Is your platform able to accommodate Open Banking and Payments Modernization initiatives?
Small businesses have been crying out for new services to help save them time with their business administration and a payment service that enables them to get paid instantly. Open banking and real-time payment initiatives will deliver this for them. But will your digital banking capabilities be able to release these capabilities for your businesses?
Is your platform able to accommodate Open Banking and real time initiatives?
Open banking and real-time payments provide small businesses with many benefits, but only if their FI’s have the capabilities to facilitate them.
Does your platform have the capability to do the following?
1. Enable a small business to provide their information once? With their permission, banks can share their data amongst their third parties, thus improving the overall customer experience.
2. Revoke access to these same third parties?
3. Enable a business owner to pay his employees and suppliers immediately with no delays
4.Enable your business owner to send an invoice with a Request to Pay to a customer and receive the payment back with payment instructions that would enable the invoice receivable to be reconciled and shown as paid.
If you’ve answered ‘No’ to any of the questions above, you’re not in good shape to position yourself as the true advocate for small businesses moving forward.
Let’s chat at [email protected], how to drive an open API architecture that will allow small businesses to opt in to new services through open banking, and benefit from real-time payments.
About The Author
Randy Johal is the Customer Strategy Officer for Canada at Backbase.
Randy helps financial institutions turn their digital ambitions into reality with the goal of delighting their customers and driving unique value propositions to thrive in an increasingly competitive marketplace.
He pioneered the launch of the first integrated business services within digital banking in Canada including electronic invoicing and payments as well as cloud-based payroll solutions. Randy’s strategic insights into Canadian consumers and businesses, the impact of open banking and Payments Modernization coupled with his ability to understand how financial institutions can better serve their customers have made him a widely sought-after leader.
Randy was formally trained as an accountant in the UK before owning his own business and becoming increasingly interested in technology-enabled business. Randy has led teams who provided business solutions to top names globally including Hertz, Citizens Bank of Canada, Vancity Credit Union and Central 1.