Use Cases

PFM - Personal Banking Data

Personal Financial Management (PFM) is a use case that helps users manage their money. PFM generally allows users to categorize transactions and add accounts from multiple institutions into a single view. It can also make comparison of products and personalized recommendations.

Consumers can better manage their expenses and optimize their savings.

Banking

Data

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BFM - Business/Corporate Banking Data

Business Financial Management (BFM) helps companies to manage their financial flow. BFM enables the automation and centralization of finance-related activities. Some of its main functions are the real-time visualization of taxes to be paid and automatic updates of the P&L and Balance Sheet.

Businesses can better manage their expenses and optimize their savings.

Banking

Data

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Banking/Customer Details

Name checking service for payments which provides customers (both personal and business) greater assurance that they are sending payments to the intended recipient. Includes confirmation of payee, funds and settlement.

Certainty of payment destination.

Banking

Data

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Banking Meta Data Details

Share data related to the details of a transaction or registration. Includes Direct Debits, Standing Orders and Overdrafts.

Transparent information about consumer/business account and all its associated services.

Banking

Data

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Life Assurance Quotes & Data

Open Finance enhances life assurance decisioning. By sharing data, the process of obtaining information occurs faster, more secure, with improved experience and allowing comparability of offerings through third party provider platforms.

Receive better, comparable and personalized life assurance offerings.

Insurance

Data

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Non-Life Insurance Quotes & Data

Open Finance enhances insurance decisioning. By sharing data, the process of obtaining information occurs faster, more secure, with improved experience and allowing comparability of offerings through third party provider platforms. Includes Travel Insurance, Car Insurance, Home Insurance, Renters Insurance, Health Insurance, Life Assurance, Employment Insurance.

Receive better, comparable and personalized insurance offerings.

Insurance

Data

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VRP - Variable Recurring Payments

Mechanism that enables consumers to authorize third parties to initiate payments from their bank account on a recurring basis. Includes Interim Acc, Top Up and Part Pay.

More convenience in payments journey and reduce fees for merchants.

Payments

Data & Service Initiation

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Single/Future Payment

Buying products/services in E-commerce using Open Finance as a payment method. Digital payments in which funds are transferred directly from one bank account to another bank account in the range of few minutes. Possible to schedule payments to future dates. Includes Request To Pay, Refunds and Balance Check.

More convenience in payments journey and reduce fees for merchants.

Payments

Service Initiation

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International Payments

Payment Platforms / Gateways Data / e-Wallets

Data: Information about revenue / payments received and sent, including history and live status as a operator on the platform.

More organization to pay taxes and avoidance of fines for delayed payments.

Payments

Data

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Payment Platforms / Gateways / e-Wallets

Service Initiation: Instruction to make a payment on the payment gateway / payment platform

Payments

Service Initiation

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Corporate Treasury Data (Bulk Payments)

Facilitate a shift from batch to real-time processing, offering real-time money movement, liquidity management and cash position views

Increases efficiency in bulk payments, saving time and reducing costs

Payments

Data & Service Initiation

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