AccessPay is working on a new treasury solution for corporates enabled by Yapily, which will help thousands of U.K. businesses achieve more transparency into their cash positions and transaction flows, according to a press release.
AccessPay users can access connections and aggregations for their corporate banking with the click of a button, the release stated. That helps reduce the friction of using multiple systems and decreases the amount of time-to-value for corporates from months to minutes.
The new solution will attempt to improve upon the old method in which corporates were using outdated and manual processes in order to reconcile payments and manage cash across numerous company accounts, which could be overly expensive, according to the release.
Treasury teams are searching for innovations as the world is recovering from the pandemic, looking for a centralized place to access reliable and safe financial data, the release stated. With the use of Yapily’s open banking infrastructure, AccessPay has boosted its cash management and will be the first use case for open banking which will show how tech innovation is working for businesses.
Thousands of treasury and finance teams will now be able to make better-informed financial decisions and reliable forms of automation, with reconciliation, payroll and cash forecasting, according to the release.
“Businesses and banks simply aren’t as connected as they should be in today’s global business landscape,” said AccessPay Senior Product Manager Winston Pearson in the release. “Treasury and finance teams, the driving force of today’s corporate operations, need one central place to automate banking operations for complete visibility and control. With Yapily’s support and guidance, we’re able to expand our cash management solution to more of the market at this pace and scale. The integration has transformed a cumbersome process into a frictionless data flow for our customers.”
Yapily CEO Stefano Vaccino told PYMNTS this month that there is merit to the idea of looping into business clients’ data collection, reconciliation and analytics. He said open banking could be used for customer onboarding.