Growing Interest Among British Businesses In Open Banking Adoption

A recent study by Payit, the open banking payment solution from NatWest, revealed that 42% of British businesses are eager to adopt open banking. They believe it offers better security and stronger protection against fraud.

The research also showed that nearly one in five businesses spend over six hours each month managing and storing sensitive customer information like card details. If they used open banking tools, this time could be used to grow their business instead.

British Businesses Aim To Tackle Payment Issues

Even with these benefits, some businesses are still unsure. Around 28% haven’t started using open banking because they don’t fully understand it. At the same time, 67% have had problems when handling payments, which causes delays and affects their work. This shows it might be a good time for them to try something new, like open banking.

Also, 44% of businesses say they face problems with how money flows in and out, which makes it hard to pay suppliers and workers on time. These problems don’t just affect businesses—they also upset customers. Over half of customers say slow refunds have made them unhappy or caused businesses to lose sales. About 51% of customers also find the payment process too slow or confusing.

Many businesses still use card payments online, but this might mean they are missing out. Open banking can offer faster payments, better safety, and an easier checkout process. It also removes the need to store card data.

Trust is important when using new tools. Around 90% of businesses trust big banks to offer safe open banking services, while 76% trust fintech companies.

British Businesses Embrace Open Banking Tools To Boost Customer Trust

Helping businesses understand how open banking works and working with them to solve their needs can make them more efficient and help them grow.

Lee McNabb from NatWest said that more businesses now see the value in open banking. Payit by NatWest helps businesses work faster, make better choices with real-time data, and offer customers more ways to pay easily and safely.

Alex Marsh from Salad and CFIT said that Salad’s use of Payit shows how open banking can improve how people pay. It removes the need for long card numbers and makes payments simple and secure. He said open banking can also help more people access fair and fast financial services.

Payit by NatWest has helped more businesses try open banking and has been praised for its work with companies like JS Group.