Cookie Consent

By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyse site usage, and assist in our marketing efforts. View our Privacy Policy for more information.

How Kriya uses open banking to make accessing credit even easier for businesses

Nikhil Shah
January 12, 2023
3
min read
Share this:

At Kriya we use open banking to help our customers access credit and support their business even more seamlessly. In this blog post we break down the what, why and how of open banking.

What is open banking and how does Kriya use it?

Open banking is a powerful tool for third-party financial institutions. And it’s not restricted to the B2C world of payments where usage is perhaps more well known - it is a great way for merchants to simplify the whole experience and keep business flowing brilliantly. Kriya Payment's Head of Risk, Nikhil Shah, goes on to explain why and how in this blog post.

All that sounds great, but it can seem daunting to give access to sensitive data and some users are understandably hesitant. At Kriya we use open banking to help our customers access credit and support their business even more seamlessly. Nothing is more scary than the unknown, so we thought we’d break down open banking to keep in tune with our transparency promise. 

What is open banking?

Open banking was created to allow third party financial institutions, such as Kriya, to better personalise financial services available to customers. It’s secure, quick, convenient – and more than 6 million businesses and consumers in the UK already use it. Apps and services are regulated by the Financial Conduct Authority, which oversees UK financial services firms and markets, or a European equivalent. This means companies have to follow strict rules and stringent standards to keep your data secure.

Connecting to open banking can be intimidating, but there is no need to worry. 

Couple of things to keep in mind about open banking:

  • It gives a read-only view of a bank account. It doesn’t give us full access
  • It’s protected by encryption according to the secure open banking standard
  • Users can opt out at any time.

Connecting to open banking with Kriya

We can check to see if our customers are eligible for higher limits

We will use the information to make an assessment to see whether customers are eligible for a higher credit limit than they currently have.

We will only see transaction data, nothing else

Our open banking solution only gives us a view of transaction history. All we can see are debit and credit transactions, and the account balance.

We will not be able to access accounts

Open banking doesn’t give us access to bank accounts, nor does it allow us to perform any other actions within the account including sending funds, applying for products, and managing accounts. It doesn’t allow us to take money from bank accounts either.

Users are in control

We only have access to the data users give us access to. Our open banking solution allows customers to withdraw consent at any time so they are fully in control and can opt-out at any point after connecting. We would recommend maintaining consent so that we can continue to best serve our customers needs, but it’s of course up to them.

It helps combat online fraud

Our open banking solution provides an extra layer of security and acts as an additional measure to ensure that our customers are exactly who they say they are. This provides a useful tool to combat online fraud and impersonation attempts against our customers.

Not so scary now, is it! And remember, if you have any questions about open banking or are curious how you can use it to provide credit to your customers, our team is here to help!

B2B Payments to boost your growth

To learn more about our payments and digital trade credit solutions book a call with us today.
Email is invalid.
Please use your company email address.
Annual Revenue*
We’ll use this information to get in touch with you about our products and services in accordance with our Privacy Policy. You can unsubscribe at any point. By submitting, you acknowledge we reserve the right to work with businesses that have been trading for a minimum of 12 months and have submitted at least one set of financial accounts.
Thank you. A member of the team will be in touch.
Oops! Something went wrong while submitting the form.

Explore related posts

Digital B2B payments: early adopters will dominate their market

Early tech adoption is make or break for company success. In digital payments, B2B businesses cannot afford to be complacent.

Anil Stocker
 min read
Read more
How B2B leaders can unlock growth with flexible payment options

How B2B leaders can unlock growth with flexible payment options

Show me the money! Our buyer's guide highlights the key considerations to modernising your B2B payments offering and accelerating your growth.

Kriya Team
4
 min read
Read more
Kriya Payments
Feb 7, 2024
Kriya Digital Trade Credit | Win-wins with b2b multichannel payments

Do B2B ‘win-wins’ actually exist?

‘Win-wins’ are often touted in B2B, so let’s put digital trade credit to the ‘win-win’ test by analysing the wins for merchants and buyers.

Kriya Team
 min read
Read more