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Open is a digital-only bank that offers various solutions like banking, payments and invoicing to startups and SMEs. It also offers APIs that enables business entities tto integrate banking with their business existing system. Open enable vendors to pay and collect money from their clients by generating unique bank accounts for every client and receive payments directly to their accounts by via NEFT, RTGS and IMPS
Open offers a digital current account by partnering with traditional banks. It also offers modern tools and APIs that help businesses manage and grow their finances. It offers a business expense card that enable pay-outs and employee expense management. It provides others services such as Automatic Reconciliation of Accounts & Receivables, Invoicing with Integrated Digital Payments and Automated Bookkeeping. The platform offers dashboard feature which allows merchants to manage, categorize and reconcile income, expenses, and budgets and helps to create GST-compliant invoices.
The company charges fees for its services: 1. It charges 1.8% for using the payment gateway 2. It charges Rs.15 per transaction or 1% whichever is lower for fund transfers from Open using NEFT / RTGS / IMPS and for receiving payments using bank transfer (NEFT / RTGS / IMPS).
Businesses include freelancers
startups and SMEs.
The company's aim to reach about 10,000 such small entrepreneurs in six months (July 2017).
OPEN aims to on-board around 20,000 SMEs this fiscal year, and grow this number to 500,000 micro-entrepreneurs by the end of three years. It is also aiming at revenues of Rs 25 crore in three years (June 2017).
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