17% of Small Businesses now use Open Banking
Open banking is a system that allows third-party financial providers to access customer banking data, initiate payments and provide new and innovative services. Open banking has been gaining popularity in recent years, and the latest Open Banking Impact Report from Open Banking Limited (OBL) shows that adoption and impact are continuing to soar.
According to the report, the number of active open banking users in the UK increased by 88% to over 9.7 million in June 2023. This is a significant increase compared to the same month in 2022, and it shows that open banking is now being used by millions of people in the UK.
The report also found that the total monthly value of open banking payments increased by 100% to £4.5 billion in June 2023. This is a doubling of the volume of payments seen in the first six months of 2022, and it shows that open banking is having a major impact on the way people make payments.
Open banking is also having a positive impact on businesses. According to the report, 17% of small businesses are now active open banking users. This is a significant increase from the same time last year, and it shows that businesses are starting to see the benefits of open banking.
The report concludes that open banking is now a mainstream financial technology in the UK. It is used by millions of consumers and businesses to improve their financial lives:
- Consumers are using open banking to get a better understanding of their spending habits and to switch to better deals on products and services.
- Businesses are using open banking to streamline their accounting and finance processes and to improve their customer experience.
- Open banking is also being used to develop new and innovative financial products and services, such as account aggregation tools and personalised financial advice.
Overall, the Open Banking Impact Report shows that open banking is having a positive impact on the UK economy. It is helping consumers to save money, get better deals, and access new financial products and services. It is also helping businesses to improve their efficiency and customer experience.
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Safe Capital makes it simple for law firms to request, receive or return client money swiftly, safely and securely.
Share & Receive Bank Details Securely- Obtain verified bank account details for each client at the outset of the matter
- Share your client account bank details securely with your clients only when needed
- Return client money promptly at the end of a matter using the bank details on file
- Complete register of your residual balances, with detailed history of the steps taken to return funds to your clients
- Variety of workflows for contacting clients, depending on the size of the balance and contact information available
- Auto generation of forms and letters, including SRA withdrawal authorisation requests and charity indemnities
- Swift and secure client payments with one consistent payment workflow for your clients
- Clients can pay by open banking, credit/debit card or manual bank transfer
- Keep client account details away from money launderers and protect clients from payment fraud
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