Open Banking for Fintechs
Giving your customers the best experience possible has never been so important. They want convenience, immediacy and personalisation. Open Banking offers you an opportunity to deliver on their expectations and to reimagine customers' relationships with their financial services and their data.
What is Open Banking?
Open Banking is: ‘The secure way to give providers access to your financial information.’ Essentially, it’s a regulated, secure way for consumers to allow banks, merchants, or any other business, access to their bank account information, so they can receive a clearer view of finances, quick and easy payments and the ability to shop around with ease.
Why should I be interested in Open Banking?
Banks have opened their data, which offers an immense opportunity for fintechs to create new services. From financial management tools and all-in-one data solutions to payments gateways and modern comparison engines. Not to mention that Open Banking allows greater transparency into customers’ finances which leads to improved customer satisfaction and retention.
What are Payment Initiation Services?
Payment Initiation Services (PIS) are a key function of Open Banking. From a consumer’s point of view, it’s the ability to seamlessly and securely pay for goods and services directly from their bank account, within the checkout process. Open Banking can drive a faster, more certain volume of settled transactions Open Banking payments by using the instant payment rails to move money in real-time.
What are Account Information Services?
Customers can also give permission for third parties to accessing their banking data to help provide a consolidated view of their transactions and easily their finances through a single application.
How Tribe can help…
In 2020, Tribe launched initial compliance APIs for fintechs to harness the power of Open Banking without developing their own APIs. Since then, we’ve continued investing in further Open Banking functionality.
Tribe has created a set of APIs which communicate directly with our ISAAC processing platform to give you the relevant data and compliance setup, as well as giving you the foundation to build on as your Open Banking requirements grow.
If you would like to allow TPPs to access your users accounts for the purposes of requesting a payment, or providing account information through their own app or site, Tribe can provide an ‘inbound access’ API.
We have partnered with Open Banking Europe to enable verification of approved third parties, so you can ensure that only registered TPPs can gain access.
We also offer several sets of APIs that enable fintechs to use their customer’s permission to initiate payments or account information requests from third parties. This enables you to deliver a richer experience within your mobile application.
Plus, you can couple Tribe’s Open Banking APIs with our Digital Banking product to enable better visibility of data and an enriched user experience.
We have teamed up with Tink, Europe’s leading Open Banking platform. This partnership enables Tribe to combine our issuer and acquirer services, with Payment Initiation Services (PIS) and Account Information Services (AIS) powered by Tink. This gives Tribe clients the ability to add and build Open Banking powered services that offer frictionless, personalised customer experience opportunities.