UpSWOT joins Temenos MarketPlace, connecting banks with SME customers’ accounting packages
Temenos (SIX: TEMN), the banking software company, today announced that upSWOT has joined Temenos MarketPlace, helping Temenos’ banking clients build loyalty and grow engagement among their small and medium-sized enterprise (SME) clients.
The collaboration provides pre-integrated access between banks and SMEs’ most popular business applications, such as QuickBooks, Salesforce, Amazon, and Shopify. upSWOT provides RESTful APIs, which connect more than 150 API-enabled accounting, ERP, payroll, e-commerce, CRM, marketing and POS business applications.
Temenos will leverage upSWOT’s integration capabilities to enhance its business banking offering. upSWOT’s API opens the door for Temenos’ clients to access data from SME accounting, ERP, e-commerce, payroll, and other business applications so that banks have a combined view of business and banking data. By bringing all that data together, banks can quickly and accurately provide information, advice and relevant banking services for their SME customers. Further, by integrating with the array of applications SMEs use, upSWOT opens up the opportunity to build extremely rich AI models using Temenos Explainable AI (XAI), combining banking data with data from other domains.
While the SME market has traditionally been underserved by banks, business owners are increasingly expecting similar experiences for their business banking as they do with their personal banking. Temenos’ continued investment in product innovation and collaboration with Temenos MarketPlace fintech providers such as upSWOT empowers Temenos’ clients to increase customer satisfaction by proactively supporting SMEs at every stage of their growth.
Dmitry Norenko, CEO, upSWOT, commented: “Integration with the applications that SME’s use to run their businesses is essential for the innovation of banking products and services offered to SMEs. upSWOT’s goal is to help SMEs that have been left to “fend for themselves” by giving them “modern-day tools” to help support cash flow management, debt funding, financial planning, and accurate cash reporting. The network of data sources is constantly growing, and by offering upSWOT’s capability on Temenos MarketPlace, Temenos is giving banks seamless access to this data to be better positioned to both retain and attract new SMEs.”
Martin Bailey, product director innovation and ecosystem, Temenos, added: “upSWOT is highly complementary to our business banking solution. Our research has shown that SMEs want insights from their bank and expect banks to understand them better. By integrating with their customers’ business software, banks can obtain actionable data to engage meaningfully with their customers and create deeper relationships. This dramatically improves banks’ ability to service their SME clients, a win-win for bank and customer.”
MarketPlace is Temenos’ platform for connecting banks with the best in complementary fintech solutions, such as Paymentology, Tink, Taurus, and Wise. More than 3,000 banks and financial institutions worldwide run on Temenos cloud-native banking software and SaaS solutions.