Alipay+ partners with Yapily

Throughout this collaboration, the companies will focus on the application of Open Banking on various mobile payment platforms, as well as on improving connectivity between clients and businesses around the world. Customers who bank with European financial institutions will be given the possibility to make cross-border payments to Alipay+ merchants across the globe, directly from their bank accounts, in a secure and efficient manner. 

According to the press release, the companies will continue to develop new solutions in order to give traders and merchants more capabilities and options to increase transaction value. This is expected to take place by engaging clients throughout the purchase process while connecting them to promotions and other value-added solutions at the same time. 

For businesses, Yapily’s Open Banking payments structure is set to offer the needed scalability and resilience to deliver optimised excellence to customers. In addition, it will give merchants agility in order to further develop in the payment and retail sectors globally.

Yapily’s recent partnerships and developments

Yapily had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world. 

At the beginning of November 2023, Denmark-based Openpay announced its partnership with Yapily in order to facilitate improved cross-border, P2P money transfers in Europe. Throughout this strategic deal, Openpay aimed to enable its clients and collaborators with safe connections to over 2000 financial institutions and banks across 19 countries in the region of Europe. Both enterprises were set to focus on delivering convenient options for instant, free cross-border money transfers, as well as day-to-day payments.

By using the Openpay application, clients were set to be enabled to benefit from the possibility of expense sharing and settlement functionality, which were important factors for group budgeting and expense tracking. The service was expected to roll out to Sweden, Germany, Norway, and the UK later in 2023. According to the press release published at the time, the company aimed to launch a debit card tool as well, in 2024, alongside new merchant and trader products. 

Earlier in September 2023, AI-powered solution Ntropy announced its partnership with Yapily in order to improve financial information and transaction data for clients and users in Europe. Following the strategic deal, Yapily’s customers were given the possibility to leverage Ntropy’s financial data and enrichment API in order to categorise bank transaction data. This was expected to reduce manual data entry, optimise credit risk assessment, as well as overall fraud detection capabilities. 

According to the press release published at the time, clients with lending and credit use cases were enabled to use this solution to conduct credit decisions as well, leveraging bank transactions to verify self-reported financial data, identify merchants, and recognise revenues and incomes.