Open Banking fintech platform Yavrio has confirmed it has now connected to corporate accounts at the five largest banks in the US.
Yavrio has connected its core Open Banking capabilities to Wells Fargo, Bank of America, JP Morgan, Citibank and US Bank to enable its business partners to access instant payment rails.
The fintech company has introduced the ACH, RTP, FedNow and Wire payment rails for more than 9,600 banks for its customers across the US, enabling them to send funds from their interface to vendors via their bank account.
Yavrio’s integration with corporate banking systems connects businesses to the core of financial operations, aiming to unlock real-time banking data, access to essential banking infrastructure and multiple payment rails.
John Lewis, CEO of Yavrio, said: “After a slow start, Open Banking is gaining real momentum in the U.S., 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.”
Open Banking in the US gains momentum
The rollout of Yavrio’s embedded payment solution comes timely as the US prepares to update its regulations around Open Banking to fuel further adoption.
The final version of Section 1033 of the Dodd-Frank Act was finalised in October 2023 and ensures that all banking and financial institutions in the US will have four tiers of data rights laws to comply with, but does not apply to 85% of banks in the country, due to a $850m asset cap.
With the Consumer Finance Protection Bureau (CFPB) finalising the Personal Financial Data Rights rule also in October 2024, data access will now become more prevalent for large-scale banks like JP Morgan and Wells Fargo to bolster Open Banking-powered payments.
Yavrio cited estimates from Markets and Data research that the Open Banking sector in the US is expected to reach over $35bn in value by 2031. The company states it is in a prime position to help foster and facilitate these Open Banking capabilities to relevant customers and partners.
“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,” added Lewis.
“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.”
