The impact of Covid-19

2021-04-30

The impact of Covid-19 on business account openings


he Covid-19 health crisis has had a significant impact on the operation of many businesses around the world. Forced to adapt to the measures put in place in most countries, they have had to find ways to continue their activity in order to avoid going bankrupt. This crisis has not prevented the appearance of new entrepreneurs who are eager to start their business despite the difficult context. The payment players have understood this desire and are thinking of solutions adapted to the distancing imposed by most countries, as is the case with Olkypay.

Open a business account, all online

As we mentioned in a previous article, it is historically quite long and fastidious to open a business account in traditional banking institutions. Depending on the bank, this procedure can take up to 15 working days, thus slowing down the future trader in the launch of his activity. During this particular period, most bank branches were closed, not even allowing their customers to open an account. Olkypay's goal is to make the opening of this professional account much shorter and more flexible than what is usually offered.

With digitalization hitting the world of work hard, new technologies are allowing us to think of previously unthinkable concepts. These technologies have allowed payment institutions to offer services that do not require the physical presence of the customer, allowing them to benefit from financial services without having to go to a branch.

Among these technologies, we think in particular of the contributions of the electronic signature. From the device of his choice (tablet, computer, smartphone ...), the interested customer will be able to validate the contract remotely and in a way as secure as in physical. Beyond the electronic signature, there is a growing number of APIs in the world of payment, framed in particular by the PSD2 (Payment Services Directive). These interface applications that make up, for example, the many banking applications available on smartphones. They are a fundamental notion of Open Banking introduced by PSD2, allowing Fintechs and other financial players to process the flows account opening and payment.

At Olkypay, we use these new technologies to offer Iban Express, a service for opening an account in just a few minutes and remotely. This express service greatly accelerates the customer process dedicated to opening an Olky Pro Account. We also have an online configurator that allows merchants to customize and modify their Olky Pro account. As you can see, APIs are a key technology in the world of payment and offer interesting possibilities for the future of the sector.

IBAN Express

More and more online services

One of the other elements differentiating traditional banks from neo-banks is their service offerings.One of the characteristics of neo-banks is that they offer services, admittedly mostly similar to those of traditional banks, but accessible onlineand adapted to the format.

Still to meet the health context of Covid-19, this specificity allows to bring to the merchants a complete offer of management of their finances at a distance. The neo-banks have thought of many management tools accessible online, allowing the merchant customer to have a quick and clear view on his expenses and income. In addition to the management tools, a real diversification of services can be felt in the different proposals of the neo-banks.

At Olkypay, we can mention :

  • A remote payment solution via a virtual payment terminal, working through a payment link sent to the customer.
  • Providing an authorization number to collect from the merchant's customers.
  • An automatic collection system for unpaid bills.
  • The provision of business cards for employees, coupled with an interface for managing expenses and withdrawals linked to them.

All of these solutions are born of the technical progress that is inexorably intruding into the traditionally closed world of payment. All the innovations cited in this article are made possible by this evolution, which has been able to express itself fully since the advent of Open Banking. The Covid-19 crisis will ultimately have only accelerated the process, pressing merchants to find remote solutions to continue doing business.

In any case, it is certain that these services are now an integral part of banking propositions. In an increasingly digital world where everything is becoming accessible remotely, the payment sector had to adapt its format to match the era of the times. Today it is therefore possible to open a business account in a few minutes, from home, while benefiting from new services.