A new partnership has been announced between NXTsoft and Yapily that is set to enable each of the companies to expand their API reach and expertise into the other’s respective geographic areas in the United States and Europe.
The formation of this partnership will mean that NXTsoft’s API partners will have the ability to connect with European financial institutions, whilst Yapily’s European partners will have established API connectivity access to U.S-based financial institutions.
NXTsoft and Yapily are both prominent figures on the open banking forefront due to their expertise in API connectivity, and a partnership between the two is expected to significantly expand the connectivity potential for their fintech partners who want to integrate their services with financial institutions.
The open API solutions that NXTsoft and Yapily offer help to level the playing field between community banks and larger financial institutions. These APIs enable community financial institutions to quickly scale functionality to offer the myriad of digital services that consumers now demand. As such, this gives all consumers more choices of how and where they bank.
Because of the API technology developed by NXTsoft and Yapily, financial institutions are no longer at the mercy of their core providers, waiting potentially years before the connectivity is developed to a solution they want to utilise. Fintech companies are no longer burdened by core connectivity constraints. They can focus on the development and enhancement of their flagship solutions and innovation instead of how to connect A to B.
“A NXTsoft and Yapily partnership is a home run for NXTsoft as it significantly expands the financial market for which we can offer our partners entry,” said David Brasfield, CEO of NXTsoft. “We are excited to partner with a company like Yapily that understands the significance of open banking and the power of API connectivity.”
NXTsoft has been in the API market space for over 25 years and has over 1,000 financial institutions that currently utilise its secure open API solution OmniConnect to transmit data in real-time between core systems and applications.
“As Yapily continues to grow and disrupt global financial infrastructure through our focus on open banking, a partnership with NXTsoft providing entry to the U.S. financial market is a huge step forward for us,” said Yapily CEO Stefano Vaccino. “Open banking infrastructure is fundamental to how data and payments move between organisations worldwide and Yapily and NXTsoft are poised to make that connectivity happen.”
Yapily recently completed a second round of Series B funding totaling $51 million, bringing its total investment to date to $69 million. The company will reportedly use the funding to expand across Europe, extending open banking to cover 95% of the continent by the end of the year; and will continue to invest in its infrastructure to pave the way for open finance; thus accelerating financial inclusion.
Financial institutions have an enhanced ability to implement the solutions that customers demand, consumers have more choices in how and where they bank, and fintech providers can focus on the innovation and deployment of new solutions – in part due to the open API solutions and collaboration between NXTsoft and Yapily.