Getting paid shouldn’t take days. Yet 73% of businesses experience payment delays of up to 15 days, making cash flow unpredictable. These delays ultimately disrupt cash flow, and leaves them juggling expenses.
Open Banking is changing that. Instead of relying on slow, expensive payment systems, businesses can connect their bank accounts to trusted financial apps. Payments settle instantly, transaction fees drop, and cash flow becomes easier to track—without the complexity of traditional banking.
And it’s not just businesses that benefit. Open Banking gives consumers more control over their finances, speeds up loan approvals, and allows investors to make smarter decisions.
But how does it actually work? And what does it mean for how you spend, save, and manage your money?
Open Banking creates a secure link between your bank and the financial apps you use. Instead of manually entering banking details every time you sign up for a service, Open Banking allows you to connect your accounts directly with your approval.
Think about tracking your spending. Normally, you’d have to download bank statements or enter transactions manually into a budgeting app. With Open Banking, you simply authorize the connection, and your transactions sync in real time.
The same applies to online payments. Instead of typing your card details for every purchase, Open Banking allows you to pay directly from your bank account. When you check out, the website redirects you to your bank's secure login, where you approve the payment without needing to enter card numbers or remember security codes.
These connections rely on Application Programming Interfaces (APIs), which act as secure messengers between your bank and the apps you trust. APIs ensure that only the information you approve is shared, and you can turn off access anytime.
Before Open Banking, apps often required users to share their banking (a risky method called "screen scraping"). Now, you authorize everything directly through your bank, keeping your login details private and your financial data secure.
With Open Banking, you control what's shared, who can access it, and for how long – all within a secure system.
Managing money shouldn’t feel like a constant struggle. Open Banking makes it easier to track expenses, speed up approvals, and manage finances – all in one place. Here’s how:
Studies show 60% of bank customers have subscriptions they rarely touch, and 1 in 4 have signed up without realizing.
Instead of manually checking statements, financial apps can now detect recurring payments and help users cancel unwanted subscriptions in seconds – saving money with minimal effort.
Traditional loan approvals involve slow document checks that take weeks to process. Lenders struggle to assess financial stability in real time, leading to delays or rejections.
Now, lenders can access verified financial data instantly (with consent), making loan decisions faster and more accurate while cutting down paperwork.
Instead of switching between apps, Open Banking consolidates all accounts in one dashboard for real-time financial tracking. This makes budgeting and financial planning easier.
For businesses, managing payments efficiently is just as important as making sales. High transaction fees, slow payment processing, and lengthy customer verification steps can create unnecessary bottlenecks.
Open Banking streamlines financial operations, helping businesses reduce costs, improve cash flow, and speed up onboarding.
Businesses lose up to 8% per transaction to card processing fees. These costs add up fast, especially for high-volume merchants.
A direct payment setup bypasses costly card networks, helping businesses keep more of what they earn while still offering a seamless payment experience.
Delayed payments create cash flow gaps, making it harder for businesses to pay suppliers, employees, or reinvest in growth. On the other hand, bank-to-bank transfers settle instantly, keeping cash flow predictable.
Many businesses still rely on manual bank statements to verify a customer’s income, identity, or financial history – a process that slows onboarding and increases fraud risks.
Now, financial data can be securely confirmed in seconds, reducing paperwork and making verification faster and more reliable.
Unlike older methods that required sharing banking passwords, Open Banking uses encrypted connections that keep your credentials private and limit access to only approved data.
To operate, companies must be licensed and meet strict regulatory standards. In Saudi Arabia, the Saudi Central Bank (SAMA) carefully vets providers before allowing them to offer Open Banking services.
With these safeguards in place, Open Banking is often more secure than traditional methods of sharing financial data. Consumers stay in control, deciding what information to share, with whom, and for how long, and can revoke access anytime.
Banking shouldn’t be slow or restrictive. Open Banking gives businesses and consumers more flexibility, better insights, and faster transactions – all within a secure system.
Millions are already benefiting from Open Banking, using it to simplify payments, improve cash flow, and access smarter financial tools.
If you’re looking for a better way to manage finances, now is the time to explore Open Banking solutions. Contact us to learn how it can work for you.
