Open banking platform Yapily has forged an alliance with B2B buy-now, pay-later (BNPL) firm Two to help European merchants provide BNPL services to their business customers instantly.

The two companies said that they are working together to mitigate the cash flow burden for Small and mid-size enterprises (SMEs) by offering alternative ways to access credit via BNPL and open banking.

Under the tie-up, business customers who choose to pay via Two for their online good purchases will be offered an option to make their payment between 14 to 19 days after purchase.

Two will leverage Yapily Data to retrieve the buyer’s account details in real-time for instant ID verification checks and approval. This includes collecting user information such as name and date of birth, as well as transaction data.

Two head of Product Deane Barton said: “Many SMEs across Europe are in recovery mode after spending nearly two years dealing with an unpredictable economic climate.

“With Yapily and open banking, we can provide a safer, cheaper, and easier financial bridge for businesses that are ready to move forward. The intersection between BNPL and open banking is an exciting place to be. Together, we are shaping the future of financial services as we know it.”

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SMEs are said to make up nearly two-thirds of European jobs and contributed about €3.5trn to the European economy in 2020.

However, industry research suggests that a €400bn SME finance gap still exists in Europe.

Yapily founder and CEO Stefano Vaccino commented: “It’s great to see yet another innovative fintech company like Two challenging the status quo to deliver greater flexibility for businesses across Europe. This is a brilliant example of how open banking can help cash-strapped businesses at a time when they need it most.”

In 2020, Yapily teamed up with American Express to assist in delivering Amex’s payment initiation service across Europe.