When we talk to people about Open Banking the first thing that people ask us is how secure it is. With data breaches of high profile companies appearing regularly in the news it’s understandable that people are wary about sharing their personal information. And when your finances are involved people are even more reticent.

The first thing about Open Banking that you need to know is that it’s been designed with security at its heart. Open Banking uses rigorously tested software and encryption systems, think bank-grade security, it’s also highly regulated. Ecospend and its platform adzuki is highly regulated by the Financial Conduct Authority and is also protected by data protection laws and the Financial Ombudsman Service. This regulation focuses, among many other things, on the security protocols and systems surrounding the data that the platform holds. Finally, the two most important aspects are that adzuki does not hold your banking credentials and when using Open Banking you are in control of your data, you choose to share your information and who to share it with and for how long. At any time you can withdraw your permission to access data.

Many technology companies, including some in the Open Banking ecosystem are still using a process called screen-scraping. This process requires you to share your login details and passwords with the app — details that could then be accessed by hackers, and the app essentially ‘logs-in’ on your behalf to your bank. Fortunately this process is due to be outlawed this September. If in doubt always get in touch with the company before you download their software to ask if they use this type of technology. The risk of your credentials being leaked when shared this way is worryingly high. With adzuki and Open Banking you will NEVER be asked to share your login details and passwords, so your data could not be safer.

So now you know your money and data is safe with adzuki there is nothing to stop you enjoying the many benefits that Open Banking can provide your business and your personal finances. To find out more about the adzuki App and how it works please visit www.ecospend.comand for more info on Open Banking visit www.openbanking.org.uk

Will my data be safe with Open Banking? was originally published in Ecospend on Medium, where people are continuing the conversation by highlighting and responding to this story.

In the UK the number of self-employed workers has increased rapidly over the last two decades, with over 4.8 million of us choosing this way of life today. But whether you are a small business owner or a freelancer there is a never-ending list of things to juggle and your finances definitely should be at the top of that list. As well as handling your workload and client requests there is the continual pressure of tracking expenses, supervising office expenditure, managing work loans, invoicing clients and organising your tax.

According to a survey by KPMG, SMEs would only share their data if it made it easier for them to manage their bank accounts, payments, invoices & taxes, or if it saved them a significant amount of money. Well the good news is that Open Banking will do just that!

adzuki is the first, complete end-to-end Open Banking platform and will allow freelancers and small businesses to really get a grip on their finances and manage their business accounts easily alongside their personal assets. By being able to actually view all your accounts in one place, on one screen, it makes it simpler to file accounts and monitor business expenditure, which in turn will help establish better budgeting.

CMA data shows that only 4% of small business customers change bank accounts every year, which is understandable as running your own business or freelancing can be so time consuming. But moving business accounts regularly can save money for SMEs so is something that should definitely be done. adzuki continually evaluates your spending patterns and is therefore able to recommend the best deals on the market based on your data. SMEs and freelancers can then easily change accounts via the App without having to visit the bank or provide any account information, saving valuable time and money.

More and more small businesses rely on freelancers to provide services that they can’t pay for full time. With adzuki SMEs can avoid costly transaction fees, move money between accounts and make transfers/payments in a more convenient way.

The changing face of the digital workplace has meant that working as a freelancer is easier today than it has ever been and with the adzuki App freelancers can unleash the power of Open Banking and manage their money . . . simply.

How adzuki can work for the busy freelancer was originally published in Ecospend on Medium, where people are continuing the conversation by highlighting and responding to this story.

We are all attached to our smart phones. We use them for nearly every decision that we make every day. What time is the next bus . . . there’s an app for that, sharing a picture with friends . . . there’s an app for that, ordering dinner . . . there’s an app for that. We can even use our phones to pay for a pint of milk at the corner shop, in fact cash is fast becoming redundant in our new digitally smart lives. The reason why Uber is so popular is not simply their low fares, but the fact that you don’t have to carry cash or a credit card — lose your wallet on a night out and you can still get home if you have your phone!

Access to our smart phones has enabled us to also make smarter decisions in all aspects of our life including our finances. As the established banks seem to be disappearing from the high street, challenger banks such as Metro Bank are popping up on every street corner, whilst new upstarts such as Monzo and N26 are rejecting bricks and mortar completely and offer the consumer an entirely digital service. Whereas in the old days you often used one bank for all your financial needs, these days by shopping around you can find different solutions to all your financial wishes. However, with multiple bank accounts and credit cards, this results in multiple apps clogging up our home screen . . . until now.

Open Banking with adzuki allows you to view all your bank accounts in one place and move money between them instantly. But it doesn’t stop there, by analysing your accounts using cutting-edge technology it is able to categorise and ring-fence your funds to prevent you overspending and to detect fraudulent behavior on your accounts. The app shows a clear breakdown on your spending and compares this to previous habits, offering tips and advice as well as smart notifications, so you are able to avoid unnecessary overdraft fees, unused direct debits and start smart saving.

In addition to this adzuki provides tailored and bespoke financial products and services based on your financial circumstances. For example, you no longer need to spend hours on web comparison sites looking for the best deals for your utilities, adzuki is partnered with Switchcraft which automatically moves you to the best energy deal from the widest possible range of suppliers based on your expenditure. You will receive instant results and the best deals, products and services, based on what you actually spend.

So, if you want to be financially smart, embrace Open Banking with adzuki.

A New Era of Banking . . . Why We All Need Open Banking was originally published in Ecospend on Medium, where people are continuing the conversation by highlighting and responding to this story.