What’s Happening This Week in the World of Open Banking?

TransferWise’s recent partnership with the account software FreeAgent utilises open banking to  is utilising open banking to has started working with the accounting software provided by FreeAgent to facilitate data sharing between the two platforms. Business customers can now see their TransferWise transactions in their FreeAgent account without the manual processes previously required. 

American Express will introduce open banking services in Europe using the Yapily API. The ‘Pay with Bank Transfer’ service will  expedite transactions for merchants without compromising the customer experience since the user interface will still be provided by American Express, with Yapily running behind the scenes.

Ponto, an open banking aggregation platform connected to 150 banks across Europe, has partnered with Zapier to enable its business clients flexibility in the way they control their finances. They now have access to more than 2000 apps meaning they can personalise and centralisethe way in which their accounts are managed.

Funding Circle, the peer-to-peer business lending platform was reluctant to use open banking whilst there was still some apprehension around data authenticity and the client experience. Now that open banking has developed, Funding Circle is looking once again at how the technology might be integrated to speed up and automate credit assessments.

Bottomline, has launched Pay Direct, an open banking payment initiation service for businesses. Companies will be able to receive online payments faster, and reconcile transactions more easily without taking away from the customer experience.