Since the launch of Open Banking in January 2018 a wave of new products and applications has arrived on the market both for businesses and consumers, opening up the financial services industry by introducing competition to the provision of banking systems, previously controlled by a handful of bank corporations. Open Banking has given consumers and businesses greater control over their money and their budgeting processes with simplified and improved functions such as accounting and budget management software along with up to date financial data and analysis.
Understandably, the movement of financial data between third party services and banking providers requires significant data protection and encryption. Behind the scenes, Open Banking applications, regulated by the FCA, use integration software also known as APIs (or application programming interfaces) to seamlessly manage this passage of data between the app and the bank in a secure environment to avoid the risk of a breach – crucial for the protection of your business’s sensitive financial information.
This interface between business systems and the bank is comparable to that which takes place during the processing of card payments with security and data protection also of the highest importance. Similar to the regulation of Open Banking, card payment processing should adhere to the latest PCI DSS guidelines to ensure that the transaction environment is secure at every stage of the payment process, from the customer entering their card details right through to communicating with the card issuer for processing. For businesses, there are high risks associated with using systems that are out of date or that don’t interface effectively, namely the leakage of customer data into the hands of cyber criminals and the subsequent hefty fines and damage to reputation.
Security aside, Open Banking has introduced effective tools to streamline your financial systems and monitoring, saving you time and in turn giving a boost to your business productivity. Could updating your card payment process with similar modernisation and simplification lead to the same outcome?
At PCI Telecom, we believe it will. We have developed a range of solutions for payments made over the phone and online to suit the needs of every business regardless of its shape and size. Our solutions are easy to install, simple to use, fit seamlessly and securely with your other business functions and have PCI DSS Level 1 accreditation so you don’t have to worry about data security and can continue to deliver a high standard of service to your customer. For more information, visit our Solutions page or alternatively, get in touch with us to talk through your requirements.
For more information about Open Banking visit www.openbanking.org.uk