Open banking fintech Yavrio is now connected to corporate accounts at the five largest banks in the US: Wells Fargo, J.P. Morgan, Citi Bank, Bank of America and US Bank.
By integrating with corporate banking systems, Yavrio connects businesses to the core of financial operations, unlocking real-time banking data, access to essential banking infrastructure and multiple payment rails.
Yavrio, which has introduced embedded ACH, RTP, FedNow and Wire payments across over 9,600 banks for customers in the US, enables businesses to securely send funds from their payment journal to vendors via their bank account, streamlining the process for enhanced efficiency and security.
This expansion comes shortly after the conclusion of Yavrio’s successful $2.4million seed funding round, led by Fuel Ventures.
With the CFPB’s finalisation of the Personal Financial Data Rights rule in October 2024, open banking has gained momentum in the US, unlocking unprecedented data access and empowering consumers. The market is on track to exceed $35billion by 2031. Yavrio is harnessing this technology to help finance teams seamlessly integrate all their bank accounts into a unified finance system, enhancing efficiency, as well as financial visibility.
Improving banking efficiency
Over the past decade, finance teams have transitioned from clunky, outdated software to modern finance and ERP systems, unlocking greater productivity and automation.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. In fact, many still require finance professionals to manually download CSV files and perform tedious reconciliations, which are susceptible to fraud and error.
Yavrio aims to eliminate 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 also automatically reconcile transactions within their ERP system, improving efficiency and control.
“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,” explained John Lewis, CEO of Yavrio.
“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.”
