“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 Simplex CEO Nimrod Lehavi.
Cryptocurrency payment provider Simplex has added SEPA Instant to its list of payment methods, giving European partners the ability to move funds into digital assets with greater ease and flexibility.
SEPA stands for Single European Payment Arena, which enables payment harmonization across the European Union. With SEPA Instant, credit transfers are processed and settled within seconds. The fully automated process is connected to the traditional payment system but is much faster than traditional bank wires.
For Simplex, SEPA Instant is considered a major milestone in promoting seamless adoption of digital assets. Under the new partnership, European users will have the ability to make instant deposits via Simplex’s partners, including Changelly and Poloniex, more quickly and at a cheaper rate than traditional debit or credit cards. Users can also set up a Simplex banking account, which allows them to receive their funds from various Simplex partners.
SEPA Instant allows for automated transfers of up to $119,000, or 100,000 euros, 24 hours a day, seven days a week. The full processing limit will be available to Simplex users and partners.
Several high-profile companies have signed up for Simplex’s fiat on-ramp. As Cointelegraph reported, the Polkadot network adopted the payment system in March, allowing users to purchase DOT tokens with credit cards, debit cards, Apple Pay and bank transfer.
In December 2020, Simplex entered into a partnership with Visa centered around crypto debit cards.