Belgium-based financial services provider iBanFirst, has announced the introduction of an Open Banking function aimed at simplifying payment transactions for corporate customers.
This is done by providing the customers with an overview of all their bank accounts regardless of the bank or currency in question, allowing all foreign exchange transactions to be processed via one interface. The aim is to offer customers innovative options regardless of where their accounts are located and how compliant their banks are with the provisions of PSD2.
The iBanFirst Open Banking Barometer assesses open banking coverage across Europe for SMEs. This tool is intended to enable a country-specific, effective measurement of the availability of both account aggregation and payment initiation. According to an iBanFirst representative, users may now channel funds directly onto the iBanFirst platform, which becomes their central interface for all foreign exchange transactions and removes a barrier in payment transactions.
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