Payit by
Businesses using open banking report spending 150 hours less on operational tasks each year versus non-users1
Open banking users save on payment processing fees annually, versus businesses using other payment systems
Open banking users report less issues with late payments compared to non-users
Two in three (66%) larger
Payit by
Business leaders using open banking amongst their payment systems reported spending a monthly average of 44.5 hours on finance tasks compared to just over 57 hours spent by those who don't use open banking. Across the year this accumulates to more than 150 hours, or over four working weeks1.
It appears that with a reduction in time spent on tasks come financial rewards. Businesses without open banking typically spend
Now in its sixth year, open banking's profile has grown drastically, with 97% of
By securely sharing data with third-party apps and services open banking provides access to new payment tools, automated financial management, and real-time updates, that all help reduce operational time spent on tasks such as these.
Financial experts say that open banking adoption can have wide-reaching benefits to businesses, with the ability to tap into real-time data to make better-informed decisions, in addition to tools to help manage payment tasks.
This is evidenced by the research which showed businesses using open banking among their payment processes reported fewer issues with common finance tasks. Just over a quarter (26%) of those using Open Banking view late payments as a top issue, compared to over two in five (42%) of non-users reporting this.
Respondents said that having access to the real-time data provided by open banking would help develop customer experience (39%), improve payment efficiencies and reduce operational costs (37%).
However, the report unearthed the barriers preventing businesses from implementing open banking, with almost half (48%) having concerns about cybersecurity risks. This is despite Open Banking's security profile being based on Finance Grade API specifications, similar to bank level security, and being regulated by the
'It's encouraging to see
'While the concerns around security and fraud are apparent in this research, businesses can be confident that open banking is based on the security inherent in your online or app-based bank account. Wider understanding of this could help tackle barriers to implementation and open opportunities for businesses to lower operational spend and move closer to their objectives.'
'As the financial landscape evolves, companies embracing the technology stand to gain a competitive edge in the ever-changing business environment.'
To learn more about the cost and time savings that Open Banking offers, check out the Payit survey results in full.
Notes to editor
1 Based on a typical 37.5 hour working week. Total open banking savings a month add up to 12 hours and 33 minutes a month, equalling to 150 hours saved throughout a year based on a typical 37.5 hours working week.
2 Source: Why open banking is safe - Open Banking
Methodology
Audience: 150 chief financial officers, chief executives, and financial decision-makers across
Survey period:
The survey was unbranded for all respondents.
Panel Provider: Payit via OnePoll.
Available for interview:
About Payit
Payit is a new multi-award-winning1
Using Open Banking technology, Payit offers a new way for businesses to collect and send payments online and in person, removing the need for sharing and storing card details2.
https://www.natwest.com/business/business-services/payit.html
About
1: Payit awards recognitions:
1. FF PayTech Awards 2023 -
a. Top Innovation in Payments by a Bank
b. Best Mobile Payments Initiative (in-app Payit)
2. PAY360 Awards 2023 - Best Open Banking / Finance Initiative
3. Payments Awards 2023 - Best Open Banking Initiative
4. FinTech Finance Awards 2023 - Open Banking
5. FF Banking Tech Awards 2023 - Best Use of Tech in Payments
2: Eligibility criteria and fees apply. You must hold a business current account with the
(C) 2024 Electronic News Publishing, source