American Express and Yapily to team up for Pay with Bank Transfer programme in Europe
American Express is expanding its real-time B2B payment offering as it teams up with banking fintech Yapily to expand its Pay with Bank Transfer programme into Europe. In this partnership, Yapily will assist American Express to deliver its service Pay with Bank Transfer payment initiative. AmEx had expanded its footprint in other part of globe in China this year when the company partnered with Express (Hangzhou) Technology Services Company Limited (“Express Company”) and got approval from People’s Bank of China for a network clearing license.
American Express’s Pay with Bank Transfer is authorised and regulated by the Financial Conduct Authority (FCA). The company will use open API provided by Yapily to expand its coverage. While AmEx will use Yapily’s API, it will remain in full control of the user interface and experience. This will let the user have uninterrupted access and no Yapily redirects, the press release noted.
Commenting on this partnership, CEO of Yapily, Stefano Vaccino said, “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”.
Pay with Bank Transfer will use biometric authentication and instant payments API to make instant payments for merchants. This all will be done through Yapily’s open banking platform.
Yapily is regulated by the UK Financial Conduct Authority and has been Authorised Payment Institution under Payment Services Regulations 2017.