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[Information Age]

Open Banking: When will businesses start ‘reaping the rewards’?

According to a survey from Centtrip, the international payments specialist, 74% of UK businesses believe they will benefit from Open Banking within two years.

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Introduced on January 13 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.

We covered this topic last year, and concluded that Open Banking was a pivotal moment for small businesses and the accounting profession, while representing a significant step towards a digitised future.

One year on

Now, almost a year on, the uptake by medium-size and large firms has been slow. But, the benefits of Open Banking are predicted to take form by 2020, according to a survey from Centtrip.

Read the article in full: Information Age

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