How could Open Banking benefit business financing and accounting?

Open Banking brings technology benefits to SMEs which were previously only available to larger corporates. Some examples include:<br/><br/>

- utilising an Application Programming Interface (<a href="/glossarycollection/application-programming-interface" style="color:#48277C;" target="_blank" title="Application Programming Interface"><u>API</u></a>) to access multiple business accounts at the same time and download relevant data, (for example, bank statements);<br/><br/>

- viewing 'real-time' cash positions across several accounts, including across multiple currencies;<br/><br/>

- accessing customer account data to make quicker lending or credit decisions.