Open Banking and e-invoicing data – these were two topics we discussed with Krzysztof Pulkiewicz (Financial Institutions Partnership Manager at Unifiedpost) today during the dedicated webinar.
At Unifiedpost they help financial organizations be compliant with open banking and e-invoicing regulations and streamline processes (both internal ones, like credit decision-making process, and also processes of communication with customers).
How can banks leverage from that?
Open Banking
While not being monetized by the banks much (if we look at the SME and Business Banking customers). Only 6 banks in the CEE region (as of the end of 2023) implemented Account Aggregation Service for their SME customers due to PSD2 regulations. Almost none of the banks asks for consent to retrieve transactional data in their process of customer’s application for loans or factoring, for example, asking customers to upload bank statements instead. While fintechs are using this service very actively.
E-invoicing data
e-invoicing becoming mandatory in all EU countries within the next 3-4 years, opens up new sources of data – structured invoice data, delivered in real-time – which is a perfect source for pre-approved invoice finance offers, taking into account minimized risk of fraudulent invoices.
There are different CTC models, being applied by tax authorities in different EU countries (as seen in the picture below):
Regardless of the chosen e-invoicing scheme, access to e-invoicing data will enhance SME Banking in the following way:
- Improve profiling of the customers‘ credit actions, scorings, and push pre-approved offers for invoice finance and SME loans
- Bring automation of payments based on e-invoicing data, so the customers wouldn’t need to input payment details manually
- Change customer journey. Customer will not be asked to fulfill the application for loan or factoring but just to give consent to access their e-invoice data (which is much quicker) from the level either of the e-invoicing app or online/mobile banking app (single sign-on).
For more details, watch the full webinar below:
