Banking institution Allica teams up with Yapily to roll out a fresh Open Banking-empowered payment enhancement service
Yapily's Open Banking partnership with Allica Bank has revolutionized funding deposit processes for small and medium-sized businesses (SMEs) in the UK. This innovative collaboration enables seamless, instant account top-ups through secure API integration.
Allica Bank, with its focus on providing human support and making life easier for customers, utilizes Yapily’s open banking platform to facilitate easier and faster account top-ups for its SME clients. This integration allows SMEs to deposit funds directly into their Allica Bank accounts more quickly and efficiently, bypassing traditional payment processing delays.
The new top-up service provides important security benefits for Allica Bank's customers. Business owners can log into their Allica account, select the amount they want to top up, and authorize the payment. The money can either stay in the business' current account or be transferred into its instant access 'Savings Pot'.
Stefano Vaccino, founder and CEO of Yapily, stated that the partnership allows Allica Bank to bring the speed, simplicity, and security of Open Banking to their SME customers. Nida Sattar, Allica Bank's product director for payments, echoed this sentiment, adding that the new top-up service helps customers save time and focus on growing their businesses.
Yapily values Allica Bank's trust in their capabilities and sees Open Banking as a core enhancer of Allica Bank's products. This partnership is part of a broader trend in the UK where SME-focused banks adopt open banking technology to offer smarter, faster financial services, improving SME customer experience with better and more immediate control over their finances.
More Open Banking solutions are expected to be rolled out by Yapily and Allica Bank in the coming months. Yapily's technology enables real-time payment initiation, removing the need for multiple logins or manual steps, making financial transactions more efficient and convenient for all parties involved. To date, Yapily has raised $69.4 million in funding and continues to scale across Europe.
Nida Sattar mentioned that Yapily has been great to partner with on this initiative and they are already exploring further uses of Open Banking with Allica Bank's current account and other products. This collaboration between Allica Bank and Yapily is set to redefine the banking experience for SMEs in the UK, offering a more streamlined, secure, and efficient way to manage finances.
The partnership between Yapily and Allica Bank, facilitated through open banking, provides SMEs with a secure method to deposit funds instantly into their Allica Bank accounts. This innovative integration eliminates traditional payment processing delays, offering SME customers a more efficient way to manage their finances.
Stefano Vaccino, the founder and CEO of Yapily, affirmed that this collaboration enables Allica Bank to offer SMEs the speed, simplicity, and security of Open Banking. Allica Bank's product director for payments, Nida Sattar, concurred, emphasizing that the new top-up service allows SMEs to save time and focus on growing their businesses.
Yapily's technology, which enables real-time payment initiation and removes the need for multiple logins or manual steps, isseen as a core component of Allica Bank's products. The collaboration between Allica Bank and Yapily is expected to redefine the banking experience for SMEs in the UK, offering a more streamlined, secure, and efficient way to manage finances.
In the coming months, more Open Banking solutions are expected to be rolled out by Yapily and Allica Bank, leveraging technology to offer smarter, faster financial services to SMEs across Europe.
