Do you ever wonder how quickly money moves within your business?

I was the Country Manager of Neonomics in Finland, and I would like to share with you how Open Banking has opened my mind and shown me how it can be the answer to faster payment cycles, lower costs, and above all, better security.

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Faster Payment Cycles‍

How much time and effort would you save if money could move directly from the payer's account to the recipient's account without intermediaries? Open Banking makes this possible; faster payment cycles are just one of its many benefits.

In Finland, money moves almost in real time for direct account-to-account payments, and the situation is expected to improve soon.

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‍Cost-Effectiveness‍

Traditional payment methods can be costly for your business. The fees for card payments and other costs can eat into your profits. Open Banking can significantly reduce these costs by eliminating the need for third-party intermediaries.
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Open Banking payments can be used for traditional online shopping and bill payments, eliminating the need for manual work from companies due to incorrect, incomplete, or outdated reference numbers from customers. I remember from the "old banking world" how incomplete references brought in significant revenues for banks, but caused considerable costs for companies.

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Security in Payments‍

The security of businesses and end-users is paramount. Open Banking provides a secure payment environment when money moves directly from one bank to another. This reduces the risk of fraud and abuse, creating a safer payment experience overall. Plus, the built-in account verification and verification of payee features ensure that payments are coming from and going to who they are supposed to.‍

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Security in Account Analysis‍

As payment intermediaries, we are bound by strict data security regulations. Neonomics' account data services provides a secure alternative. You get real-time information about the customer's financial situation while following the strictest data security guidelines.

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Customized Services for Customers‍

The possibilities of Open Banking are not limited to efficiency and security. By gaining a deeper understanding of your customers' needs and behaviors, you can tailor your services to provide an enhanced level of customer satisfaction. This allows businesses to create individual services that meet customer expectations and needs directly. This gives a competitive advantage for businesses and a way to build a longer-term and more trusting relationships with customers.

Open Banking offers the opportunity for faster payment cycles, cost-effectiveness, security, and customer understanding. It is more than just a technological change; it is an opportunity to improve your business.

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If you are curious about how your business can benefit from open banking payments and data? Let’s talk!

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You can also learn more about Neonomics and open banking here: 🔗 Follow us on Linkedin