Simplex, the cryptocurrency payment provider, has added SEPA Instant (SEPA = Single European Payment Arena) to its list of payment methods by giving European partners the ability to move funds into digital assets with greater ease and flexibility.
It has been reported that SEPA enables payment harmonization across the European Union. With SEPA Instant, credit transfers are processed and settled within seconds.
However, the fully automated process is connected to the traditional payment system but is much faster than traditional bank wires.
The report said that 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.
Likewise, 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 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.
Thus, in the last year-and-a-half, Simplex integration has also reached Binance, Celsius Network, and the Opera browser extension.