Send Powers Instant Payments with Wirex Real-Time Conversion
Wirex, a full-stack crypto card issuer and Banking-as-a-Service (BaaS) provider, has announced a strategic partnership with Send, a non-custodial wallet specialising in fast, simple digital asset transfers for everyday users.
Whilst many wallets are designed for holding and trading assets, Send focuses on effectively moving funds. That shapes the company’s needs from the Wirex BaaS stack: real-time conversion and instant IBAN settlement, as well as a crypto-enabled card and yield function to give more uses cases once funds have landed.
With instant stablecoin settlement and 0% FX conversion, Send can place spendable value in a recipient’s account the moment a transfer is initiated, bypassing the long transfer times that can define traditional overseas payouts. Recipients can then spend ona card, hold in a named IBAN, or withdraw via an off-ramp.
What Does the Wirex BaaS and Send Integration Consist Of?
Send is consuming the Wirex BaaS stack to create a payouts-led architecture rather than a spend-led one:
Non-custodial card: A card that lets recipients instantly spend received funds at over 80 million merchants, with full self-custody.
IBANs for instant settlement: Named EUR & USD IBANs that receive transactions instantly via SEPA Instant and Faster Payments.
Real-time, zero-FX conversion: Instant fiat-to-stablecoin conversion at 0% FX, meaning recipients receive the full spendable value the moment a transfer is initiated, with no multi-day settlement and no FX leakage.
Yield on balances: Up to 9.75% APY for Send users that hold their funds rather than spend, with compliance controls built in.
Why Did Wirex BaaS and Send Partner?
“Send is a payouts company at heart, so they added in the parts of Wirex BaaS’ stack that most providers overlook: instant settlement and 0% FX conversion. Recipients get the full amount in seconds, then use IBANs, cards and yield to store, spend or grow it how they want. It’s a great example of consuming BaaS around a single, sharp use case for digital assets: speed of transaction without losing money to FX,” said Daniel Rowlands, General Manager at Wirex.
We’re stoked about partnering with a card provider that has been in the space for so long. The card is a huge piece of our stack. Send Card will tie our whole app together, giving people the ability to actually spend,” said Eric Samudio, CEO, Send.
Send is taking aim at the remittance and payouts industry, where recipients have long absorbed slow settlement and hidden FX spreads. By making settlement instant and conversion free of FX margin, Send is directly challenging the legacy money-transfer model that has charged the world’s most price-sensitive senders the most for the longest.
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