SME Business Guide

Open Banking - What does it Mean?

Open Banking In recent years the financial industry has been revolutionised by increased development in technology. As the world around us has become increasingly digitised, so have financial services. Open banking, a great example of this change, has given businesses and individuals more control over their financial data.

What is Open Banking?

Open banking is an approach that enables the secure sharing of financial information between different financial institutions and authorised third-party providers (TPPs). It leverages Application Programming Interfaces (APIs) to facilitate the seamless exchange of data, with the explicit consent of customers.

How does Santiago SME Finance use Open Banking?

Santiago is partnered with an open banking provider named Yapily, which serves as our TPP. We use open banking to check borrower eligibility criteria by viewing your business income and outgoings. We essentially access your business payment and transaction data through the use of an API via our borrower portal. APIs grants software the ability to communicate with each other. It’s a secure and more efficient process than carrying out traditional checks. This means that we can approve your loan at a significantly greater pace. Additionally, your transaction data is only accessible for 90 days, however we maintain the ability to refresh the data during this time.

Open Banking in Ireland

Open Banking is fully regulated in Ireland. It is backed by The Payment Services Regulations 2017, which is designed to provide citizens with greater security. Open Banking is Not Compulsory with Santiago SME Finance We like to offer business owners flexibility in every aspect of the lending process. You have the choice to not use open banking, and we allow for business owners to manually upload such documents themselves.

What are the advantages of using Open Banking?

Enhanced Financial Transparency: As open banking allows individuals and businesses to upload and share financial data with an authorised third party, the entire lending process becomes more transparent. This transparency enables them to gain a comprehensive overview of their financial health, make informed decisions, and access personalised financial products and services.

Improved Access to Services: Open banking promotes competition by breaking down the traditional barriers between financial institutions. It allows TPPs to develop innovative solutions and services that can cater to specific customer needs. This leads to a broader range of options for individuals and businesses, fostering greater inclusivity and accessibility in financial services.

Personalised Solutions: With access to customer data, TPPs can leverage advanced analytics and artificial intelligence to deliver personalised financial solutions. This can include tailored recommendations for savings, investments, budgeting, and more. By harnessing the power of data-driven insights, customers can be advised on more relevant and customised financial decisions. Speed As previously mentioned above, we prioritise speed and efficiency. The lending process has been made much quicker for both parties by the advent of Open Banking, providing crucial documents for review at a lightning speed. This enables us to give credit decisions and funding to be given in minimal time.

You can use an open bankng connection with Bank of Ireland, Bank of Ireland Business, AIB, AIB Business and Revolut in Ireland. For more information visit:

Bank of Ireland - Open Banking

AIB - Open Banking

Revolut - Open Banking