Yapily and Ozone API team up to accelerate open banking adoption

Open banking provider Yapily has entered a strategic partnership with Ozone API to help banks and other financial institutions adopt open banking.

The collaboration will see the firms provide banks with the necessary infrastructure to deliver standard-based APIs for developers and access to the open banking platform for their own use.

Huw Davies, co-founder and chief commercial officer at Ozone API said: “Banks are looking to go way beyond mere compliance and build value-adding propositions and services to do more for their customers, reach new customers and build new partnerships.”

“This requires delivering great APIs of their own and building awesome propositions by leveraging access to other banks. By partnering with Yapily, we can combine the best standards-based API platform with the best platform to power financial applications.”

Matt Cockayne, CCO of Yapily said: “Bringing together a full open banking service for banks allows greater choice for new markets and market entrants.”

By teaming up, the two fintechs are helping banks to monetise open banking by helping to build new services and generate new revenue streams.

“This partnership builds harmony between the creation and consumption of open banking APIs, bringing a powering open banking solution for financial institutions. We look forward to working with Ozone API.”

The coronavirus pandemic has accelerated the need for open banking as the need for digital payments increased dramatically as people transitioned to remote working and online banking.

Just today it was revealed that one in five Moneyfarm transfers are completed using Yapily’s open banking technology.

Earlier this year, Yapily also completed a $13m Series A fundraise, with hopes to use the cash to connect businesses with retail banks through its single API.