For businesses, open banking creates new ways to offer their customers better services, giving them a competitive advantage in crowded or new markets. For example, any business that transacts online can take advantage of open banking to help them accept instant bank payments, without using card networks. Accepting payments online reduces fees, lowers fraud and lifts sales conversion. Alternatively companies can use open banking to accelerate customer onboarding. If you need to collect financial information from your customers at sign up, such as proof of income or proof of bank account ownership for a payment, open banking can help you do that in a secure, automated way.