Yapily announces new embedded finance partnership
Open banking platform Yapily has announced a new embedded finance partnership with payments platform OpenPayd, in response to growing demand.
The partnership came after Yapily’s research found that 92 per cent of business leaders are planning on launching embedded finance within the next five years.
OpenPayd is a global payments and banking-as-a-service (BaaS) platform which specialises in simplifying online payments.
Yapily’s open banking platform will be integrated into the OpenPayd embedded finance offering, to create a complete banking and payments ecosystem through a single API.
“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.
Read more: European lenders embrace the benefits of open banking
“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 chief executive at Yapily, added that 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,” Vaccino said.
“It’s exciting to be part of such a pioneering partnership and working with another API-first company that is challenging the status-quo.”
According to UK Finance data, open banking payments increased by more than 500 between September 2020 to 2021.
Read more: Yapily is set to become Europe’s largest open banking payments platform