EST. 2012 CODEGO GROUP LTD · MALTA BANKING AS A SERVICE LOCAL IBAN · 15 COUNTRIES SEPA · SEPA INSTANT · SWIFT · 21 CCY PCI DSS CERTIFIED 2025 API FIRST · WEBHOOKS 79 COUNTRIES DEPOSITS MULTI-CURRENCY · 12+ FIAT $1.1BN PROCESSED 2025 EST. 2012 CODEGO GROUP LTD · MALTA BANKING AS A SERVICE LOCAL IBAN · 15 COUNTRIES SEPA · SEPA INSTANT · SWIFT · 21 CCY PCI DSS CERTIFIED 2025 API FIRST · WEBHOOKS 79 COUNTRIES DEPOSITS MULTI-CURRENCY · 12+ FIAT $1.1BN PROCESSED 2025
Codego · Banking infrastructure · est. 2012 Comparison · Vol. XIII · Issue 06/2026 ● Live · 15 countries · Malta HQ
CMP

Codego vs OpenPayd.
An honest comparison
of BaaS, virtual IBAN and white-label banking infrastructure.

OpenPayd has built a well-regarded embedded-finance platform centred on virtual IBANs, multi-currency accounts and FX — and it has earned that reputation through solid API design and EU/UK licensing. Codego approaches the same infrastructure space from a different angle: a full-stack BaaS layer that combines local IBAN issuance across 15 countries (including US, Canada and Australia), Visa and Mastercard card issuing with BIN sponsorship, white-label crypto cards across 7 regions, and a neobank SDK — all deployable in 15 days. For fintechs that need more than payment flows and IBAN accounts, the difference compounds quickly.

Talk to Codego Comparison table
01
At a glance

At a glance

  Codego OpenPayd
Headquarters Malta (EU) London, UK
Founded 2012 2015
Regulatory framework NBB EMI distribution; partner EMIs in process; pan-EU passporting FCA-authorised EMI (UK); MFSA-authorised financial institution (Malta/EU)
Card schemes Visa and Mastercard — both with BIN sponsorship Card issuing available; primarily single-scheme debit
White-label crypto cards First-class: stablecoin and crypto-funded, on-the-fly conversion, 7 regions Not a core product; payments and FX focused
Local IBAN reach 15 countries — France, Spain, Germany, UK, US, Canada, Australia + more EU and UK virtual IBANs; no public US/Canada/Australia local IBANs
EU IBAN issuance Native in 15 countries; SEPA, SEPA Instant, SWIFT Virtual IBANs with SEPA and SWIFT; 35+ currencies
Time to launch Virtual cards day 1; full programme by day 15 ~2 weeks for account infrastructure; card programmes vary
Self-service / API Self-service sandbox + full REST API at developers.codegotech.com API-first; sandbox available; documentation-led onboarding
Apple Pay / Google Pay Provisioned within 24 hours of card issuance Not publicly documented as a standard offering
Pricing Transparent B2B infrastructure pricing; no consumer revenue share Custom pricing; volume-based; not publicly listed
02
Where Codego is the stronger choice

Where Codego is the stronger choice

Local IBAN issuance across 15 countries — including US, Canada and Australia

OpenPayd's IBAN infrastructure is a genuine strength in the EU/UK corridor, with virtual IBANs backed by SEPA, SWIFT and a solid multi-currency account layer. But its geography stops at the Atlantic. Codego's virtual IBAN platform issues local IBANs in 15 countries spanning France, Spain, Germany, the UK, the US, Canada, Australia and more — covering Europe, North America and Oceania from a single API. For fintechs building global neobank products, payroll platforms or multi-region marketplace settlement rails, a provider limited to EU/UK virtual accounts introduces a gap that requires patching with a second vendor. With Codego, that gap does not exist from day one.

