FinTech brings open banking benefits to corporates
Posted on April 27, 2021 by Jonathan Symcox
North West FinTech scale-up AccessPay has launched a new treasury solution for corporates using open banking.
Enabled by Yapily, an open banking infrastructure provider, it will provide thousands of UK businesses real-time visibility into their cash position and transaction flows.
The integration enables AccessPay users to connect and aggregate their entire corporate banking estate at the click of a button, which the firm says decreases the time-to-value for corporates from months to minutes.
The collaboration between the two FinTechs will enable thousands of treasury and finance teams to make more informed financial decisions, as well as establishing reliable, automated processes around reconciliation, payroll and forecasting of company cash.
Yapily’s infrastructure will provide AccessPay’s customers, such as ITV, NSG and Imperial College London, with access to real-time banking data.
“We are delighted to be working with Yapily, another fast-growth FinTech, to drive digital transformation in the corporate space,” said Winston Pearson, Senior Product Manager at AccessPay.
“Businesses and banks simply aren’t as connected as they should be in today’s global business landscape. Treasury and finance teams, the driving force of today’s corporate operations, need one central place to automate banking operations for complete visibility and control.
“With Yapily’s support and guidance, we’re able to expand our cash management solution to more of the market at this pace and scale. The integration has transformed a cumbersome process into a frictionless data flow for our customers.
“Thanks to Yapily’s industry-leading infrastructure and strong relationships with banks across Europe, we’ve been able to deliver a solution previously reserved for the few, to the masses.”
Stefano Vaccino, CEO of Yapily, said: “Leveraging our open banking infrastructure in this way has enabled AccessPay to move faster and disrupt the corporate business landscape. This is an exciting development for open banking and demonstrates the benefits the technology brings to the ecosystem.
“Through partnering with AccessPay, we’re continuing our mission to expand the reach of Open Banking to a wide range of businesses. We look forward to developing our partnership with AccessPay and helping them continue to scale to new heights.”
AccessPay’s cash management service has been launched to the mid-market in the UK with a broader European roll-out planned for later this year.