Open Banking: Wholesale Banking is on the Verge of a Dramatic Change
The banking landscape has been changing rapidly in the past couple of years. Especially in consumer banking, new fintech companies have made their appearance.
First as challengers to the status quo, but increasingly as partners seeking collaboration with major banks. Like in China with WeChat, a competition has started in who will be the dominant platform for consumers: the banks or others like large tech firms or fintechs? This development has currently reached wholesale banking.
Open Banking Will Change How Banks Interact with Corporates
PSD2 and ISO20022 will create new messaging standards and access to accounts and data from different institutions. TreasurUp has met more than 300 corporates during the last three years and learned that better FX management can be done when hedging is combined with payments and liquidity management.
Open banking allows these companies to manage cash across multiple banks more easily and instantly. For banks, this means that collaborations with other banks and fintechs will become the new norm.
Banks Need to Focus More on Consultative Sales
Besides messaging standards, platforms and API’s banks need to invest in their front office. The open banking landscape will be more open and digital and the front office need to know about that for proper client interaction. The pace of development is still increasing and traditional sales will probably develop into consultative sales.
Next to that channel integration will become the new norm in banking: relationship management and specialists are integrated with the bank’s online channels.
Now seems a crucial time for banks to decide how to position for open banking. Having people and a new infrastructure based on openness will be an important factor. If banks are not close enough to their corporate clients, new players will become the client interface and banks will be pushed downwards towards execution.
Banks are quite well-positioned with their complete product offerings, skilled people and deep pockets. Now is the time to position for this new era.
From Product Push to Consultative, Data‑Driven Conversations
Open banking fundamentally changes what corporate clients expect from their relationship managers. Instead of purely product‑driven conversations, treasurers increasingly want insights based on real‑time data aggregated from multiple banks.
TreasurUp sees a shift toward consultative sales, where bankers use analytics and scenario tools to advise on FX, liquidity and working‑capital decisions. Open banking APIs provide the data foundation, while front‑ends like TreasurUp’s cash visibility and forecasting modules turn that data into actionable dashboards and reports.
Making the Bank Portal the Primary Interface in an Open Ecosystem
Some banks fear that open banking simply pushes them into a commoditised back‑end role. If banks embrace multi‑bank data and third‑party integrations, their own portals can become the preferred starting point for corporate treasury workflows. By integrating ERP connectivity, trade credit insurance, FX hedging and forecasting into a single channel, banks can orchestrate an ecosystem experience while still owning the client relationship. Open banking therefore becomes a catalyst for deeper client interaction – not a threat – when supported by the right digital platform strategy.
Contact TreasurUp
Contact us to schedule a demo or join 1,300+ banking leaders and subscribe to TreasurUpdate to stay updated on the latest trends, regulations, and product innovations in online business banking, including practical developments around stablecoins and digital cash.