By linking directly to your business's current account using the Open Banking framework, these companies can actively file revenues and expenses using AI and other value-added services to make running your small business easier. A more in depth look at this use case can be found on our blog.
Behind the scenes, these API aggregators are providing the infrastructure to power open banking use cases.
Getting an auto loan used to be a cumbersome process. A borrower would typically need to provide all of the credit details to a service that would then pull a credit score and verify income to gain a picture of the client's creditworthiness. Now, using the open banking framework, auto loan providers can directly access a client's banking information just through them agreeing to share the data. With no extra work involved, the lender can decide based on AI algorithms on the applicant's creditworthiness. A more in depth look at this use case can be found on our blog.
From gaining insight into customers behavior, actively managing payroll and HR, and even giving employees specialized perks for working at a company, open banking is useful for modern business leaders to manage the company better for all stakeholders. A more in depth look at this use case can be found on our blog.
The B2B payment space is a multi-trillion dollar market. Open Banking uses APIs connected to SMEs' banking account to facilitate faster payments globally, reducing the liquidity burden of selling to somebody across the globe. A more in depth look at this use case can be found on our blog.
Buy Now, Pay Later
Buy now, pay later schemes are not something new; they have been around in the form of store credit cards for many decades. Nowadays, startups are using open banking to revolutionize how BNPL works by providing consumers the opportunity to delay payments on just about any good. A more in depth look at this use case can be found on our blog.
Using transaction data to make consumers aware of the impact their spending is having on the environment.
Card Linked Loyalty
Having a rewards card to a frequented store is an excellent way to build consumer loyalty. Open Banking supercharges traditional loyalty cards by allowing merchants to give their customers customized loyalty rewards based on spending habits and enhanced data. A more in depth look at this use case can be found on our blog.
Accessing liquidity is vital for a business's survival; thus, setting up the company's financing is a crucial and time-consuming step that involved going and talking to your banking advisor and applying through their system. Using Open Banking, lenders can now look directly at the business’ cash flows to determine creditworthiness and the amount of credit to extend. Reducing the amount of time it takes to complete the entire process and using AI to decide each case's best financing solution. A more in depth look at this use case can be found on out blog.
Open Banking technology can also deliver comprehensive technology and strategic consultancy to help you execute standards-compliant, commercially successful open banking initiatives
Whether for large or small amounts, using the Open Banking framework, fintechs can look at the user's cash flow and payment history to determine creditworthiness and make a lending decision almost instantaneously. A more in depth look at this use case can be found on our blog.
A person’s traditional credit score derives from a few categories of payments a consumer makes throughout their month to show that they are responsible with their money. In contrast, credit scores using Open Banking now include rent payments and other recurring bills so that better credit accessible to more people. A more in depth look at this use case can be found on our blog.
Using Open Banking, a debt collector can look into the accounts of the person that is behind on payments and try to generate a payment plan that the debtor can abide by to pay off the remaining amount. A more in depth look at this use case can be found on our blog.
People who feel they might not resist the urge to gamble could use the Open Banking framework to request their account providers do not allow them to deposit money into services that have a gambling-related account code in the system, thereby decreasing the ease of access to those platforms. A more in depth look at this use case can be found on out blog.
Using Open Banking to get insights into consumer behavior and making financial recomendations to help users purchase their dream home.
Using Open Banking, investment brokers can allow users to enter orders from external applications or allow super apps to aggregate all of the customer's information in one place, including their investment portfolio. A more in depth look at this use case can be found on our blog.
Factoring is when a company sells a good or service and will receive payment in the future, but they need cash more quickly, so they borrow against their accounts receivable. Using Open Banking, a small business can now provide direct access to their accounts for factoring companies to understand the company's cash flow position and make a lending decision. A more in depth look at this use case can be found on our blog.
Open banking enabled marketplaces allows for increased integration and effortless inclusion of many organizations and companies
Traditionally, a mortgage application is a cumbersome credit checking process that is labor-intensive for the applicant to fill in all necessary information and is labor-intensive for the lender to verify all the applicant's data. Open Banking can give the lenders direct access to the applicant's history to confirm whether they have sufficient creditworthiness to undertake the mortgage obligation. A more in depth look at this use case can be found on our blog.
The payment processing space depends heavily on Open Banking because a company can instantly verify if a client has the money they want to send in their account, reducing the payment processing company's risk. A more in depth look at this use case can be found on our blog.
Personal Finance Management
Applications to help people stay on top of their finances have become supercharged with the advent of Open Banking. Now, they are no longer dependent on the users remembering to enter the relevant information. The apps can now track the user’s spending habits directly by connecting to the user's accounts to gain valuable insight into cash flows and make the appropriate recommendations to help them reach their financial goals. A more in depth look at this use case can be found on out blog.
Using the Open Banking framework, there are software solutions that can file taxes directly for you with the appropriate tax collection agency based on your account information and taxes owing, skipping out on the process of manually having to file taxes and reducing the likelihood of mistakes and omissions. A more in depth look at this use case can be found on our blog.
Robo advisors and other wealth management platforms have seen a spike in popularity in recent years. These digital wealth managers benefit from the Open Banking environment to gain a clearer picture of the client before recommending the appropriate investment based on the client's ability and appetite to assume risks. A more in depth look at this use case can be found on out blog.