Open Banking / Open Finance

Data Aggregators, Payment Platforms & Other Financial Intermediaries

Connect your service with multiple financial institutions (with or without the involvement of an aggregator) in full compliance with all local regulations and standards for open data exchange.

Fintechs

Connecting fintechs to financial institutions in order to exchange data requires sophisticated authorization and consent solutions.

• Open Banking / Open Finance frameworks offer robustsecurity measures such as multi-factor authentication, encryption standards, and secure APIs. Implementing these enhances the security of workforce systems, protecting sensitive employee information and reducing the risk of unauthorized access or data breaches.
• Integrating Open Banking / Open Finance APIs allows companies to streamline the management of employee access to financial services and data.
• Open Banking APIs can facilitate automated expense management processes. For example, integrating employee expense management systems with banking APIs allows for real-time reconciliation of expenses, automated reimbursements, and improved accuracy in financial reporting.
• Open Banking / Open Finance frameworks often adhere to stringent regulatory requirements, such as GDPR in Europe. Implementing these standards ensures that employee financial data is handled in compliance with relevant regulations, enhancing legal compliance and auditability of IAM processes.