A new partnership between Open Banking infrastructure provider Yapily and trade collaboration platform Nook will help to eliminate invoice fraud and offer secure bulk payments to accountants and SMEs.
London and Lisbon-based startup Nook has created a platform that replaces the need for businesses to exchange PDF documents, and integrates invoice processing, approvals, secure payments and account reconciliation.
By harnessing Yapily’s infrastructure, Nook said that its fraud protection feature incorporates ‘know your business’ checks into the payables process, thereby protecting SMEs and accountants from invoice fraud.
Customers of Nook can request verification from their suppliers by authenticating their bank account, helping to minimise business risk.
The partnership will also see Nook use Yapily’s bulk payments offering, to enable customers to make single and bulk payments, creating a single invoice-to-payment workflow, which it claimed will save “hours of financial admin when making payment runs”.
Nook has raised $1 million of pre-seed funding and is in private beta, with plans to launch in the next few weeks.
Joe Lines, CEO of Nook, said: “Partnering with Yapily helps us solve meaningful challenges in the accounts payable and receivables processes for our customers, putting us at the forefront of this new wave of innovation in B2B payments.
“With Yapily’s first-class Open Banking infrastructure and its distinctive bulk payments offering, we can continue to make life easier for accountants and SMEs as they look to rebuild from a challenging year.”
“It’s great to see more customers like Nook harnessing bulk payments to enable SMEs and accountants to remove inefficiencies and take advantage of the digital economy,” added Yapily CEO Stefano Vaccino.
By June this year, Yapily had integrated with seven financial institutions’ bulk payment APIs in the UK.