FundingXchange embraces Open Banking
FundingXchange, a pioneering SME lending marketplace and intelligent decisioning platform, has partnered with leading fintech AccountScore to enable SMEs to reap the benefits of Open Banking by efficiently obtaining a greater number of personalised funding quotes.
Matching businesses with dozens of lenders, FundingXchange provides SMEs with indicative offers and helps identify the best funding solution for each. By embracing Open Banking, FundingXchange will enable SMEs to efficiently provide vital banking data to their preferred lenders without the need for physical paperwork. The in-depth information – which is provided via AccountScore’s API – speeds up the customer journey, enriching the lender’s underwriting sources, and reduces loan processing time.
Compared to traditional lending models, Open Banking enables more businesses to secure access to funding. Around 25% of SMEs are initially declined by their banks when applying for funding. AccountScore’s solution paints a holistic picture of a business’s financial situation by providing crucial insights not available through traditional data sources, while making the process faster for both the consumer and the lender.
Katrin Herrling, CEO at Funding Xchange said: “This is a huge step forward as we look to reduce friction and increase peace of mind for our customers, while improving risk selection and speed of decisioning for lenders.
“Open Banking will be a key driver in enabling automated affordability models, giving lenders greater confidence in their digital credit assessments, and we’re delighted to be the first funding marketplace to integrate with AccountScore to help make this a reality.”
Emma Steeley, CEO, AccountScore commented: “It is wonderful to see the growth of Open Banking in the SME arena, especially through the adoption of the technology by such a renowned platform as FundingXchange. From experience, we know that the data provided via our Open Banking solution has enabled more businesses to secure the funding they need. We look forward to working with FundingXchange to help enable more businesses to fulfil their potential.”