FinTech Awards London 2022: Fintech for Good with Salad Money
Awarded to companies that have addressed social issues and challenges over the past year, we were honoured to be named the ‘Fintech for Good’ at this year’s FinTech Awards London with our friends at Salad Money.
In January 2022, Salad Money launched its in-application benefit checking service powered by Yapily. Embodying what it means to be a fintech for good, their mission is to break the toxic debt cycle that NHS and public sector workers find themselves in each year.
Our partnership has significantly impacted key workers’ lives, helping thousands of individuals break free from debt and regain control of their finances. Winning this award is a testament to our work, reinforcing just how game-changing Salad Money’s application of our open banking technology is.
With their free benefit-checking service, Salad Money has since provided benefit insight to over 11,000 individuals, unlocking close to half a million pounds worth of unclaimed benefits. They have also lent more than £13 million to 13,000 individuals, helping them break free from debt for good with sustainable lending.
PayTech Awards 2022: Best Open Banking Solution with Comma
Comma and Yapily were the first fintech duo to successfully launch a bulk payments solution for SMEs in the UK. So we’re incredibly excited that our hard work has been recognised as ‘Best Open Banking Solution’ at the PayTech Awards 2022.
SMEs are the lifeblood of Europe’s economy, but they’re still underserved when it comes to financial services. In the UK, bulk payments have only been available to medium and large-scale businesses with corporate banking accounts, forcing SMEs to rely on inefficient legacy payment processes.
Yapily’s infrastructure provides Comma with the API connection they need to create a reliable, secure, and scalable bulk payments feature for their accountancy, payroll, and bookkeeper clients. What might seem on the surface to be a simple implementation of the required endpoints, has been a hugely successful and impactful team effort from Yapily and Comma.
Winning this award highlights the critical work our partnership undertakes to reduce the chances of companies being caught out by inconsistencies. Without this feature, SMEs would continue to be at risk from the late payments crisis by spending endless hours manually processing multiple payments.
Open Banking Expo Awards: Best Commercial Open Banking Partnership with Comma
Our work with Comma was awarded for a second time as ‘Best Commercial Open Banking Partnership’ at the Open Banking Expo Awards. Receiving this award was a memorable moment since partnerships are at the heart of our culture and align with our mission of becoming the central nervous system of the economy.
Since pre-releasing the Yapily-powered bulk payments solution, Comma has removed the need to manually key in details for every individual supplier or rely on corporate banking, enabling SMEs to significantly improve their cash flow and focus more time on what matters most: growing their business.
After going live with bulk payments in the UK, we’re now offering bulk payments for over 442 institutions across 5 countries in Europe, including all the Sparkassen regional branches, Commerzbank in Germany, and Raiffeisenbank in Italy. This landmark move means even more SMEs across the UK and Europe can benefit from access to open banking-powered bulk payments.
There is still a long way to go when it comes to improving payments for SMEs, but our work together means these challenges are finally being tackled head-on.