Simply put, a reverse payment in Open Banking is a secondary payment to the original payer for the same monetary amount, effectively ‘refunding’ the original payment.

Open Banking is transforming financial services, and Yapily is on a mission to provide the greatest coverage in Europe. So we’re pleased to announce that our API is now available for fintechs and businesses to access consumer accounts in Spain, providing seamless and secure access to financial data. This enables companies to expand their offering to Spanish customers, while leveraging the opportunities of Open Banking to create new and innovative products.

The UK Finance ‘Open Banking Future State’ report looks at the evolution of the Open Banking ecosystem beyond the final roadmap. The future of Open Banking and how the ecosystem needs to be supported as we move forward to Open Finance and Open Data is of paramount importance for the industry and regulators. But what does the future funding model look like? And what does this mean for the fintech community?