Yapily, an Open Banking service provider, has launched a new service – Yapily Virtual Accounts.
According a company statement, Yapily Virtual Accounts enables merchants and payment service providers (PSPs) to create multiple accounts gain more control over flow of funds while collecting payments, initiating instant payouts as well as refunds. Users will benefit from streamlined reconciliation through a single API.
Yapily said that Findexiq, a payments platform, will be Yapily’s first customer to integrate the new product.
Available to merchants in the UK and Europe, they can accept domestic payments in GBP and EUR instantly, while avoiding high international payment collection fees.
Richard Lewis Charles Elliott, Director at Findexiq, said the lack of control over the payment flow and cumbersome manual processes will be a thing of the past.
“However, the real draw for us was being able to target new customers without the headache of opening up and managing multiple bank accounts – all whilst bypassing high fees associated with international payment collection. Working with Yapily, we are able to meet the evolving needs of merchants and their customers at a time when they need it most.”
Roland Selmer, Chief Product Officer at Yapily, said:
“Until now, open banking payments have been primarily focused on payment collection, fueling growth for single payment use cases such as account top-ups. But we know that business’ payments needs are much broader than that. This launch is yet another example of how we are helping our customers to unlock new use cases and growth opportunities. It’s exciting to be at the forefront of payments innovation that is helping to create an open economy that works for everyone. Today, we move another step closer to achieving that goal.”
Yapily continues to add new features and functionality most recently the launch of Variable Recurring Payments.