Open Banking. It’s a buzzword in the press and a milestone for the world of financial tech – but what does it actually mean? How does it work? And what impact might it have on the way you finance your business?
What is Open Banking?
Open Banking is a set of regulations that mean the big banks have to allow their customers to share their own transaction data with third parties. So in other words, you, as a customer, can take ownership of your account information and choose when and where to securely share it.
It’s a super useful piece of tech because it allows smart services – just like Liberis – to work even quicker when providing you with the funding, products, or tools that you need. And, as such, it’s set to notably increase small business’ access to funding; as you can take the data the banks have – and are often resistant to lend on – and bring it directly to providers that are dedicated to funding your growth.