Danish fintech, Openpay, has partnered with Yapily, an international open banking API provider, to expand services for peer-to-peer money transfers in the region.
In addition to allowing users execute immediate, cost-free money transfers without caps on transaction volumes, the Openpay app provides an expense sharing and settlement functionality. This can be used for group budgeting or expense tracking.
The service follows EU open banking legislation which mandates financial institutions to grant non-banking third parties access to their APIs. It has initially been made available to account holders in Denmark but is set to roll out to Sweden, Norway, the UK, and Germany later this year.
Speaking on the announcement, Aske Behrsin. CEO & Founder Openpay said: “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.”
The Openpay app currently integrates with Danske Bank, Nykredit, and Jyske Bank among several other new banking partnerships. Behrsin said that the company plans to launch a debit card service in 2024 and to introduce merchant services thereafter.
The partnership between Openpay and Yapily marks further development in the Nordic open banking landscape by providing increased options for instant cross-border money transfers and day-to-day payments.
Lisa Gutu, Vice President Europe, Yapily added: “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.”