Openpay Joins Forces with Yapily to Facilitate Cross-Border Transactions

In a bid to enhance the benefits of open banking in the Nordic region, Danish fintech firm Openpay has announced a partnership with Yapily, an international open banking API provider. This collaboration aims at facilitating seamless cross-border, peer-to-peer money transfers.

Openpay’s Unique Features

Openpay’s mobile application provides users with a platform for immediate and cost-free money transfers without any limitations on transaction volumes. Additionally, the app offers expense sharing and settlement functionality, making it an effective tool for group budgeting or expense tracking. These features set Openpay apart from its nearest competitor, MobilePay. Openpay’s mission is to democratise the movement of money.

Expansion Plans

Openpay’s services are presently available to account holders in Denmark. However, plans are underway to roll out the service to Sweden, Norway, the UK, and Germany later this year. The app currently integrates with 23 banks, including Danske Bank, Nykredit, and Jyske Bank, with new banking partnerships being established every month. Openpay’s CEO, Aske Behrsin, has also revealed plans to launch a debit card service in 2024, followed by the introduction of merchant services.

The Birth of Openpay

The discontinuation of WeShare, an expense-sharing app by MobilePay, led to the creation of Openpay. Behrsin stated that he saw the need to build an alternative solution when he learned about the discontinuation. The app has since grown steadily, amassing 7500 users even before its official launch. As the Christmas season approaches, the app is set to be particularly useful for those looking to easily manage shared expenses.

Partnership with Yapily

To achieve its ambitious objectives, Openpay has partnered with leading open banking infrastructure provider, Yapily. The collaboration will enable connections to over 2000 banks across 19 European countries. This partnership signifies a major development in the Nordic open banking landscape, providing convenient options for instant, free cross-border money transfers and day-to-day payments.

Lisa Gutu, Vice President Europe, Yapily, voiced her support for Openpay, stating that the company embodies Yapily’s vision to create better, fairer financial services. She expressed her enthusiasm to support Openpay’s growth plans as they expand across Europe.

About Openpay

Openpay is a Danish company aiming to revolutionize the way we share expenses and send money to each other across countries. The firm’s vision aligns with the EU open banking legislation, which provides non-banking third parties access to financial institutions’ APIs.