Budget planning app Emma has partnered with Yapily to launch its peer-to-peer (P2P) payments feature.
The app is using the open banking infrastructure provider’s API to make it easier for users to transfer money between accounts and pay bills.
Utilising Yapily’s API means account numbers and sort codes will not need to be exchanged, potentially making this a safer way of transferring money.
According to Which?, £479m was lost due to bank transfer fraud in 2020. This was up 5% from the year before.
“We’re on a mission to build a super app, one that empowers our customers to get their finances on track and make smarter financial decisions,” said Emma CEO Edoardo Moreni.
“With Yapily’s open banking capabilities, we’re one step further to achieving this goal as we can now offer our customers the value-added P2P service that makes transferring and requesting money far easier than ever before.”
Launched in 2018, Emma now has 600,000 customers in the UK, US and Canada. As a budgeting resource, it has so far analysed over £100bn worth of transactions.
Yapily CEO Stefano Vaccino added: “Emma’s mission aligns with our goal to create a world of greater financial wellbeing and we’re excited to continue supporting their drive towards becoming a super app for many financial products and services – stepping into the realms of open finance.”
Listen to a recent Open Banking Expo Unplugged where we sat down with Edoardo Moreni of Emma to discuss shaking up all things money management.