Open Banking: the present or the future?

Open banking is still on the rise. According to a recent study by Juniper Research from May 2023, there will be around 102 billion open banking API calls this year. By 2027, this figure will increase more than fivefold to 580 billion calls. One reason for this is that more and more companies are discovering the benefits of using open banking solutions for themselves and their customers.

Accounts, securities accounts or even PayPal can be connected to a software application via the banking API in order to retrieve account data. This forms the basis for a wide range of data analyses, such as categorisation of transactions, creditworthiness, cash flow, risks, contract recognition and more. Customers and business partners can also be identified via the account in seconds. And the most obvious thing: payments can be initiated directly from one account to another via finAPI.

How companies from different sectors benefit from open banking

Accounting software & ERP solutions

The direct connection of bank accounts to the accounting or invoicing software saves time and manual effort, which is why many providers have already chosen finAPI, including Scopevisio, Easybill, IKOR and many other customers.

Banks, credit industry & leasing

In areas such as lending, Open Banking offers the opportunity to digitise processes that were previously handled manually. Instead of paper account statements, a glance at the account is all it takes to get an overview of income and expenditures.

  • Multibanking

    Multibanking allows users to manage several accounts and securities accounts from different banks in just one application, e.g. in a banking app. They can then use this application to call up account balances or make transfers, for example.

  • Creditworthiness checks without high IT costs

    Based on an account check, banks or lenders receive an overview of their customer's income and expenditure as well as potential risk factors in order to make a quick and reliable credit decision. KreditCheck can be integrated via REST API or called up as a zero-integration solution including front end via a URL.

  • PSD2 interface / XS2A server for banks

    With the XS2A server, we offer banks a secure API interface to enable third-party providers (TPPs) to access the required data of the account-holding financial institution and thus fulfil the obligation of the PSD2 directive.

Retail, e-commerce & PSP

Open banking solutions are playing an increasingly important role in e-commerce. Payments via the bank account are simple and practical for the customer and also cost-effective for the merchant. Furthermore, open banking enables additional functions, such as checking the creditworthiness and identity of customers in real time.

  • Payment methods in the checkout

    Online bank transfer and direct debit are two of the most popular payment methods and should therefore not be missing in any shop. These payment options are an alternative for customers who do not wish to use or do not have credit cards, for example.

  • Payment link or QR code

    The online transfer can also be used with a convenient payment link or QR code in invoices, payment reminders or dunning letters.

  • Credit and risk assessments

    Customers can easily prove their solvency with a single glance at their account. The GiroCheck checks, for example, whether the balance is positive, whether there is regular income and whether there are any risk factors such as direct debit chargebacks.

  • Verification of identity, age and address

    With our GiroIdent solutions, you can easily carry out an age check before a payment is made in order to comply with youth protection regulations. Customer identity verification (KYC) or address checks are also possible.

Reading tip: “10 answers about open banking in e-commerce”

Insurance industry

It is often not easy for insurance customers to keep track of everything – and this makes it difficult for insurance companies to provide customers with personalised and tailored advice. Open Banking also offers advantages for customers and insurers here thanks to targeted account analyses.

  • Insurance contract detection

    We identify insurance contracts in the account transactions. With the help of this information, you can easily recognise insurance gaps or offer your customers targeted switching options.

  • Demand analysis to optimise insurance policies

    When analysing the account transactions, we are also able to identify insurance-relevant changes in the account transactions, so-called “life-changing events”. This enables insurance companies to provide tailored advice and optimise their insurance policies – another benefit for both sides.

  • Identifying customers

    In some cases, insurance companies need to identify their customers. We offer various product solutions for identifying customers online via their bank account in a matter of seconds: from simple identification for a customer portal to a solution that complies with the German Money Laundering Act (GwG).

Property industry

As in the accounting software, the connection of business accounts also makes perfect sense in the property software. Accounting, including payments or financial analyses, becomes faster and more efficient.

  • Creditworthiness check based on current account data

    The current creditworthiness of prospective tenants can be checked in a matter of seconds using their account data. Tenants can thus prove their solvency if, for example, SCHUFA does not have sufficient information for a credit assessment.

  • Rental income check (analyses)

    Connect your account to the property management software and record all rental income and expenses automatically. The property management software can also simplify rent accounting and the billing of operating and heating costs.

  • Payments in accounting

    By connecting the bank accounts, payments by bank transfer can be made directly from the property management software. Direct debits are also possible with finAPI. This simplifies and speeds up payment processes and also improves the user experience for employees.

Receivables management & debt collection

If payments are overdue, payment reminders or reminders are sent to customers to remind them of the outstanding payments and to collect the outstanding payment. These processes can also be organised more efficiently with the use of Open Banking.

  • Receivables management via account analysis

    finAPI DebitFlex uses the account data to determine the customer's financial possibilities and accordingly suggests an immediate transfer, a later transfer or a realistic instalment plan.

  • Payment request via link or QR code

    Send customers a payment reminder or overdue notice with a simple link or QR code to go directly to the finAPI payment form. All data is pre-filled to prevent typing errors.

PDF-Download & Contact

In our Open Banking Update you will find more information about the potential of Open Banking for companies and the user perspective of Open Banking. If you are interested or have further questions, simply contact us. We will be happy to advise you.

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