Financial institution Allica Bank collaborates with Yapily to debut a fresh Open Banking service for instant money transfers
Allica Bank, a leading financial institution, has announced the introduction of a new top-up service for its savings account, made possible through a partnership with Yapily, a leading Open Banking infrastructure provider.
Nida Sattar, Allica Bank's product director for payments, commented on the new service, stating that it aims to make life easier for customers by saving them time and allowing them to focus on growing their businesses. Sattar expressed that Yapily has been a great partner in implementing the new top-up service.
Business owners can now log into their Allica account, select the amount they want to top up, and authorize the payment. Funds can either be deposited into the business' current account or 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. Vaccino also highlighted that Yapily values Allica Bank's trust in their capabilities and sees Open Banking as a core enhancer of their products.
Yapily's technology enables Allica's business customers to initiate payments in real time, streamlining their banking processes. This partnership marks the first of Yapily's Open Banking solutions to be rolled out to Allica Bank's customers, with more expected in the coming months.
Small businesses in the UK are disproportionately impacted by time-consuming and error-prone manual processes. By automating transfers and reconcile account activities in real time, Yapily's Open Banking technology helps these businesses manage and fund their accounts more efficiently.
Yapily has raised $69.4 million in funding to date and continues to scale across Europe. The statement made by Nida Sattar does not repeat any earlier facts but is a further example of the benefits of the partnership between Allica Bank and Yapily.
Nida Sattar mentioned that they are already exploring further uses of Open Banking with Allica Bank's current account and other products. This suggests that the partnership between Allica Bank and Yapily could lead to even more innovative solutions for UK SMEs in the future.
In conclusion, the partnership between Allica Bank and Yapily is helping UK SMEs streamline their banking processes with the introduction of seamless account top-ups through a reliable open banking integration. This partnership is a significant step forward in enhancing the banking experience for small businesses, making it more efficient, secure, and technology-driven.
- The new service offered by Allica Bank, enabled by Yapily's Open Banking technology, prioritizes security and efficiency by allowing business owners to authorize payments in real-time.
- Stefano Vaccino, CEO of Yapily, emphasized that their technology not only automates transfers but also simplifies account activities for UK SMEs, thereby enhancing their financial management.
- Allica Bank's product director for payments, Nida Sattar, envisions further collaborations with Yapily, aiming to leverage Open Banking for innovative solutions in current accounts and other products.
- The profound impact of this partnership between Allica Bank and Yapily extends beyond seamless account top-ups, as it could pave the way for more technology-driven, efficient, and secure banking solutions for UK SMEs in the future.
