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May 24 2023

First £1 million up for B2B Open Banking

Blog Details

Milestone reached as customers significantly accelerate usage to save thousands of pounds

B2B Open Banking has processed its first £1 million of revenue, saving b2b.store’s customers more than £10,000 in the process.

The technology solutions provider’s open banking solution has been gaining traction with wholesalers throughout 2023 and hit the landmark figure at the end of May.

The milestone was reached on the back of the escalation of b2b.store’s open banking activity, which is expected to see more than £2 million processed each month in the near future.

B2B Open Banking offers wholesalers a significant saving on the card processing fees they’re currently paying for credit and debit card transactions, and for handling cash – with further adoption of the banking technology expected.

Food and drink buying group Sugro has already announced it has offered B2B Open Banking to its members, while other wholesalers are at different stages in their adoption across their entire business.

The payment technology has been building in usage in the UK over recent years, with combine CMA9 data from early 2023 showing seven million consumers and SMEs used open banking in January 2023 – a new record high.

b2b.store has developed its usage from a way to cut costs on online banking transactions to some wholesalers offering it as the primary method to pay for orders and plans to take into bricks-and-mortar environments too.

“To hit the first £1 million is a big moment for us, but also for the wholesalers using B2B Open Banking because it shows how successful implementation can be,” said b2b.store CEO Rob Mannion.

“This is the first big milestone and with acceleration well underway, the first of many to come. It’s an exciting time to be at the forefront of open banking adoption in the wholesale sector, as we expect this technology to be a common tool in a wholesaler’s armoury in the not-too-distant future.”