Yavrio expands US banking connections to boost efficiency

Yavrio, a fintech company in the realm of Open Banking, has expanded its services by connecting corporate accounts to the five largest banks in the United States.

The company has established integration with Wells Fargo, J.P. Morgan, Citi Bank, Bank of America, and U.S. Bank, marking a significant step in its international expansion efforts. This development enables the company's U.S. customers to utilise embedded ACH, RTP, FedNow, and Wire payments, connecting with over 9,600 banks. This advancement allows businesses to dispatch funds securely from their payment journals to vendors via their bank accounts, which enhances the efficiency and security of transactions.

Yavrio's integration with corporate banking systems helps businesses connect directly to their financial operations' core, providing real-time banking data, access to vital banking infrastructure, and multiple payment methods unified in one finance system.

As Open Banking continues to gain traction in the U.S., largely propelled by the Consumer Financial Protection Bureau's (CFPB) finalisation of the Personal Financial Data Rights rule expected in October 2024, the market is projected to reach USD $35.79 billion by 2031. Yavrio aims to leverage this growth, assisting financial teams in consolidating various bank accounts under a unified finance system to heighten efficiency and visibility.

Finance teams have increasingly moved towards modern finance and ERP systems over the last decade, seeking greater productivity and automation. Nonetheless, many existing solutions fall short, often necessitating manual processes like downloading CSV files and performing reconciliations, tasks prone to errors and fraud. Yavrio is addressing these issues by eliminating manual banking inefficiencies through the integration of real-time financial data and payment facilitation into ERPs, allowing businesses to perform transactions, access live financial insights, and execute automatic transaction reconciliations seamlessly, thus enhancing control and efficiency.

This growth follows the company's successful attainment of USD $2.4 million in seed funding in a round led by Fuel Ventures. Yavrio's client base spans various sectors, including government entities, elite sporting teams, cultural institutions, charities, and commercial enterprises.

Yavrio's CEO, John Lewis, commented on the company's recent advancements: "After a slow start, Open Banking is gaining real momentum in the U.S., and we are delighted to see Yavrio at the forefront, delivering powerful solutions that make life easier, more efficient, and more secure for finance teams and the real economy."

He further added, "The introduction of embedded payments is a game-changer for businesses, enabling them to send cross-border and domestic payments securely from their payment journal, ready for approvers to authorise as normal within their bank portal, enhancing payment efficiency and accuracy."

Lewis also highlighted the importance of seamless banking connectivity, stating, "Seamless banking connectivity is at the heart of what we do and connecting to these five key banking institutions in the US marks a significant step forward for our business. It also demonstrates our commitment to offer businesses integrated banking solutions no matter where they are located or who they bank with, redefining financial automation for firms globally."