Yapily Virtual Accounts enables merchants and payment service providers (PSPs) to create multiple accounts to collect local payments, initiate instant payouts and refunds, and streamline reconciliation - all through a single API.

Yapily’s new product is unique in that it meets the needs of both the merchants using the product directly and the PSPs enabling this solution for their merchant customers. Findexiq, a disruptive payments platform, will be Yapily’s first customer to integrate the new product.

Greater visibility over payment status, more control over the distribution and flow of funds, and reduced costs when it comes to accepting and transferring cross-border payments are just a few of the benefits Findexiq are set to realise through Yapily Virtual Accounts. As a result, its merchant customers will be able to focus more resources on expanding globally whilst saving both time and money.

Managing payments when doing business internationally presents a huge challenge for merchants. Too often, the end-customer is charged with an international payment fee and receives non competitive rates when paying an invoice in a different currency from their own. What’s more, lengthy settlement times are leaving merchants waiting for their money and the end-customer waiting for the delivery of their goods and services.

With Yapily Virtual Accounts, merchants in the UK and Europe can accept domestic payments in GBP and EUR instantly, improving the customer experience whilst avoiding high international payment collection fees. This is just one Yapily Virtual Accounts use case of many, including the ability to collect payments from any payment method, split funds to deduct fees prior to settlement, and fulfil refunds instantly.

Richard Lewis Charles Elliott, Director at Findexiq, commented: “With Yapily Virtual Accounts, 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.”

The expansion to Yapily’s product suite follows its launch of Variable Recurring Payments earlier this week. It also comes at an exciting time for the company following its agreement to acquire FinAPI in May this year making it the largest account-to-account payment platform in Europe. With almost 2,000 bank integrations across 18 countries today, the fintech scale-up continues to expand to new geographies and deepen its coverage across Europe.

About Yapily
Yapily is an open finance platform focussed on building infrastructure and tools to enable the next wave of innovation. It connects companies to thousands of banks using a secure open API, enabling businesses to embed the power of open banking into their products and services.
Its customers range from disruptive fintechs to Fortune 500 companies across Europe, operating in a number of financial services verticals including Payments, Wealth, Accounting, Banking & Lending. Yapily has raised $69.4M in funding to date, employs over 200 people worldwide, and continues to scale rapidly across Europe.

About Findexiq
Findexiq is a rapidly growing Company providing different payment methods to its customers and giving a wide range of options and methods to pay for goods and services on any gadget, in any country, through a quick, helpful, intuitive, and secure system.
Findexiq solutions are aimed to make its customers life easier and more convenient by making a wonderful synergy between experience and innovation. The company's team of professionals is motivated to revolutionise the online payments industry by managing payments, reconciliations, and wire transfers to meet the technological needs of its clients.