The automotive sector is a fast-paced environment where high-value transactions must be handled quickly and securely. However, traditional payment methods like manual collections, slow credit checks, and expensive card processing fees often create unnecessary friction, increase costs, and slow down the sales process. Salt Edge’s latest report zooms in on how car dealerships can integrate open banking to streamline operations and improve the overall customer experience.

Open banking enables customers to make instant, direct account-to-account payments and securely share their financial information in real time. For dealerships, this translates into faster transactions, fewer intermediaries, reduced fraud risk, and a modern payment experience that aligns with customer expectations. In March 2025 alone, more than 23.54 million open banking payments were made in the UK – a number that continues to rise. In fact, total open banking payments in 2025 increased by 58.73% compared to 2024. If this growth trend continues, open banking could become the preferred payment method for car purchases and deposits by 2030.

Beyond enhancing the payment experience, open banking gives auto lenders real-time access to a consumer’s income and spending patterns, providing a more accurate and holistic view of their financial situation. This leads to more informed decision-making, allowing lenders to offer credit options tailored to each individual’s needs, and helps reduce the risk of fraud by detecting inconsistencies early.

Download the full report here.