Yapital Financial AG is seeking bank partners to further expand its European cross-channel payment system.

Banks are already in advanced stages of discussions with Luxembourg-based Yapital to incorporate its technology as an option for customers, says Nils Winkler, Yapital's chairman, in a May 14 press release.

Yapital is a licensed electronic money institution in Europe, offering online, mobile, in-store and invoice payment options to consumers.

The new Yapital Partner Wallet program allows customers of participating banks to connect their bank accounts as a funding source for Yapital payments.

"We firmly believe in the advantages of such cooperation," Winkler says. "It will have clear benefits for both sides. We want to be a team member, not an opponent."

Yapital's mobile app allows consumers to make payments by scanning QR codes displayed by merchants. In March, Yapital signed a five-year deal with security vendor ReD to provide fraud protection for its European payment system. 

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