Financial management application Fintellect has partnered with UK-based Open Banking provider and GoCardless company Nordigen for SMEs’ development. Through this collaboration, Nordigen will provide customers with its API and Open Banking services.

This will enable them to connect their bank accounts to the Fintellect app. Moreover, clients will have the opportunity to see their bank balance, expenditure, and to have control over it in real-time while using one dashboard. The integration solution provided by Nordigen will allow Fintellect to incorporate bank data and information from multiple European banks, making the process faster and more secure.

Customers across more than 10 countries will be able to access their bank account data. Furthermore, clients can see up to two years of their account history in addition to their current transactions and payments, which gives them the capability to better manage and forecast their finances. Nordigen’s development in the Open Banking industry Nordigen had multiple partnerships in the last few months, focusing on the Open Banking industry.

The company announced its partnership with NoCFO in February of 2023, to increase efficiency through the use of Open Banking. Following this collaboration, both companies focused on supporting small organisations and entrepreneurs through their development process. Clients benefited from an improved process of managing their books and ways of administrating their business.

They also had the possibility to use a more efficient and detailed overview of their business decisions after they gained access to the transaction data. Furthermore, they also were capable to reduce the time spend on accounting admin, as well as to increase the accuracy and safety of financial reports, analytics, and documents. The process happened through Nordigen’s Open Banking connections, while NoCFO offered clients access to their business banking transaction information directly from its accounting platform called nocfo.

Nordigen officials also expressed their opinion and overview on Open Banking monetisation in a recent interview published by The Paypers. The company shared its point of view on financial inclusion and ways to serve SMEs while improving PFM as well. Companies and organisations have the possibility to analyse client data and identify spending habits or frequent expenses and purchases while using Open Banking services.

Businesses can also use this data and the list of insights to target specific customers with tailored offerings, such as premium budgeting tools and partnering financial platforms that are embedded within their systems to monetise data. The interview appeared first on the Open Banking, Open Finance, and Open Data Report, which reshaped the worldwide financial services ecosystem. Nordigen represented one of the key collaborators of the publication, providing the readers with a holistic view of the industry while giving a perspective on the power and influence of financial data across the market as well.

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