Yapily Connect is Yapily's Financial Conduct Authority (FCA) registered entity. Yapily Connect grants you simple, easy and quick access to open banking data and payments without the need to obtain a Third-Party Provider (TPP) license.
As a TPP, Yapily Connect can provide Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) licenses on your behalf to access the Open Banking network.
This removes the complexity and cost of acquiring the necessary license to access the open banking network if you are not currently registered.
- Yapily handles institution registration for you
- You display Yapily Connect as the regulated entity that is requesting your customer's financial data or initiating a payment
- The user sees Yapily Connect Ltd/UAB instead of your company's name when they log in to their bank
- You use the callback URL to specify the user journey. You must use Yapily's default redirect URL
To create the best user experience, it's critical that the interplay between the TPP and the ASPSP is as seamless as possible. In particular it is essential that the PSU is clearly informed about the consent they are providing and the service they are receiving. The EBA RTS sets out key aspects that need be followed, and in the UK, the Open Banking Implementation Entity (OBIE) have also created a set of UX guidelines that TPPs regulated within the UK should follow:
- EBA PSD2 Regulatory Technical Standards on SCA
- Open Banking Customer Experience Standards
- OBIE Customer Experience Guidelines
Yapily suggests that all customers become familiar with the OBIE guidelines for their particular use case.
We provide guidelines for the suggested layouts, content and flow for Yapily Connect customers. In particular, we include guidelines for the authorisation overview screen that is shown to the PSU before they are redirected to their bank. This screen must give adequate details of Yapily Connect, as this is the legal entity to which the PSU must agree to allow to access their account on behalf of the TPP.
The guidance offered here does not constitute legal advice. While guidance has been created with regard to relevant regulatory provisions and best practice, they are not a complete list of the regulatory or legal obligations that apply to participants. Although intended to be consistent with regulations and laws in the event of any conflict with such regulations and laws, those regulations and laws will take priority. Participants are responsible for their own compliance with all regulations and laws that apply to them, including without limitation, PSD2, GDPR, consumer protection laws and anti-money laundering regulations.