Banking-as-a-Service platform OpenPayd has formed a partnership with European Open Banking platform Yapily to provide businesses across the UK and Europe with simplified payments solutions.
Through the partnership, Yapily’s Open Banking platform will be integrated into OpenPayd’s embedded finance offering to establish a complete banking and payments ecosystem through a single API.
“By leveraging our joint capabilities, we build better financial infrastructure for our clients,” said Iana Dimitrova, CEO of OpenPayd.
“We’re proud to be partnering with Yapily, who share our vision to offer businesses access to payments and banking services, whenever and wherever they need it.”
Using Yapily payments, businesses and their end-users will be able to send payments instantly and directly from their bank account to their OpenPayd account.
Meanwhile, Yapily will also integrate OpenPayd’s embedded finance infrastructure to offer “plug-and-play” banking and payments services that are designed to simplify and speed up the payment process.
Yapily and OpenPayd confirmed that as part of their collaboration, a roadmap of products and services will be added in the coming months.
Stefano Vaccino, founder and CEO of Yapily, said of embedded finance, it is “the evolution of how Open Banking will be delivered now and in the future”.
“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,” Vaccino added.
Last month, Yapily agreed to acquire finAPI, a provider of Open Banking solutions in Germany, to form the largest Open Banking payments platform in Europe.