Business expense tool Pleo uses Yapily for open bank payments

  • Small business expense solution Pleo and open banking provider Yapily have formed a partnership.
  • Under the agreement, Pleo will leverage Yapily Payments to enable account-to-account payments for its small business customers.
  • Pleo will start rolling out the new service to its business customers in the Netherlands and France in the coming months.

Small business expense solution Pleo partnered with open banking provider Yapily this week.

Pleo relies Yapily Payments, a tool that allows direct account-to-account payments. And because Yapily uses open banking, it doesn’t use card rails, which ultimately eliminates middlemen and limits fees. Yapily covers 19 countries and has more than 1900 institutions integrated into its open banking infrastructure.

Pleo was founded in 2015 and allows small businesses to manage invoices, issue reimbursements, give their employees payment cards for work-related expenses. The company’s expense solution gives small businesses control over employee spending and provides visibility into their spending.

Yapily Payments will allow Pleo users to top up their Pleo account directly from their bank account. This direct connection offers two major benefits: it offers instant payments and reduces the risk of card fraud and human error. “Manual processes, settlement periods and bottlenecks in cash flow are all avoidable obstacles,” said Olov Eriksson, chief product officer at Pleo. “We want to allow our users to focus on what really matters: growing their business and empowering their employees.”

Pleo will begin offering customers the new capability in a phased rollout “over the coming months.” The service will be available from the Netherlands and France. Bank account top-up capability is just the start of Pleo’s partnership with Yapily. Pleo also plans to take more advantage of Yapily’s payment solutions in the future.

Yapily was founded in 2017 and offers API-based tools to enable connection between banks and third-party fintechs. Last month, the UK-based company launched Variable recurring paymentsa tool that allows merchants and service providers to offer recurring payments of varying amounts without having to re-authenticate with each transaction.

Photo by Ketut Subiyanto