What can be done with Open Banking Services?

What can be done with Open Banking Services?

The concept of API services lies behind these capabilities of the open banking ecosystem, which eliminates the bank distinction in banking transactions and provides customers with access to all bank accounts through a single application.

API, which is the abbreviation of the English equivalent of application programming interface, enables the secure transfer of customer and account information from banks to third-party applications. The transfer of API services, which act as a bridge between the bank and the customer, to a third application allows the banking experience to change radically. In other words, open banking platforms that bring data and banking transactions to the forefront, not banks, pave the way for many new solutions to enter our lives within the possibilities offered by API services.

What is API?

API (Application Programming Interface) is the abbreviation of “Application Programming Interface” in English. These interfaces enable secure transfer of customer and account information from banks to third-party applications. APIs change the banking experience by acting as a bridge between the bank and the customer.

A Different Banking Experience with API Services

The transfer of data between individual or commercial bank customers and their banks through a third application via API facilitates access to information while enabling tracking, data analysis, reporting and archiving. The biggest advantage is that it saves labor and time in collecting, aggregating and reporting the data on the banking transactions of the enterprises separately from each bank. Thus, the possibility of transaction errors in banking processes is minimized.

API services also allow banking data to be shared with other ERP software in each transaction or in bulk. In this respect, it enables businesses to save time and labor once again, while ensuring that many processes in the banking focus of businesses are realized automatically on digital platforms.

Data Access and Analysis

Moving data to a third application via API facilitates data access. This enables customers to track and analyse data related to their banking transactions more easily.

Reporting and Archive Facility

Open banking services simplify reporting and archiving processes. In this way, customers can easily create and archive reports on their financial transactions.

Advantages for Businesses

Especially for businesses, open banking services provide a great convenience. Collecting the data related to banking transactions separately from each bank and bringing them together saves time and labour for businesses. This also helps to minimise transaction errors.

Eçözüm Supports Businesses with Open Banking Solutions

Eçözüm, one of Turkey’s most powerful brands in open banking and digital financial solutions, offers solutions to the banking needs of businesses with NetEkstre, Netahsilat, POSRapor and E-Dbs products. With the help of API services, financial solutions that emerge by interpreting the data of businesses from banks facilitate the payment and collection processes of businesses and the management of POS and bank accounts.

With NetEkstre, businesses that can control all their accounts, regardless of bank, can instantly monitor all movements in their bank accounts.

Netahsilat, on the other hand, brings the collections made by companies from their dealers, sub-dealers, business partners and customers to a secure and fast platform while organizing them.

POSRapor brings together all physical or virtual POSs owned by companies in different banks in a single application, enabling the control of POSs, bank returns and instant tracking of sales revenues.

The E-Dbs product, on the other hand, guarantees the planned collections to be made by companies from their business partners and dealers within the direct debit system, thus enabling the healthy functioning of cash flow.

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