Global payments and banking-as-a-service (BaaS) platform OpenPayd and open banking platform Yapily have today announced a partnership to deliver innovative payments solutions for businesses in the UK and across Europe.
Demand for embedded finance and open banking solutions is growing at a meteoric rate. 92% of business leaders are planning on launching embedded finance within the next five years, whilst UK Finance data shows that open banking payments increased more than 500% in 12 months from 0.5 million to 2.6 million transactions between September 2020 to 2021.
Together, the fintech firms are addressing this demand by integrating Yapily’s open banking platform into OpenPayd’s embedded finance offering, creating a complete banking and payments ecosystem through a single API.
Businesses and their end-users will be able to send payments instantly and directly from their bank account to their OpenPayd account using Yapily Payments. OpenPayd customers can also keep the payments journey branded within their service, delivering increased payment conversion rates and a better user experience for end-customers. The collaboration works both ways, with Yapily to integrate OpenPayd’s embedded finance infrastructure – offering plug-and-play banking and payments services that simplify and speed up the payment process.
“Partnership is the foundation for the continued evolution of the fintech industry. By leveraging our joint capabilities we build better financial infrastructure for our clients," said Iana Dimitrova, Chief Executive 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.”
Stefano Vaccino, Founder and CEO at Yapily, adds: “Innovation is a buzzword we hear very often, but stripped back it really means finding new ways of doing things. Embedded finance 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.”
The collaboration will see an exciting roadmap of products and services added over the coming months. It follows the news that Yapily has agreed to acquire German open banking solution provider FinAPI to create the leading open banking platform in Europe.