SEPA Instant, off-ramps and a holistic approach to payment experiences
With 31 million Europeans actively engaged in crypto transactions, we’re excited to enable SEPA Instant off-ramps for our network partner exchanges, wallets and platforms. The introduction of SEPA Instant is a practical step towards simplifying and streamlining the crypto transaction process without the need for excessive and complex development resources from businesses. For Simplex, this move is part of a broader strategy to provide a comprehensive payment experience from onboarding to onramps to fund withdrawals.
Why leverage SEPA off-ramps?
In an industry where user loyalty hinges on security, speed and reliability, the integration of SEPA Instant addresses these key demands, enabling efficient and cost-effective fund withdrawals. Offering instant and near-instant account-to-account transfers, this feature simplifies the conversion of cryptocurrencies into fiat while maintaining bank-grade financial and data security. The integration of SEPA payments, with their massive adoption by over 500 million Europeans in almost every day-to-day transaction, aligns with our goal to provide partners with popular, accessible and straightforward payment solutions in the crypto market.
What is the user flow for SEPA off-ramps integrated into the partner checkout?
- Initiating the withdrawal:
The user begins by selecting the amount of cryptocurrency they wish to convert into fiat currency. This is typically done within the interface of the partner exchange, wallet, or platform.
- Choosing transfer method:
After specifying the amount, the user selects the SEPA Instant option for the withdrawal. This option is clearly marked and easy to find.
- Completing verification:
For users who haven’t completed a Know Your Customer (KYC) procedure with Simplex, they will be guided through a quick and user-friendly verification process. This typically involves uploading a picture of their ID and a selfie. This step is essential to ensure security and regulatory compliance.
- Entering banking details:
The user is then prompted to enter their IBAN number. This information is crucial for ensuring the funds are accurately and securely transferred to the correct account.
- Confirmation and processing:
Once the user confirms the withdrawal request, they initiate the crypto transfer from the platform to Simplex for validation. Simplex then processes the transaction. The processing time is swift, aiming for instant or near-instant transfers, depending on the response times of the banks involved.
- Funds transfer:
The funds in fiat are then transferred to user’s specified bank account via the SEPA network. Simplex always creates a SEPA Instant transaction for maximum efficiency. If the user’s bank doesn’t support instant transfers, regular SEPA transaction is created instead. The user then receives a confirmation once the transfer is successfully completed.
- Support and assistance:
In case of any issues or queries, users have access to 24/7 Simplex customer support to assist with the transaction process.
The bigger payment picture
The Simplex approach means going beyond individual transaction features. Our holistic strategy encompasses the entire payment journey, from onboarding to transaction completion. This includes implementing user-friendly verification processes to ensure compliance and security, and providing onramps to over 200 cryptocurrencies in over 100 markets, enabling easy entry into the DeFi ecosystem. Together with seamless off-ramps, these elements form a cohesive and comprehensive payment experience that prioritizes the needs of our partners’ users at every stage.
Looking to integrate seamless on-ramps, off-ramps or upgrade your existing solutions in line with industry trends?