Danish fintech Openpay has partnered with Open Banking firm Yapily to facilitate cross-border, peer-to-peer payments across its networks.
Yapily’s Open Banking APIs will also be integrated into the Openpay app which allows to make immediate, cost-free money transfers without caps on transaction volumes.
“Yapily’s vision is to create better, fairer financial services and Openpay embodies this sentiment with their ambition to provide a true cross-border P2P payment experience,” said Lisa Gutu, Vice President Europe of Yapily.
“We are looking forward to supporting their growth plans as they expand across Europe.”
When the EU Open Banking legislation mandated financial institutions to grant non-banking third parties access to their APIs, Openpay saw an opportunity to bring the benefits to the Nordic region.
Initially available to account holders in Denmark, the service is set to roll out to Sweden, Norway, the UK, and Germany later this year. Currently, the Openpay app integrates with 23 banks, such as Danske Bank, Nykredit, and Jyske Bank, with new banking partnerships being added every month.
This partnership between Openpay and Yapily marks a “significant development” in the Nordic Open Banking landscape.