Emma, the leading budgeting super app, is today announcing that it has partnered with Open Banking infrastructure provider Yapily, to launch its new peer-to-peer (P2P) payments feature.
Until now, consumers across the UK have had to rely on bank transfers as a way of sending funds, which can often be unreliable and unsecure. In 2020 alone, £479m was lost to bank transfer fraud, up 5% compared to the previous year. At a time where payments need to be secure, eliminating any payment inefficiencies that increase the risk of fraud is critical.
Through harnessing Yapily’s Open Banking infrastructure, Emma’s new P2P feature makes transferring money easier than ever and far more secure, so consumers can manage their money with ease and get their finances on track, with no threat of fraud. In only a few clicks, Emma users can input an amount to transfer, select a bank account, and choose who they want to transfer money to and from.
Emma is utilising Yapily’s API to enable its customers to request money and pay bills using its app. Bills can be settled in a matter of seconds, meaning the days of giving out account numbers and sort codes are officially over.
Edoardo Moreni, CEO of Emma, said, “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.
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.”
Stefano Vaccino, CEO of Yapily said, “Emma is a great example of an app supporting individuals financial wellbeing, making a positive impact to society. Its distinctive functionality and payment features give consumers greater access and ownership over their financial data. 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.”
Emma connects bank accounts to help customers budget, track spending and save money. Launched in 2018, Emma is one of the 25 most downloaded apps in the UK. The company currently counts 600,000 customers in the UK, US and Canada. The app has analysed more than £100bn+ worth of transaction value so far and 10% of the current monthly Open Banking traffic in the UK is attributed to Emma.
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