Openpay, a fintech firm based in Denmark, has partnered with Yapily, an international open banking API provider, to facilitate seamless cross-border, peer-to-peer money transfers.

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. This wide array of features is what distinguishes Openpay from its nearest competitor, MobilePay. The company says it is on a mission to democratize the movement of money.

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.

CEO Aske Behrsin revealed plans to launch a debit card service in 2024 and to introduce merchant services thereafter.

When asked about the story of the app’s birth, Aske commented, “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."

To reach its ambitious goals, Openpay has partnered with Yapily, the UK’s leading open banking infrastructure provider, to enable connection to over 2000 banks across 19 European countries. 

“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.” Lisa Gutu, Vice President Europe, Yapily.

This partnership between Openpay and Yapily marks a significant development in the Nordic open banking landscape. It gives people convenient options for an instant, free cross-border money transfers, and day-to-day payments.