The ability to view a customer's current bank balance via Open Banking before agreeing to extended payment terms could enhance credit assessments and reduce risk for businesses.
I was having a discussion with our credit control team about extended payment terms and it raised an interesting question. They were wondering whether it’s actually possible to see a customer’s **current bank balance using Open Banking**, before agreeing to longer payment terms. In theory it sounds useful, but I’m not sure how realistic it is in practice. From what I understand, Open Banking only works if the account holder actively consents and connects their account. Has anyone seen this used in real workflows, or is it mostly limited to things like budgeting apps and financial tools? Curious how people are approaching this.