Stefano Vaccino & Philip Belamant / Yapily & Zilch.
Zilch partners with Yapily to harness open banking technology for BNPL
The BNPL aims to maximise the consumer benefits of open banking to help those struggling with the cost of living crisis.
The ‘buy now, pay later’ (BNPL) will make use of Yapily’s open banking technology to improve its credit decisioning process.
It is aiming to advance the way in which in provides “trust, protections and benefits” expected from high street banks without the costs of traditional credit.
“In the context of the cost of living crisis, it’s never been more critical for people to have access to 0 per cent interest responsible credit when managing cashflow.
According to the Money Charity, credit card balances increased from £55bn to £64bn from January 2022 to January 2033 — an increase of £500m per month.
As the cost of living crisis continues, access to affordable and accessible crisis is still a priority.
“In times like these, it's important that everyone has access to the credit they need, when they need it most. But critically, this must be based on what they can actually afford at risk of falling on even harder times.”