FinTech scale-up聽AccessPay聽is pioneering a new Treasury solution for corporates, using Open Banking.聽Enabled by聽Yapily, a leading 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. This not only reduces the friction of using multiple systems, but significantly decreases the time-to-value for corporates from months to minutes.
The ability to join together data from multiple connectivity channels, means AccessPay can deliver a global solution, whilst enhancing the user experience within the EEA.
Until now, some corporates relied on outdated and manual processes to reconcile payments and manage cash across several company accounts. This presented costly challenges when monitoring financial performance and cash management.
As the world economy recovers from the impact of Covid-19, treasury teams need one centralised place to access reliable, secure financial data to support their businesses.
Harnessing Yapily鈥檚 Open Banking infrastructure, AccessPay has expanded its cash management product to thousands of mid-market and enterprise businesses.聽This is the first use-case of Open Banking in corporate cash management to be brought to market聽and demonstrates how tech innovation is creating better services for businesses.
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The collaboration between these two UK-based 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鈥檚 infrastructure will provide AccessPay鈥檚 customers, such as ITV, NSG and Imperial College London, with access to real-time banking data. This removes the need to manually download data using spreadsheets, which is error-prone, time-consuming and costly. Surfacing the transaction data that treasury operations teams need to successfully support their businesses in making the right financial decisions, within one single view.
Winston Pearson, Senior Product Manager at AccessPay, said: 鈥淲e are delighted to be working with Yapily, another fast-growth FinTech, to drive digital transformation in the corporate space.
鈥淏usinesses and banks simply aren鈥檛 as connected as they should be in today鈥檚 global business landscape. Treasury and finance teams, the driving force of today鈥檚 corporate operations, need one central place to automate banking operations for complete visibility and control.
鈥淲ith Yapily鈥檚 support and guidance, we鈥檙e 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.
鈥淭hanks to Yapily鈥檚 industry-leading infrastructure and strong relationships with banks across Europe, we鈥檝e been able to deliver a solution previously reserved for the few, to the masses.鈥�
Stefano Vaccino, CEO of Yapily, commented, 鈥淟everaging 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.
鈥淭hrough partnering with AccessPay, we鈥檙e 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.鈥�
AccessPay鈥檚 cash management service, enhanced by Open Banking, has been launched to the mid-market in the UK, and a broader European roll-out is planned later this year.
