Credit Suisse will work with Klara on new open banking options, according to a press release on Friday, July 2.
The two companies have worked on creating solutions and creating added value for their corporate clients, including automatically exchanging payment information as well as online credit applications.
With the partnership, the release says private clients of Credit Suisse can get a one-stop sign-up process, allowing them to initiate digital payments. These customers can then link their accounts to their ePost application.
And Klara’s ePost will also allow communication with Credit Suisse’s online banking system, which will allow it to simplify payments for customers.
“By offering open banking services, we create an integrated and personalized customer experience,” said Anke Bridge Haux, Head of Digital Banking at Credit Suisse AG. “In partnership with Klara, we are now offering our private customers payment functions via interface technology. It is simple, transparent, secure and available wherever customers need it on a daily basis.
The statement also notes that Credit Suisse settled the U.S.-listed equity trades on the same day as financial institution-building firm Paxos.
Open banking, according to a new report, is doing well to spur the growth of e-commerce. Additionally, a report from PYMNTS, Open eCommerce: Open Banking As The New eCommerce Accelerator In The UK And Europe, said that open banking has helped with fast user authentication as well as instant B2B payments.
Open banking, according to the report, has helped some of the biggest ecommerce operations, allowing transparent payment options and less risk that these things offer.
The open bank has performed particularly well in the UK and Europe and garnered more support for its flexibility.
PYMNTS found that the number of application programming interfaces (APIs) using the technology increased from 66.8 million in 2018 to 6 billion by 2020, adding that there were more open bank payments made in February of this year in the UK than there had been in the whole of 2019.