NXTsoft and Yapily Form Partnership to Deliver Global Access to Open Banking
- APIs , Open Banking
- 29.09.2021 01:00 pm
NXTsoft, the market leader in comprehensive, secure API connectivity for fintechs and financial institutions in the United Sates and London, UK-based Yapily (yapily.com), the leading European-based open banking infrastructure provider, today announced a partnership between the two companies that will enable each to expand its API reach and expertise to the other’s respective geographic area. This means NXTsoft’s API partners will now have the ability to connect with European financial institutions and Yapily’s European partners will have established API connectivity access to U.S-based financial institutions.
NXTsoft and Yapily are both industry leaders on the open banking forefront due to their expertise in API connectivity, and a partnership between the two significantly expands the connectivity potential for their fintech partners who want to integrate their services with financial institutions.
The open API solutions that NXTsoft and Yapily offer help to level the playing field between community banks and larger financial institutions. These APIs enable community financial institutions to quickly scale functionality to offer the myriad of digital services that consumers now demand. As such, this gives all consumers more choices of how and where they bank.
Because of the API technology developed by NXTsoft and Yapily, financial institutions are no longer at the mercy of their core providers, waiting potentially years before the connectivity is developed to a solution they want to utilize. Fintech companies are no longer burdened by core connectivity constraints. They can focus on development and enhancement of their flagship solutions and innovation instead of how to connect A to B.
“A NXTsoft and Yapily partnership is a homerun for NXTsoft as it significantly expands the financial market for which we can offer our partners entry,” said David Brasfield, CEO of NXTsoft. “We are excited to partner with a company like Yapily that understand the significance of open banking and the power of API connectivity” he said.
NXTsoft has been in the API marketspace for over 25 years and has over 1,000 financial institutions that currently utilize its secure open API solution OmniConnect to transmit data real-time between core systems and applications.
“As Yapily continues to grow and disrupt global financial infrastructure through our focus on open banking, a partnership with NXTsoft providing entry to the U.S. financial market is a huge step forward for us,” said Yapily CEO Stefano Vaccino. “Open banking infrastructure is fundamental to how data and payments move between organizations worldwide and Yapily and NXTsoft are poised to make that connectivity happen,” he said.
Yapily recently completed a second round of Series B funding totaling $51m and bringing its total investment to date to $69m.The company will use the funding to expand across Europe, extending open banking to cover 95% of the continent by the end of the year; and will continue to invest in its market-leading infrastructure to pave the way for open finance, creating financial inclusion for all.
Financial institutions have and enhanced ability to implement solutions that customers demand, consumers have more choices in how and where they bank and fintech providers can focus on the innovation and deployment of new solutions – in part due to the open API solutions and collaboration between NXTsoft and Yapily.