Novo Banco launches financial aggregation service for businesses and companies

Novo Banco launched NBnetwork + to support companies' daily financial management. This service is integrated in the NBnetwork, the homebanking for business customers and companies, announces the bank in a statement.

Cristina Bernardo

Novo Banco has just launched a financial aggregation and treasury management service, which allows companies to “have a global view of all current accounts, all banks, on a single platform, with enriched information and the ability to start operations” , announced the institution.

It is "a new pioneering solution that offers a set of features that aim to support the daily financial management of companies, NBnetwork +, which is integrated in NBnetwork, the homebanking for business and corporate customers", announces the bank in a statement .

The bank says that the digital activation of customers "gains enormous importance in the current context, and an innovative solution such as NBnetwork +, which is integrated into NBnetwork, brings several advantages for companies". “Through the aggregation of accounts from other banks, it is possible, in one place and in a faster way, to consult the consolidated balances of the accounts of the different banks and access to a financial calendar, which allows a forecast of income and expenses, which allows an estimate of the treasury for the next few days, with gains in terms of operational efficiency ”, adds Novo Banco.

The bank also talks about “visibility on the structure of fixed and variable costs, since through the categorization of expenses it will be possible to follow the history of the different categories of expenditure (wages, rents, interest, energy, taxes, contributions,…) and, based on this information, facilitate decision making on the need for cost optimization with measures such as layoffs, moratoriums, support lines or postponement of tax payments ”.

The client who works only with Novo Banco (therefore not valuing the Aggregation of Accounts of Other Banks), will be able to take advantage of features such as the Financial Calendar, Expense Categorization, Alerts, Events, among others, the statement said.

This solution takes advantage of the new context of Open Banking resulting from the European Payment Services Directive (PSD2), which allows the sharing of information to third parties, duly certified, on the balances and movements of the current account of Customers and with their authorization. And that allows the initiation of payments from any company account, originating from the NB or other banks. “The customer will, however, continue to use the credentials of access to the homebanking of the originating Bank”, explains the NB.

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