Leading open banking infrastructure provider Yapily has announced an agreement with American Express to assist in delivering its Pay with Bank Transfer payment initiation service across Europe. The agreement will enable American Express to reach new markets with its open banking payment product, increasing the benefits, support, and innovation offered to its merchant customers.
A key deciding factor in American Express choosing to partner with Yapily lies in the Fintech’s industry-leading API enabling them to retain their market-proven user experience. With Yapily’s API operating invisibly behind the scenes, American Express remains in full control of the user interface and experience – meaning end users are taken through the Pay with Bank Transfer payment journey, with no interruptions or Yapily redirects.
Facilitated by Yapily’s European open banking platform, Pay with Bank Transfer will make full use of biometric authentication and instant payment APIs where available to ensure faster payments for merchants, and enhance the speed, simplicity and security of payments for consumers.
Stefano Vaccino, CEO and founder of Yapily comments: “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.”
The new agreement further consolidates Yapily’s position in Europe as the backbone of open banking. With the UK at the centre of open banking innovation and development. In April 2020 Yapily announced that it had raised $13m in a Series A funding round, with the fintech using the investment to drive open banking adoption by organisations across Europe. Yapily provides a strong, secure and powerful connectivity layer that enriches customer experiences and creates financial opportunity.
The partnership comes during a highly successful period for the London-based fintech, in the last six months, its monthly recurring revenue has grown by over 500%; quadrupled its headcount in London to 45; and expanded into Italy, Ireland and France, as it works towards total market coverage in Europe, with new territories added regularly.