By Liza Tetley on Monday 6 June 2022
The partnership will mean businesses and end-users can send payments instantly from their bank to their OpenPayd account.
As demand for open banking and embedded finance solutions grows, payments and banking-as-a-service platform OpenPayd and open banking platform Yapily, have teamed-up to answer the call.
According to the fintech duo, 92 per cent of business leaders are planning on launching embedded finance within the next five years. Data also show that open banking payments have increased by over 500 per cent within 12 months to 2.6m transactions in the period between September 2020 and September 2021.
To meet this demand, the companies are combining their respective payments and open banking expertise to provide a unified service offering in instant payments for businesses across the UK and Europe, all through a single API.
Businesses and end-customers will be able to send payments instantly and directly from their bank account to an OpenPayd account using Yapily; a simplified route that the companies claim will increase payment conversion rates and promote a better user experience.
The partnership will work both ways. Yapily can also integrate OpenPayd’s embedded finance infrastructure into its own offering to simplify and expedite payment processes.
“Embedded finance is the evolution of how open banking will be delivered now and in the future,” said Stefano Vaccino, founder and CEO of Yapily.
“Together with OpenPayd, we are changing the way that businesses access and use open banking for the better. It’s exciting to be part of such a pioneering partnership and working with another API-first company that is challenging the status-quo.”
This follows the news in mid-May that Yapily will acquire German open banking solution provider, FinAPI, which the firm says will make Yapily the largest open banking payments platform in Europe. The company has raised $69.4m of funding to date and its client base now includes American Express, Intuit Quickbooks and Vivid.
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