Open banking platform Yapily has today launched Yapily Virtual Accounts to bring more transparency to real-time payments.
Yapily Virtual Accounts enables merchants and payment service providers (PSPs) to create multiple accounts to collect local payments, initiate instant payouts and refunds, and streamline reconciliation - all through a single API.
Yapily’s new product is unique in that it meets the needs of both the merchants using the product directly and the PSPs enabling this solution for their merchant customers. Findexiq, a disruptive payments platform, will be Yapily’s first customer to integrate the new product.
Greater visibility over payment status, more control over the distribution and flow of funds, and reduced costs when it comes to accepting and transferring cross-border payments are just a few of the benefits Findexiq are set to realise through Yapily Virtual Accounts. As a result, its merchant customers will be able to focus more resources on expanding globally whilst saving both time and money.
Managing payments when doing business internationally presents a huge challenge for merchants. Too often, the end-customer is charged with an international payment fee and receives non competitive rates when paying an invoice in a different currency from their own. What’s more, lengthy settlement times are leaving merchants waiting for their money and the end-customer waiting for the delivery of their goods and services.
With Yapily Virtual Accounts, merchants in the UK and Europe can accept domestic payments in GBP and EUR instantly, improving the customer experience whilst avoiding high international payment collection fees. This is just one Yapily Virtual Accounts use case of many, including the ability to collect payments from any payment method, split funds to deduct fees prior to settlement, and fulfil refunds instantly.
Richard Lewis Charles Elliott, Director at Findexiq, commented: “With Yapily Virtual Accounts, lack of control over the payment flow and cumbersome manual processes will be a thing of the past. However, the real draw for us was being able to target new customers without the headache of opening up and managing multiple bank accounts - all whilst bypassing high fees associated with international payment collection. Working with Yapily, we are able to meet the evolving needs of merchants and their customers at a time when they need it most.”
Roland Selmer, Chief Product Officer at Yapily, said: “Until now, open banking payments have been primarily focused on payment collection, fueling growth for single payment use cases such as account top-ups. But we know that business’ payments needs are much broader than that. This launch is yet another example of how we are helping our customers to unlock new use cases and growth opportunities. It’s exciting to be at the forefront of payments innovation that is helping to create an open economy that works for everyone. Today, we move another step closer to achieving that goal.”
The expansion to Yapily’s product suite follows its launch of Variable Recurring Payments earlier this week. It also comes at an exciting time for the company following its agreement to acquire FinAPI in May this year making it the largest account-to-account payment platform in Europe.