The partnership aims to help ecommerce businesses gain a real-time overview of their finances, maximise cash flow, and get better credit decisions.
Using Open Banking, Yapily Data enables Juni to instantly fetch and aggregate information from multiple bank accounts, providing its customers with a holistic view of financial performance. By analysing this data, Juni can also complete a faster, fairer, and more accurate way to assess creditworthiness, reaching credit decisions more quickly whilst improving access to credit for ecommerce businesses.
As a result of the partnership, Juni customers can also make instant top-ups to help control cash flow with ease. Using Yapily Payments, Juni can pull funds directly from the customer’s business bank account. All payments are authorised using strong customer authentication (SCA) and once set-up is complete, there is no need for customers to leave the Juni platform to make the top up transfer.
As mentioned in the official press release, Yapily has enabled Juni to process over USD 2.42 million in Open Banking payments and see more than a 500% increase in Open Banking usage.
Juni’s Open Banking enabled solutions are currently live in the UK and will be rolled out across Europe in the coming months, starting with Sweden, Germany, and the Netherlands.
Yapily has already expanded to Portugal, as the company grows its Open Finance platform in Europe. According to Yapily, Lisbon is on a mission to become Europe’s Silicon Valley Portugal and has reportedly long been underestimated when it comes to Open Banking connections. While it’s always been a destination for travellers, over the past few years, Lisbon has caught the eye of tech entrepreneurs and professionals alike.
Juni also plans to expand its range of Open Banking use cases with Yapily, leveraging Yapily Payments to offer a direct account-to-account (A2A) payment solution to its customers beyond account top-ups.
The Swedish fintech ecommerce platform secured a further USD 206 million in funding in June 2022, including a USD 100 million Series B round.
Two trends in retail payments have created an opportunity for more Open Banking payments in ecommerce. First, cash has declined as electronic payments have grown. Second, ecommerce sales as a share of UK retail purchases have increased, highlighting the need for smooth customer journeys.
In 2021, retail ecommerce sales amounted to approximately USD 4.9 trillion worldwide. Despite the current economic climate, this figure is forecast to grow by 50% over the next four years, reaching USD 7.4 trillion by 2025. As the industry continues to accelerate, ecommerce businesses are looking for ways to future proof their businesses and consolidate their finances long-term.
As Jack Wilson mentions in an article, ecommerce payments have lower barriers to entry than POS payments because they don’t require merchants to upgrade their physical infrastructure to accept new payment methods. This means Open Banking payments can be integrated into the ecommerce customer journey relatively easily. Different payment options are typically displayed transparently at the online checkout, reducing friction, and expanding choice for consumers.
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