At RollingFundswe leverage Open Banking to help professional clients—particularly sellers and distributors— gain easier access to financing lines while optimizing their cash flow management. In this article, we explain what Open Banking is, why it matters, and how we use it.

Open Banking is a powerful tool for financial institutions. Although often associated with B2C payments, its potential goes far beyond that: it is also an effective solution for distributors who want to simplify their processes and ensure smooth operations.

While this innovation offers many benefits, it is natural to be cautious about sharing sensitive data. The unknown can be intimidating, which is why we are committed to presenting Open Banking with the utmost transparency, in line with our values.

What is Open Banking?

Open Banking was designed to enable financial institutions to offer personalized services tailored to customers' needs. This secure, fast, and convenient technology is already used by millions of businesses and individuals across Europe. Applications and services related to Open Banking are strictly regulated by European regulatory authorities, ensuring compliance with rigorous rules and optimal protection of your data.

Connecting to Open Banking can seem intimidating, but there is no need to worry.

Here are few key points to know about Open Banking: 

  • It provides read-only access to your bank account without granting full access.
  • It is protected by encryption that meets the highest security standards.
  • Users can disconnect at any time, maintaining full control over their data.

Connecting to Open Banking with RollingFunds 

We work closely with partners specialized in managing Open Banking infrastructure to ensure a reliable and secure service, including:

  • We can verify if your clients are eligible for higher financing limits. This information allows us to assess the possibility of increasing their current revolving credit.
  • We only have access to transaction data: debit and credit history, and account balance. 
  • We do not have direct access to bank accounts nor the ability to perform operations such as transferring funds, subscribing to products, or managing accounts. We cannot, under any circumstances, withdraw money.
  • Your clients remain in control of their data: they can withdraw their consent at any time and easily disconnect. While we recommend maintaining this consent to continue best meeting their needs, the decision is entirely theirs.
  • Open Banking enhances security: it adds an extra layer that helps us verify our clients’ identities and effectively combat fraud and identity theft.

Not so worrying, right? And if you have any questions about Open Banking or want to know how to use it to offer financing lines to your professional clients, our team is here to support you!