Global payments and banking-as-a-service (BaaS) platform OpenPayd and open banking platform operator Yapily have announced a partnership to deliver innovative payment solutions for businesses in the UK and Europe. OpenPayd will integrate Yapily’s open banking platform into its embedded finance offering unified service in instant payments through a single API.
Just recently, Yapily announced that it is about to acquire German open banking solution provider, finAPI, which the firm says will make Yapily the largest open banking payments platform in Europe. Yapily has raised $69.4m of funding to date, and its client base now includes American Express, Intuit Quickbooks, and Vivid.
According to the fintech duo, 92% of business leaders plan to launch embedded finance within the next five years. Data also show that open banking payments have increased by over 500$ within 12 months to 2.6m transactions between September 2020 and September 2021.
Businesses and private clients 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 offering to simplify and expedite payment processes.