16th September 2020: Europe’s leading digital wealth manager, Moneyfarm, has gone live with open banking, thanks to a recent partnership with leading enterprise connectivity platform, Yapily.
The open banking technology connects Moneyfarm’s UK and Italian customers to live payments, offering a frictionless deposit process between their investment portfolios and bank accounts. Moneyfarm customers can now securely deposit or withdraw funds directly into their investment portfolios, providing a convenient and enhanced customer experience.
In the first week of its launch, 13% of all transfers in the UK were completed through the open banking integration with Yapily, with an average transfer of £2,500. Now three weeks into its activation, 1 in 5 (20%) of transfers are now being processed through the technology, with the average transfer value of just under £3,000.
This open banking innovation is the latest step in the digital wealth manager’s commitment to harnessing the latest technology to improve its customer experience. By launching this integration, Moneyfarm continues to deliver low-cost and hassle-free investing options, while also providing customers with more control over their finances.
Giovanni Dapra, CEO of Moneyfarm said: “As one of the first digital wealth managers to make use of open banking, we’re proud to see people engaging with it. Clearly, our customers want to take advantage of the benefits that open finance can deliver and importantly, they are recognising the improved, seamless experience across all our products.
Our mission is to empower investors to make confident choices when it comes to their finances, arming them with tailored advice and ensuring the process is convenient and stress-free. We’re excited to be able to facilitate a scalable solution to easy bank transfers and deposits, as more and more of our customers embrace open banking.”
Stefano Vaccino, CEO of Yapily said: “It’s exciting to see so many people engaging with open banking to top up their Moneyfarm accounts across the UK and Italy. That Moneyfarm has seen such an increase in open banking usage in just three weeks shows that their customers are experiencing genuine value in the service.
“We’re proud to see our infrastructure fuelling exciting growth across Europe, and through our work with Moneyfarm we are continuing to remove the barriers to services such as wealth management to a wider demographic. Open banking is enabling fairer and better financial services for everyone. We look forward to building on this success even further with our long-term partnership, where we can create greater access to financial freedom.”
Moneyfarm’s integrated open banking technology with Yapily is compatible with all major banks, including HSBC, Natwest, Santander, Lloyds, and Nationwide, as well as neo banks such as Starling and Monzo.
Moneyfarm is a digital wealth manager that provides a unique combination of simple investment advice and discretionary management to help people grow their wealth over time. First launched in 2012 and headquartered in the UK, it simplifies investments and offers advice on diversified portfolios to deliver sustainable growth through a range of asset classes. Operating through both an online platform and an app, Moneyfarm’s approach to investment combines human empathy and financial expertise with the efficiency of technology to deliver cost-effective advice and investment solutions to every user. Regulated by the FCA, it is a fast growth company with over 50,000 active customers. The company is led by co-founders Giovanni Daprà and Paolo Galvani.
Yapily is an enterprise connectivity platform, enabling companies to seamlessly access users’ financial data. Powering a new era of financial services, Yapily empowers people around the world to receive faster, affordable and personalised products. The company has raised $18m funding to date, and over the last six months monthly recurring revenue has grown over 500%.