Issue link: https://read.uberflip.com/i/1442523
Open Banking powered Remittance www.soprabanking.com Open Banking is the exchange of data and services between financial institutions and third-party providers to deliver enhanced capabilities and experiences to the market. Banking revenue of $416 billion* is at stake in the transition to an open data economy. Open Banking will open doors to new insights, payment experiences, and cost savings while giving you an opportunity to drive loyalty from your customers. / Enrich Mobile app with SBS Open Banking APIs to propose centralized and seamless payment experience / Rely on the license of SBS partner Tink to manage account aggregation & payment without payment institution license in EU / Integrate our banking correspondent partner in Europe to bypass swift or card scheme and manage properly clearing with your bank O P E N BA N K I N G R E VO LU T I O N R E M I T TA N C E : A N O P E N BA N K I N G U S ECAS E O P E N BA N K I N G TO T RA N S FO R M R E M I T TA N C E Transfer money across borders with zero hassle and at low cost • A conventional remittance transfer is a long process involving multiple inter- mediary steps • The cost of an internatio- nal transfer remains high with customers accruing high fees of transfers (>10%) • By relying on SBS's Open Banking Platform the banks can bypass SWIFT/ specific cross border solutions • Make the process– fast, digital & secure, there- fore making the process cost-effective **Global Remittance to ME and North Africa amounted to $62 billion & for Sub-Sahran Africa to $46 billion in 2018. Europe North America $32 BN $4 BN Take advantage of the Open Banking to propose external accounts aggregation and payment initiation to optimize "Remittances" / Account aggregation & Position overview / Data Categorization / Budget management & insights / Payment Initiation Get access to +3500 banks and financial institutions across Europe Transform raw, unfiltered financial data into valuable insights Build customers tools and smart, intuitive Personal Finance Management applications Allow your customers to safely initiate payments and transfers from their accounts – from your own app or website Middle East $8.2 BN