Much has been said about what open banking offers developers and product designers, but precious little time has been spent exploring how it should benefit the consumer, and the inherent security features.
One of which is that people will no longer need to share card details in order to take or make a payment. Fewer details travelling across the ether means fewer opportunities for error or abuse. A game changer for all concerned…but it shouldn’t stop there.
This security feature is part of a wider conversation that Banked wants to have about money, that aims to put the consumer back at the heart of open banking. We want to create a world that enables developers and business owners to make products that allow money actions to be seamlessly integrated into everyday experiences, hyper specific to an individual’s needs and situation. We hope that this will be a collaborative journey where the ones that rise to the top will be those obsessed with the customer, their privacy, and their unique demands in a digital world. This is the world in which Banked operates and is building the blocks for; an ecosystem with new rules and new players.
What does this mean?
Put simply, this means more control over what financial data is shared, with whom, and how it is used. This in turn enables businesses working outside of financial services to access and offer money experiences to their customers, creating personalised solutions for everyone, at the point of transaction. People don’t need more choice, they needed more personalisation, available in the moment. And increasingly, they are turning to trusted brands outside of banking to create these experiences for them.
Banks vs Banking : Change banking habits, not your bank
Banks have traditionally been the gatekeepers of money and money services. This new ecosystem levels the playing field, allows any regulated business to offer access to money services away from traditional banks, directly where the consumer needs them. Whilst allowing the individual to keep their money where they’re most comfortable, in the bank.
As an FCA regulated company, Banked can take the pressure away from new players wanting to provide innovative money experiences to end users. This allows them to build more creatively, safe in the knowledge that they are protected by us, their trusted partner, from the risks involved in using financial data.
We’re bank agnostic. We’re connected to all the major banks in the UK and are regulated by the FCA. Banked is currently the only smart payment solution that combines the cheapest, fastest, and most secure processes available on the market; with a vested interest in the experience of the individual, enabling brands to deliver a product with the consumer at its core.
Build better. Ship faster.
Banked’s first step on this journey to put the consumer back in the centre is with payments. Simple, secure, customisable; the Banked Payment API is the best way to add payment capabilities into your website, service, or app. Because the user pays directly from a bank account, the product owner doesn’t have to hold any sensitive card details and everyone is fully protected. And we enable all this at a low cost per transaction.
Our developer portal provides our community with the tools and rich data to build premium products and experiences. This means that consumers can expect more tailored money solutions based on their own financial actions, whilst keeping control of their financial data.