Open Corporate™

Definition

Open Corporate™ (also API Corporate) refers to the opening of companies and parts of their data to third parties (financial service providers, banks, insurance companies, suppliers, management consultants, tax advisors, government agencies). Via SSO, APIs or screen sharing, the use and aggregation of data as well as operations and corporate consulting are made possible, which are triggered either by third parties or by the company itself.

Pre-Condition 

In the Open Corporate™ approach, all relevant company data is in the cloud. Important data coming from components such as CRM, banking transactions, strategy, analytics, HR, expenses + invoice management, asset management, multi-banking and all financial data and KPIs. The company has data sovereignty and makes the data available to third parties on a case-by-case basis.

Advantage

Open Corporate™ is a term protected by WebAccountPlus. In contrast to Open Banking, where mainly account balances, transactions and a credit score are made available, Open Corporate™ provides all relevant company data including KPIs on request – this enables direct assessments and contract conclusions with market participants from Embedded Finance, Embedded Banking but also from job portals in the Corporate Eco-System.