Yapily teams up with Two for BNPL
Working capital is a constraint for SMEs and Buy Now Pay Later (BNPL) has emerged as a new service by commercial payment companies to help this segment.
In such, London-based open banking technology provider Yapily has announced that it has partnered with B2B firm, Two to open a new channel for businesses to access credit with BNPL and open banking.
Under this, the businesses at checkout via Two would be provided with the option to pay between 14-90 days which gives them ‘flexible credit’ and with the help of Yapily Data, Two can retrieve the buyer’s account information in real-time for instant ID verification checks and approval. The partnership will see open banking rolled out to Two customers across the UK, with more European markets to follow.
As noted by the company, ‘During periods of cash flow gaps, SME owners no longer need to wait or turn to harmful short-term lending vehicles before making a vital purchase that could accelerate business growth’.
In BNPL news, Mondu and Raisin Bank enabled BNPL for business clients while Thunes partnered with Clearpay for Buy Now Pay Later services.
“Many SMEs across Europe are in recovery mode after spending nearly two years dealing with an unpredictable economic climate”, said Deane Barton, Head of Product at Two.
In company-related news, Yapily and Sprinque partnered for B2B payments while Nook teamed up with Yapily to build a trade collaboration platform.
The partnership will see open banking rolled out to Two customers across the UK, with more European markets to follow as fintech continues to grow rapidly.
Yapily is regulated by the UK Financial Conduct Authority and has been an Authorized Payment Institution under Payment Services Regulations 2017.