Today, it has been announced that OpenWrks has been shortlisted as a finalist for round 2 of the Nesta Open Up Challenge. We will be using our Open Banking expertise to create a completely free and open source Business Current Account comparison tool.
For years we’ve seen small businesses getting a bad deal on their current accounts and overdrafts. They have either been paying too much for their accounts or have missed out on benefits their business could access and are being rewarded for their loyalty with generic and stagnant banking services.
As champions of small businesses, we don’t think that’s right and the judges of the Open Up Challenge agree with us.
We’ll use our OpenWrks Open Banking toolkit to give SMEs a personalised Business Current Account comparison tool so business owners can compare all the bank accounts and overdrafts suitable for their business, in one place. At absolutely no cost.
For the first time, SMEs will be able to get a personalised, independent and real-time comparison of the true cost of their business banking, an easier way to find a better deal on bank accounts and overdrafts that are best suited to their unique business needs as well as a completely seamless switching process.
OpenWrks founder Olly Betts said
“I am so proud of the team. To be selected to take part in the next phase of the Nesta Open Up Challenge is a testament to the hard work that has gone in to put as at the forefront of the Open Banking revolution and our continued dedication to building technology to make small businesses lives easiers.
As the first third party to successfully integrate with all available Open Banking APIs, we are uniquely placed to solve this problem for SMEs.
The market doesn’t need an invention, it needs innovation. It’s time to fix the fundamental problems in the Business Current Account market and help save SMEs money whilst giving them the banking service they deserve and need to grow their business.”
The innovation that will ensure this new Business Current Account service is adopted and finally shakes up the dismal number of account switches, is the fact that it will be made available to any business that helps SMEs. From banks, accountants or software providers any of these businesses will be able to use our tool to help their customers understand the current true cost of their business banking, how those costs compare to other available products from any provider and importantly how they can access those products without wasting time and taking focus off running their business.
We’re very excited about the future and are very much looking forward to sharing our new Business Current Account comparison tool with UK small businesses.