Four in Ten British Businesses Would Adopt Open Banking for Increased Security Benefits, but Are Held Back by Lack of Understanding

Four in Ten British Businesses Would Adopt Open Banking for Increased Security Benefits, but Are Held Back by Lack of Understanding

42% of British businesses are keen to integrate open banking into their operations citing the potential benefits of increased security and fraud prevention. This comes as a study by Payit, NatWest’s open banking payment solution, found that one in five (22%) businesses spend more than 6 hours per month managing and storing sensitive customer information, such as card details. And with open banking solutions, they could use this time to build and…