Nook teams up with Yapily to build a trade collaboration platform

With the retail market segment ripping the benefits of open banking, companies have started to put more focus on open banking in the commercial payment segment. It provided hassle-free work to connect accounting and expense management platforms with payments which streamline data collection, reconciliation and reduce manual work.

This week, UK based trade collaboration platform, Nook has announced a partnership with an open banking technology platform, Yapily to create the trade collaboration platform which the company says will ‘eliminates invoice fraud and offers secure bulk payments, for accountants and SMEs’.

Last month, Billhop and ICS partnered to improve working capital for SMEs while Synovus launched an integrated account receivable platform. In 2020, the company partnered with Ozone API to expand its open banking reach in Europe.

According to the press note, the company says that accountants and SMEs still have to rely on poorly integrated tools to manage their accounts payable process which in turn results in inefficiencies and exposure to fraud. As a solution, the company has launched a platform that will integrate invoice processing, approvals, secure payments, and account reconciliation.

The company also noted that through a partnership with Yapily, it will enhance its fraud protection and payments features. Using Yapily’s infrastructure, Nook’s fraud protection integrates Know Your Business checks into the payables process and using an open banking feature, Nook’s clients can request verification from their suppliers by authenticating their bank account.

The company will also utilize Yapily’s bulk payment feature which the clients can use to make bulk payments which the company claims will create a ‘single invoice-to-payment workflow, saving hours of financial admin when making payment runs’.

Nook is a trade collection platform that enables businesses to exchange accounting data, enforce legal contracts and make payments.