BBVA API Market
Since January 2018, the European Union will make it obligatory to share banking clients’ financial data through open APIs when they request it. But many banks and financial institutions have already been adapted and prepared for some time now, and are in a position to offer a series of applications that allow us to analyze our savings, invest, apply for loans and manage our taxes. Whether we are individuals or businesses, open banking already lets us do more.
Companies like Credit Data Research use open banking to offer detailed reports and analysis of financial data for small and medium-sized businesses. These data, instantly available, can be used to subsequently request loans more easily.
The firm calls them “passports” and they have been operating since 2014 in countries all over Europe. With the data presented and analyzed in this way, its customers can gain a better understanding of the management of their money, its flows, and their relations with financial institutions and providers.
DueDil promises to make private companies’ financial data as clearly accessible as those of public companies. It allows investors to identify possible new markets and opportunities and to analyze their capacity to comply with financial obligations, among others.
It automatically maintains companies’ and firms’ finances up to date with historic data and data on their owners. Not only is it a useful platform for acquisitions and due diligence, it also offers sales tools that are connected to several CRMs through its own APIs.
Coconut is designed to provide current accounts for the self-employed that enable them to manage their expenses and invoices, administer their taxes, and ensure that providers pay on time. The mobile apps offer a simple way of keeping up to date with their finances with a carefully-crafted interface that is both simple and elegant.
When prompt payment of an invoice means a discount on the final price, it makes sense for it to be the first to be processed. This is the solution offered by Xelix, which provides a service that mediates between companies and their providers.
They analyze the invoices payable and negotiate with the providers to obtain discounts. They then automate payments to providers who accept discounts for receiving them and thus achieve a more optimized flow of the company’s resources.
One of the most interesting products for small and medium-size companies offered by Ormsby Street is the management of payments and loan repayments. Specifically, when payments fail to arrive, it allows users to know at all times how much it would cost to request and pay for a loan for the outstanding amount while waiting to receive it.
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