- June 18, 2021
- Posted by: Stratford Team
- Category: Business
In Europe, open banking is enabling more businesses to integrate their online and in-person transaction data to their accounting systems, manage their invoices, pay their suppliers, and obtain loans.
These value-added services are provided by fintechs which obtain permission from their small and midsize clients to access their business bank accounts using open banking APIs. This means business owners don’t need to manually enter their banking details or upload spreadsheets into their accounting systems, reducing costs and errors.
Open banking implementation by businesses is still at an early stage, but there are plenty of use cases, according to Enrico Camerinelli, senior analyst at Aite Group. These include processing payments from bank accounts, opening bank accounts, obtaining real-time and historic transaction history, enriched data for business intelligence, and FX pricing.
U.K. neobank Tide provides open banking-based services to 300,000 small and…
