28 January 2019
As an enabler for increased competition and customer choice, open banking is transforming the banking sector for consumers, challenger banks, FinTechs and traditional players alike.
For finance providers in the Asset Based Finance space, there are opportunities to leverage efficiencies from open banking, in particular in the area of cash processing with the potential for virtual bank accounts to streamline cash reconciliation. There are also value added services that can be offered to SMEs to assist them with other aspects of running their businesses. Finance providers will need to have an open mind and be prepared to collaborate with FinTechs and other technology providers.
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