Today marks a significant milestone in the financial industry – the 6th anniversary of Open Banking. Launched on January 13th, 2018, the PSD2 initiative launched Open Banking into mainstream finance, fundamentally transforming how we interact with financial services. Let’s explore the remarkable journey of Open Banking, celebrate Yapily’s pivotal role in this revolution, and take a look at the developments on the horizon.

Open Banking: A Game Changer in Finance

Open Banking was born from the European Union’s PSD2 directive, aiming to foster innovation and competition in the financial sector. Its impact has been nothing short of phenomenal. Within four years, Open Banking’s adoption rate had surpassed that of contactless payments, with 7% of the UK population actively using it – a testament to its growing influence. Additionally, the adoption of Account-to-Account (A2A) payments in the UK has seen a staggering 5.3x increase in just two years.

Yapily’s Pioneering Contributions

At Yapily, we’ve been at the forefront of this financial revolution. Our journey has been marked by significant achievements and milestones:

• Strategic Partnership: Our collaboration with the global PSP leader, Alipay, signifies our commitment to global financial connectivity.
• Awards and Recognition: Yapily’s innovation in Open Banking has been recognised with prestigious awards, including the Best Open Banking Initiative 2022 and the Fintech for Good award with Salad Money.
• Expansive Reach: Our network now includes 2000 banks and spans 550 million accounts across the UK and Europe, illustrating our extensive impact in the Open Banking ecosystem.

Looking Ahead: The Future of Open Banking and Yapily

As we celebrate these milestones, we’re also excited about the future. Open Banking is on the cusp of entering a new phase of innovation. Yapily is gearing up to announce developments that will further propel the adoption and capabilities of Open Banking. These advancements promise to make financial services more inclusive, secure, and innovative. Stay tuned for an exciting journey ahead!

Hear from our Founder & CEO Stefano Vaccino

“On the sixth anniversary of Open Banking more than 70 million customers globally are using the technology. This year, it’s projected that the number of users in Europe alone will grow to 64 million, as the adoption rate shows an additional 1 million new users every 6 months.

Penetration amongst businesses is over 16% and increasing all the time. In the last two years, Account-to-Account (A2A) payments enabled by Open Banking technologies have increased more than fivefold and is the fastest growing use case, due to lower fees, security and a better customer experience.

But that is still just a fraction of total business and consumer payments. If we are to fully achieve the customer empowerment that Open Banking offers, payment providers need to adopt alternative payment methods so the benefits can be experienced by both merchants and consumers. In this way we will build trust around alternative payment methods.

At Yapily, we’ve been there from the start of this revolution and have now connected 2,000 banks and 550 million accounts. Our recent partnership with the global payment provider, Alipay, will open new avenues for merchants and customers, accelerate adoption and enable us to continue making progress to create more inclusive, fairer financial services products for all.”

Next steps

As we continue to pioneer in this space, Yapily remains committed to driving innovation, fostering financial inclusion, and shaping a more connected financial world. Here’s to the next chapter in this exciting journey!

Not yet using Open Banking? Find out what you’re missing out on and chat to us today to hear the limitless benefits and possibilities we could bring to your business now.