Personal Financial Management (PFM)
Everyone has experienced having difficulty in fully understanding their own financial situation, trying to find their way among account income, expenditure, card expenses, while trying to manually add up the situations of several accounts.
The PFM based on Open Banking enables the Bank customer, with their consent, to have a clear and comprehensive view of their finances, aggregating in a single view the transactions of multiple current accounts, categorizing income and expenses with self-explanatory financial items, facilitating the definition of budget and savings goals, promptly notifying the exceeding of budget limits, creating challenges with their peers, "recharging" their account with direct debits from accounts held at other banks, and many other features.
The Bank can thus offer a “plug-and-play” service that promotes engagement, loyalty and business development of retail customers.
Business Financial Management (BFM)
The BFM service based on Open Banking is the new tool that facilitates the financial management of a small business or a small merchant.
Starting from the aggregation of transaction data of the multiple accounts of the company and their categorization, the typical functions of a BFM represent a strong "digital CFO" for a Bank's SME customers, thanks to easy access to financial information, the streamlining of operational and accounting activities, advanced cash-flow budget and savings management, and access to valuable insights for the user.
Business Invoicing and Accounting
Accounting has always been one of the biggest headaches for SMEs and freelancers, due to its complex nature and the payment reconciliation mechanism.
Thanks to Open Banking, Banks can now offer their SME customers a tool for aggregated accounting management of all accounts, which is highly automated, easy to use, reliable and accessible from smartphones.
From now on, managing invoices, team expenses, price quotations and payment reconciliation is as easy as sending a message.