B2B FinTechs Get Creative With Open Banking Use Cases

No longer is open banking solely for consolidating financial information into a single platform for one end user. This week’s look at the latest in open banking initiatives shows creativity in how FinTechs, credit unions (CUs) and banks wield data integrations for the benefit of corporate end users, from streamlined credit underwriting to automated expense management.

Acumatica Links Its ERP Into Bank Data

Enterprise resource planning (ERP) technology provider Acumatica is embracing bank connectivity with the launch of its newest offering, Acumatica Advanced Expense Management and Electronic Bank Feeds. Integrated into its ERP solution, the new feature links electronic banking fees to corporate card spend, allowing for automated receipt creation. Designed for professionals using their mobile devices while out and about, as well as those in the back office, the solution aims to consolidate the expense management process across corporate cards and banks without the need for a third-party solution.

The feature can connect to more than 11,000 financial institutions (FIs) and retains security through multifactor authentication and tokenization, Acumatica explained. The bank feed integration supports automated expense report creation and reimbursement, as well as reminders for employees to capture receipt data by detecting when they use a corporate card.

ClearBank Dives Into Multicurrency Accounts Via API

In the U.K., clearing bank ClearBank is introducing multicurrency bank accounts for businesses to move funds based on foreign exchange prices in real time. In its announcement last week, ClearBank said the solution can promote cash flow visibility and greater FX control for businesses.

Through a collaboration with J.P.Morgan Chase, ClearBank will connect its business customers to multiple currencies as well as FX pricing information via application programming interface (API) integration, which will also link users to treasury and liquidity management solutions.

In a statement, ClearBank Chief Customer Officer Simon Jones said the solution offers a new opportunity for businesses that need to hold and move various currencies for their own customers. In another statement, J.P.Morgan Head of FIG Sales Europe Jon Lloyd pointed to the growing importance of APIs.

“APIs enable us to bring services to customers in a faster, more customized way, and ClearBank’s approach is indicative of the way in which the market is moving,” he said.

Cape Wields Open Banking For Corporate Cards

In Australia, open banking capabilities have led working capital FinTech Cape to plan its rollout of a corporate card solution early next year. The company, founded by U.K. FinTech professionals from Funding Circle, Funding Options and 11:FS, has emerged from stealth mode as it readies the launch of its card product, which loops into a range of data sources via open banking to more efficiently assess cardholders’ creditworthiness.

In a statement, Cape Co-founder Ryan Edwards-Pritchard said the commercial card product aims to connect businesses to capital when traditional bank loans fall short. Through open banking, Cape can more quickly provide small businesses with a card product and working capital.

Purdue Federal Credit Union, Payrailz Collaborate

In a credit union-FinTech tie-up, Purdue Federal Credit Union has revealed a collaboration with digital payments company Payrailz to enhance its own payment offerings.

In addition to their collaboration, Purdue revealed it will also be investing in Payrailz’s credit union service organization, CU Railz.

The credit union services much of the Purdue University community, including students, faculty and staff. By integrating Payrailz’s peer-to-peer payments technology, as well as investing in Payrailz’s credit union service, Purdue Federal Credit Union said it is working to provide members with an enhanced payments experience and, according to President and CEO Bob Falk, aims to embrace collaboration with other partners in the future.