Yapily has launched a new solution aiming to accelerate innovation across the Open Banking ecosystem.

The Open Banking platform’s Variable Recurring Payments (VRP) enables businesses and consumers to use Open Banking for recurring payments of varying amounts, without the need to ‘re-authenticate’ every transaction.

Yapily says VRPs are an Open Banking solution that promises greater returns for merchants and much safer and more convenient payments for end users.

Ben Aier, vice president of product at Yapily, commented: “This is a great example of how Yapily and open banking are helping to create a healthy payments ecosystem where there is value for every participant.

“We are proud to be breaking down the barriers to innovation in this space and meeting the evolving needs of banks, merchants, PSPs, businesses, and consumers alike.”

In step with the launch, Yapily has partnered with Ozone API - a software application which supports Open Banking standards in major markets around the world.

According to Yapily, the partnership will bring a complete solution for banks and financial institutions to go beyond minimum regulatory requirements and commercialise their APIs.

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