Accessing business account information is a necessity for many companies, but they often lack a fast, easy and cost-effective way of fetching relevant, real-time data.
Not anymore. Business account data can now be aggregated on the Tink platform alongside personal accounts, offering organisations the chance to instantly and accurately verify business accounts and their owners, check cash flow and more. This is how.
When you want to do business with another company, whether it’s lending and paying out money, or engaging businesses for products or services, you need accurate and real-time information that lets you easily onboard new customers, or gives you the confidence to sign off on the deal. But gathering business data can be an arduous, expensive and time-consuming process prone to human error.
With Tink, you can now access up-to-date and meaningful business account data in an instant, giving you the ability to create seamless services and user experiences for your business, and its business customers.
Real-time and relevant data
By fetching real-time business data that was not easily accessible before, aggregation improves company efficiency and productivity, and removes friction from your onboarding and KYC processes.
You can make faster, better informed decisions because they are data-driven, and protect against fraud by being able to verify account holder ownership. Because the data is coming directly from the users’ banks, you can trust it.
Ensuring business data goes through a ‘cleaning process’ means it is always relevant and accurate, and presented in a readable format that’s easy to work with. For instance, when we fetch business transaction data, Tink removes duplications and details that add no value, and cleans up the data so it’s simple to understand.
The data is continuously updated in the background up to four times a day, with rolling consent from the account holder, so your decisions and services are always based on fresh information, from multiple accounts and sources.
Business aggregation in action
Swedish credit analytics service, Kreditz is already seeing the benefits of fast and easy access to business data.
Once authorised by the end user, Kreditz retrieves aggregated business account and transaction data, and uses it as part of its own offering for business clients - which is providing instant, streamlined and easily accessible credit analytics that relies on real-time financial information.
Roni Zacharion, founder and CEO at Kreditz added: ‘We see a lot of demand from different industries, when it comes to analysing business accounts to make better decisions. By using Tink, we can connect to business bank accounts and build analytics products just as easily as we do with consumer accounts.’
Easy to get started
The real upshot is that getting started is quick and simple for everyone. Business account aggregation is currently available in Sweden - and can be tried out by new and existing Tink customers wanting early access, after which it will be included in our enterprise plan.
New users can get going right away, whether you have your own PSD2 licence or want to access data through ours, so you can skip the complexity and get straight to developing your service with secure and trusted technology.
Tink Link, our front-end SDK, gives you ready-made authentication flows for business account aggregation. With just one line of code, you can connect to the major banks across Sweden.
And we’re not stopping there. Our plans are set to extend business aggregation across Europe in the coming weeks and months - so watch this space.