Worldwide economies are at a high alert. After Putin’s attack on Ukraine and the Sri Lankan Economy collapse, money flows are set to be affected. With this premise, this Macropay reviews the future of payments and open banking in the present economic climate. 

Open Banking

The future of banking is here and it’s called Open Banking. No longer will you be limited to just one app for your checking account, now there are many options available! The best part? Financial institutions have made their API (application programming interface) open so that any developer can build an application or service using relevant data.


Applications for Businesses

Intermediaries are being cut out of financial transactions between bank accounts, and it’s a promising trend that will improve both business owners’ track record with their money as well as customer satisfaction.

Those who have been following the recent developments in banking will be aware that many big names, such as Samsung and JP Morgan are developing open banking applications. These apps allow users to access their bank accounts from anywhere through an app on your phone or computer browser without having to go through any tedious processes like filling out forms for every transaction you make!

Here are even more examples of open banking technology in the digital age:

  • Cleo is a personal financial assistant that will help you stay on top of your finances and reach all those goals.
  • Tully is a digital debt adviser that helps people understand their financial circumstances and, if needed, provide budget-based support for set up of financial advice. 
  • The fintech unicorn Revolut has incorporated open banking into its services. The platform lets you see your external account balances and transactions.
  • Macropay is a financial technology company that specialises in payment gateways and open banking technology. They work with businesses and help them accept a wider array of payment methods.


Macropay in Review: Open Banking Service

In review, Macropay‘s open banking platform is a service that allows merchants to use and access the banking resources of their choice, easily. The integrated system also gives them complete control over payments from any account with just one click!

Get in touch with Macropay to find out how you can get your business to integrate this exciting new payment technology.