As more money moves online, people need simple, easy ways to bring their money into the digital financial ecosystem.
In order to fulfil this need, open banking is initiated by the Competition and Markets Authority (CMA) to change how banks handle and control your financial information.
In short, open banking will mean your financial providers share your financial information (this includes balances, transaction history and spending habits) with third parties, so long as you give them permission to do so.
How does open banking benefit you？
Plaid is a world-leading open banking platform. And they use their global network and local expertise, so users can see their financial data and make payments from their app.
Benefits you can get:
1. Access easier
Firstly, making money management easier and more transparent for users.
2. Know Better
Additionally, the ability to see a single snap-shot of users’ overall financial position in one place and better compare financial products will allow you to get a better understanding of their finances.
3. Analyse clearer
Furthermore, users are available to analyse spending across accounts and create budgets and savings goals for the future.
How will using open banking as a payment solution benefit your business?
This payment solution will largely diversify your payment collection method and your customers have more options when making a payment.
Moreover, by adding this payment solution, you can integrate popular Chinese payment methods(WeChat pay and Alipay) and other popular APP payment methods altogether!
Learn more about accepting payments through Globepay by contacting info@globepay.co
