Through the benefits of open banking, Payhawk eliminates the lengthy, manual payment process that causes friction for users and leads to unnecessary cash flow uncertainty for businesses.
The integration with Yapily allows Payhawk to offer its customers in Europe and the UK the ability to link or unlink one or more bank accounts from over 2,000 banks and institutions from dozens of countries, and lets users easily top up their debit accounts and repay credit accounts from a linked bank account.
Yapily’s extensive bank coverage and single API integration have enabled Payhawk to expand into new markets with ease. The launch in the Netherlands, for example, has shown double-digit growth in customers using open banking to top up their Payhawk wallet since its launch. Payhawk plans to similarly roll out open banking in more European markets later this year.
Chris van Dongen, Payhawk commercial director: “Once again, Payhawk customers will benefit from new open banking opportunities for business growth, accessing pan-European markets through increased coverage. The combined offering with Yapily will also provide a number of solutions for new and existing PayHawk customers. Using open banking data Payhawk can improve their identity, age verification, legal KYC and digital account checks that can be used for automated credit scoring. I am delighted that through the power of open banking, we can create and offer better and fairer financial services across Europe.”
Stefano Vaccino, CEO and Founder of Yapily said: “We are really excited to be partnering with such a fast-growing company like Payhawk. It’s a privilege to help them expand their open banking service in the Netherlands, UK and other European markets. This best-in-class fintech innovation partnership can unlock the massive potential of open finance to unleash further growth for both companies. I can’t wait to see what more we can achieve together in the upcoming years.”
Payhawk aims to offer customers across Europe a convenient method to top up money on an ongoing basis via the platform after linking a bank account once. This is in line with Payhawk’s strategy to reduce reliance on account funding through manual deposits initiated outside the platform and give finance teams more insight and control over cash flow management.
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