Open Banking and How it Works
The UK Government is constantly on the lookout for means that help financial service providers offer new products, services, and a greater variety of choice to their customers. One of the proposals believed to improve competition and choice is Open Banking. image source: freepik.com What is open banking? Open banking is an amelioration on how banks deal with your financial information through ‘the second Payment Services Directive’ regulation. To put it simply, as long as you give your permission, all UK-regulated banks will have to securely share financial data such as your spending habits with authorised providers. This includes challenger banks, fintech firms, tech companies and credit reference agencies. The idea behind these changes is that by opening up data to third party apps, customers will be able to have access to and compare different products suited to their financial needs. It will increase competition and innovation within financial services, which in turn will lead to an increase of better quality services aimed at helping customers manage their money.Example, when one connects their bank account to an app using open banking, it could analyse their spending habits and recommend a new product to help them save their money. It could also offer to help them sign up to a provider that displays all of their accounts with multiple banks so they can have a better overview of their finances. How does open banking really work? Open banking transpires through an integration technology called application programming interfaces (API). These APIs make it possible for banks to share current account holder data in a more secure way. Before banks started using open banking, aggregation sites were used to scrape data by requiring users to hand over their usernames and passwords. This practice has security risks and sometimes has compatibility issues preventing users to see their real time finances. With APIs, applications can directly share data without sharing account credentials. But, how safe is Open Banking? As long as you have authorised it, third party providers can access your data. So, if you’ve authorised one to look at your current debit account with a particular bank, it wouldn’t be able to access your credit card account information with that bank unless you have given permission.There are two types of services that authorised third party providers can offer you under open banking which need to have different authorisation. These are: Account information services, which allows you to see all your account information from different banks in one place. It also provides budgeting tips and product recommendations.Payment initiation services, which allows you to pay directly from your bank account. You don’t have to worry about the safety and security of your account information. Authorised providers have to comply with data protection rules including the GDPR. If you’re hesitant, you can ask your provider for more information before you provide access. If you feel something is not right, you can always opt not to share your information. So, how can Tappo help small businesses? Due to the coronavirus pandemic, some small businesses are in crisis. They have been affected by changed customer behaviour including social distancing and mandated operational procedures. Luckily, Tappo is here. Did you know that Tappo is one of the few companies that supports rebuilding local businesses? Yes, here’s how Tappo can help: By Creating new business opportunities. We provide great efficiency with the help of our in-depth analytics and marketing tool. You can now easily monitor your business and marketing campaigns.By Expanding your network. We offer an e-commerce platform that helps businesses offer their products and services to more customers.Lowest rates. Among all platforms, we charge the lowest, at only 0.5% per transaction and capped at 5p. Most platforms charge as much as 40%. With Tappo, businesses will be able to save money and receive support with online accounting, fraud detection, and account verification issues. Tappo is set to have a huge impact in the competitive landscape of financial services. So, are you ready to make that shift to open banking with Tappo? Sign up with us for free at https://www.supertappo.com/business.
New Business Opportunities with Tappo
image source: freepik.com Universal access to the internet has paved the way for the continuous growth of digital technology. It has reshaped many industries, and banking is no exception. In 2015, the UK prioritised the regulation of fintech, to encourage innovation and growth in financial products and services. One of the outcomes was the creation of Open Banking — a feature for fintech firms like Tappo. Tappo is a super app that offers safe digital payments through open banking. It provides food delivery & pick-ups and booking reservations to businesses at a very low price. Unlike other apps, Tappo allows customers to quickly make payments and bookings just by scanning a unique QR code or visiting a unique payment URL. This feature makes transactions easier and faster for businesses simply because your customers don’t have to go through the hassle of app installation and registration. So why choose Tappo for your business? There are many reasons to select Tappo for your business, but here are the top 3 main advantages of using Tappo. 1. Cheaper fees. Tappo offers the most economical rate, among others. It only charges 0.5% per transaction capped at 5p. You won’t have to worry about being overbilled. Also, the good news is, there are no fix-term or monthly fees required or any kind of hidden charges. 2. Easy and free installation. Install Tappo easily with just a smartphone and an internet connection. No unnecessary documents needed—no upfront costs. Start your e-commerce platform in only a few minutes after registration. Save yourself the torment of waiting for days to build your business. Sign up with us for free at https://www.supertappo.com/business. 3. In-depth analytics. We want to help you build your business by helping you make data-driven decisions with our comprehensive analytics. When you sign in with us, you get to access reports that can help you determine your most popular products and track the progress of your marketing campaigns. In that way, you can offer a more tailored service to your customers. Make it easier for your customers. Start a hassle-free transaction in under 5 minutes. Build your business with us!
Tappo During COVID-19
image source: freepik.com As the COVID-19 epidemic hastens globally, people have been worrying about the health risks of handling coins and banknotes. More and more people, even the elderly, have decided to opt for contactless payments. Digital transactions have now started to become an essential part of one’s daily life. As such, multiple businesses have the urge to shift to contactless transactions through the use of financial tech services, like Tappo. Tappo is a one-tap super app that offers multiple solutions ranging from mobile, online and in-store payments to food pick-up and delivery, and more. Furthermore, it delivers the following assistances for businesses: 1. Quick and easy installation. You don’t have to be a programmer to set up Tappo. Just download and install the Tappo Business App from the app store. And start accepting payments. 2. Greater convenience for your customers. With the social distancing measures implemented, Tappo can provide safety measures during your business operations. Our app offers comfort to your customers through food pick-up and delivery services as well as facilitating reservations and bookings. Moreover, we also provide an enhanced dining experience by giving customers the ability to order at the table with their smartphones. Your customers can also pay by simply scanning our QR code through their mobile banking app—no need for app installation and registration. 3. Offer tailored services. With the economy falling, it’s hard for businesses to hire more help to manage and monitor their business operations. At Tappo, we provide in-depth analytics through our comprehensive marketing tool to assist you in making data-driven decisions for your business. 4. Enhanced security. Fraud cases have been going rampant nowadays. By providing a safe and secure online payment platform to your customers, they will be at ease in transacting with your business. At Tappo, we use open banking which enables direct sharing of data securely, without the involvement of your account credentials. 5. Increase in revenue. Extensive research showed that an online invoice payment method might influence customers to make impulse purchases. Because of quicker and smoother transactions, consumers are more inclined to grab online deals and bargains. 6. Affordable costs. We provide lower premiums than traditional firms and card networks. Our rate starts at 0.5% per transaction with a 5p cap. No monthly fee or fixed contract needed. Haven’t tried Tappo yet? Download our app today, and make your business transactions easier tomorrow!