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[Business Money]

Businesses to reap the rewards of Open Banking by 2020

Three-quarters (74%) of businesses in the UK surveyed by Centtrip, the international payments, treasury management and foreign-exchange specialist, believe they will benefit from Open Banking within two years.

Businesses to reap the rewards of Open Banking by 2020

Introduced in January 2018, Open Banking was designed to give customers and companies control of their financial data, enabling them to view it in one place. It was also intended to provide a secure way of sharing that information with third parties and give access to better deals and a wide array of financial products and services.

Now, almost a year on, Centtrip has analysed its, so far slow, uptake by medium-size and large firms. The fintech’s study showed that 64% of businesses agreed that Open Banking will save them time and 58% believed it would also save them money.

Read the article in full: Business Money

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