As online transactions grow, finance departments are overwhelmed with workload; a third of invoices require manual efforts, prompting finance staff to seek other job opportunities.
Open banking presents a solution to financial transaction complexities, allowing near-instant payments through secure APIs that connect customers' banks directly with vendors.
Businesses using open banking save over 150 hours annually in finance tasks and approximately £1,687 in payment processing costs, showcasing its efficiency.
Payit by NatWest leverages open banking to streamline the payment process for finance teams, reducing compliance work and ensuring faster payments and refunds.
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