Nidaros started looking for a future-proof partner when its current PSD2 provider announced it was quitting. As Open Banking is proving crucial for automating commercial procedures, the organisation can better help its clients by using the services provided by ibanXS.
A PSD2/Open Banking platform for all of Europe, ibanXS was established in 2019. The startup aims to provide partners access to banks in Europe. They achieve simplicity, security, and uniform access by integrating all Open Banking services into the platform.
Nidaros' virtual employees can now quickly and securely request payments, make payments, and automatically retrieve bank statements for processing. The client's banking institution is no longer relevant.With this technology, it is simple to automate tasks like retrieving, reading, and processing bank statements. Additionally, it can handle automatically delivering a reminder with a payment request following a reversal. Without Nidaros' involvement, the actual payment is made between the paying party and the customer.
In Robotic Process Automation (RPA), existing software is used by a robot in a manner similar to how a person might use it. It has possibilities in areas where standard IT is impractical and where a lot of manual labour is still practiced.
In just a few minutes, properly developed RPA solutions can gather the required billing data and produce precise invoices. Based on information gathered from consumers or potential customers, RPA systems can swiftly provide preliminary numbers.
Additionally, RPA systems can gather data from bills, input it into a business's accounting system, and create an email verifying receipt and, if necessary, requesting more information.
As already stated, these technologies could provide contractors with a number of advantages. In many forms of documentation, it lowers labour costs and essentially eradicates human mistake. Additionally, RPA shortens the time it takes to finish relevant operations because bots can operate 24 hours a day without a break and do jobs far more quickly than people can.
Through innovation, supported by consumer choice and individualised financial products, Open Finance aims to promote financial inclusion. In order to do this, customers must be allowed to freely and as often as they desire to share their financial information and account access with the third parties they have designated as trusted advisors.
Consumers can access services that their banks might not offer thanks to RPA-based APIs from trusted third parties. These third parties would be unable to develop new solutions to satisfy client needs that financial institutions might not have thought of in the absence of RPA-based APIs.
Data access and retrieval through RPA-based APIs allow for secure processing of financial data that is fully centered on user choice and independent of bank-controlled APIs, giving third parties more opportunity to create cutting-edge financial services.
RPA technology makes sure that access to accounts and the processing of financial data are not constrained by predefined categories established by banks or other financial institutions. In fact, for a number of years to come, specific sorts of data retrieval will only be made practical and accessible via RPA-based APIs.
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