Originally written by Partner Content on Small Business
Whatever form Brexit takes, it’s going to make life more complicated for small and medium-sized enterprises (SMEs). But when placed in the context of a recession caused by a continuing global pandemic, it makes the route ahead incredibly uncertain – especially for those businesses trading overseas. Open Banking provides clues to a way forward for SMEs, but some major opportunities have been missed thus far. With a unique understanding of Open Banking, Currensea is providing SMEs with simplicity and transparency over their international transactions and helping them find the clearest route through 2021.
SMEs in 2020
In many ways, SMEs are the heart of the UK economy; in 2019, there were 5.9 million SMEs in the country, providing employment to 16.6 million people and seeing an estimated turnover of £2.2 trillion.
Up to 4.72 million of these SMEs trade internationally and a quarter of them have had to slow or halt overseas trading due to the restrictions of the pandemic. In fact, SME exports have dropped by around 10 per cent – this alone has cost the UK up to £20 billion.
But the pandemic is not the only complicating factor for SMEs; Brexit has been hanging
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Keeping 2021 simple for small and medium-sized enterprises
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Whatever form Brexit takes, it’s going to make life more complicated for small and medium-sized enterprises (SMEs). But when placed in the context of a recession caused by a continuing global pandemic, it makes the route ahead incredibly uncertain – especially for those businesses trading overseas. Open Banking provides clues to a way forward for SMEs, but some major opportunities have been missed thus far. With a unique understanding of Open Banking, Currensea is providing SMEs with simplicity and transparency over their international transactions and helping them find the clearest route through 2021.
SMEs in 2020
In many ways, SMEs are the heart of the UK economy; in 2019, there were 5.9 million SMEs in the country, providing employment to 16.6 million people and seeing an estimated turnover of £2.2 trillion.
Up to 4.72 million of these SMEs trade internationally and a quarter of them have had to slow or halt overseas trading due to the restrictions of the pandemic. In fact, SME exports have dropped by around 10 per cent – this alone has cost the UK up to £20 billion.
But the pandemic is not the only complicating factor for SMEs; Brexit has been hanging
Hot Business News Today
Open banking levels the playing field for SMEs
by Owen Gough • • 0 Comments
It’s been a long time coming but we are entering an era of greater access and better financial services that will finally put the needs of customers first. The catalyst of achieving this much needed and long overdue result is the culmination of big debate, endless lobbying and necessary government legislation. All this hard work
The post Open banking levels the playing field for SMEs appeared first on Small Business.
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Why Open Banking should be on the radar of business owners
by Ben Lobel • • 0 Comments
While the news is littered with predictions and guestimates of how Brexit will impact UK business, there is a quiet revolution taking place that might well be a game-changer for British SMEs. Ironically, this revolution is driven by European legislation and relates to the finance and banking sector. Called Payments Service Directive 2 (PSD2) it
The post Why Open Banking should be on the radar of business owners appeared first on Small Business.