Being a digital business ourselves, we love learning about any innovative future tech. At the latest Tees Valley Business Club event at Acklam Hall we did so and discussed ‘Open Banking’ with representatives from Barclay’s Bank.
A Little Note From Us With Our ‘The Social Gene’ Hat On
As we now work with Tees Valley Business Club on their social media, we would like to encourage all the members to use Twitter and LinkedIn more for business. Part of everyone’s membership now includes ‘digital networking’ as a means of communicating with fellow Tees Valley business owners. Networking and ‘exchanging knowledge’ shouldn’t have to stop when we all leave the monthly events! We now have the hashtag, #tvbcmembers which we are encouraging all members to use. In addition, I will also be talking at future events for a few minutes on the topic – the warm up act, if you like.
Discussing Open Banking With Barclays Bank
The Open Banking initiative will create new data sharing and payment options. It will streamline your finances making it easier to move, manage and make more of your money. The initiative is aiming to increase competition in the banking industry as well as creating a means for stronger accountability.
You will be able to choose the data and accounts that you want to share with registered companies (also known as third-party providers). It means you can see account information from your other bank accounts all in one place and make payments through other apps and websites.
The technology uses an API or Application Programming Interface. An API is a software intermediary that allows two applications to talk to each other acting as a ‘middle man’ of software. We all use APIs all the time without realising including when we send a message on Facebook Messenger and checking the weather on our mobile phones.
There’s definitely a lot a potential for this new technology.
A big thank you to both Andrew Dixon and Joe Jenkins who joined us from Barclays Bank to provide insight into Open Banking. It definitely stirred up some discussion in the room which was fantastic.
That’s my little sum up of Tees Valley Business Club’s March event at Acklam Hall. If you’d like the opportunity to network with business owners and representatives from across the Tees Valley you can find out more information here.
We’ve written about some of their previous networking events which you can also read here.