Global financial technology platform Adyen has partnered with European open banking infrastructure provider Yapily to enhance its open banking services.
The collaboration will see Adyen integrate Yapily’s data services to support business account verification and merchant onboarding across multiple European markets.
Adyen, which provides payment and financial solutions for companies including eBay, Uber as well as Just Eat, will embed Yapily’s open banking capabilities into its existing platform. The partnership aims to improve account verification processes and streamline onboarding for merchants.
In addition to these initial use cases, both companies also plan to explore further applications of open banking, such as creditworthiness assessments for lending decisions.
“Adyen is one of the leading financial technology companies in the world, and their decision to integrate our platform is a testament to the quality and extensive coverage of our API,” said Stefano Vaccino, CEO and founder of Yapily.
“We’re excited to be helping Adyen deliver solutions that reduce financial friction and improve the customer experience for businesses. Merchant onboarding and account verification are just the tip of the iceberg, and as this relationship grows, we look forward to enabling Adyen to develop more impactful and innovative solutions built on our open banking infrastructure.”
The collaboration
Adyen will launch Yapily’s data products in various European regions, embedding them into its open banking product and also offering them as a standalone solution.
Blanca Ferrero, global head open banking and settlement at Adyen, also commented: “Open banking serves as a strategic enhancement to our core value proposition, empowering us to develop scalable and innovative use cases across shoppers, businesses, payments, and data.
“To meet the diverse needs of our merchant base, establishing a global reach for open banking services is of paramount importance. Yapily represents a valuable addition to our open banking portfolio, distinguished by their flexibility and expertise in business account connectivity.
He also added: “Together, we are optimally positioned to drive substantial progress within the open banking ecosystem.”
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