White-label crypto cards with BIN sponsorship on Visa and Mastercard

OpenPayd's platform centres on payments, FX and account infrastructure — not card issuing as a white-label product. Codego's crypto card infrastructure is a first-class offering: stablecoin and crypto-funded programmes with on-the-fly fiat conversion at the point of authorisation, across 7 regions, on both Visa and Mastercard rails with direct BIN sponsorship. The cardholder's POS experience is indistinguishable from any premium debit card, while the programme settles from a crypto or stablecoin balance. Apple Pay and Google Pay provisioning completes within 24 hours. If crypto card issuing is anywhere on your product roadmap, OpenPayd is simply not the right infrastructure for it.

Dual-scheme BIN sponsorship — Visa and Mastercard simultaneously

OpenPayd's card offering is primarily oriented around single-scheme debit issuance. Codego holds BIN sponsorship on both Visa and Mastercard, which matters for programme managers operating across multiple markets, serving corporate clients with scheme preferences, or building co-brand programmes where a specific network relationship is contractually required. The ability to run parallel Visa and Mastercard programmes — or migrate between schemes — from the same card issuing infrastructure removes a constraint that typically requires renegotiating your entire issuing stack. Scheme flexibility at programme launch is far easier than retrofitting it after go-live.

15-day time-to-launch with self-service programme configuration

Codego's onboarding structure delivers virtual card issuance on day one and a full programme — including physical cards, KYC/KYB flows, fee schedules, velocity rules and card art — by day 15. OpenPayd's documentation references two weeks for account infrastructure integration, but a complete white-label card programme with custom onboarding takes longer. More importantly, Codego's self-service portal allows programme managers to configure every aspect of their programme without raising support tickets, and the public REST API at developers.codegotech.com supports full integration before commercial terms are finalised. That combination of speed and autonomy is difficult to match in a managed-service model.

Fully white-label neobank app and KYC/KYB stack

OpenPayd is built for businesses that want to embed financial services into their existing products via API. Codego does that too — but also provides a complete neobank platform with a white-label mobile app, integrated KYC/KYB, expense management, expense cards, gift cards and POS terminals from the same infrastructure layer. For a fintech launching a branded banking product — rather than embedding a payment feature into a non-financial app — the scope of what Codego provides out of the box is substantially broader. OpenPayd's API layer is excellent for the former; Codego addresses both use cases.

PCI DSS Level 1 certified infrastructure and 14 years of operating history

Codego holds PCI DSS Level 1 certification (Adsigo, 2025) — the highest tier of the Payment Card Industry Data Security Standard, covering cardholder data environments end to end. This is the certification tier required for high-volume card programmes and enterprise clients with procurement-level compliance requirements. Codego was founded in 2012 and has processed approximately $1.1 billion across ~366,000 cards in 59 programmes in 2025 alone. That operating history means the edge cases in dispute management, scheme compliance, cross-border settlement and programme operations have been encountered and solved — not theorised. Operational maturity in regulated payment infrastructure is not something that can be accelerated by API design alone.

03
Where OpenPayd is the stronger choice

Where OpenPayd is the stronger choice

Honesty matters. There are scenarios where OpenPayd is the better answer.

Deep virtual-IBAN and multi-currency account infrastructure at scale

OpenPayd has made virtual IBANs the centrepiece of its platform and it shows. The ability to provision unlimited virtual IBANs with automatic reconciliation, 35+ currency support, client-named accounts and treasury management tools — all backed by $180 billion in annualised transaction volume at 99.99% uptime — reflects years of focused engineering in exactly this domain. If your primary use case is high-volume, multi-currency account infrastructure for a marketplace, PSP or corporate treasury product operating predominantly within the EU and UK corridor, OpenPayd's depth in this specific area is genuinely impressive and will require effort to match from scratch.

