We are starting the Q&A series about #openbanking.
Its primary purpose is to bring to your attention in an accessible and easy-to-understand language the changes introduced in financial services by the new PSD2 regulations as well as the opportunities that come to help your business.
In the following lines, we will bring to your attention questions and curiosities related to Account Information Services (AIS) - account information services.
Now, you can find out what funds your company has available and the current transactions from your ERP. You connect your ERP to a specialized solution authorized by the NBR, and the information from your banks is displayed in the ERP. Automatically, in real-time, through a secure, authorized, and audited channel, only with your consent.
Access to bank data through Open Banking is the most secure for two reasons:
1. The technology that facilitates Open Banking lies in the banks' APIs.
2. The NBR authorizes providers to access the APIs, and their security standards, systems, and processes are intensively evaluated before and after authorization.
NFIs can automatically take the loan applicant to the selected bank's platform, where they can
1. Login,
2. Tick the data you send with 1-2 clicks,
3. Confirm their transmission.
Statements are sent instantly, NFI reduces response time, and a digitized process increases the chances of credit approval.
The bank account interrogation through Open Banking can be automated so you can find your bank data up to date in your ERP without worrying about this job anymore.
Queries run automatically according to your requirements, and you use up-to-date data whenever needed.
The transition from MT940 statements to Open Banking has already started. Real-time access to transactions and bank balances replaces account information based on file connections and bot automation.
You have eliminated the worries regarding bank data format changes once you have chosen the statements through open banking. The data arrives in the same format, and you and your team are freed from any internal maintenance to ensure correct data and reconciliation.
With the account information service through Open Banking, you always keep an eye on your accounts. No repeated logins to accounts, no navigating from one platform to another, always informed about customer receipts.
If you have any other questions in this area, leave your question in the comment section, and we promise to include it in the following article.