The Future of Open Banking Payments: Opportunities for SMEs

Open banking is quietly rewriting how financial services work. For Swiss SMEs, the shift matters in concrete ways: lower payment costs, real-time settlement, and financial data that actually connects across accounts. This article breaks down where the technology stands today, what it means for SMEs operating in Switzerland and across Europe, and what to watch as the ecosystem continues to develop.

What is Open Banking?

Open banking means banks share customer account data with authorised third-party providers through APIs (Application Programming Interfaces), always with the account holder's explicit consent. The result is a more connected financial ecosystem: payment providers, fintech platforms, and businesses can work together without the friction of legacy systems.

In Europe, the framework that made this mandatory is the EU's PSD2 (Payment Services Directive 2). PSD2 requires banks to grant third-party access to financial data, which opened the door to a wave of innovation and genuine competition across the payments space.

Opportunities for SMEs with Open Banking Payments

1. Lower Transaction Costs

Cut out the intermediary and you cut the fee. Open banking payments move money directly from one account to another, bypassing card networks entirely. For SMEs handling recurring billing or cross-border transactions, that reduction compounds quickly over time.

Swiss example: A Lausanne-based subscription service switching to open banking payments avoids the percentage-based charges typical of traditional credit card transactions, keeping more margin on each cycle.

2. Faster Payment Settlements

Standard bank transfers often sit in a queue for days. Open banking payments process as real-time transfers, which directly improves cash flow by eliminating the gap between invoice and receipt.

Fact: The European SEPA Instant Credit Transfer completes transactions in seconds, giving businesses immediate access to funds and a clearer picture of their actual liquidity at any point in the day.

3. Improved Customer Experience

When a customer pays through open banking, they authorise the transaction straight from their bank account. No card number to enter, no redirect to a third-party page. That reduction in checkout friction typically translates into higher conversion rates for online stores and e-commerce businesses.

Platforms such as Klarna or Revolut already offer open banking payment options, giving Swiss SMEs a path to these faster, more streamlined experiences without building from scratch.

4. Enhanced Security and Compliance

Open banking payments use strong customer authentication (SCA) as a baseline requirement, not an optional add-on. SCA lowers fraud risk, reduces chargebacks, and signals to customers that their transactions are handled with care. For SMEs, those security guarantees matter: they protect both the business and the client relationship.

5. Access to Financial Insights

Here is where open banking extends well beyond payments. SMEs can pull real-time data from multiple bank accounts into a single view, making it genuinely easier to track cash flow, build accurate budgets, and stress-test forecasts. For a business managing accounts across several Swiss banks, that consolidated visibility is a meaningful operational advantage.

The Growing Importance of Open Banking in Switzerland

Switzerland is moving toward open banking, though the pace has been more deliberate than in the EU. Swiss financial institutions are actively building partnerships with fintech providers, and the infrastructure investment is accelerating.

The SIX Group, which operates Switzerland's core financial infrastructure, is developing an open banking framework aimed at greater interoperability between banks and authorised third parties. That development sets the stage for broader SME access to the kind of payment and data services that businesses in the EU have already started using.

Challenges for SMEs Adopting Open Banking Payments

The direction is positive, but the transition is not without friction. SMEs considering open banking should account for:

• Regulatory variations: Businesses operating on both sides of the Swiss-EU border face different regulatory regimes. What PSD2 requires of EU banks does not automatically apply to Swiss institutions, so compliance obligations need to be mapped carefully.
• Customer awareness: Open banking is still new to many consumers. SMEs that want strong uptake need to actively communicate why the payment method is secure and how it benefits the customer, not just the business.
• Integration costs: Direct account-to-account payments save on transaction fees over time, but the upfront investment in technical integration can be real. Smaller teams without in-house development capacity will need to factor that in.

The Future of Open Banking Payments

The most significant development on the horizon is Request-to-Pay (RTP). RTP lets businesses send a real-time payment request directly to a customer, who can approve and settle it immediately. The dynamic removes much of the friction from invoicing and follow-up, particularly for B2B transactions.

Beyond RTP, as more fintech providers enter the Swiss and European market, SMEs will gain access to more specialised financial services: embedded payments built directly into business software, Buy Now Pay Later (BNPL) options for B2B purchases, and data-driven financing products tied to live cash flow data. Each of these extends the competitive edge available to smaller businesses willing to move early.

Conclusion: Seizing Open Banking Opportunities

Lower costs. Faster settlement. Better data. Stronger security. Open banking delivers on each of these for SMEs that adopt it thoughtfully. Swiss businesses that move early gain a real operational advantage: their customers benefit from a smoother payment experience and their finance teams gain the real-time visibility needed to make faster decisions.

The financial ecosystem will keep evolving. The Scalemetrics team works with Swiss SMEs to navigate exactly these kinds of infrastructure shifts, connecting the right payment and finance tools to the businesses that need them most.

For SMEs looking at how open banking connects to broader finance operations, our accounting and payments services and corporate tax and VAT compliance pages outline how these pieces fit together. Scalemetrics helps Swiss SMEs act on decisions like this before market conditions shift. Our corporate tax and VAT compliance services and outsourced CFO team give finance directors the senior expertise to move first.

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What is Open Banking?

Open banking refers to the practice of banks sharing customer data with authorised third-party providers via APIs (Application Programming Interfaces), with the customer's consent. This creates a connected financial ecosystem where payment providers, fintech companies, and businesses collaborate seamlessly.

What should Swiss SMEs know about Opportunities for SMEs with Open Banking Payments?

Open banking payments eliminate the need for intermediaries such as card networks, leading to reduced fees. With direct account-to-account payments, SMEs can lower transaction costs, particularly for recurring payments or cross-border transactions.

What should Swiss SMEs know about The Growing Importance of Open Banking in Switzerland?

Switzerland has begun embracing the open banking movement, although at a slower pace than the EU. Swiss financial institutions are increasingly collaborating with fintech providers to develop open banking services, providing SMEs with access to cutting-edge payment solutions.

What should Swiss SMEs know about Challenges for SMEs Adopting Open Banking Payments?

While the future of open banking payments is promising, SMEs may encounter some challenges, including regulatory variations between Switzerland and the EU, the need to educate customers about open banking security and benefits, and upfront technology integration costs despite long-term fee savings.

What should Swiss SMEs know about The Future of Open Banking Payments?

Open banking is paving the way for innovative payment solutions, such as Request-to-Pay (RTP), which enables businesses to send real-time payment requests to customers. As more fintech providers enter the market, SMEs will have greater access to customised financial services, such as embedded payments and BNPL options, enhancing their competitive edge.

What financial infrastructure do Swiss SMEs need to operate compliantly?

Swiss SMEs need: OR-compliant accrual-basis bookkeeping, quarterly MWST filings with the ESTV, monthly AHV/IV/EO payroll contributions to the cantonal SVA, BVG occupational pension administration, UVG accident insurance, annual corporate tax returns, and management reporting. A fractional CFO covers this entire compliance stack.

How much does outsourced CFO services cost in Switzerland?

Outsourced CFO services in Switzerland cost CHF 3,000-12,000 per month depending on scope and company complexity. This covers the full finance function: bookkeeping, payroll, MWST, budgeting, financial modelling, and reporting. Compared to a full-time CFO at CHF 216,000-350,000 annually including social costs, the outsourced model saves CHF 100,000-200,000+ per year.