Publication: FinTech Times
18th February 2020
Funding Xchange embraces Open Banking through partnership with AccountScore
Funding Xchange (FXE), a pioneering SME lending marketplace and intelligent decisioning platform, has partnered with the leading fintech platform AccountScore. This development will enable SMEs to reap the benefits of Open Banking and efficiently obtain a greater number of personalised funding quotes.
Funding Xchange aims to match businesses with lenders, providing SMEs with efficient and speedy quotes that helps to identify the best funding solution for each business. By embracing Open Banking, Funding Xchange enables SMEs to efficiently provide important data to their preferred lenders without the hassle of physical paperwork. The in-depth information provided via AccountScore's innovative solution speeds up the customer journey and enriches the lender's underwriting sources, thereby reducing the time it takes for loans and financing options to get processed which reduces the time for funds to reach businesses.
Compared to more traditional lending models, Open Banking enables more businesses to secure access to funding. Approximately a quarter of SMEs are initially declined by their business bank when applying for funding. AccountScore's solution helps depict a holistic picture of a business's financial situation by providing crucial and accurate insights that are not available through traditional data sources, whilst making the process faster for both consumer and 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 at 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 platformas (sic) 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.”
Read the full article on The Fintech Times