A new payments and data platform, called Archie, has launched with the aim to support UK businesses and underserved SMEs, and to educate consumers about Open Banking.
Archie, co-founded by Bhavesh Nayi and Graham Nyman, enables its partners, including SMEs and larger corporates, to create consent-driven payment and data experiences, which can be set up “in minutes”, without the need for any coding and personalised to their own branding.
Through the new platform, small business owners can add Open Banking-powered payments to their existing payment methods using ‘pay by link’ and QR codes, with the potential to save up to 70% in transaction fees.
To coincide with the platform’s launch, the co-founders have published a white paper, ‘The Elephant in the Room’.
The paper reveals the findings of a survey conducted by Archie among 400 UK consumers, which found that 82% of consumers would share their financial data in return for the right incentive, while 78% are still unsure about what Open Banking actually is, and what it can achieve.
Nyman said: “People don’t trust what they don’t understand, and this is the elephant in the room. The underlying issue stems from a lack of education by the industry, and this is something we’re seeking to address.
“Archie is all about education and accessibility, both for Britain’s businesses and their customers, for whom data unlocks a host of possibilities.”
He added: “With our platform, SMEs can plug in and just pay for what they use.”
Nayi said: “Britain’s businesses are understandably worried about their P&L.
“We’re providing the right tools to reduce payment costs, whilst also providing data-driven insights that will help them better understand, and serve, their customers, increasing lifetime value.”