Open Banking – the next generations’ payment solution

 

The financial sectors, nowadays, are taking revolutionary steps to improve their customer experience through digital transformation. The new generation’s customers positively expect more advanced solutions than ever before offered by your company in terms of invoicing/billing and payments. Open banking, especially in Europe, has come into focus to help your customers and meet their expectations while dealing with invoicing and making crucial payments with a few clicks.


Open Banking- in brief:


In simple terms, open banking is the easiest and most exceptional method that securely shares the issuer’s financial data between banks and third-party fintech service providers like Orbyt.


Recently, European issuers have been trying to get improved management systems and the best possible way to adopt the digital transformation process. The conception extends multiple doors for financial companies to create innovative ways of acquiring and prolonging relationships with their customers. Additionally, this creates an opportunity to reach new and potential issuers worldwide.


Open Banking- Benefits in every aspect:


Open banking solutions offer more possibilities to all kinds of financial institutions than those that follow traditional operations. Digital technologies such as Application Programming Interfaces (APIs), cloud computing, Artificial Intelligence (AI), machine learning etc. used in open banking, have been helping businesses to develop capabilities to be more responsive to the needs of their customers and the business itself.


Moreover, this concept brings better financial products and services, tailored to the specific needs like business loans, home loans etc. of its customers. It allows all kinds of businesses and issuers to carry out a hassle-free procedure associated with various types of invoicing/billing and payment processes.


Woman using her smartphone

Benefits for businesses:


  • Efficiency:
    Presently, there is a lot of variation in economic aspects related to each kind of business. Open banking facilitates all relevant data to be accessed painlessly. This results in boosting customer experience in the industries.

  • Automation:
    In this digital era, an automation process is a must to get the invoice/billing and payment process done in a flawless manner. This not only reduces human involvement but also wipes out the chances of manual errors in the entire process.

  • Easy access to loan management:
    Open banking automates and accelerates the whole process of the complex application and verification-related tasks, especially for loans. This enables faster and more efficient loan approvals in the business.

  • Higher conversion rates:
    Open banking solutions make issuers’ payments seamless by eliminating fraud risks. This leads to an increase in the conversion rate, by giving them more access to control their financial data.

Benefits for issuers:


  • Centralised information:
    Open banking offers an up-to-date overview of personal finances. So that, an issuer is able to get centralised data related to their invoices/payments. Moreover, it is easier for them to control their banking data in a quick manner.

  • Instant online payments:
    The technologies used in open banking enable the issuers to make instant payments without any complications. By opting for this, you, as an issuer, can enjoy a well-organised invoice/billing or payment solution.

  • Enhanced security:
    If you are seeking the most secure and authentic way of getting seamless payment solutions, open banking is the ultimate option for you. This is because it is built on robust security protocols and encryption standards which confirm that you have control over the data that you share.

Benefits for banks and financial institutions:


  • Collaboration between bank and fintech companies:
    The financial world is changing very fast. In recent years, especially after the global pandemic situation, people have started to think about their bank in a different way. As an effect, it has been seen that most of the banks in Europe have already implemented open banking API (Application Programming Interfaces) platforms allowing relevant fintech partners to access customer account information, payment processing, and transaction history.

  • New financial technologies:
    With the help of a secure API gateway approach, offered by fintech companies, banks and other financial institutions can use innovative methods of financial solutions than before. This enables banks to provide more options for digital banking offers, personal financial management, and faster loan approval to their users.

  • Improved customer engagement:
    Organisations with significant customer bases like banks, insurance companies, investment organisations, telecoms, NGOs etc. always seek the best possible way to increase customer engagement. Open banking uses advanced technology that eliminates manual errors, various issues associated with services and so on. This helps to boost customer engagement and build a positive relationship between issuers and their customers.

Woman using open banking on her phone

Orbyt’s Pay by Bank:


Pay by Bank, by Orbyt, is now a widely accepted exclusive payment solution that allows invoices to be paid instantly and securely using an open banking method. We, at Orbyt, always aim to get your business paid quickly and effectively. Our Pay by Bank system is certainly the most convenient and safest way to pay while reducing operational costs, chances of fraud and failures for vendors.


In short, open banking is a modern technology that challenges the old-fashioned strategies of banking. This focuses on bringing the safest payment solutions to the financial world and building customer-oriented services by implementing the highest security standards. As a result, issuers can deal with invoicing and payment in a more efficient, user-friendly manner.


Schedule a demo with Orbyt, and find the best solution on how your business can achieve more by implementing open banking as a payment option.

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