Tag: Open Banking
-
The Ultimate Guide to Variable Recurring Payments for UK Businesses
What You Will Discover Introduction If your business collects recurring payments from customers in the UK, you know the challenges of direct debits – high costs, failed payments, and a clunky customer experience. Fortunately, a new payment solution solves all these problems: Variable Recurring Payments (VRPs). In this guide, we’ll explain what VRPs are, how…
-
Guide to Real-Time Financial Data by Finexer
What You Will Discover In today’s fast-paced, data-driven business environment, making informed decisions quickly is more critical than ever to staying ahead of the competition. Real-time financial data access through APIs like Finexer’s Open Banking data can provide the insights you need to transform your business operations and drive success. In this post, we’ll explore…
-
Open Banking KYC: 85% Faster Business Verification
What You Will Discover Understanding Open Banking KYC In today’s fast-paced financial world, businesses face a critical challenge: verifying identities quickly and accurately while maintaining stringent compliance standards. Traditional Know Your Customer (KYC) processes, relying on manual document checking and lengthy verification procedures, have long been a bottleneck in business operations. However, a revolutionary approach…
-
Bulk payment processing can save up to 90% transaction time
What You Will Discover In today’s fast-paced business environment, manually processing hundreds of payments isn’t just time-consuming—it’s a competitive disadvantage. Finance teams across the UK spend countless hours handling transactions, watching valuable time slip away with each payment cycle. Finexer’s bulk payment processing solution changes this narrative, turning work hours into minutes of automated efficiency.…
-
Card Payments vs Pay By Bank API
What You Will Discover In today’s digital-first business landscape, enterprises seek more efficient payment solutions to streamline their operations. The emergence of pay by bank API technology is revolutionising how businesses handle transactions. This innovative solution represents more than just a change in payment methods—it’s a fundamental transformation in how businesses approach financial efficiency and…
-
How SMBs Are Transforming Their Payment Systems
What You Will Discover According to UK Finance, open banking payments grew by an astounding 1,019% in 2023, with over 11 million payments processed through this revolutionary system (source). For UK SMBs grappling with payment inefficiencies, this surge signals a transformative shift in how businesses handle transactions. In a landscape where digital transformation is no…
-
60% Higher Approval Rates: Open Banking Credit Assessment
Open Banking Credit Assessment is a revolutionary approach to evaluating the creditworthiness of small and medium-sized enterprises (SMEs) by leveraging real-time financial data shared through secure Open Banking protocols What You Will Discover Small and medium-sized enterprises (SMEs) are the lifeblood of the UK economy, accounting for over 99% of all businesses and 60% of…
-
Open Banking for Accountants
What You Will Discover Accounting firms stand at a pivotal crossroads in a world where digital transformation is reshaping every industry. Picture an accountant’s typical Monday morning: downloading countless CSV files, manually matching transactions, and spending hours reconciling accounts. Now, imagine those tasks happening automatically while they focus on strategic advisory services for their clients.…
-
The Truth About Open Banking Security
Table of Contents Open banking security: Open banking allows third-party financial service providers to access consumer banking and financial data through the use of secure APIs Nowadays, there’s an app for everything – budgeting, investing, even paying your bills. And many of these apps work by securely connecting to your bank account through something called…
-
Guide to Payment Service Providers
What You Will Discover As the demand for seamless digital payments continues to rise, businesses of all sizes face the challenge of offering their customers secure, efficient, and diverse payment methods. This is where Payment Service Providers (PSPs) come in. PSPs simplify the payment process, enabling businesses to accept a range of electronic payments—from credit…
-
Effortless Merchant Services for Small Businesses
Lets Understand Merchant Services for Small Businesses: Merchant services are financial solutions that enable businesses to accept and process payments from customers, including credit and debit cards, mobile payments, and online bank transfers What You Will Discover Setting up merchant services is crucial for small businesses aiming to streamline transactions and provide flexible, secure payment…
-
Top 5 Examples of Open Banking Applications
What You Will Discover What is Open Banking API? Open banking is a groundbreaking development that’s reshaping financial services. Imagine if your bank could securely share your financial data with other financial service providers—like budgeting apps or even other banks—with your permission. This system of data-sharing, known as open banking, is made possible through what…
-
API in Open Banking: How It Benefits Small and Medium Businesses
What You Will Discover Introduction The term “API in open banking” is becoming increasingly relevant for small and medium-sized enterprises (SMEs) navigating the evolving financial landscape. But what exactly does an API in open banking mean, and why is it important? In open banking, an API, or Application Programming Interface, allows secure data sharing between…
-
A Guide to Secure Payment Services for Small to Medium Businesses
What You Will Discover Introduction As open banking grows, ensuring secure payment service is essential for protecting customers and building trust. Open banking allows financial institutions and third-party providers to connect and share information securely, bringing new conveniences and flexibility to customers and introducing new security considerations. When discussing secure payment services in open banking,…
-
The Complete Guide to Open Banking Payment
Open Banking Payment: A secure way to make direct bank-to-bank transfers, letting people and businesses pay quickly and easily without the need for middlemen. What you will Discover: Introduction The financial world is undergoing a rapid transformation, and traditional payment methods are becoming outdated. Enter Open Banking payment—a transformative solution that’s reshaping how consumers and…
-
The Essential Guide to Open Banking Benefits
Open Banking benefits are redefining financial services, making them more accessible, transparent, and efficient for everyone—from consumers and businesses to banks. What you will Discover: Introduction Have you wondered how financial technology is making life easier, faster, and more efficient for everyone involved? From personalised financial insights for consumers to streamlined business processes, the benefits…
-
Guide: Open Banking and Open Finance
Open Finance is an extension of Open Banking that allows businesses and consumers to access and share not just banking data but a broader range of financial information, such as investments, pensions, mortgages, and insurance. What you will Discover: Introduction Struggling with slow and complicated financial processes? Imagine a solution that not only makes everything…
-
Best alternative to Stripe Connect for Payments in the UK
Stripe Connect is an API designed for businesses, particularly platforms and marketplaces, to split customer payments between multiple parties or other businesses. What You Will Discover: Struggling with high transaction fees, slow payments, or limited custom branding on your payment platform? Many businesses in the UK face these challenges with popular platforms like Stripe Connect.…
-
Yapily vs Truelayer vs Finexer: Which Open Banking Provider is Right for Your Business?
