Global financial technology platform Adyen has chosen to integrate European Open Banking infrastructure platform Yapily’s real-time account information services, to improve merchant onboarding and strengthen account verification.
Adyen will go live with Yapily’s data products in key European markets, which will be embedded into Adyen’s Open Banking product and offered via a standalone solution.
Both Adyen and Yapily confirmed that new use cases and additional markets will follow soon after.
The two companies will continue to “explore” additional Open Banking-driven services, including creditworthiness assessments for loan decisions.
Yapily CEO and founder Stefano Vaccino
Stefano Vaccino, founder and chief executive officer of Yapily, said: “Adyen is one of the leading financial technology companies in the world, and their decision to integrate our platform is a testament to the quality and extensive coverage of our API.
“We’re excited to be helping Adyen deliver solutions that reduce financial friction and improve the customer experience for businesses.”
He added: “Merchant onboarding and account verification are just the tip of the iceberg, and as this relationship grows, we look forward to enabling Adyen to develop more impactful and innovative solutions built on our Open Banking infrastructure.”
Adyen provides companies, including Uber, JustEat, and eBay with end-to-end payments, data-driven insights and financial products in a single solution.
Blanca Ferrero, global head Open Banking and settlement at Adyen, said: “Open Banking serves as a strategic enhancement to our core value proposition, empowering us to develop scalable and innovative use cases across shoppers, businesses, payments, and data.
Ferrero added that to meet the diverse needs of its merchant base, establishing a global reach for Open Banking services is “of paramount importance”.
“Yapily represents a valuable addition to our Open Banking portfolio, distinguished by their flexibility and expertise in business account connectivity. Together, we are optimally positioned to drive substantial progress within the Open Banking ecosystem,” Ferrero said.
Intuit, Alipay+, Pleo, and Volt are among the businesses using Yapily’s platform, while to date, Yapily has raised $69.4 million in funding.
Further reading: Yapily, Allica Bank discuss how Open Banking is helping UK SMEs scale
