Banco Sabadell to Enable Companies to Make Transfers From Accounts With Other Financial Institutions by Leveraging Open Banking Capabilities

  • Open Banking , Payments
  • 10.12.2020 05:35 pm

The bank’s commitment to supporting the self-employed, businesses and families has intensified during the COVID-19 crisis, which has driven initiatives focused on making remote banking easier for customers and providing new remote services wherever necessary.

With the aim of offering our customers a better banking experience, in April Banco Sabadell incorporated a functionality in its digital channels enabling customers to aggregate accounts held with other financial institutions, thereby allowing them to consult their overall position in a single app.

Now, Banco Sabadell is going one step further and will enable its business customers to make payments from its own website using accounts held with other financial institutions, by leveraging Open Banking capabilities (Payment Initiation Service Provider or PISP), thereby becoming one of the first European banks to offer this service.

This will simplify day-to-day banking for businesses by facilitating cash management transactions and will enable faster overdraft management. Simply by accessing BS Online Empresa, customers will be able to carry out transactions on the accounts they hold with the main financial institutions in Spain.

This development ensures that Banco Sabadell continues to be a leading bank in the business segment. In the words of Anna Puigoriol, Director of Payment Services: “With this functionality, our customers avoid the need to navigate across different digital platforms to carry out their day-to-day cash management and pay suppliers. We want Banco Sabadell to be our customers’ main bank and we are sure that this service will help us to achieve that”.

Pol Navarro, CEO of InnoCells, explains: “We have seen an accelerated use of digital channels following the pandemic, which has enabled us to build on the bank’s position in the business segment by launching new functionalities. This new service shows how Open Banking capabilities can be leveraged to improve day-to-day banking operations for our customers.”

Banco Sabadell is a leader in customer satisfaction ranking tables for the SME segment and has rolled out various digital integration and assistance solutions for its customers. In the business segment, more than 80% of our customers are digital, which indicates that there is an opportunity to develop a stronger digital relationship with new and better services and functionalities.

Important developments in this area include the launch of digital signature processes via the mobile app and by email, even for customers who had no remote banking facility (more than 140,000 signatures for ICO loans or for loan payment holidays were remote signatures), the Pulso tool, with which users may access, free of charge, an interactive barometer of economic recovery in Spain, and Sabadell Forex, a digital currency trading platform.

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