Open banking infrastructure provider Yapily has announced a partnership with fintech firm Pleo to ensure better cash flow management for its users across the UK.
The collaboration will allow Pleo users to access Yapily’s open banking platform Yapily Payments to recharge their Pleo account directly from their bank account.
This process cuts the average settlement time of 48 hours, enabling customers to receive instant funds.
The solution will help businesses across Europe efficiently manage their cash flow and pay bills in a seamless and hassle-free way, stated Yapily.
Additionally, Yapily offers the option of directly linking Pleo platform to a user’s bank account for fund transfers.
This is said to lower the risk of card fraud and human error.
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Beginning with the Netherlands and France, open banking top-ups will be launched for Pleo users across Europe in the coming months.
According to Yapily, Pleo is planning to use a wider range of the open banking payments solutions.
Pleo chief product officer Olov Eriksson said: “This partnership with Yapily is all about maximising the benefits of open banking technology to enable frictionless user journeys.
“Manual processes, settlement periods, and bottlenecks in cash flow are all avoidable obstacles. We want to enable our users to focus on what really matters: growing their business and empowering their people.”
Yapily founder and CEO Stefano Vaccino said: “Current market conditions mean that businesses in the UK and across Europe are looking for ways to better manage costs and increase cash flow now more than ever.
“We’re proud to be lifting some of the burden for them in the way we know how. I’m very much looking forward to continuing to work with the team at Pleo and helping them meet the evolving needs of their customers as they continue to expand across Europe.” In a span of six months, Yapily’s solution is said to have helped Pleo process nearly £10m in open banking payments.