UK-based Open Banking provider and GoCardless company Nordigen has announced its partnership with NoCFO to increase efficiency through the use of Open Banking. Following this partnership, both companies will focus on supporting small organisations and entrepreneurs through their development process.

Clients will benefit from an improved process of managing their books and ways of administrating their business. NoCFO, an accounting software firm, will offer customers access to their business banking transaction information and data, directly from its accounting platform called nocfo. This process will happen through Nordigen’s open banking connections.

Users will have the possibility to benefit from a more efficient and detailed overview of their business decisions after gaining access to the transaction data. Furthermore, they can also reduce the time spent on accounting admin, as well as increase the accuracy and safety of financial reports, documents, and analytics. The cloud-based accounting platform nocfo will be used to help entrepreneurs and small companies to remain focused on their bookkeeping and invoicing processes, while maintaining records of key financial documents, including bills or receipts.

Using artificial intelligence and machine learning to automate and secure the accounting processes, the platform integrates the business banking data in order to make the operation more seamless and secure. NoCFO’s focus is on building a modern accounting platform, which allows the company to connect to multiple banks in Finland in a simple and fast way through its broad Open Banking connectivity. Nordigen’s services allow NoCFO to access additional insights, such as multiple ways to group payments and transactions into categories, aiming to develop the software in a more organised way.

GoCardless’s development plan Global company activating in the field of Open Banking payments, GoCardless announced the launch of its new product GoCardless Embed in February of 2023. The feature represented an integration for third-party payment providers which had the possibility to access the company’s global bank payment network. GoCardless Embed came white labelled as standard and was designed to allow payment providers to integrate the company’s global bank payment network simply and directly into their platform, through a single API.

Nordigen officials also expressed their opinion on Open Banking monetisation in a recent interview held by The Paypers. The company shared an overview of financial inclusion and ways to serve SMEs while improving PFM as well. With Open Banking, companies have the possibility to analyse customer data and identify spending habits or frequent expenses and purchases.

They also can use this data and insights to target specific clients with tailored offerings, including premium budgeting tools and partnering financial platforms that are embedded within their systems to monetise data. The interview was first published in the Open Banking, Open Finance, and Open Data Report, which reshaped the global financial services ecosystem. Nordigen was one of the key collaborators, providing the readers with a holistic view of the industry, and giving a perspective on the power of financial data as well.

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