Transferlink , an Estonia-based payment tracking tool, has partnered with Nordigen to access their Open Banking services. The integration with Nordigen allows Transferlink clients to connect their business accounts directly to the platform to import financial data.

When transfers are made to invoices or orders, Transferlink will immediately match the transactions and update the status to paid. Transferlink is a transfer management tool that links bank transfers to orders from online stores and invoicing programs. The program enables entrepreneurs, online shop owners, and accounting professionals to track transfers more efficiently, reconcile and automate payments, and manage the automatic settlement of digital orders.

Transferlink allows clients to view and track all their transactions in one dashboard and helps them save time by categorising paid invoices and streamlining order processing. This option is also more cost efficient, as it relies on bank transfers which are usually free, in comparison to express payment options that typically charge 3% to 7% commission on each transaction. Nordigen’s other partnerships Nordigen had a string of partnerships in 2022.

In October it partnered with Lettings in a box and Pelrio. Lettings in a box is a UK-based referencing company formed by lawyers and insurance specialists. The business offers a platform for tenant and guarantor referencing.

In order to ensure that the risks of default and fraud are kept to a minimum, Lettings in a box uses a hybrid of technology, artificial intelligence (AI), and human decision-making. The platform facilitates all the required procedures between landlords and tenants, including document, employment and identity verification, credit checks, and landlord authentication. Pelrio uses artificial intelligence to provide real-time analysis, dynamic forecasts, and expense control for small business owners.

The tool was launched by Promise Uzoechi and Sebastiano Valentini in Brescia, Italy, following a belief that business owners have a need for dealing with business finances in a more efficient way, without having to rely on a manual process. The rise of Open Banking Under the system of Open Banking, customers are able to share their financial data with third-party providers. This data includes information on current accounts, savings accounts, credit cards, and mortgages.

Customers can choose which providers they want to share their data with, and they can revoke these permissions at any time. For customers, Open Banking makes it easier to access their financial data. They can share this data with third-party providers who can help them manage their finances better.

Open Banking also allows customers to switch banks more easily. For banks, Open Banking makes it easier to compete with other banks. Banks can partner with third-party providers to offer new banking products and services.

Open Banking also allows banks to collect data on customer behaviour, which they can use to improve their products and services. For third-party providers, Open Banking provides access to a large amount of financial data. This data can be used to develop new products and services, and to improve the customer experience.

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