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CONFIDENCE IN SERVICE PROVIDERS CRITICAL TO OPEN BANKING ADOPTION SAYS EUROPEAN CONSUMER STUDY FROM MOBEY FORUM & AITE GROUP

Survey confirms that banks are preferred suppliers of open banking services, but must fight to maintain position as TPPs evolve the category

 

The overwhelming majority of consumers would prefer their main bank, as opposed to other banks or third-party providers (TPPs), to be their primary source of open banking services, a new pan-European study from Mobey Forum and Aite Group has revealed.

The report, entitled Open Banking: Open Minds? Consumer appetites for open banking services’, draws on a survey of over 1000 consumers in Finland, France, Germany, Spain, and the United Kingdom. It highlights the opportunity for banks to create new open banking services and emphasises that the window during which consumers are hesitant to share account data with other banks and TPPs will close as the category quickly evolves.

“It’s crucial that banks act on their short-term advantage quickly to avoid disintermediation by TPPs as the open banking market evolves,” comments Elina Mattila, Executive Director, Mobey Forum. “Consumers trust their banks because no-one else does data security and privacy like they do – it’s a cornerstone of their success. Consumer confidence in third party banking services, however, continues to grow. Open banking is the next chapter in the digitalisation story and a new generation of agile, specialist TPPs is forming to capitalise on API-based payment and data services. If banks want to protect their place at the forefront of the industry they need to act now, either to offer TPP services under their own brands, or to create their own. Either way, they need to move before the TPPs can establish an independent base.”

Despite open banking’s infancy, the study reveals that already approximately one third of consumers are either ‘very interested’ or ‘extremely interested’ in five open banking enabled use-cases: account information services (32%), pay by bank (33%), purchase financing (25%), product comparison (35%), and identity check (35%).

Security and privacy, however, are cited as the main factors inhibiting adoption among those consumers expressing concerns. The report contends that banks should pay strong attention to these differentiating factors when launching open banking services, as competition for consumer trust increases.

The report also explores under which circumstances consumers might be willing to deprioritise trust and, instead, favour convenience and usability. When questioned over their willingness to adopt a new payment method, for example, 91% respondents indicated that they could be tempted to switch either by financial incentives or the promise of greater convenience.

“Trust alone is not enough,” adds Mario Brkic, co-chair of Mobey Forum’s Open Banking Expert Group, George Labs. “Banks must also focus on developing services with convenience and usability in mind. People are already willing to give huge amounts of their personal and financial information to brands like Google, Amazon, Facebook and Apple. When the services deliver real value, they are ready to share data. Many open banking TPPs can respond to consumer demand faster than traditional banks can, so the race is on. The real winners in open banking will be those that can provide superior customer experiences under a trusted brand.”

Open Banking: Open Minds? Consumer appetites for open banking services provides banks and other financial services stakeholders with a market view on consumer appetites toward new open banking services and explores the possible roadblocks to consumer adoption.

 

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KASHFLOW AND YAPILY PARTNER TO SUPPORT SMES WITH DIGITAL BOOKKEEPING AND CASH FLOW MANAGEMENT

  • KashFlow continues its mission to provide SMEs and accountancy firms with software that keeps bookkeeping easy to understand and even easier to manage
  • Powered by Yapily, KashFlow will simplify bookkeeping and provide customers with one single source of truth when it comes to their financials; so they can focus on growing their business instead of complex bookkeeping
  • Yapily’s open banking API enables KashFlow customers to connect and access bank account information in near real-time, reducing the time spent on reconciliation

 

KashFlow, by IRIS Software Group, is today announcing it is working with leading enterprise connectivity platform YapilyThe partnership will enable KashFlow customers to gain real-time insight into their cash flow and provide them with a frictionless end-to-end bookkeeping service.

Running a small business is complicated, even before adding the effects of Covid-19 and Brexit into the mix. Business leaders need to be more flexible and adaptable than ever before. Not only enabling their staff to work flexibly, but also in terms of ensuring the critical, but often mundane, aspects of running a business are properly managed during these difficult times. The time for manual bookkeeping processes has gone.

Through partnering with Yapily, KashFlow customers can connect and extract account information all from within the KashFlow portal – providing them with one single source of truth about their business’ financial health. This removes the friction and inefficiencies involved with manual bookkeeping and provides customers with the insight they need to move forward with confidence into the year ahead.

Typically, bookkeeping has been a manual, tedious, but essential, task for business owners.The integration of Yapily’s open banking API enables KashFlow to improve its SME customers’ experience by removing the friction, which speeds up critical processes such as invoicing, reconciliation and payroll. With these critical, but historically complicated, tasks taken care of, business owners are free to focus on what they do best – growing their business.

 

JF Sullivan, Chief Product Officer for IRIS Software Group says, “By partnering with Yapily, our customers now have a far more efficient and secure way to manage their cash flow – which is of utmost importance in this current landscape of uncertainty.

“Yapily’s core infrastructure means KashFlow customers can now control their controllables with ease. Getting a single source of truth about their financial health so they know best how to prepare for what’s ahead. They can now move forward with confidence – and thrive – in the next normal.”

 

Stefano Vaccino, Chief Executive Officer for Yapily says, “Leveraging our technical expertise, we’ve been able to provide KashFlow’s customers – a large number of which are SMEs, critical to the UK economy’s recovery – with a better customer experience and crucial insight into their financial positions. Something that is needed now more than ever with the UK in a second national lockdown.

“Through partnering with KashFlow, we’re continuing our mission to expand the reach of open banking and bring its benefits to all small businesses. We believe open banking enables fairer and better financial services for everyone. We look forward to developing our partnership with KashFlow and IRIS Software Group to fuel greater financial accessibility for their customers.”

KashFlow, by IRIS Software Group, is an innovative online bookkeeping and payroll solution. It provides intuitive cloud-based accounting software for accountancy firms and SMEs, saving business owners both time and effort by letting them manage accounts anytime, anywhere.

The new collaboration further consolidates Yapily’s position as the backbone of open banking and the infrastructure that partners need to take advantage of its benefits.

 

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VIVA WALLET SUPPORTS E-COMMERCE GROWTH THROUGH ITS MARKETPLACE SOLUTION

Viva Wallet’s PSD2-compliant payment solution for online marketplaces removes the requirement for them to become licensed providers of regulated payment services. Viva Wallet is able to handle the streamlined processing of customer transactions through a PSD2-compliant escrow account that sits under Viva Wallet’s license.

 

The rapid rise of online marketplace platforms across Europe, which act as an intermediary for buyers and sellers, has dramatically changed how consumers order takeaway food, call a taxi, rent a room, and so much more. The global pandemic has made marketplace payment solutions even more of a priority for businesses looking to maintain and grow across digital platforms, as customers seek out ways to shop and pay hygienically and friction free. A recent study by Neilsen found that 44% of global consumers now shop online at least once a week, compared to only 9% before the pandemic.i

 

The Viva Wallet solution enables such transactions to be fully PSD2-compliant while ensuring that sellers/resellers using online marketplaces are paid quickly, safely, and transparently. At the same time, Viva Wallet offers APIs for acquiring, issuing and transfers, to improve overall compliance and platform growth.

 

In the era of open banking, integrating a Viva Wallet API on marketplace platforms also offers next-day payment settlements for all sellers, instant commission pay-outs for marketplace owners, as well as customizable checkout systems and payment pipelines, making Viva Wallet’s marketplace solution a particularly easy one to use for sellers and marketplace owners alike.

 

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