Have you ever heard of open-banking-infrastructure-as-a-service? American Express has, and it has tapped U.K.-based Yapily as the provider.
The open banking infrastructure company has signed an agreement with American Express to take the financial service giant’s open banking payment initiation product, Pay with Bank Transfer, to select European markets. Yapily’s API will enable Amex’s end users to complete a payment without being redirected to a different channel or website.
Pay with Bank Transfer is self-explanatory– it leverages open banking to enable users to transact via bank transfer. The payment method uses biometric authentication and instant payment APIs for faster, more simple, and secure payments.
“The partnership is the first real step to bringing open banking payments to everyone across Europe and the U.K.,” said Yapily CEO and founder Stefano Vaccino. “Now, a significant number of international merchants will finally be able to access, and benefit from, an open banking API.”
Yapily was founded in 2017 to help financial service providers leverage the open banking opportunity by connecting them with banks. The company enables its clients to access data in 15 countries across Europe, and at more than 180 financial institutions. Yapily has raised $18.4 million.