The corporate transactions are multi-folded, and usage of outdated & manual systems to track, record and maintain financial transactions becomes difficult and time-consuming.
Partnership with open banking infrastructure provider
On this note, Manchester-based automated corporate banking operation platform AccessPay announced a partnership with open banking infrastructure provider – Yapily to provide treasury solutions for corporates. Their partnership will provide thousands of UK businesses real-time visibility into their cash position and transaction flows.
Ease of tracking and recording financial transactions
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 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Until now, some corporates relied on outdated and manual processes to reconcile payments and manage cash across several company accounts.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.
Introduces centralised and reliable source of financial data
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’s Open Banking infrastructure, AccessPay has expanded its cash management product to thousands of mid-market and enterprise businesses. This is the first use-case of Open Banking in corporate cash management to be brought to market and shows how tech innovation is creating better services for businesses.
Helps in better cash management and decision making
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’s infrastructure will provide AccessPay’s customers, such as ITV, NSG and Imperial College London, with access to real-time banking data. This removes the need for manually downloading data using spreadsheets, which are error-prone, time-consuming and costly. Surfacing the transaction data that treasury operations teams need to support their businesses in making the right financial decisions successfully, within a single view.
Winston Pearson, Senior Product Manager at AccessPay said: “We are delighted to be working with Yapily, another fast-growth FinTech, to drive digital transformation in the corporate space.”
“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, 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.
Source: UKtech News