant is fully automated. It does not have bank holidays or transfer delays. Funds can be transferred between accounts at any point in the day or week, and they will be immediately usable in the recipient’s bank account.
SEPA Instant holds a number of advantages over credit and debit card payments. Because transactions settle instantly and have fewer intermediaries, the system allows for cheaper transfer of funds of up to €100,000 ($119,000). The system is also bi-directional, enabling the possibility of instant cash out to the user’s Simplex Banking account, a simple and functional bank account targeted at crypto users.
“We’re delighted to add SEPA Instant to our growing portfolio of payment methods, giving our partners’ users the power to make instant wire transfers of up to €100,000, 24/7,” said Nimrod Lehavi, CEO of Simplex.
Simplex is the fiat/crypto infrastructure for the entire world. Powerful, seamless, and impactful, Simplex has been changing the status quo of crypto on/off ramps since 2014. As the market leader, we pioneered the first riskless global fiat onramp using a credit and debit card, which promises a zero chargeback guarantee. Simplex Banking offers the Simplex fraudless payment processing, with global payment accessibility. Working alongside the biggest names in the crypto ecosystem, including Binance, Huobi, Bitpay, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem. As a licensed EU financial institution and a Principal Member of the Visa network, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020. Keep up with the latest Simplex news by following us on Twitter or visiting simplex.com.