Open Banking infrastructure provider Yapily has partnered with Google to support the launch of the latter’s bank account verification service as an option for business customers in Europe.
Through this strategic collaborative agreement, Yapily intends to assist Google in delivering the latter’s bank account verification services to businesses operating across the region. Considering the positive predictions regarding Open Banking adoption, the two companies plan to work together to further expand their capabilities and offerings.
The growing adoption of Open Banking
The move comes as Open Banking adoption continues to build across Europe. For example, just in the UK, Open Banking payments currently total 29.9 million per month, with approximately one in four adults and SMEs leveraging the technology. Nowadays, the sector’s value reaches GBP 4 billion and is expanding by over 70% year-on-year, having already led to the creation of 5,000 new jobs.
When it comes to Europe, Open Banking accounted for 17% of total ecommerce transaction value in 2024. Additionally, the number of users across the continent has risen to 63.8 million in a global market expected to grow by 427% by 2029.
Yapily’s offering in Europe
Yapily has been directing its efforts towards further supporting this expansion, with the company partnering with other industry participants, such as Adyen and Allica Bank, and working with long-standing collaborators like Intuit QuickBooks, Pleo, Zilch, and Ant Group, and scaling its offering. In addition to Adyen and Allica Bank, the company also joined forces with RiseUp to enable the latter’s customers to utilise data and turn insights into action through its Single Payments and Sweeping VRPs technology. According to company data, Yapily partners can connect to 2,000 banks in 19 markets across the UK and Europe.
Furthermore, the platform facilitates a range of use cases, including instant account-to-account payments, Variable Recurring Payments (VRPs), data insight, transaction categorisation, real-time cash flow tools, and personalised financial services for retail and SMEs.
