Openpay joins forces with Yapily to transform cross-border payments
By Gloria Methri
Openpay, a FinTech firm based in Denmark, has partnered with Yapily, an international open banking API provider, to facilitate seamless cross-border, peer-to-peer money transfers.
When the EU open banking legislation mandated financial institutions to grant non-banking third parties access to their APIs, Openpay saw an opportunity to bring the benefits of this initiative to the Nordic region.
The Openpay app allows users to execute immediate, cost-free money transfers without caps on transaction volumes. It also offers expense sharing and settlement functionality, beneficial for group budgeting or expense tracking.
Initially available to account holders in Denmark, the service is set to roll out to Sweden, Norway, the UK, and Germany later this year. Currently, the app integrates with 23 banks, such as Danske Bank, Nykredit, and Jyske Bank, with new banking partnerships being added every month.
CEO Aske Behrsin revealed plans to launch a debit card service in 2024 and to introduce merchant services thereafter.
When asked about the story of the app’s birth, Aske said, “It warms my heart to see such trust from our users, some of whom have started transferring sums up to DKK 10,000. As we approach the season of Julefrokost and big Christmas gatherings, our app becomes particularly useful for those looking to effortlessly manage shared expenses.”
To reach its goals, Openpay has partnered with Yapily, the UK-based open banking infrastructure provider, to enable connection to over 2000 banks across 19 European countries.
“Yapily’s vision is to create better, fairer financial services and Openpay embodies this sentiment with their ambition to provide a true cross-border P2P payment experience. We are looking forward to supporting their growth plans as they expand across Europe,” said Lisa Gutu, Vice President of Europe, Yapily.
This partnership between Openpay and Yapily gives people convenient options for instant, free cross-border money transfers, and day-to-day payments.
IBSi Daily News Analysis
November 29, 2023
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