With this, iBanFirst offers companies one online platform for all their international payment transactions. The collaboration between the two parties marks an important milestone for the implementation of PSD2 - the European directive for consumer and business payments - and brings Open Banking within reach for small and medium-sized businesses in Europe.
The platform not only allows them to save time, but they also have a complete overview of all bank accounts – regardless of bank or currency – and all incoming and outgoing payments via one dashboard. In addition, they have the option to initiate payments via the dashboard. Bank accounts that users have at different banks can be linked to the iBanFirst dashboard, making transactions with business customers easier and faster and reducing the chance of human errors in transactions.
Because it is now possible to monitor all these connections in real time, iBanFirst can also support customers with its new Open Banking Barometer. This tool maps the Open Banking opportunities across Europe for SMEs. In this way, entrepreneurs per country have an up-to-date picture of the availability of account aggregation, the options for initiating payments and which banks can be connected to the iBanFirst dashboard.
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