Following this announcement, the collaboration will integrate Tapily’s Open Banking infrastructure and extensive business account coverage with Allica Bank’s Business Rewards Account in order to optimise the way SMEs manage their funds.
By leveraging Yapily’s Open Banking technology, Allica Bank is set to accelerate its strategy to provide businesses with optimised and secure banking services, combining digital tools with dedicated relationship manager support. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
SMEs represent an important part of the UK economy, as they account for a third of employment and turnover. Currently, multiple companies face time-consuming banking processes, including the process of manually transferring funds between accounts, dealing with potential delays or misdirected payments, as well as juggling several logins.
With this in mind, the partnership will enable Allica Bank clients to top-up their Business Rewards Account directly using secure Open Banking payments powered by Yapily. Thus, instead of manually authorising and transferring funds between apps and accounts, business owners will be given the possibility to log into their Allica account, select the amount they wish to top-up, and authorise the payment. These processes will all take place within the Allica Bank application. In addition, this means that customers will no longer need to manually enter sort codes and account numbers, or wait for funds to clear. The technology will focus on initiating payments securely and in real-time, while also ensuring that funds are transferred directly and quickly. This procedure can then be leveraged for day-to-day spending, as well as to be transferred into an Allica instant-access Savings Pot.
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