Commercial Payments International

Building infrastructure for financial institutions to provide real-time cross-border payments has been a hive of activity in 2020. In the wake of major acquisitions by Visa and Mastercard over the past 12 months, smaller players are jockeying for attention with new initiatives. London-based open banking technology provider Yapily has announced a partnership with fellow platform Ozone API, which will enable banks and financial institutions to adopt PSD2-ready initiatives.

In this partnership, both companies will provide banks with infrastructure to play on both sides of the open banking ecosystem. The unregulated companies will deliver a standard-based API which regulated banks and financial institutions can use to launch their own financial services and products for their clients.

“Bringing together a full open banking service for banks allows greater choice for new markets and market entrants. This partnership builds harmony between the creation and consumption of open banking APIs, bringing a powerful open banking solution to financial institutions”, said Matt Cockayne, CCO at Yapily.

According to the press release, the companies aim to have a better API so that banks and financial institutions can monetize open banking, where they can build services with a steady stream of revenue as well as ramp up the scale.

Earlier this year, American Express teamed up with Yapily to expand the Pay with Bank Transfer programme into Europe.