London-based Open Banking fintech Yavrio has expanded its operations in the US by connecting with the five largest banks: Wells Fargo, JP Morgan, Citibank, Bank of America, and US Bank.

This move is part of the company’s international growth strategy, aiming to tap into the increasing adoption of Open Banking in the US.

Yavrio has also introduced embedded payment solutions, including ACH, RTP, FedNow, and Wire payments, which are now available across more than 9,600 banks in the US.

This development allows businesses to send funds securely from their payment journals to vendors via their bank accounts.

The company’s integration with corporate banking systems provides access to real-time banking data, essential infrastructure, and various payment methods.

By integrating this data into enterprise resource planning (ERP) systems, Yavrio seeks to address inefficiencies caused by manual banking processes and CSV imports.

The US Open Banking market is expected to grow from US$7.08 billion in 2023 to US$35.79 billion by 2031, according to a report by Markets and Data.

Earlier this year, Yavrio secured US$2.4 million in seed funding, led by Fuel Ventures, with a US$1.9 million contribution.

John Lewis, CEO of Yavrio, commented:

“After a slow start, Open Banking is gaining real momentum in the US, and we are pleased to be at the forefront, offering solutions that enhance efficiency and security for finance teams and businesses.”

He also described the introduction of embedded payments as a “game-changer” for businesses, enabling them to make secure cross-border and domestic payments directly from their payment journals, ready for approval within their bank portals.

Lewis emphasised that seamless banking connectivity is central to Yavrio’s approach, and connecting with these five major US banks is an important step in the company’s global strategy.

Featured image credit: edited from freepik