Open Banking is evolving, and we take services to the next level at Smart Fintech.
Open Banking is evolving, and we take services to the next level at Smart Fintech.
Data normalization and standardization - prerequisites for automation - are two key capabilities for Open Banking technology and the 13 banks covered by Smart Fintech services: initiating online payments and querying bank accounts.
In today's article, we bring news about:
1. How you get the details of bank transactions when querying bank accounts with Smart Accounts and some examples of situations where their identification in real-time and efficiently is crucial for the continuity of operations in certain areas of activity.
2. How can we help technical teams that integrate Smart Accounts in their financial applications to save time by quickly understanding the messages communicated by banks when integrating and calling the two services, SmartPay and Smart Accounts.
1. Details of bank transactions, now normalized and structured by Smart Accounts
Automatic inquiry of bank accounts with Smart Accounts has radically changed how companies interact with banks and bank transactions in their daily business. Today, Smart Accounts help more and more companies save time and efficiently use bank transactions queried directly from their financial platforms or other types of applications that consume them in various situations.
A company's financial activity needs to continue once the bank transactions are aggregated and delivered. Because the bank transactions recorded when receiving or making expenses include details exposed differently from bank to bank, Smart Accounts normalizes what it delivers.
By normalizing and structuring the information delivered following the query of bank accounts through Open Banking, the integration technical teams, financial accounting departments, and sales and product management have the correct information needed in their activity in real-time.
Thus, beyond querying the accounts, which is done automatically and instantly, Smart Accounts goes further and helps companies to easily streamline the tracking of receipts and expenses by Identifying the details of essential bank transactions. The debtor/creditor name and account, tax identification code, transaction details, transaction type, card PAN mask, merchant name, and others are identified and structured by Smart Accounts and facilitate automation for:
-reading transaction details
-reconciliation of receipts with issued invoices
-reconciliation of expenses incurred at merchants
-creating the calculation and analysis algorithms needed in different operational flows
Here are just a few situations in which companies that interrogate bank accounts with Smart Accounts and receive normalized and structured data reap the benefits of automation in their activity:
Automating cashback on online and offline purchases – real-time querying of consumer accounts with Smart Accounts instantly fetches and identifies bank transaction details of each purchase at merchants. Thus, based on this data, the automation of the identification of eligible consumers and the calculation of the value to be returned ensures that the money is returned to their account as soon as possible after the purchase.
Automation of confirmation of receipts from merchants by meal voucher providers – real-time inquiry of own bank accounts by meal voucher providers and instant identification of receipts from partner merchants prevents blocking of meal voucher acceptance or, as appropriate, helps to unlock quickly.
Automating Capital Market Trading Account Funding Confirmation – although Open Banking trading account funding provides investment brokers with instant investor-initiated financing status, there remain some situations where the transfer of funds requires quick confirmation on receipt so that the money from the brokers' collection accounts to the trading accounts. By fully automating the flow, investors quickly have funds for stock trading.
2. Bank messages are now normalized and displayed in a standardized way.
This new functionality is an extra mile for the Smart Accounts development team to provide our partners and their technical teams with the best and fastest onboarding experience.
How and where does this ability help?
Many integrated banks mean many ways their platforms interact and respond in the integration process, but also of calling services through Open Banking in their everyday use. Smart Accounts normalize bank messaging into an aligned system, regardless of the integrated bank. So, we've created a common language that optimizes the speed and integration experience to make it easier for you.
If you want to increase the level of automation in your financial applications for you and your customers, and you want to know more about automated querying of bank accounts, contact us and let's talk.
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