Yapily Rolls Out Bulk Payments-As-A-Service For SMBs
Yapily, which works in providing open banking infrastructure, rolled out a new open banking bulk payments service with Comma, a Tuesday (June 8) press release emailed to PYMNTS said.
The platform will allow for streamlining the process of bulk payments for U.K. businesses. It will give customers an application programming interface (API) connection which they can use to create a secure, safe bulk payments feature, which can be used by accounting, payroll and bookkeeper clients.
It will also help to fix issues in U.K. bulk payments, in which those features were often only available for larger companies with corporate banking accounts.
Because of that, many small to medium-sized businesses (SMBs) had to rely on less efficient practices, which has led to issues paying staff, suppliers and customers on time.
The release said Comma’s accountant and bookkeeper customers will be able to create and share payment runs with clients. The clients can then use those services to pay bills, taxes and salaries. They can do this from their phones or desktops. Now, bookkeepers will be able to offer new payment services for clients.
“We’ve seen a real, increasing demand from our customers for bulk payments capabilities,” Yapily CEO Stefano Vaccino said. “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.”
Vaccino said there’s a shift going on with how companies think about open banking platforms, with accounting platforms now looking into how to streamline data collection, analytics and reconciliation.
With open banking, information can be gathered more quickly, and APIs can facilitate data collection in real time.