It’s been a year since we started working towards Open. Being entrepreneurs we found business banking to be a frustrating experience for small businesses. One that drains them of their time and energy that they could have spent focusing on their core business. So, we set out to build Open with an objective to make business banking work for small businesses.
So, what is Open?
Open is a digital payment account that helps small businesses to send and receive payments with ease. It also offers integrated tools like invoicing and expense management to empower businesses to run their finances effectively.
Here are few of our key features:
• All the features of a traditional bank account
When you sign up for an Open account you get a dedicated Indian bank account with an IFSC code that enables you to receive and send bank transfers from your account.
• Unified business payments
The Open account comes with an online payment gateway that lets you receive payments via a wide range of methods such as credit cards, debit cards, net banking, and bank transfers using NEFT / RTGS or IMPS. You can also collect recurring payments with ease by enabling direct debits from the user’s account via Aadhaar based E-mandate. Open also offers a pay-out solution that makes it easy for businesses to pay their vendors and employees via IMPS, NEFT or RTGS.
• Tools for managing receivables and payables
Right from GST compliant invoices to insightful receivable and payable analytics such as client-level balances and daily sales outstanding to an automated reconciliation of income and expense management, Open provides a wide range of built-in tools that empower small businesses to manage business payments with ease.
• Automate your banking workflows using APIs
Open is an API driven platform. You can simply use our APIs to integrate banking into your business workflows, be it creating unique bank account numbers (Virtual accounts), or sending pay-outs via IMPS or NEFT, or enabling recurring billing via Aadhaar based E-mandate.
• Is Open a bank?
Open is not a bank, but we have partnered with our banks to offer a digital business account that comes with all the features of an existing bank account along with everything that you need to automate your finances.
We are currently working towards launching new features such as a Mastercard debit card and an AI-based accounting tool in the coming months.