One in five Moneyfarm transfers now using open banking

The deal between Moneyfarm and Yapily, announced in June, sees the latter providing open banking integration with UK and Italian banks.

Twenty per cent of financial transfers by Moneyfarm’s customers are being used via open banking provider Yapily, following a recent tie-up between the companies.

According to data provided by the European digital wealth manager, in the first week of the tie-up, 13 per cent of Moneyfarm’s transfers in the UK were carried out through Yapily, with an average transfer value of £2,500.

After three weeks, one in five of transfers was being processed through the open banking platform, with the average transfer value of just under £3,000.

The deal between Moneyfarm and Yapily, which sees Yapily providing Moneyfarm’s open banking integration with UK and Italian banks, was announced in June this year.

The deal means that customers of Moneyfarm, which launched in 2011 and manages the assets of over 45,000 customers, are now able to instantly top-up or make withdrawals from their investment portfolios directly to and from their bank accounts, without the need for card payments.

Giovanni Dapra, CEO of Moneyfarm said: “As one of the first digital wealth managers to make use of open banking, we’re proud to see people engaging with it.  Clearly, our customers want to take advantage of the benefits that open finance can deliver and importantly, they are recognising the improved, seamless experience across all our products."

 "Our mission is to empower investors to make confident choices when it comes to their finances, arming them with tailored advice and ensuring the process is convenient and stress-free. We’re excited to be able to facilitate a scalable solution to easy bank transfers and deposits, as more and more of our customers embrace open banking.” 

Stefano Vaccino, CEO of Yapily said: “It’s exciting to see so many people engaging with open banking to top up their Moneyfarm accounts across the UK and Italy."

"That Moneyfarm has seen such an increase in open banking usage in just three weeks shows that their customers are experiencing genuine value in the service."

 “We’re proud to see our infrastructure fuelling exciting growth across Europe, and through our work with Moneyfarm we are continuing to remove the barriers to services such as wealth management to a wider demographic."

"Open banking is enabling fairer and better financial services for everyone. We look forward to building on this success even further with our long-term partnership, where we can create greater access to financial freedom.”

In June this year, Moneyfarm saw its assets under management increase to £1bn, across its 45,000 customers.