Yavrio UK Expands Open Banking Integration with America’s Top 5 Banks
Yavrio, a London-based fintech specializing in Open Banking, is making significant strides in the US market by partnering with the nation’s five largest banks: Wells Fargo, JP Morgan, Citibank, Bank of America, and US Bank. This strategic expansion is aimed at capitalizing on the growing adoption of Open Banking in the United States.
Expansion into the US Market
This move comes as part of Yavrio’s broader international growth strategy. The company has introduced a range of embedded payment solutions, which include:
- ACH (Automated Clearing House)
- RTP (Real-Time Payments)
- FedNow
- Wire Payments
These services are now accessible across more than 9,600 banks in the US, enabling businesses to securely transfer funds directly from their payment journals to vendors through their bank accounts.
Benefits of Yavrio’s Solutions
The integration of Yavrio’s services with corporate banking systems offers several advantages:
- Access to real-time banking data
- Enhanced infrastructure for various payment methods
- Improved efficiency by minimizing manual banking processes and CSV imports
By embedding this data into enterprise resource planning (ERP) systems, Yavrio aims to streamline operations and reduce inefficiencies.
Market Growth and Future Prospects
According to a report by Markets and Data, the US Open Banking market is projected to experience significant growth, rising from US$7.08 billion in 2023 to US$35.79 billion by 2031.
Funding and Leadership Insights
Earlier this year, Yavrio successfully raised US$2.4 million in seed funding, led by Fuel Ventures, which contributed US$1.9 million to the round.
John Lewis, CEO of Yavrio, shared his thoughts on the evolving landscape of Open Banking in the US: “After a slow start, Open Banking is gaining real momentum in the US, and we are pleased to be at the forefront, offering solutions that enhance efficiency and security for finance teams and businesses.”
He further emphasized that the introduction of embedded payments represents a “game-changer” for businesses, allowing for secure cross-border and domestic payments directly from payment journals, which can be approved within their bank portals.
Conclusion
Yavrio’s commitment to seamless banking connectivity and its partnerships with major US banks are pivotal to the company’s global strategy. As they continue to innovate in the Open Banking space, Yavrio is poised to play a crucial role in the future of financial services.
