{"id":956,"date":"2019-08-29T15:08:36","date_gmt":"2019-08-29T15:08:36","guid":{"rendered":"https:\/\/swoopfunding.com\/ie\/?p=956"},"modified":"2025-06-30T10:26:51","modified_gmt":"2025-06-30T10:26:51","slug":"open-banking-simply-explained-by-swoop","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/ie\/blog\/open-banking-simply-explained-by-swoop\/","title":{"rendered":"Open Banking Simply Explained by Swoop"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What is Open Banking?<\/strong><\/h2>\n\n\n\n<p>Open Banking is a legislation that requires banks to let their customers share their transactional data with third parties, like Swoop. <a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a> has integrated with Open Banking to give SMEs the ability to compare and switch current accounts and make cost savings on everyday spending. It\u2019s safe, secure, and will almost certainly save you time and money.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What does Open Banking mean to me?<\/strong><\/h4>\n\n\n\n<p>Open Banking allows you to give consent to regulated 3<sup>rd<\/sup> party providers (that\u2019s <a href=\"https:\/\/swoopfunding.com\/ie\/\" data-type=\"URL\" data-id=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a>) to securely allow access to your bank transaction history or to make payments. <br><br>Open Banking can help you move, manage and make more from your money, and therefore your business. You are always in control of what transactional data you choose to allow access to, and you can stop access to your data at any time.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What are the benefits of integrating my business bank account with Swoop?<\/strong><\/h4>\n\n\n\n<p>There are a number of ways in which integrating your bank account with <a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a> will benefit your small business.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">1. <strong>Savings<\/strong><\/h5>\n\n\n\n<p>Open Banking brings significant cost savings, by analysing itemised spending on business bank statements while flagging overspending on anything from mobile phone, broadband, insurance and utility bills, to bank charges, ATM fees and foreign currency exchange rates.<\/p>\n\n\n\n<p>It\u2019s easy to see how quickly your savings add up by looking at our average savings for <a href=\"https:\/\/ireland.swoopfunding.com\/get-started\" data-type=\"URL\" data-id=\"https:\/\/ireland.swoopfunding.com\/get-started\">Swoop<\/a> customers who have integrated their bank accounts with us\u2026<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u20ac360<\/strong> average annual saving for switching business current account<\/li>\n\n\n\n<li><strong>\u20ac540<\/strong> average annual saving for switching business current account with an overdraft facility<\/li>\n\n\n\n<li><strong>\u20ac1,800<\/strong> average annual saving from switching your overdraft facility to an invoice finance facility with an alternative finance provider<\/li>\n\n\n\n<li><strong>\u20ac6,000<\/strong> average saved on foreign exchange through utilising FX activities outside the business current account<\/li>\n\n\n\n<li><strong>\u20ac1,027<\/strong> average saved through switching utilities provider \u20ac<strong>485<\/strong> average saved through switching insurance provider<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">2. <strong>Comparison<\/strong><\/h5>\n\n\n\n<p>By securely integrating your business bank account, our technology quickly and confidentially compares it against the major Irish banks for a variety of services, including:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Bank rates<\/li>\n\n\n\n<li>Introductory offers<\/li>\n\n\n\n<li>Overdraft Facilities<\/li>\n\n\n\n<li>Electronic Payments<\/li>\n\n\n\n<li>ATM fees<\/li>\n\n\n\n<li>FX payments<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading\">3. <strong>Speed up access to funding<\/strong><\/h5>\n\n\n\n<p>When customers consent to share their data, they can dramatically speed up the funding application and approvals process. Swoop\u2019s SME customers have told us that the process of gathering paperwork, such as identification and bank statements to apply for funding, had always been slow, but plugging into Open Banking made it a far more efficient and effortless process.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How does Open Banking actually work? <\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a> can only access your transactional information safely and securely with Open Banking. You will be redirected to your bank\u2019s online banking system (your login details stay private and are never shared with <a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a>.) Your bank will ask you to verify that it is you and confirm that you are happy to give <a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a> access to your data, what type of data, and for how long. Our smart technology will then be allowed access to your account transaction information to show you how much you\u2019re spending and on what types of things. This will help you to manage your money more efficiently.<br><br>Open Banking has been designed to be safe and secure for customers. <a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a> is FCA regulated and we always comply with data protection laws.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><strong>Case in hand \u2013 the bigger picture<\/strong><\/strong><\/h4>\n\n\n\n<p>One of Swoop\u2019s recent customers had been rejected for funding due to their financial stability. After integrating their bank account with <a href=\"https:\/\/swoopfunding.com\/ie\/\">Swoop<\/a>, we identified significant savings of well over \u20ac8,000 per annum across their spend, including FX and bank charges. These savings transformed their credit rating, and therefore their financial attractiveness to potential funders &#8211; enabling us to go ahead and secure the funds they required.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Get started <\/strong><\/h4>\n\n\n\n<p>Getting started is quick and easy. Simply, <a href=\"https:\/\/ireland.swoopfunding.com\/get-started\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"URL\" data-id=\"https:\/\/ireland.swoopfunding.com\/get-started\">set up your Swoop account here<\/a>. Once we&#8217;ve verified your email address, we will need your approval to integrate your bank account into our safe, award-winning platform. You can leave the rest to us.<\/p>\n\n\n\n<p>To get started, <a href=\"https:\/\/ireland.swoopfunding.com\/get-started\" data-type=\"URL\" data-id=\"https:\/\/ireland.swoopfunding.com\/get-started\">register here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Open Banking? Open Banking is a legislation that requires banks to let their customers share their transactional data with third parties, like Swoop. Swoop has integrated with Open Banking to give SMEs the ability to compare and switch current accounts and make cost savings on everyday spending. It\u2019s safe, secure, and will almost [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3941,"comment_status":"closed","ping_status":"closed","template":"","category":[1362],"class_list":["post-956","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-funding-resources"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1.png",980,460,false],"thumbnail":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-150x150.png",150,150,true],"medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-300x141.png",300,141,true],"medium_large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-768x360.png",768,360,true],"large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1.png",980,460,false],"1536x1536":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1.png",980,460,false],"2048x2048":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1.png",980,460,false],"image_blog":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-408x252.png",408,252,true],"image_blog_full":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1.png",980,460,false],"image_podcast":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-397x298.png",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-43x20.png",43,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-840x460.png",840,460,true],"image_blog_medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1.png",980,460,false],"image_single_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/09\/S1-5-980x460-1-80x38.png",80,38,true]},"post_excerpt_stackable_v2":"<p>What is Open Banking? Open Banking is a legislation that requires banks to let their customers share their transactional data with third parties, like Swoop. Swoop has integrated with Open Banking to give SMEs the ability to compare and switch current accounts and make cost savings on everyday spending. It\u2019s safe, secure, and will almost certainly save you time and money. What does Open Banking mean to me? Open Banking allows you to give consent to regulated 3rd party providers (that\u2019s Swoop) to securely allow access to your bank transaction history or to make payments. Open Banking can help you&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/swoopfunding.com\/ie\/category\/funding-resources\/\" rel=\"category tag\">Funding resources<\/a>","author_info_v2":{"name":"root","url":"https:\/\/swoopfunding.com\/ie\/author\/root\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/comments?post=956"}],"version-history":[{"count":2,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/956\/revisions"}],"predecessor-version":[{"id":36339,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/956\/revisions\/36339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media\/3941"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media?parent=956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/category?post=956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}