Executive summary

The challenge:

Specialist B2B payments platform ONE.io needed to switch BaaS provider without disrupting client operations.

The solution:

FinXP's aligned risk appetite, specialised expertise, and reputation as a safe pair of hands made them the ideal partner.

Results:

●     A working Euro account solution designed, agreed, and stood up in days, and live in weeks instead of the typical three to four month timeline.

●     KYC run in tandem with the issue of new client IBANs, ensuring continuity of service and no client losses during the switchover.

●     Direct SEPA access via CENTROlink reduces reliance on correspondent banks, lowering third-party risk and enabling a more cost-effective model for clients.

●     Direct, ongoing access to FinXP's ops and tech teams, plus a single point of contact for escalation, reducing bottlenecks and ensuring fast response times.

When ONE.io switched banking-as-a-service providers to better support their Euro business, they needed to move fast to maintain continuity of service.

Enter FinXP, which designed, agreed, and stood up a working Euro account solution in days and went live in a matter of weeks, ensuring ONE.io could continue its Euro operations without downtime and look ahead with confidence.

A global client base with localised needs

Founded in 2017 as an OTC digital asset trading desk, ONE.io evolved into a unified end-to-end financial services solution for a B2B client base across a multitude of sectors and verticals.

Today, the company has two main propositions in ONE.io Connect, offering alternative business banking, cross-border payments & spot FX, and ONE.io Fusion, offering digital asset trading and a crypto payment gateway for corporates and institutions.

The nature of ONE.io's book of business added a further layer of complexity.

Emma Campbell, ONE.io’s Head of Banking states 'Many of our clients operate in niche, often underbanked sectors.'

As a result, not just any BaaS provider would do. They needed a partner that understood how ONE.io's business model — and how its clients' business models — worked, and had the right capabilities and expertise.

A matter of trust

ONE.io chose to work with FinXP for three key reasons.

'First, their risk appetite matched ours,' Emma says. 'This was hugely important, because otherwise we wouldn't have been able to keep servicing some of our clients.'

Equally, as a licensed electronic money institution with a 10-year pedigree, operating in a pioneering e-money and crypto jurisdiction, FinXP had the infrastructure and specialised expertise required to service iGaming firms, digital asset providers, and other niche sectors that ONE.io's clients operate in.

The clincher, though, was FinXP's reputation as a safe pair of hands. 'The relationship you have with your counterparts is always hugely important,' Emma says. 'You have to trust the provider. To know they have your back even should times get difficult.'

Swift migration. Zero client impact.

The process of switching BaaS providers — scoping and designing the setup, paperwork, and technical implementation —  typically takes three to four months. But FinXP had the building blocks in place in a matter of days and the new system was up and running within weeks.

'They went above and beyond to make sure we had a solution that kept our business stable in a very, very short period of time,' Emma says.

'We mapped out the scope during a two-day visit and by the time we left, everything was drawn up, including the contract and commercials. And bear in mind that this was between Christmas and New Year's.'

Crucially, FinXP agreed to conduct KYC in tandem with the issue of new client IBANs. This meant ONE.io was able to continue operating as usual, without any disruptions, and didn't lose any clients as a result of the switchover.

Clear communication. Responsive support. Fewer bottlenecks.

Leaving aside FinXP's flexibility and speed, Emma is consistently impressed by the team's responsiveness.

They’re not the kind of operation where you open a ticket on Thursday and hope you'll get a reply by Monday or Tuesday.

'We have direct access to the ops and tech teams, and a single point of contact for when we need to escalate an issue,' Emma says. 'We also have a Teams channel, which we use for issues that require a more immediate response.'

FinXP's technical infrastructure has also made a dramatic difference to the way ONE.io operates. Emma singles out the direct connection to SEPA via CENTROlink, which means FinXP doesn’t have to rely on a network of correspondent banks.

'CENTROlink gives us peace of mind,' she says. 'There are no third‑party approvals required, and we’re less exposed to outages or rejections coming from someone else’s infrastructure.'

This arrangement also means FinXP's model can be more cost-effective, because there are no middlemen charging additional fees. 

FinXP: A BaaS provider that grows with you

With a seamless transition to a new BaaS provider under their belt, ONE.io are looking to the future.

Top of the list is the transition to FinXP's new API, which ONE.io expect will increase their infrastructural and operational stability by orders of magnitude.

'In testing,' Emma says, 'API calls have been much, much quicker on the new system — we've seen response times in milliseconds. Ultimately, that means lower risk of tech-related issues for our clients.'

The new API also automates more processes natively, reducing the need for manual input on both sides and enables near-instant, highly accurate reconciliation and reporting.

And, significantly, it will unlock access to FinXP PLUS, the fast, cross-border payout service FinXP is able to offer as one of the few select Mastercard principal members using Mastercard Cross Border Services.

'FinXP PLUS is a big deal for us, because recipients will be able to receive money into their cards, accounts, and e-wallets near-instantly,' Emma says. 'Not many providers who serve clients in our sectors have this capability.

'Usually, you have to integrate with several different providers to get complete coverage. But, because FinXP supports a similar client base, we'll be able to do it with a single integration.'

Best of all, though, says Emma, in FinXP they've found a partner that's truly invested in ONE.io's success.

'They don't just sell us services,' Emma concludes. 'They care about our growth and want to grow with us.

'And having a partner who values collaboration and is very open and transparent about what they want their future to look like — and how they can take our goals into consideration — that's something that's very rare to find.'

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