• How can corporate organisations who use financial software reap the benefits of open banking?
• How could product owners or developers within the accounting space adapt?
• What does the future of this market look like and what is the first step in the process?
• How can account information be leveraged to enhance open banking API integration?

Despite being on the cusp of the implementation of an updated version of the Payments Services Directive – PSD3 – the business sector is yet to fully reap the benefits of open banking. The consumer payments market has applied this regulation-led initiative to protect customer information and improve competition by allowing new entrants to provide a greater choice of more consumer-friendly payment options.

However, it could be argued that merchant payment providers must leverage the maturity of APIs today to bring their services into the 21st century. The sheer number of use cases for open banking in the B2B space is staggering. In the same way that data sharing has been revolutionised across retail banking, open banking API integration between ERP systems and accounting software can automate accounting, reduce manual handling and resulting errors and enhance security.

In addition to this, with the automation of the treasury and trade function, businesses can benefit from a real-time overview of funds, more accurate liquidity predictions, and better access to financing. Once merchants move to operating in this immediate, instant nature, the data that is collected in real-time can also turbo charge deployment of platforms to monetise the embedded payments model.

This will, in turn, lead to increased harmonisation and the opportunity to use AI or RPA to reduce the human workforce focused on manual labour, and develop algorithms that can proactively recognise data, and process the transaction. The problem that persists is that businesses remain siloed organisations, and are burdened with legacy processes and systems, and struggle to understand where to start with open banking.

Sign up for this Finextra webinar, hosted in association with Ponto, to join our panel of industry experts who will discuss how corporate organisations who use financial software can reap the benefits of open banking.