Open banking for fairer spending

Open Banking allows us to provide you with even better business spending options than before.

Financial recommendations based on your company’s spending habits

Open banking is a piece of UK legislation which allows financial service providers like Soldo to access data on user behaviour  directly and securely from banks, using APIs. 

This allows third parties to understand how people spend and offer them better solutions to modern banking and finance problems. It also provides bank account holders with the full picture of their financial options and, crucially, a clearer idea of whether they could be getting a better deal somewhere else.

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Soldo: helping you personalise your company expense management

Open Banking is in simple terms, a system by which authorised third parties like financial services providers, app developers and tech innovators can access bank data. This allows us to create better products and services, tailored to actual user behaviour. This process is safe and secure and nobody but you will have access to your bank account or details.

Open Banking gives personal and business account holders more freedom than ever before. With greater access to user data, innovators like Soldo now have the chance to hone their products and services. Soldo can also offer tailored recommendations to individual users on how they can further streamline their expense processes.

Open Banking for business

Actionable recommendations

Open Banking opens up data and information that, with your permission, we can use to form actionable insights that can help you optimise your business expense spending.

Integrate all your finance processes

You can already integrate your Soldo card directly with Xero or SAP Concur, while CSV imports into Quickbooks take just a few clicks. Open Banking allows us an even higher degree of financial integration and personalisation of expense processes.

Expand into new territories

Open Banking mirrors the European Union’s PSD2 directive, which means data access and sharing procedures are becoming standardised across European territories. This makes the expansion of services and functionality into new countries easier than ever before.

Security and Open Banking

The idea of companies accessing bank data makes a lot of people uneasy, but there is absolutely nothing to worry about and it will not affect your bank account security.

You will never have to share your online banking log-in with anyone except your bank themselves, while nobody will ever have access to your spending habit data without express permission.

One of the pillars of Open Banking is that user consent must be as easy to revoke as to give, while third parties looking to access data need to be authorised by the Financial Conduct Authority (FCA).

These checks and balances mean that nobody will ever see your data when you don’t want them to, so you are free to enjoy improved business banking without worry.

Optimise your finances with Soldo Open Banking

So what does Open Banking mean for your Soldo account? Well, with your permission, we can take a look at your expense spending habits and identify tools and services that could help your business spend smarter and easier.

We can use Open Banking to recommend optimal processes for business practices like payment flow and tax filing, potentially helping you avoid financial penalties and VAT reporting headaches.

Basically, combining Open Banking and Soldo could save your business valuable time and money.

Features

More choice

Access to bank data allows us to give you a full picture of your financial choices.

Integrated processes

Open Banking will allow for better integration and innovation from the biggest names in financial technology.

Easier expansion

Consistent rules across the EU allow you to implement compliant services in new territories fast.

Learn about how Soldo can offer you even more with Open Banking

To find out how your Soldo account could offer you even more money-saving advice and insight, click the link below.

FAQs

  • Open banking is as secure as current business banking processes. Anyone who wants to access your data for the purposes of building an improved product or service can only do so with your express opt-in permission. They must also pass all of the relevant checks mandated by the Financial Conduct Authority (FCA) before they can be classed as an authorised third-party provider (TPP).

    Basically, you are in full control of who sees your data and when, plus they will never receive access to your account logins or funds. So you can enjoy all of the benefits of Open Banking without worrying about data breaches.

  • Only approved third party providers (TPPs) whom you have given express opt-in permission to use your data for the purposes of creating a better financial product or service can access any of your data. An express pillar of Open Banking is that it must be as easy to retract data permissions as it is to provide them, meaning you can change your mind and protect your data at any time.

    Nobody sees your data if you don’t want them to.

  • No, Open Banking has actually been in force since January 2019, with Soldo accounts working as normal before and after the switchover.

    The only difference is that you can opt in to allow us to view more of your financial data to help identify ways in which your business expenses could be run even more efficiently. You can contact us to learn more about the process or to give us express opt-in permission by clicking here. Otherwise, you can just continue to use your Soldo cards as usual.

  • We have produced a full guide to how Open Banking works, what it means for businesses of all sizes and how it can make your life easier. Click here to read the guide and find out more.