Open Banking is coming to the UK. As you can probably tell we're really excited about it and you should be to.
So, here's 5 things that you should be looking forward to when Open Banking hits the UK.
1. UK Launch date
On 13th January 2018, 9 of the UKs largest banks will have launched their Open Banking APIs into the wider financial services industry.
This means that smaller Fintech businesses will be able to start building products and services to make small businesses and consumers financial lives better. These will be more than just a place you can go to see what money goes in and out, these new products will drive massive innovation in a stale sector and bring it kicking and screaming into the modern age.
2. The BETA test
What if I told you that you could get your hands on this technology before anyone else?
Here, at Handle, we’re in the process of building the next generation of banking technology using Open Banking APIs and we want to offer you, our valiant users, the chance to get early access.
To sign-up to be a part of our beta testing just enter your email address below, and we’ll be in touch.
By joining the Beta test, you’ll help inform how we develop the technology and Handle to become even more valuable to you and your business.
We’ve already conducted some research. We wanted to know exactly what small business owners love about their business bank account, what they hate and also what they wish it did. You can check out our small business banking survey results here.
We're using this insight, plus one on one testing with small business owners like you, to develop Handle using the Open Banking platform.
If you want to have your say on business bank accounts you can fill out our survey here.
3. Access multiple accounts from several providers, in one place.
I’m sure many of you reading this can relate when I say that I hate having to switch online accounts! I just want to be able to see all of my current and savings accounts, my credit cards, loans etc from all my different providers in one place. Is it really that hard?
Well I have good news, the introduction of Open Banking will make this a simple process and easily available to small businesses and consumers alike. Imagine that, a one stop shop to check balances and transactions from multiple providers. This could make it remarkably easy to make transactions from one account to another, it could give you an accurate view of your business' real cash flow as you could see all of your transactions in one easy to access platform.
4. The introduction of third-party transactions
From 2019, Open Banking will be taken to the next level. The API will be updated to allow for transactional activity to be done by third parties that both you and your bank have approved access.
This could open up a world of possibilities, whether that’s just automatically shuffling money around your accounts to stop you going overdrawn all the way to an automated transaction system that lets you buy anything with one click.
5. Endless opportunities
When I think of the future of Open Banking and the opportunities that it present’s, I see a world where small businesses don’t need to fork out huge amounts of money or personal time to forecast cash flow or go through the soul-destroying process of finding, comparing and switching services. The financial ecosystem is finally maturing to make business owners lives simpler and faster.
Open Banking creates a future where the management of business financials are no longer a draining chore, but something that is readily and easily available, using little or no time.
For small business owners, it could change the way they manage their business credit and financials. It could be the thing that keeps a business from flying the financial red flag as they pre-empt a drop in cash flow or the thing that lets them grab opportunities for growth and negotiate better deals with suppliers and lenders.
If you want to get your hands on the future of banking technology, enter your email address below and we’ll get in touch.