UK SMEs Using Comma Benefit From Yapily’s Bulk Payments Service

https://thefintechtimes.com/uk-smes-using-comma-benefit-from-yapilys-bulk-payments-service/
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Yapily, the Open Banking infrastructure provider, has announced the launch of its new Open Banking bulk payments service, with Comma, the paytech for small businesses. The SME payments platform has integrated Yapily’s service, with its customers currently benefitting from it 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.

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 seven financial institutions’ in the UK.

The FinTech has worked tirelessly with Comma and UK banks to highlight inconsistencies in behaviour, bugs and cases where API documentation isn’t reflective of what’s in production to launch the most technically robust bulk payments offering to market. The work done by Yapily and Comma reduces the chances of customers being caught out by inconsistencies and ensures the success of bulk payments across the board.

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.”

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.

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

https://thefintechtimes.com/uk-smes-using-comma-benefit-from-yapilys-bulk-payments-service/