Zilch partners with Yapily to harness open banking technology for BNPL

Zilch is partnering with open banking platform Yapily to bring 0 per cent interest swift repayment credit to its millions of customers.

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.

“I believe we are probably at the early stage of seeing the greatest consumer shift in payments in a quarter century — since PayPal was founded,” Zilch co-founder and CEO Philip Belamant said.

“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. 

“That’s what this new partnership with Yapily embraces — helping Zilch to achieve [that] by maximising the consumer benefits of open banking technology.”

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.

“Over five million people in the UK have little to no credit history, greatly reducing their access to mainstream financial services,” Yapily founder and CEO Stefano Vaccino said.

“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.”