Having a digital current account is one of the most important business tools you can now have, no matter what size or type of business you run. By switching on a current account with connected banking facilities, you’ll be able to access your money 24/7, anywhere and from any device.

Technological advances and increased access to the internet are altering how we conduct business. If your company still uses a paper accounting system and snail mail, it’s time to transition into the 21st century with some new business tools that will help you streamline your finances, cut costs, and stand out among competitors.

Read on to find out why you should switch on an online current account for your business.

What is meant by a Current Account with Connected Banking Facilities?

A current account with connected banking is a special type of account that allows businesses to access their money online through a digital platform. It’s completely digital, so you won’t receive any paper statements — just email and SMS notifications.

The platform streamlines diverse activities and lets business owners view their account and make changes from a web application or a mobile app. You can use this digital current account to make deposits and withdrawals, transfer funds, and track account balances and other activities.

Business current accounts with modern banking features are a boon for small and medium-sized businesses that desire transactional safety, agility, and more flexibility. They provide you with a seamless banking experience and let you make and accept payments on the move.

Why Having a Current Account with Connected Banking Facilities is Important for Your Business?

It gives you access to your business funds any time of day or night, from anywhere in the world. You can check your balance, make payments and transfers, and set up automatic payments that can help you avoid overdraft fees. All of this can be done from a computer or mobile device. It is all a result of the bank and fintech’s collaboration.

You’ll also be able to see the transactions as they happen in real time, so you can always know how much money you have at any given time. This will help you monitor spending, cash flow, and profits/losses in an efficient manner. It can also help you to avoid costly mistakes, such as writing a cheque for too much or making an electronic payment that exceeds your account balance.

These digitally empowered accounts also allow you to send and receive money instantly, which is useful if you need to pay vendors or clients by direct deposit or wire transfer. If you’re accepting payments online, you can also accept credit card payments through your business account.

Account owners can perform as many transactions as they wish at any frequency they wish. Businesses can rely on a high level of fluidity in their operations as a result. There is no need to be concerned about money moving around, as account owners can perform as many transactions as they want at any frequency they want.

Importance of Having a Good Banking Partner

Your business should choose a banking partner that offers reliable online banking with modern features and easy-to-use tools. Some banks will charge you extra fees for certain features, while others will offer them at no cost.

By choosing a banking partner with excellent online financial services, you’ll be able to take advantage of all the online current account benefits listed above. You’ll also be able to avoid fees for services like paper statements and intelligent business insights.

Another thing to look for is good online customer service. It’s important to have a reliable resource to solve any problems with your account if they arise.

How to Switch on Your Company’s Current Account

If your business is currently running on a paper-based system, you’ve probably noticed the inconvenience and inefficiency of it. Hopefully, you’ve also recognised the need to switch to a current account with connected banking facilities as soon as possible.

Unfortunately, you may be wondering how to go about switching your current account from paper to digital. Here’s what you need to know. Firstly, you’ll need to find a banking partner that offers current accounts that can be accessed and managed online.

You can do this by searching for “digital current account” “online current account” or “current account online” in your preferred search engine. Once you’ve found a few banks or fintech platforms that offer online current accounts, compare their features, terms and conditions, and account fees to find the one that best meets your needs and budget.

4 Ways Having a Current Account with Connected Banking Helps Your Business

Faster Payments — Online payments are instantaneous. This means you can receive payments from clients as soon as they click the “Pay Now” button. You can also make payments to suppliers and vendors instantly. This will help you avoid late payments and improve your company’s cash flow and credit standing. Track Business Profits and

Analyse Profits & Losses — Having access to your business finances in real time can help you analyse profits and losses, allowing you to make changes to increase profits and cut losses if needed.

Access Financial Reports — With online current accounts, you can access financial reports and statements at any time and from any device, helping you stay up-to-date on your company’s financial activities.

Manage Expenses — Since you’ll be able to track your company’s finances in real time, you can also track expenses and manage them more effectively.

Reasons You Should Switch on Your Connected Banking Business Current Account Now

There are many benefits to switching to a business current account with connected banking facilities. You can make your business more efficient with new-age features and tools. If your business is currently using a paper-based system and you’re eager to switch to online, here are a few reasons why you should do it now:-

  • Quick, digital onboarding
  • Direct payments from your preferred account
  • Easy and fast reconciliation
  • Get insights and statements
  • Corporate bill payments
  • Instant overdraft(OD) facilities


Having a business current account with connected banking facilities appears more professional. Operating without a Current Account can make a business seem unprofessional and cause customers to question the company’s legitimacy. A connected banking business account can ensure efficiency and timeliness in all transactions. With no delays on these transactions, positive relationships with both suppliers and customers can be maintained.

By switching on a smart current account like the one Instantpay offers, you’ll be able to access your funds anytime, anywhere, and from any device. The platform also helps you connect multiple accounts at one centralised place so you can make payments from your preferred account to your vendors and suppliers, thereby improving your company’s cash flow and credit standing.

The business’s financial data is presented in an accessible format, allowing for smart insights. Statements reveal where and with whom transactions occurred. Real-time information is also provided, allowing for superior decision-making with regard to the business.

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