Open Banking is a term used to describe the process of banks and other financial institutions opening up data for regulated providers to access, use and share. 

It is a way of giving regulated companies secure, limited access to your bank account with your permission, so that they can provide services that are helpful to you.

Open Banking was conceived for the ultimate purpose of improving financial services for customers. And with this, FLYT can now offer all of our clients ‘payment initiation’.

Payment initiation is all about making payments from one account to another without the need to log into your bank account after. In simple terms, when a client logs onto the FLYT platform and executes a transaction with us, they will not have to log into their bank account after to transfer funds to our accounts. This process dramatically speeds up the time it takes in getting funds from your account to the end beneficiary saving you time and convenience.  

Open Banking has ignited a new generation of financial services companies like FLYT, enabling companies to build products that reduce costs and transform user experience. 

The advantages of Open Banking for businesses are:

• Better user experience
• Instant settlements (compared to 1-3 days for cards)
• No processing costs
• More secure (biometric authentication and no credential shaving)

Like all good financial technologies implemented by banks, Open Banking is subject to rigorous security measures. It is just as safe as using online banking and it is safer than paying with a debit or credit card. 

Nobody gets access to your login details or banking passwords and the consumer is always in charge of who is granted access to their data and this access can always be revoked. In addition, open banking products and services are regulated by the FCA (Financial Conduct Authority).

Security is one of the first things when looking to add new products into FLYT. Our information security is designed to meet or exceed industry standards.