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News

Payhawk partners with Yapily

Tuesday 8 August 2023 11:19 CET | News

Payhawk, a spend management platform, has partnered with Yapily, an Open Banking API, to create an instant payment experience for finance teams when upgrading their Payhawk wallets.

Through this collaboration and with the benefits of Open Banking, Payhawk aims to streamline the payment process by eliminating lengthy, manual payment steps that could cause user friction and lead to unnecessary cash flow uncertainty for businesses.

This partnership with Yapily, rolled out in key markets such as the UK, France, Spain, Portugal, and the Benelux region, enables Payhawk to offer its customers the ability to link one or more bank accounts from a network of over 2,000 banks and institutions across dozens of countries. Through this integration, users gain the ability to top up their debit accounts as well as repay credit accounts from a linked bank account.

Yapily's bank coverage and single API integration have allowed Payhawk to appeal to both new and existing customers in their core markets. The Linked Account top-up feature facilitates quick platform setup for customers and helps ensure adequate cash flow for spending requirements. Additionally, Pawhawk users now have the ability to track deposits into the platform, ensuring transparency and reducing the risk of duplicate transactions. This added aspect of control and visibility will enable businesses to uphold good governance practices over their spending. Payhawk’s main objective is to offer customers across Europe a convenient way to top up money on a continuous basis via the platform after linking a bank account once, aligning with their strategy to reduce reliance on account funding through manual deposits initiated outside the platform.

Payhawk, a spend management platform, has partnered with Yapily, an Open Banking API, to create an instant payment experience for finance teams when upgrading their Payhawk wallets.

More about Payhawk and its recent developments 

Headquartered in the UK, Payhawk combines company cards, reimbursable expenses, and accounts payable into a single product, enabling finance teams to automate company spending at scale. In July 2023, the company launched and opened a new local office in Lithuania, aiming to expand its solutions in the region. Following this opening, Payhawk aims to further focus on its extension in multiple businesses and areas in the Baltics. In June 2022, Payhawk announced the second iteration of its Enterprise Suite. The upgraded version included new benefits, such as subscription tracking, Oracle NetSuite API integration, a multilingual portal, automatic supplier IBAN checks, as well as mileage tracking, and reimbursements.

More about Yapily and its recent developments 

Yapily aims to securely connect its customers to thousands of European banks, allowing them to access financial data and initiate payments. In this way, Yapily enables companies to embed the power of Open Banking into their products and services. The company’s customers range from fintech to industry leaders operating in a number of verticals. To date, they have raised USD 69.4 million in funding and aim to continue to scale across Europe.

In June 2023, Yapily announced its extension of the partnership with Denmark-based fintech, Pleo, to automate account top-ups as the latter expands into Europe and adopts Variable Recurring Payments (VRPs). In March 2023, Yapily also announced a partnership with Zilch, a payments technology company, to provide better access to 0% interest swift repayment credit. With this collaboration, Yapily would enable Zilch to access an individual's risk and affordability profile more accurately, making it easier to give financing choices customised to Zilch's consumers' particular financial conditions.

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Keywords: Open Banking, banking, spend management, online banking, partnership
Categories: Banking & Fintech
Companies: Payhawk, Yapily
Countries: Europe
This article is part of category

Banking & Fintech

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Payhawk

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