An Open Banking provider enables secure access to financial data from banks through APIs, allowing businesses to offer services like instant payments and real-time financial insights. What You Will Discover: Are you struggling to find the perfect Open Banking provider for your business? With so many options like Yapily, Truelayer, and Finexer, how do you…
-
Top 5 Tink Alternatives in the UK
Tink is a leading Open Banking platform that enables businesses to securely access and share customer financial data through APIs, offering services like payment initiation and data aggregation across Europe. What You Will Discover: Open Banking has revolutionised the financial sector, allowing businesses to access and share financial data more securely and efficiently. Introduced across…
-
Detailed guide to Top 3 Plaid alternatives
Plaid is a financial technology platform that enables applications to connect with users’ bank accounts, providing secure access to transaction data, authentication, and payment initiation through Open Banking. What You Will Discover: Plaid has earned its reputation as a leader in the Open Banking world, but let’s be honest—it’s not always the best fit for…
-
Best Alternative to Truelayer
TrueLayer is an Open Banking platform that allows businesses to access financial data and initiate payments directly from customers’ bank accounts What You Will Discover: If you’re searching for a TrueLayer alternative, you’re likely seeking: ✓ A broader bank coverage across the UK to simplify your operations with one reliable Open Banking provider. ✓ A…
-
Boost Customer Experience with Third-Party Providers
Third Party Providers are organisations or individuals that leverage APIs built to regulatory standards, allowing them to access customer accounts to offer account information services or initiate secure payments What You Will Discover: Introduction In today’s fast-paced financial world, businesses need more than traditional banking to keep their customers engaged. Third-party providers (TPPs) are emerging as…
-
Faster B2B Payments in 2024 with Open Banking APIs
Open Banking APIs are application programming interfaces that allow third-party providers to securely access financial data and services from banks with customer consent What You Will Discover: Introduction Are you frustrated by slow payment processing times or drowning in manual reconciliation tasks and high transaction fees? In today’s fast-paced, digital-first world, relying on outdated B2B…
-
From Roadmap to Reality: Open Banking’s New Milestone
Open Banking is a financial services innovation that allows third-party providers to access consumer banking data securely through APIs with the customer’s consent. Has the UK just unlocked the future of finance? With the Competition and Markets Authority (CMA) confirming the full completion of the Open Banking roadmap, it certainly seems so. This milestone marks…
-
Low-Cost Online Payment Systems in the UK: Top 6
Online Payment Systems are digital platforms or services that enable businesses and individuals to process online transactions. These systems facilitate the secure and efficient transfer of funds from customers to merchants or service providers. What You Will Discover: Choosing the right online payment system is a critical decision for UK businesses. With transaction fees, ease…
-
A Guide to PSD2 and Open Banking
PSD2 is a European regulation that mandates stronger security and allows third-party access to banking data, fostering innovation and competition in financial services What You Will Discover: Ever wondered why your online payments feel more secure and your banking options more varied lately? That’s no coincidence. The financial world has undergone a quiet revolution, thanks…
-
Open banking vs Traditional Payments:4 Tips for Business Owners
Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transactions, and other financial data from banks and non-bank financial institutions through application programming interfaces (APIs). What You Will Discover: As open banking continues to take hold across the EU and the UK, businesses are starting to ask an important…
-
5-Step Guide to Choosing the Best Open Banking Provider
Open banking providers are platforms that securely enable financial data sharing between banks and third-party applications via APIs. They allow businesses to access account information, initiate payments, and offer advanced financial services while ensuring regulatory compliance. What You Will Discover: Are you grappling with the complexities of integrating new financial services into your existing systems?…
-
Is Your Utility Billing System Pushing Customers Away? 1 guide for all utility providers
Utility billing refers to the process by which utility companies, such as those providing water, electricity, gas, or waste management services, calculate and charge customers for their usage. This involves generating invoices based on the amount of service consumed by each customer, processing payments, managing customer accounts, and handling any issues related to billing accuracy,…