13th August 2020: 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.

Pay with Bank Transfer will use Yapily’s industry leading open API to gain bank coverage across selected European markets over the coming months.

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.”

About Yapily: Yapily is an enterprise connectivity platform, enabling companies to seamlessly access users’ financial data. Powering a new era of financial services, Yapily empowers people around the world to receive faster, affordable and personalised products. The company has raised $18.4m funding to date, and over the last six months monthly recurring revenue has grown over 500%.