Yapily, the European open banking infrastructure platform, has partnered with UK fintech Allica Bank to bring the benefits of open banking top-ups to UK SME current accounts.
By leveraging open banking technology from Yapily, with its business bank coverage across the UK and Europe, Allica Bank says it is building on its mission to give established businesses the banking they deserve by enabling them to top-up their accounts even faster.
Instead of manually authorising and transferring funds between apps and accounts, business owners will be able to log into their Allica account, select the amount they wish to top-up, and authorise the payment. These business owners can then keep this money for their day-to-day spending in their Allica current account, or transfer it into an instant-access savings pot.
Beyond sending money between accounts, the Yapily and Allica Bank partnership also solves the most critical financial challenges facing SMEs. Despite accounting for a third of UK employment and turnover, small businesses are disproportionately impacted by time-consuming and error-prone manual processes, and are significantly underserved by banks.
Misdirected payments, delayed transfers, and logging into multiple platforms create friction and inefficiencies that hold small businesses back. Yapily’s technology securely initiates payments in real time, ensuring funds are transferred directly without the need for multiple logins or manual steps while providing the highest levels of security and compliance.
“Business owners are busy people. It’s why, when it comes to their bank, our focus is on how we can make life easier for our customers, alongside the human support they get from their relationship manager,” explained Nida Sattar, product director for payments at Allica Bank. “Being able to easily and quickly top up your account, rather than faffing around with manual payments, is one great example of this. And using open banking in this way provides important security benefits for our customers, too.”
Giving Allica customers more time to focus on business
Having launched to market in 2020, Allica has become the go-to challenger bank for SMEs with between five and 250 employees. It launched its flagship business current account – the Business Rewards Account – in early 2023 to give established SMEs a more rewarding and powerful current account, with the support of a dedicated relationship manager.
Allica Bank is the latest in a growing number of fintechs, enterprises, and disruptive companies – including Adyen, Alipay, Intuit QuickBooks, Pleo and Zilch – selecting Yapily to help enhance customer experiences, streamline operations, and unlock new revenue streams.
“At Yapily, we believe in driving meaningful innovation that makes a difference for businesses and their customers,” Stefano Vaccino, founder and CEO of Yapily, also added. “This partnership allows Allica Bank to bring the speed, simplicity, and security of open banking to their SME customers, empowering them to manage their finances with greater efficiency. By removing manual processes and reducing errors, we’re not just helping Allica Bank’s customers save time, but allowing them to focus on growing their businesses.”
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