Open Banking Trends for 2024

CPA Ireland | Accountancy Plus

“The viability of any business hinges on the efficiency of your accounts receivable (AR) function. Customers need to make payments based on invoices received and Open Banking significantly optimises the AR function,” writes Donal McGuinness, CEO of Prommt.

Open Banking is rapidly gaining popularity in the Irish payments landscape, hitting a new level of maturity this year with increased users, services, and regulatory attention. It’s transforming higher-value transactions by eliminating card limits and costly processing fees, while providing a safer, faster, and more efficient alternative to traditional bank transfers, drafts or cheques. In this month’s issue of Accountancy Plus, Donal explores the top 5 Open Banking trends of the year.