A year has passed since Open Banking officially launched following European legislation on January 13, 2018, in the form of the Revised Payment Service Directive (PSD2).

With increased flexibility from open data, the ability to process instant payments, and an all-round improved banking experience designed to make cash management easier for hard-pressed CFOs, it is difficult to see why adoption of the technology is only now, a year later, beginning to pick up pace.

What many businesses, and CFOs, don’t know is just what a boon open banking could be – especially for SMEs.

From speeding up transactions to opening up new finance options and more financial services, open banking could ignite businesses – particularly given the current economic climate and uncertainty around Brexit – and alleviate some of the burden placed upon CFOs.  

Here are 7 ways in which open banking and open data can be a boon to firms like yours.