Simplex adopts SEPA Instant, allowing for seamless, high speed fiat to crypto transactions

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jul 8, 2021
  • The integration minimizes the costs of moving between crypto and fiat and reduces friction
  • SEPA reduces chargeback risk
  • It’s fully automated and has no transfer delays or bank holidays

The biggest global fiat infrastructure for digital currencies has added SEPA Instant to its vast range of deposit methods, letting users move from fiat to crypto with ease and simplicity, Invezz learned from a press release by Simplex. The integration minimizes the costs of moving between crypto and fiat and reduces friction, the company added.

Cheaper, most effective deposit feature

European users will have access to a low cost, highly effective capacity compared to debit or credit cards with the new payment method. This is because the chargeback risk is reduced. End users who have a Simplex Banking account will avail of immediate off-ramp support. They’ll get their funds directly to that account. With instant on- and off-ramping, managing digital asset portfolios becomes more flexible than ever before. Users can deposit funds with Poloniex, Coinomi, and other Simplex partners instantly.

Other advantages of SEPA Instant over previous payment methods

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Spanning Europe, SEPA Instant is a network for instant payments linked to conventional financial systems. It’s fully automated and has no transfer delays or bank holidays, unlike other types of bank wire transfers. You can transfer funds between accounts at any time. The recipient will get them instantly. SEPA enables more affordable transfers of funds because there are fewer middlemen and transactions settle instantly. According to Simplex CEO Nimrod Lehavi, this applies to amounts up to a maximum of €100,000:  

“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.”

Simplex highlights

Simplex was among the 10 most impactful companies in blockchain in 2020 as a Principal Member of the Visa network and licensed EU financial institution. The company markets a globally accessible fiat/crypto infrastructure. They launched the first risk-free fiat onramp worldwide using a debit and credit card with a zero chargeback guarantee. Simplex offers global payment accessibility and fraudless payment processing. Among its partners are leading crypto ecosystem establishments like Binance and Bitpay. Simplex guarantees fully functional fiat infrastructure for the crypto ecosystem.

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