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August 8 2023

How effective is B2B Open Banking?

Blog Details

The facts and figures that prove what an asset the new payment technology is

If something is too good to be true, it usually is, right? But when we promise you that's not the case with B2B Open Banking, we really mean it.

There are big savings to be made by transferring most of your customers from paying by card to using open banking, with some of the businesses using our service reporting an almost 2% reduction in cost per transaction when taking into account all fees associated with paying by card. At scale, that's a significant amount of money coming off your bottom line.

But is open banking genuinely the future of taking payment? And what's realistic when it comes to customer adoption? We pick out some of the most-compelling facts and figures to give you a clearer picture.

  • It's eight times cheaper to process payments using B2B Open Banking than it is to do the same with traditional card-payment methods
  • Figures from Q1 and Q2 of the first financial year from April 2023 showed that B2B Open Banking customers saved £175,000+ by using the payment method
  • Combined CMA9 data from early 2023 showed seven million consumers and SMEs used open banking this January – a record high
  • All of the UK's top banks recognise open banking as a reputable payment method and approve payments in this way
  • More than 3,000 monthly transactions were processed through B2B Open Banking in July 2023, with usage continuing to rise
  • One B2B Open Banking user achieved a 50% uptake among customers in the first four weeks of offering the payment method

Want to find out more about our B2B Open Banking solution? Then check out our solutions page or drop adam.turner@b2b.store an email to get a free consultation.