Richard McCall considers how Open Banking platforms are revolutionising the ways in which businesses access, manage and control finances, and what this means for taxation
In a world where time is precious, fast and secure, digital financial solutions are being welcomed with open arms. It is therefore unsurprising that Open Banking has quickly become an indispensable asset, shaping how consumers and businesses manage their finances.
Approximately 2.5 million businesses and consumers in the UK actively use Open Banking services, which is sharply growing by around one million every six months (see bit.ly/2U7EX4G). With more than 300 fintech companies assembling to form the Open Banking ecosystem, the programme has been commended for its encouragement of competition among financial corporations. With its expansion, the initiative has been endorsed by the banking industry and received support from government entities, such as HMRC.