Lithuania’s OKEO taps Mambu for multi-currency payments offering

OKEO, a digital payment service provider for European businesses and entrepreneurs, has gone live on Mambu’s cloud banking platform.

OKEO goes live on Mambu tech

Mambu says its platform will help OKEO offer multi-currency foreign exchange payments at rates “up to five times better” than traditional institutions with delivery times ranging from “minutes to maximum one day” for any chosen currency.

OKEO says it was looking for a cloud-native platform that can facilitate regulatory processes and integrations with European payment schemes.

Katarzyna Kwiatkowska, CEO of OKEO, says the firm chose Mambu as its “composable approach” will enable it to respond quickly to the evolving needs of its customers.

“While Mambu keeps the lights on in the back-end, our team can focus on the customer-facing front-end, new features and enriched financial services,” Kwiatkowska adds.

Founded in 2019 in Vilnius, Lithuania, OKEO claims its payments platform maximises cost efficiency and allows businesses to have greater control over their finances.

It provides business IBAN accounts and online banking services for teams to manage profiles, set permissions and limits and carry out payment transactions.

The fintech firm says it is currently working on a Single European Payments Area (SEPA) instant payment service on Mambu, which should be available to European customers in the next few months.