Aug 17, 2020

Yapily enables European open banking with American Express

American Express
Open banking
William Girling
2 min
APIs are enabling Yapily to deliver open banking solutions
Open banking-focused FinTech Yapily has announced its partnership with American Express to expand payment options across Europe...

Open banking-focused FinTech Yapily has announced its partnership with American Express to expand payment options across Europe.

The mutually beneficial collaboration will allow American Express to broach new markets while Yapily receives assistance with rolling out its ‘Pay with Bank Transfer’ service.

Utilising an open API (application programming interface), the company is able to provide seamlessly integrated and accessible financial information. The platform has already been deployed to enhance the customer experience within banking, lending, accounting and more.

Currently available in 15 countries and over 180 institutions, Yapily’s API is flexible and easily adaptable; new capabilities and areas for expansion are being continually assessed.

Enabling a superior customer experience

‘Pay with Bank Transfer’ will use advanced biometric authentication technology for transaction security and instant payment APIs for enhanced speed and simplicity.

“A key deciding factor in American Express choosing to partner with Yapily lies in the Fintech’s industry leading API enabling them to retain their market-proven user experience,” said Yapily’s press release.

This is primarily because the company’s API is deployed and works in the ‘background’, therefore enabling American Express to tailor and own the direct customer experience as it sees fit. 

“American Express is a leading global provider of payments services, and we’re delighted to be merging our open banking expertise with its extensive network and trusted brand to unlock greater choice and increased benefits for businesses,” commented Stefano Vaccino, CEO and Founder of Yapily.

“The partnership is the first real step to bringing open banking payments to everyone across Europe and the UK. Now, a significant number of international merchants will finally be able to access, and benefit from, an open banking API.”

Building a partner ecosystem

This news represents the latest development in an ongoing series of established partnerships with other FinTechs and financial service institutions, including Moneyfarm and Salad Money.

The latter, an ethical FinTech attempting to provide reasonable loan options to NHS staff, is collaborating with Yapily in order to address the 80% of care workers struggling with debt during the COVID-19 pandemic.

Tim Rooney, CEO of Salad Money, stated that, at this time, people simply could not afford to be taking out unaffordable loans or stretching the limits of their overdraft:

“Now more than ever, we need an accessible, mid-cost credit market that will serve those who are currently excluded from appropriate and fair loan options.

“Through harnessing Yapily’s technical expertise, we are able to continue taking on the flawed credit industry and deliver a completely new approach to lending. We believe that the principles of open banking should be adopted by all lenders to eradicate financial exclusion and open up low-cost loans for critical NHS workers.”

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May 13, 2021

Everton FC signs Sokin as its global payment partner

2 min
The Everton deal will see the startup fintech step in as the club’s official global payments partner

Everton Football Club have signed up Sokin as their official global payments partner.

Sokin is a new global currency account provider that specialises in creating open and transparent payments platforms.

The innovative fintech which launched in 2019, has agreed to a multi-year partnership that will see Sokin’s cutting-edge platform handle the Liverpool-based football club’s global currency transactions. 

Disruptive startup fintech

Sokin’s founder Vroon Modgill, a first-generation immigrant, discovered how cumbersome money exchanges were and set about creating a frictionless system that can transfer funds cheaply, swifty and easily to global destinations.

The London-based fintech has grown massively since its launch and now has offices in 10 countries. Sokin also provides a streamlined subscriber platform that opens up global access to FX transfers and payments, allowing people and businesses to transact in 38 currencies and 200 countries and territories.

Fintech partnership with Everton FC

The long-term agreement with Everton sees Sokin further boost the Blues’ growing partnership portfolio while the fintech’s collaboration with the football club strategically supports Everton's FX and payments requirements via its global platform.

The partnership will also propel Sokin into a new position as a leading global fintech provider. Modgill said of Everton FC, “This ethos is a fantastic fit for Sokin’s services. As a leading financial service provider, we exist to make global payments simple and offer a trouble-free service that our customers can trust.

“We look forward to seeing the Sokin name appear around Goodison Park – one of football’s most iconic stadiums – and embarking on this journey together. Sokin – the People’s Card, working with the People’s Club.”

Speaking about the partnership, Alan McTavish, commercial director at Everton, explained, “We are delighted to welcome Sokin on board as our newest club partner and look forward to helping them promote their leading global payments offering to millions of our fans and followers around the world.

McTavish added, “Working with such a global brand is an integral part of our commercial growth strategy. Sokin is a truly innovative, forward thinking company that puts its customers and customer experience at the centre of its operation and is a perfect fit within our exciting partnership portfolio.”

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