Delivering better financial and social outcomes with Open Banking
Open Banking empowers businesses to use data insights to provide better financial outcomes for their customers. Across the world, banks and financial institutions are being mandated to open up the data doors via secure API connectivity. Finally, the control of who has access to personal financial data can be determined by the individual – creating incredible opportunities to obtain better financial services in an open market ecosystem.
But Open Banking can be so much more… including better payments.
In a world-first, Split have developed tokenised (or enduring) open banking connectivity that allows us to provide ongoing data insights so that businesses and customers avoid the typical payment pain points – including dishonour fees, high transactional costs, delayed clearance, and, ultimately, unauthorised payments.
At Split, we believe that Open Banking is more than a secure connection to transactional data, it is an ideology that everyone can achieve better financial and social outcomes.
Enduring Consent
Using Open Banking connectivity, Split delivers an enduring consent that modernises electronic mandates by providing real-time consent verification. This instant check means every payment is protected by ensuring there is unilateral, bilateral, or even trilateral consent and Authority of Payment.
Available Funds Pre-Checks
Using the same secure tokenised open banking connections, Split create and manage customer-initiated enduring consent that enables us to perform an 'available funds pre-check'. By providing a 'pre-fail' message when there are insufficient funds to process a direct debit or credit, there are suddenly great options that result in improved collections and no dishonour fees, ever.
Balance Checks
In today's digital economy, Split's Balance Check allows eCommerce platforms to provide a better user experience by notifying customers when their shopping cart exceeds their available balance - An incredible solution to reduce cart abandonment and dishonours. This is also a powerful tool to deliver innovative 'ethical collections' through the same data insights.
