US-based NXTsoft and European Open Banking infrastructure provider Yapily have partnered to enable each to expand its API reach to the other’s respective jurisdiction.
By teaming up, NXTsoft’s API partners will have the ability to connect with European financial institutions and Yapily’s European partners will have established API connectivity access to US-based financial institutions.
The fintechs said that the open API solutions they both offer will “level the playing field” between community banks and larger financial institutions, enabling community financial institutions to quickly scale functionality to offer the range of digital services that consumers require.
NXTsoft, headquartered in Birmingham, Alabama, has been established in the API space for more than 25 years and in excess of 1,000 financial institutions use its secure open API solution OmniConnect to transmit data real-time between core systems and applications.
David Brasfield, CEO of NXTsoft, said: “An NXTsoft and Yapily partnership is a homerun for NXTsoft as it significantly expands the financial market for which we can offer our partners entry.
“We are excited to partner with a company like Yapily that understands the significance of Open Banking and the power of API connectivity.”
Yapily recently completed a second Series B funding round, raising $51 million, the proceeds of which will be used to expand across Europe, with the aim to extend Open Banking to cover 95% of the continent by the end of the year.
“As Yapily continues to grow and disrupt global financial infrastructure through our focus on Open Banking, a partnership with NXTsoft providing entry to the US financial market is a huge step forward for us,” added Yapily CEO Stefano Vaccino.
“Open Banking infrastructure is fundamental to how data and payments move between organisations worldwide and Yapily and NXTsoft are poised to make that connectivity happen.”