Open banking FinTech, Yavrio, has announced it is now connected to corporate accounts at Wells Fargo, J.P. Morgan, Citi Bank, Bank of America and U.S Bank, as it expands internationally.
The fast-growing FinTech has also introduced embedded ACH, RTP, FedNow and Wire payments across 9,600+ banks for customers in the US, enabling businesses to securely send funds from their payment journal to vendors via their bank account, streamlining the process for enhanced efficiency and security.
Yavrio’s advanced integration with corporate banking systems connects businesses to the core of financial operations, unlocking real-time banking data, access to essential banking infrastructure and multiple payment rails.
With the CFPB’s finalisation of the Personal Financial Data Rights rule in October 2024, Open Banking has gained significant momentum in the US, unlocking unprecedented data access and empowering consumers. The market is on track to reach US$35.79 billion by 2031. Yavrio is harnessing this transformative technology to help finance teams seamlessly integrate all their bank accounts into a unified finance system, enhancing efficiency and financial visibility.
Over the past decade, finance teams have transitioned from clunky, outdated software to modern finance and ERP systems, unlocking greater productivity and automation. However, many of these solutions still fall short, requiring finance professionals to manually download CSV files and perform tedious reconciliations, which are susceptible to fraud and error.
Yavrio represents the next iteration of ERP innovation. It eliminates the inefficiencies of manual banking and error-prone CSV imports by integrating real-time financial data and payments directly into ERPs. Businesses can now execute payments, access live financial insights and automatically reconcile transactions within their ERP system, improving efficiency and control.
This expansion comes on the heels of Yavrio’s successful US$2.4 million seed funding round, led by Fuel Ventures. With a rapidly growing customer base, Yavrio serves a diverse range of organisations, including government bodies, elite sports teams, cultural institutions, charities and commercial enterprises.
John Lewis, CEO of Yavrio, said: “After a slow start, Open Banking is gaining real momentum in the US, 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.
“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.
“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.”
