Financial data standardization solution provider Ntropy has formed a partnership with open banking API infrastructure firm Yapily to enhance financial data standardization in the U.K. and across Europe. Through this partnership, Yapily’s customers will gain access to Ntropy’s artificial intelligence (AI)-powered financial data and enrichment API, enabling them to fully leverage the power of open banking data, the companies said in a Tuesday (Sept. 5) press release. Stefano Vaccino, founder and CEO at Yapily, said collaborating with Ntropy to provide high-quality, enriched transaction data will bring “more valuable insights and streamlined financial operations to our open banking customers.”

Ntropy, the industry-leading AI powered financial data standardization and enrichment solution, is excited to announce a strategic partnership with Yapily, the leading open banking API infrastructure provider, to enrich and improve financial information and transaction data for customers across the UK and Europe.This partnership will enable Yapily’s customers to access Ntropy’s cutting-edge financial data and enrichment API to fully leverage the power of the open banking data. Better data means better decisions, reduced manual data entry, improved fraud detection and enhanced credit risk assessment, improving experiences and helping to create better financial products.Yapily customers with lending and credit use cases can use data enrichment to make better credit decisions, using enriched bank transactions to verify self-reported financial data, easily identify merchants and recognise income and revenues more seamlessly.Ntropy has already enriched billions of open banking transactions for fintech lenders, financial operations providers, and digital banks. By partnering with Yapily and leveraging extensive bank coverage, Ntropy is expanding its multi-geo and multilingual enrichment capabilities, enabling Yapily’s customer base across Europe to benefit as Ntropy intensifies its European presence.“We are thrilled to collaborate with Ntropy to provide high-quality, enriched transaction data, bringing more valuable insights and streamlined financial operations to our open banking customers. Together, we continue to enable better financial products and services for all” – Stefano Vaccino, CEO and Founder, Yapily.“Yapily is a true infrastructure player and makes open banking possible across Europe via consent based secure connections. Ntropy was built on the premise that access to data is going to be resolved and what you do with the data is the next big step. Partnering with Yapily we are making this a reality across EMEA unlocking business and consumer data and insights for our mutual customers

This funding will help us deliver on our mission of building intelligence on top of financial data.