The partnership means businesses and end users can send payments instantly from their bank to their OpenPayd account.
Image source: Stefano Vaccino/Yapily.
As demand for open banking and integrated 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% of business leaders plan to launch integrated finance within the next five years. The data also shows that open bank payments increased by more than 500% in 12 months to reach 2.6 million transactions 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 to businesses across the UK and Europe, all via 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 streamlined route that the companies say will increase payment conversion rates and promote a better user experience.
The partnership will work both ways. Yapily can also integrate OpenPayd’s integrated financial infrastructure into its own offering to simplify and speed up payment processes.
“Integrated finance is the evolution of how open banking will be implemented today and in the future,” said Stefano Vaccino, founder and CEO of Yapily.
“With OpenPayd, we are changing the way businesses access and use open banking for the better. It is exciting to be part of such an innovative partnership and to work with another API-focused company that challenges the status quo.”
This follows the announcement in mid-May that Yapily will acquire German open banking solutions provider FinAPI, which the company says will make Yapily the largest open banking payments platform in Europe. The company has raised $69.4 million in funding to date and its customer base now includes American Express, Intuit Quickbooks and Vivid.