Archie's platform enables its partners, including SMEs and larger businesses, to develop consent-driven payment and data experiences. Partners can create these experiences in minutes, without any code, and with their own branding.
Small business owners may now use 'pay by link' and QR codes to add quicker and more cost-effective Open Banking payments to their existing payment methods, while Archie's end-to-end solution recognises the advantages of Open Banking data to their particular firm. This includes not just real-time balances and KYC services, but also transactional categorisation and merchant identity data, which enables businesses to offer goods and services that assist clients in better managing their money.
In a nutshell, Archie employs Open Banking technologies to improve customer experiences and data to deliver audience insights and consumer empowerment. It can cut the number of clicks in a payment journey while saving at least 70% on transaction expenses.
According to a recent Mastercard study, more than two-thirds (69%) of UK small company owners feel a 'cost of doing business' problem is running concurrently with the widely discussed cost of living crisis. Archie is therefore a timely entrance into the Open Banking market, providing company owners with the chance to enhance their payment experiences and save up to 70% in transaction fees while they face severe economic conditions.
Archie is also dedicated to educating customers about the opportunities made possible by Open Banking and data sharing. According to 'The Elephant in the Room', a white paper published by the firm to promote its release, while 82% of customers would disclose their financial data in exchange for the proper incentive, 78% are still confused about what Open Banking is and what it can achieve. And here is where the opportunities exist if the advantages are effectively stated.
The number of consumers and SMEs actively utilising Open Banking-powered services in the UK has just surpassed 7 million. The reasons for this are numerous; at its heart, Open Banking allows customers to have greater control over their spending while also initiating transactions in a smooth and secure manner.
Open Banking-enabled payments products can also provide consumers with greater transparency around their finances, which people want to protect more than ever; Open Banking technology provides consumers with greater visibility and reassurance about how their financial data is used and who has access to it, while also making the payment process more secure.
Transitioning from Open Banking to Open Finance will now assist other financial firms besides banks in developing new innovative use cases and, in some circumstances, new disruptive business models based on data exchange. The Open Finance framework might be developed on a structure similar to PSD2's by defining a limited set of necessary APIs that require no contract and are free to authorised third parties.
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