Credit Suisse, KLARA Team On B2B Open Banking

Credit Suisse will be working with KLARA on new open banking options, according to a Friday (July 2) press release.

Both companies have been working on creating solutions and adding value for their corporate clients, including exchanging payment information automatically as well as online credit applications.

With the partnership, the release said private clients of Credit Suisse can obtain a one-time opt-in process, letting them initiate digital payments. These clients can then link their accounts to their ePost app.

And KLARA’s ePost will also allow for communicating with Credit Suisse’s online banking system, allowing it to simplify payments for clients.

“By offering open banking services, we are creating an integrated, personalized client experience,” said Anke Bridge Haux, head of Digital Banking at Credit Suisse AG. “In partnership with KLARA, we are now providing our private clients with payment functions via interface technology. It is easy, seamless, secure, and available wherever clients need it on a day-to-day basis.”

The release also notes that Credit Suisse settled U.S.-listed equity trades the same day as financial institution building company Paxos.

Open banking, according to a new report, does well to boost eCommerce growth. Additionally, a PYMNTS report, Open eCommerce: Open Banking As The New eCommerce Accelerator In The U.K. And Europe, said open banking has helped with rapid user authentication as well as instant B2B payments.

Open banking, the report said, has helped with some of the biggest eCommerce operations, allowing for seamless payment options and less risk that those things offer.

Open banking has done especially well in the U.K. and Europe and has garnered more support for its flexibility.

PYMNTS found that the number of application programming interfaces (APIs) using the tech has surged from 66.8 million in 2018 to 6 billion by 2020, adding that there were more open banking payments made in February of this year in the U.K. than there had been in all of 2019.