FX and cross-currency payments as a native capability

OpenPayd built FX conversion as a first-class product rather than an add-on. Its multi-currency account layer handles FX natively across 35+ currencies, which is directly useful for businesses managing cross-border payment flows, running international payroll or operating currency treasury for clients. Codego's platform supports SEPA, SEPA Instant and SWIFT across 21 currencies and covers the major corridors. For programmes where FX volume and currency breadth beyond the major pairs is a primary design constraint — think international remittance corridors or commodity settlement — OpenPayd's FX infrastructure is more developed as a standalone capability.

Established dual EU/UK licensing with MFSA and FCA authorisation

OpenPayd holds both FCA authorisation in the UK and MFSA authorisation as a financial institution in Malta — a combination that provides documented regulatory standing in both post-Brexit jurisdictions without requiring its clients to navigate that complexity themselves. For enterprise procurement teams that require their infrastructure providers to carry their own full regulatory licences in specific named jurisdictions as a contractual condition, OpenPayd's dual-licencing status can simplify due diligence. Codego operates through partner EMIs and its own infrastructure licences; that model is commercially effective, but OpenPayd's direct dual-jurisdiction authorisation is a legitimate differentiator in certain enterprise sales contexts.

04
Frequently asked questions

Frequently asked questions

Q1.Does Codego require me to hold my own EMI licence to launch a programme?
No. Codego's BaaS model is specifically designed to allow fintechs and programme managers to launch through Codego's partner EMIs while they build towards their own licence if desired. Codego's partner-EMI authorisations cover programmes operating under that framework. If you already hold an EMI licence, Codego can also serve as pure technical infrastructure beneath your own regulatory entity.
Q2.How does Codego's local IBAN reach compare to OpenPayd's?
Codego issues local IBANs in 15 countries spanning Europe, the UK, North America (US and Canada) and Oceania (Australia). OpenPayd's IBAN infrastructure is primarily oriented around EU and UK virtual IBANs and multi-currency accounts; it does not publicly offer local IBAN issuance in the US, Canada or Australia. For programmes requiring a single provider to cover both European SEPA/SEPA Instant rails and North American or Oceanian local account numbers, Codego's broader geography removes the need for a second issuing partner.
Q3.Can I issue crypto and stablecoin cards through Codego?
Yes. Codego's white-label crypto card infrastructure supports stablecoin and crypto-funded programmes with on-the-fly fiat conversion at point of sale, across 7 regions, on both Visa and Mastercard. The cardholder spends in local fiat currency while the programme settles from a crypto balance. Apple Pay and Google Pay provisioning completes within 24 hours of card issuance. OpenPayd does not currently offer white-label crypto card issuing as a core product.
Q4.What card schemes does Codego support, and does it hold BIN sponsorship?
Codego holds BIN sponsorship on both Visa and Mastercard. This gives programme managers scheme choice and the ability to run parallel programmes or select the preferred scheme per market without renegotiating the foundational issuing relationship. OpenPayd's card offering is primarily oriented around single-scheme debit issuance. For programmes where dual-scheme access or BIN portability is a commercial requirement, Codego's infrastructure provides that flexibility from day one.
Q5.How quickly can I launch a programme on Codego vs OpenPayd?
Codego delivers virtual card issuance on day one and a complete programme including physical cards by day 15. OpenPayd's documentation references account infrastructure integration in approximately two weeks, though a full white-label card programme with custom onboarding typically extends beyond that. Codego's self-service sandbox and REST API at developers.codegotech.com allow engineering teams to begin integration before commercial terms are finalised, which further compresses the overall time to first transaction.
Q6.Is SEPA Instant available on Codego-issued IBANs?
Yes. Codego's native IBAN issuance covers fifteen countries with SEPA, SEPA Instant and SWIFT connectivity built into the core platform. Outbound SEPA Instant payments are supported where the beneficiary bank participates in the RT1 or TIPS infrastructure. The platform handles 21 currencies across SEPA, SEPA Instant and SWIFT rails. Your account manager can confirm per-country and per-corridor availability during onboarding.