Yapily, a UK-based open banking infrastructure provider, announced on Thursday it has joined forces with American Express to deliver its Pay With Bank Transfer payment initiation service across Europe. According to Yapily, the partnership with allow American Express to reach new markets with its open banking payment product as well as increase the benefits, support, and innovation offered to its merchant customers.
“A key deciding factor in American Express choosing to partner with Yapily lies in the Fintech’s industry leading API enabling them to retain their market-proven user experience. With Yapily’s API operating invisibly behind the scenes, American Express remains in full control of the user interface and experience – meaning end users are taken through the Pay with Bank Transfer payment journey, with no interruptions or Yapily redirects.”
Yapily further explained that Pay with Bank Transfer will make full use of biometric authentication and instant payment APIs where available to ensure faster payments for merchants, and enhance the speed, simplicity, and security of payments for consumers. Speaking about the collaboration, Stefano Vaccino, CEO and Founder of Yapily, stated:
“The partnership is the first real step to bringing open banking payments to everyone across Europe and the UK. Now, a significant number of international merchants will finally be able to access, and benefit from, an open banking API.”
Founded in 2017, Yapily is an enterprise connectivity platform, enabling companies to seamlessly access users’ financial data. The company claims it empowers people around the world to receive faster, affordable, and personalized products. The company has raised $18.4 million in funding to date, and over the last six months, monthly recurring revenue has grown over 500%.