London, UK, 8th June 2021: Yapily, the leading Open Banking infrastructure provider, has today announced the launch of its new Open Banking Bulk Payments service, with Comma, the SME payments platform, already live and benefiting from the service in the UK.
Working in close partnership with Comma, Yapily has simplified the complex process of Bulk Payments - under Open Banking - in the UK. The proposition provides customers such as Comma with the API connection they need to create a reliable, secure and scalable Bulk Payments feature for their accountancy, payroll and bookkeeper clients.
Until now, Bulk Payments in the UK have only been available to medium to large scale businesses that have corporate banking accounts. As such, many SMEs have been forced to rely on legacy, inefficient payment processes causing significant headaches and issues when it comes to paying staff, suppliers and customers on time, every time.
Harnessing Yapily’s Bulk Payment offering, Comma’s accountant and bookkeeper customers can create and share payment runs with clients; who in turn can bulk pay bills, taxes and salaries on their phone or desktop, in a few clicks from their own bank account. This enables accountants and bookkeepers to offer new payment services to clients - something demanded of them for many years. Operational efficiency is an essential benefit as SMEs look to rebuild post-pandemic.
Tom Beckenham, CEO and Founder of Comma said, “Comma was developed out of a passion for helping small businesses. Paying anything manually is a tedious process and often affects the small business owner. Working closely and transparently with Yapily, we’re now able to provide our customers with a magical payments experience. It gives them the time back to focus on growing their businesses. We look forward to continuing our collaborative partnership with Yapily.”
Leveraging its direct and deep connections with many of the UK’s largest banks, Yapily is the first Open Banking infrastructure provider to test and release Bulk Payments functionality for 7 financial institutions’ in the UK.
Stefano Vaccino, CEO of Yapily said, “We’ve seen a real, increasing demand from our customers for bulk payments capabilities. We’re proud to say that after some hard work, we’ve built a reliable Bulk Payments feature for our customers in the UK. We’ve been lucky to work with pioneering clients like Comma who have supported us in stress-testing the functionality so we can deliver the most robust service possible.
“What might seem on the surface to be a simple implementation of the required endpoints, has been a huge team effort, and a big learning curve for us as an Open Banking infrastructure provider. We’re already working on rolling this out into Europe and we’re excited to be working with Comma and other customers on developing even further.”
Yapily’s Bulk Payment service will be rolled out to customers in Germany in the coming months, and will look to power new bulk payments propositions with more European customers in the future.
About Yapily Yapily is an Open Banking infrastructure provider, allowing companies to seamlessly access financial data and initiate payments. Designed and built for Open Finance, Yapily enables better and fairer financial products for everyone.
The company has raised $18.4m in funding to date, and provides infrastructure for industry leaders including American Express, Intuit Quickbooks, Moneyfarm and BUX. Headquartered in London, UK, Yapily employs over 90 people and continues to scale rapidly.
About Comma Comma is an open banking bulk payment system - the first of its kind. It handles the boring but important stuff - bills, salaries, and taxes - for small and micro businesses who don’t have corporate banking. We get to small businesses through bookkeepers and accountants by enabling payment services.
The company is Silicon Valley backed and headquartered in the UK. Although only a young company, It is already used by dozens of accounting and bookkeeping firms across the UK to pay. Close to £250,000 has already been transferred so far using the bulk payments API.