What is open banking?

A term used to describe the process of banks and other financial institutions opening up data for regulated providers to access, use and share.

This has helped customers to choose products and services which enhanced improved their way of managing their funds and payments.

 

What are the benefits of open banking?

There are broad benefits open banking is bringing to the market. Not just for consumers, but also for businesses.

  • ✅ Convenience, Customers pay directly from their bank account.
  • ✅ Cost reduction –  replaces creditcards hence cost of transactions are drastically reduced.
  • ✅ Personalisation – customers have full control on their transactions and visibility.

 

It’s also inherent that with access to more of your financial data, you’ll see financial products using this to get better and better at helping you make beneficial decisions.

Improved online payment experiences – Where businesses and their customers will be able to make and take bank-to-bank payments that are faster, more flexible, and rivalling (or even replacing) card payments.

MYFUNDBOX has partnered with Gocardless for Openbanking integration. Openbanking with MYFUNDBOX is now live for UK and Germany.

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