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Fintech AccessPay has partnered with Open Banking infrastructure provider Yapily to launch a new Treasury solution for corporates, using Open Banking, according to the official press release.
Enabled by Yapily, the solution will provide thousands of UK businesses real-time visibility into their cash position and transaction flows. 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 together 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 Until now, some corporates relied on outdated and manual processes to reconcile payments and manage cash across several company accounts.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.
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 demonstrates how tech innovation is creating better services for businesses, says the official press release.
The collaboration between these two UK-based fintechs will enable 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.
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