UK businesses would adopt open banking for security benefits

The survey of more than 800 business players for NatWest’s Payit open banking payment offering shows that two thirds of firms have experienced issues when processing payments that disrupt their operations.

Meanwhile, over 20% say they spend more than six hours per month managing and storing sensitive customer information, such as card details and 44% report inefficiency that often leads to cash flow issues.

With open banking seen as a potential fix for all these issues, 42% would adopt the technology yet 28% claim to have not yet implemented it due to a lack of understanding.

On who they trust, 90% of businesses express confidence in established banks to provide secure open banking solutions compared to three quarters who trust fintech alternatives.