Google is collaborating with Yapily, Europeâs leading open banking infrastructure provider, to support the rollout of the tech giantâs bank account verification service for business customers across Europe. The strategic collaboration validates open bankingâs growing role in mainstream corporate financial services across the continent.
The announcement comes as open banking adoption continues its rapid acceleration across Europe. The continent has seen the number of open banking users soar to 63.8 million, a five-fold increase since 2020âin a global market predicted to grow a further 427 per cent by 2029. In the UK alone, nearly one in four adults and SMEs are now utilising the technology, with open banking payments reaching almost 30 million transactions per month.
Open banking validation
Yapily has been at the forefront of this growth, recently hitting profitability and adding major partners like Adyen and Allica Bank to a client roster that already includes Intuit QuickBooks and Ant Group. The platform securely connects customers to over 2,000 banks in 19 markets across the UK and Europe. The platform supports a wide range of use cases, from instant account-to-account payments and Variable Recurring Payments (VRPs) to data insight and real-time cash flow tools for both retail and SMEs.
Stefano Vaccino, founder and CEO of Yapily, expressed pride in the new collaboration. âIâm extremely proud that Google is working with Yapily to help deliver Googleâs bank account verification services for business customers in Europe,â Vaccino said. He added that with open banking adoption predicted to grow significantly, he is excited to see what the future of this strategic collaboration holds.
The partnership not only leverages Yapilyâs robust infrastructure to ensure a secure and efficient verification process for Googleâs European business users but also signals another major endorsement of the technology. The move confirms open banking as an established, critical layer of modern financial infrastructure, moving beyond its fintech roots into the core operations of global technology giants.
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