What is an Open Banking Platform?

21 Apr 2022 By PAYCEC

Open Banking platform is a third-party organization that provides banks and financial institutions, fintech companies and other third-party payment firms to share and access their customer data through APIs. The Open Banking platform plays as the center of all connections in the banking and payment industry where information and data are transmitted to this point before being transferred to the receiving party. 

Open Banking platform helps in:

• Account Check Instantly verify account ownership by utilizing real-time data directly from a user's bank account, delivering in a fast and easy payment setup.
• Business Account Check Check company account ownership instantly by using tracking data from a bank account, cutting the merchant onboarding process much faster.
• Access to transaction data Having standardized and insightful financial data from thousands of banks across Europe.
• Payment Initiation Create frictionless digital journeys with low-cost bank fees and pre-built, customizable procedures that are optimized for conversion.
• Income check Using safe, real-time data directly from a person's bank account, instantly verify their income to optimize credit decisions.
• Risk Insights Access credit checks with real-time and up-to-date spending behavior data to detect any risk factor.
• Comprehensive fund management The smart and intuitive interface dashboard and tools give customers more value and a better understanding of their needs.