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The benefits of tapping into business account data with Business Transactions

Accessing business transaction data is a necessity for many companies, but they often lack a fast, easy, and cost-effective way to get all the information they need. Not anymore. With Tink’s Business Transactions, you can easily tap into business account data. Here’s how it works, and some of the most common challenges it can help solve.

TL;DR – Quick summary

  • Tink’s new product, Business Transactions, lets you easily access real-time data from business accounts.

  • The data (including account information, balances, and transaction data) is retrieved straight from banks, and Tink refines it to a standardised format, making it easy and ready to use.

  • Businesses can use this data to improve the banking experience, credit decisioning, or accounting processes.

The benefits of tapping into business account data with Business Transactions

If you offer financial products (or accountancy services) to other businesses, you're probably aware of how gathering information on their business expenses can be an arduous, costly, and time-consuming process.

Whether you want to power a credit model or improve the customer experience, accessing that type of financial data has generally been a challenge. And when you do get the data, it is often messy and hard to understand because it’s poorly formatted and hard to use.

Wouldn't it be great to be able to easily connect to all their bank accounts for a complete, real-time view of their finances? And if the data came clean, standardised, and ready to use?

Well, we have good news for you.

Access to real-time business account data

With Tink’s new Business Transactions product, you can access real-time transaction data from business accounts including account information, balances, and transaction data – from multiple banks.

This lets you gather all business accounts in one view so customers can skip the hassle of switching between apps and have a single, comprehensive view of their business’ finances in your environment.

What’s more – with Tink, you don’t just get the data in it’s raw, messy form. We make sense of the madness and package it up to make sure all the data you get comes in a standardised format so it’s immediately ready to use.

How does it work? If the customer consents to having their business account data fetched, Tink connects and retrieves the transaction data straight from their banks (so you can be sure it’s fresh and accurate). While fetching the data, Tink cleans up the messy bits and refines the data so you get it in an easy-to-use, standardised format.

What can you solve with Business Transactions

Having access to real-time, verified data from business accounts brings many benefits, all the way from increasing transparency over a business’ finances to offering unique data-driven services and personalised offers, ultimately improving the customer experience.

But let’s take a look at some more specific examples.

Making better credit decisions

One of the challenges Payment Service Providers (PSPs) and business lenders face is having significant merchant credit offerings (cash advances) and operations that require up-to-date and easily accessible data to make accurate credit assessments.

With Business Transactions, PSPs or lenders can feed their credit models with real-time data. This leads to more accurate risk assessments and a quicker process with better results.

Automating accountancy services

For accounting to run smoothly, businesses need to provide a lot of financial information. All of it, really.
This means extracting (several) bank account statements into CSV, OFX, or QIF formats, then importing the data into the accounting software, and reconciling the transactions. All of which is done manually.

Tink’s Business Transactions can help improve the customer experience significantly by letting the end-user connect to their business bank accounts and automatically import the bank statement lines (transactions) straight to the software.

Start the bank connection flow to import your transactions

With standardised data, accountancy services can also vastly simplify the work on their end, speeding up processes while also reducing risk of human error.

Improve the banking experience with a consolidated view of finances

When people manage their finances, they often have to switch between several apps to handle their different accounts. Or have to go back and forth between opening their business and personal accounts, which can be even more of a hassle.

With Business Transactions, banks can allow clients to connect and consolidate their business and personal accounts from multiple banks in one view.

By showing ‘the bigger picture’, banks can own the complete customer experience, attract more customers by becoming the go-to app to replace all others, and even offer better personalised services thanks to deeper insights into the customers’ finances.


Get in touch

Tink’s Business Transactions is currently available in the UK and Sweden. Whether you are a bank wanting to improve the customer experience or an accounting platform looking to streamline processes, we’d be glad to help out.

To get more details about our new product, visit our Business Transactions page, or get in touch.

TL;DR – Quick summary

  • Tink’s new product, Business Transactions, lets you easily access real-time data from business accounts.

  • The data (including account information, balances, and transaction data) is retrieved straight from banks, and Tink refines it to a standardised format, making it easy and ready to use.

  • Businesses can use this data to improve the banking experience, credit decisioning, or accounting processes.

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