Openpay has partnered with Yapily to facilitate cross-border, peer-to-peer money transfers. This partnership between Openpay and Yapily marks a significant development in the Nordic open banking landscape. It gives people convenient options for instant, free cross-border money transfers and day-to-day payments.
When the EU open banking legislation mandated financial institutions to grant non-banking third parties access to their APIs, the team at Openpay saw an opportunity to bring the benefits of this initiative to the Nordic region.
The Openpay app allows users to execute immediate, cost-free money transfers without caps on transaction volumes. It also offers expense sharing and settlement functionality, beneficial for group budgeting or expense tracking. The company says it is on a mission to democratise the movement of money.
Yapily and Openpay expand in Nordic region and beyond
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 app integrates with 23 banks, such as Danske Bank, Nykredit, and Jyske Bank, with new banking partnerships being added every month.
Openpay CEO Aske Behrsin revealed plans to launch a debit card service in 2024 and to introduce merchant services thereafter. Aske said: “The moment I heard that MobilePay was discontinuing WeShare, an expense-sharing app with 1.2 million users in Denmark, I knew that I had to build an alternative solution. Since then, we have grown steadily, reaching 7500 users even before our official launch. It warms my heart to see such trust from our users, some of whom have started transferring sums up to DKK 10,000. As we approach the season of Julefrokost and big Christmas gatherings, our app becomes particularly useful for those looking to effortlessly manage shared expenses.”
Lisa Gutu, Vice President Europe, Yapily, commented: “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. We are looking forward to supporting their growth plans as they expand across Europe.”
