Pay-by-bank, open banking, and real-time payments create more inclusive financial systems. Here’s how… ?? A revolving cycle of financial inclusion begins with faster, more affordable money movement: ??. ?????????? ???????????????? ???????? → ?????????? ???????????? Pay-by-bank is more affordable for merchants. In turn, those businesses are able to pass those savings onto consumers. ??. ???????????? ???????????? ???? ?????????? → ???????????????? ???????? ???????? → ???????? ???????? Real-time payments reduce the uncertainty that comes with settlement of funds. Faster access to funds helps mitigate the negative impact of high and unpredictable fees. ??. ???????????? ???????? ?????????????? → ???????????????????????? ?????????????????? ???????????????? → ?????????????????? ???????????? The accessibility of open banking, combined with financial education tools, empowers users, including the unbanked and underbanked, to participate more fully in the financial system. The result? ? ?????????? ???????????? + ???????? ???????? + ?????????????????? ???????????? = ???????????????? ?????????????????? ?????????????????? And the cycle continues. #paybybank #openbanking #financialinclusion
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A major milestone for open banking in the UK! Great to see that 10 million consumers and small businesses are now benefitting from the technology ?? We’ve been working closely with UK banks and financial providers to help them harness the power of open banking to offer their customers a better, more enhanced service – from more tailored products and accurate credit decisions to smoother onboarding and customer management. While a lot has been achieved since its launch six years ago, there’s still plenty to do to ensure more consumers and businesses can access the benefits of open banking. https://hubs.ly/Q02J4brx0 #openbanking #data #fintech
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?? As UK Open Banking enters its 7th year, what's to come? Marion King, chair and trustee of Open Banking, reveals why 2024 is set to be a "pivotal year" and what they are prioritising. Read her comments in our feature 'Can the UK build on six years of Open Banking?' ?? https://lnkd.in/eKabJp7G Clare Ambrosino Fiona Fenn Smith Henk Van Hulle #openbanking #openfinance #datasharing #financialdata #payments
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UK businesses save 150 hours every year on operational tasks by using open banking, a new survey from Payit? by NatWest has revealed, alongside some other really interesting stats: ? Businesses using open banking report spending 150 hours less on operational tasks each year versus non-users ? 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 If you provide open banking services to SME businesses (or payment and financial services more broadly) I'd love to have a conversation about our remaining exhibiting options at The Business Show - as you can see, open finance make so much sense SME businesses! #OpenFinance #OpenBanking #SMEstats #Fintech #FinancialServices https://lnkd.in/eEhjtkTW
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???? Six years into Open Banking, Emma Steeley, CEO of Aro, believes the UK is still “at the very beginning of realising its potential”. Here's what she had to say about using Open Banking data to lend ?? Read more insights from across the industry in our latest feature 'Can the UK build on six years of Open Banking?' https://lnkd.in/eKabJp7G #openbanking #ukeconomy #openfinance #lending #datasharing #financialdata #payments Pippa Coleshill Brands2Life
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Empower yourself with financial literacy and take charge of your banking experience! 1?? Know Your Account: Understand the features and fees of your bank accounts. Choose accounts that align with your financial goals and lifestyle. 2?? Monitor Your Transactions: Keep an eye on your account activity regularly. Detect any unauthorized charges or errors early to prevent financial headaches later. 3?? Set Up Alerts: Take advantage of banking alerts to stay informed about account balances, large transactions, or low funds. Stay ahead of potential issues and maintain financial control. 4?? Automate Bill Payments: Set up automatic bill payments to avoid missed deadlines and late fees. Streamline your finances and free up time for more important tasks. 5?? Explore Lowell Five Bank's Online Banking Tools: Embrace digital banking tools like mobile apps and online platforms. They offer convenience, accessibility, and a wealth of features to manage your money efficiently.?https://bit.ly/3JmXAHX Take charge of your financial journey with Lowell Five Bank. #FinancialLiteracyMonth #SmartBanking #MoneyManagement #NHBankersAssociation
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Our latest report on payment trends in the financial sector in 2024 is now live! According to our analysis, more than 58% of providers now offer open banking as a payment option for financial services products. But here's the interesting part: our consumer survey reveals a mixed picture when it comes to adoption and attitudes towards Open Banking. While 34% of people currently use it to make payments, 22% are eager to jump on board in the future. On the other hand, 16% haven't used it yet and are a little hesitant, and 13% firmly stated they would never use it. We also have 15% who are unsure about it. Read the full report here: https://ow.ly/Qk5150SlzXJ #OpenBanking #FinancialServices #Fintech #Payments #BankingIndustry #FinancialTechnology #DigitalPayments #FinancialInnovation #FinancialSector #FinancialNews
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This PYMNTS article declares..."an #openpayments platform is more than a nice-to-have for today’s businesses — it is a necessity." But when I reach out to merchants, there is still so much confusion and unawareness. Do yourself a favor and learn about #OpenBanking. Learn about #PaybyBank. Learn about #Trustly.
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The adoption of Open Banking is on the rise with key markets like the UK, EU and Australia leading the way. Its growing popularity is not a surprise. Open Banking provides secure, technology-driven sharing of financial data to empower businesses. But what are the advantages for the customers? And how can you benefit from Payop’s Pay-by-Bank solution? All details in this article ?? https://bit.ly/payop108
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Some good insight on #openbanking in #financialservices.
Payments Solutions Specialist @ The Access Group | B2B Solutions | Direct Debits | Online Payments | Open Banking | EarlyPay
Our latest report on payment trends in the financial sector in 2024 is now live! According to our analysis, more than 58% of providers now offer open banking as a payment option for financial services products. But here's the interesting part: our consumer survey reveals a mixed picture when it comes to adoption and attitudes towards Open Banking. While 34% of people currently use it to make payments, 22% are eager to jump on board in the future. On the other hand, 16% haven't used it yet and are a little hesitant, and 13% firmly stated they would never use it. We also have 15% who are unsure about it. Read the full report here: https://ow.ly/Qk5150SlzXJ #OpenBanking #FinancialServices #Fintech #Payments #BankingIndustry #FinancialTechnology #DigitalPayments #FinancialInnovation #FinancialSector #FinancialNews
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When Open Banking grows up.....Open Finance will be at the heart of consumer focused data driven strategies, and the transition will happen quicker than many would believe. In fact it's happening already, below a great example... #OpenBanking #OpenFinance #FibiWise360 #CFPB1033
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Learn more: Learn more: https://www.aeropay.com/blog/financial-inclusion-support