Yapily teams up with American Express to enable open banking payments across Europe

By 8

Open banking infrastructure provider, Yapily announced an agreement with American Express in a bid to support the delivery of its Pay with Bank Transfer payment initiation service across Europe. American Express will be able to expand the distribution of its open banking payment product across new markets and boost the provision of benefits for its merchant customers.

Stefano Vaccino, CEO and founder of Yapily, commented, “American Express is a leading global provider of payments services, and we’re delighted to be merging our open banking expertise with its extensive network and trusted brand to unlock greater choice and increased benefits for businesses. 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.”

Established in 2017, Yapily offers a proprietary open API that enables companies to access the financial information needed to meet rising customer expectations in banking, lending, payments, accounting, and money management. Its clients include Intuit QuickBooks, IBM, and GoCardless. It also collaborates with technical design authorities and regulators, such as Open Banking Implementation Entity in the UK and Berlin Group.

Yapily’s open API will power Pay with Bank Transfer for enabling it to gain bank coverage across selected European markets. The collaboration will allow American Express to remain in control of the user interface and the experience, without any interruptions or Yapily redirects. Pay with Bank Transfer is expected to make use of biometric authentication, and instant payment APIs where available to ensure faster payments for merchants and enhance the speed and security of payments for consumers.