In recent years the consumer has been at the heart of Open Banking innovation.
Slowly but surely, corporates have been starting to reap the benefits of Open Banking across functions like payments, collections and credit risk. But still, the most successful uses of Open Banking are business-to-consumer centric.
That’s why we’re super excited to announce that we’ve upgraded our existing platform to leverage Open Banking APIs for corporate cash management and account aggregation. The first Open Banking use case of its kind.
So what’s the deal with Open Banking based cash management and why should you care?
Well, there are a few reasons why we’ve spent the last year developing this solution with our api partner Yapily. But ultimately, its about enabling growing mid-market companies with technology usually reserved for multi-billion pound enterprises in a way that is affordable, straightforward and highly impactful.
Previously, Cash Management solutions were reserved exclusively for corporates with access to SWIFT’s global payments network or expensive Host-to-Host integrations. By leveraging Open Banking, we can enable thousands more businesses across the UK with greater cash visibility.
Our Senior Product Manager, Winston Pearson summarises:
“Businesses and banks simply aren’t as connected as they should be in today’s global business landscape. Treasury and finance teams, the driving force of today’s corporate operations, need one central place to automate banking operations for complete visibility and control.
“With Yapily’s support and guidance, we’re able to expand our cash management solution to more of the market at pace and scale. The integration has transformed a cumbersome process into a frictionless data flow for our customers…we’ve been able to deliver a solution previously reserved for the few, to the masses.”
What can you do with an Open Banking cash management solution?
1. Aggregate corporate bank accounts under one platform for instant cash visibility
Your business is likely operating through a number of different bank accounts, each with a different purpose for transactions going in and out. Someone in your organisation is ultimately responsible for managing that cash. So why make it difficult? Instead of logging in and out of multiple accounts to get the data you need, utilise Open Banking to link all of your accounts under one platform. This enables you to view real-time transactions and balances across your corporate banking estate.
2. Automate and standardise statement retrievals
Reconciliation can be a pain when you’re logging in and out of banking portals to download statements, it can be even more annoying if your bank doesn’t give you that information in the right format.
Now you can automate the entire collation process through Open Banking. This way your reconciliation processes are not only more accurate, but far more secure in making their way into your back-office for onward reconciliation – freeing you up to focus on analysis rather than data collation.
3. Improve cash forecasting and reporting
When you have access to your balances and transactions as quick as the banks, you’re one step ahead of the game when it comes to cash forecasting and reporting. The ability to search and evidence all of your transactions through one place also means less paper waste.
You can even deep dive into your accounts to be more proactive in the way you manage your corporate cash.
How does cash management work via Open Banking?
As a 3rd party developer and AISP, AccessPay plugs directly in to the existing Open Banking api. So set-up is completely self-service and takes just a few clicks (depending on how many banks you want to connect to).
You’ll only need to provide your log-in credentials for online banking once upon set up, and will be asked to re-enter these once every 90 days for security purposes.
Watch this short video to see how it works 👇
Currently, this service is only available in the UK. If you’d like to learn more about our Open Banking cash management solution, simply request a demo with our dedicated team.