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How APIs Help Banks Step Back From Siloed Business Banking

The U.K.’s Open Banking market initiative is seeping into the U.S., and into the business banking segment, as financial institutions (FIs) explore ways to improve their B2B services and compete with more agile FinTech firms.

How APIs Help Banks Step Back From Siloed Business Banking

Banks’ willingness to embrace Open Banking signals an understanding that small and medium-sized businesses (SMBs) are demanding better services in the ways consumers have, and that leaving the SMB segment to rival FinTech firms is no longer an option for the largest FIs.

Business customers themselves are expecting faster, automated services from their banks as a result of Open Banking, Centtrip data found earlier this year, yet the majority of businesses surveyed said they haven’t seen any of the anticipated benefits yet. That could be because banks are struggling to make the most of the Open Banking opportunity for the corporate world.

Open Banking “was always going to be a bigger challenge in how it was going to be introduced to a corporate market, where, obviously, banking and transactional requirements are much more complex,” explained Centtrip CEO Brian Jamieson in an interview with PYMNTS last January.

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