The Standard for open banking is changing, with it how banks share data and how it can be accessed.
What does this mean to you?
For small businesses and their accountants this could mean a great deal, some of the things to expect will be:
- Improved security
- You control when you want to share your data, no login data needs to be handed over.
- Real Accountability
- All third parties using Open Banking will be registered with the FCA.
- Smart Integration
- Easier access to better financial services, e.g. lending and financial management.
- Control you own data
- Your data will belong to you, and you can access a wider array of service.
“As a consequence of open banking, new and innovative financial services will be introduced, levelling the playing field for SMBs.”
Edward Berks – Director, Fintech & Xero Ecosystem.