OpenFX, a real-time cross-border money movement platform, has acquired Global Ledger, a company founded by Tyler McIntyre. McIntyre previously co-founded Novo, a neo-bank serving more than 300,000 businesses that was last valued at over $700 million. He is joining OpenFX as Head of Banking to accelerate the company's product expansion and oversee the launch of multi-currency accounts, a waitlist for which is available today.

The new multi-currency accounts will allow a company's customers to pay locally in their own currency, while enabling the company to hold incoming funds rather than converting them upon receipt. OpenFX is initially launching named USD accounts that can send and receive payments over ACH, Fedwire, and SWIFT, supporting pay-ins and pay-outs across more than 100 countries, with additional currencies planned. The offering enters a market where providers such as Airwallex, Wise Platform, Nium, and Currencycloud — which Visa acquired in 2021 — already supply multi-currency account infrastructure to businesses, though OpenFX positions its accounts as tightly integrated with its own FX settlement and liquidity layer rather than as a standalone service.

The payment rails on either side of a transaction do not need to match. For example, a company can hold dollars and pay a supplier in India via UPI, or provide a counterparty with a virtual IBAN and receive USDC into its wallet almost instantly. The ability to bridge traditional bank rails with stablecoin settlement in a single account reflects a broader shift: stablecoins such as USDC and USDT are increasingly used for cross-border business payments, and a growing number of fintech infrastructure providers are building products that treat blockchain-based transfer networks as a standard rail alongside card, ACH, and wire.

Multi-currency accounts represent the second pillar of OpenFX's Embedded FX strategy, which aims to deliver API-driven, reliable, end-to-end payment solutions for treasury product managers. Because these accounts sit alongside OpenFX's liquidity product, clients will be able to book a currency conversion and hold the converted funds immediately, without transferring assets to an external bank or reconciling against a third-party statement.

In his role as Head of Banking, McIntyre will lead the accounts product, drive the expansion of OpenFX's licensing footprint across the markets where its clients operate, and work to enhance the company's APIs so that every account is fully programmable from launch. The longer-term goal is to enable clients to offer these accounts directly to their own customers.

Fintechs operating across borders typically need a separate banking relationship in every market they serve. Companies that touch digital assets face persistent difficulty obtaining and maintaining those accounts. Closures frequently come with no stated reason and only a few weeks' notice. In a survey of crypto and Web3 firms published by the UK Cryptoasset Business Council, Startup Coalition, and Global Digital Finance, half of respondents had either been rejected when applying to a major bank or had an account closed. Only 14 percent successfully opened and retained an account. Three-quarters of surveyed firms reported turning to institutions they considered riskier. The issue has drawn scrutiny from regulators and lawmakers in both the US and the UK, with the UK's Financial Conduct Authority having reviewed payment firms' access to banking services and members of the US Congress having sent letters to federal banking regulators seeking information about account closures affecting digital asset companies.

"Traditional financial institutions often see payment companies as more risky than they are because they don't fully understand the structure of their business, so their best answer is to de-bank them," said Prabhakar Reddy, founder and CEO of OpenFX. "We already move billions of dollars for these companies every day. We know these flows well, which is why we can provide them with more reliable service. Tyler has spent a decade building accounts that businesses want to use, and he saw earlier than almost anyone what modernizing rails mean for banking. We share the same goal, no one should have to think about how their banks works, it should just work."

"Stablecoins are the first payment rail that works instantly everywhere and never closes. The obvious thing to build on top of a rail like that is an account," said Tyler McIntyre, Head of Banking at OpenFX. "I started Global Ledger so a business could hold, send and receive money in any market as if it banked there. OpenFX had already built the settlement network and the liquidity product those accounts depended on, working together felt like a no-brainer."