AI-powered solution Ntropy has partnered with Open Banking platform Yapily to improve financial information and transaction data for customers across Europe. Through the collaboration, Yapily’s customers will be able to leverage Ntropy’s financial data and enrichment API to categorise bank transaction data.

This helps in reducing manual data entry, improving fraud detection, and enhancing credit risk assessment. Customers with lending and credit use cases will be able to utilise the solution to conduct credit decisions, using enriched bank transactions to verify self-reported financial data, identify merchants, and recognise income and revenues. Moreover, the partnership allows Yapily’s clients across Europe to benefit from Ntropy’s multi-geo and multilingual enrichment capabilities.

According to officials, Yapily is an infrastructure player and offers Open Banking services across Europe via consent-based secure connections. Both companies’ objective is to unlock business and consumer data and insights across EMEA for their mutual customers. Open Banking in Europe In recent years, Open Banking improved the financial industry by enabling the secure sharing of customer data between banks, non-bank financial institutions, and third-party financial service providers.

At a global level, the value of Open Banking transactions is projected to reach EUR 53 billion by the end of 2023, and it is expected to increase substantially over the following years. Moreover, the number of Open Banking API calls is also projected to surge, reaching 580 billion in 2027. Open Banking’s traction increased in Europe, with the presence of third-party providers rapidly evolving. Statista’s report highlights that 71% of Europeans employed in the financial sector, including payments, electronic money, and credit institutions, had a positive response towards the Open Banking movement.

About Yapily With coverage across 19 European countries, Yapily aims to connect customers to regional banks, enabling access to financial data and initiating payments through Open Banking. Recently, the company entered multiple partnerships, including one with Guavapay, aiming to provide a faster payment experience across MyGuava, the fintech’s latest payment application. With this collaboration, Guavapay wants to enhance the user experience by integrating Yapily’s Open Banking technology. Furthermore, at the beginning of August 2023, the company collaborated with Payhawk, a spend management platform.

Their combined goal was to develop an instant payment experience for finance teams when upgrading their Payhawk wallets by streamlining the payment process. The platform’s users will be able to link one or more bank accounts from a network of over 2,000 banks and institutions across multiple countries. Pleo also extended its partnership with Yapily in June 2023, aiming to automate account top-ups as it expands into Europe and adopts Variable Recurring Payments (VRPs). Their collaboration was first initiated in September 2022, when Pleo wanted to create a seamless and instant payment experience for finance teams when topping up their wallet.

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