Publication: Peer2Peer Finance News
19th February 2020
Funding Xchange teams up with AccountScore to launch Open Banking solution
Small- and medium-sized enterprise (SME) lending marketplace Funding Xchange has partnered with data and analytics business AccountScore to use its Open Banking solution. Thanks to the Open Banking data sharing initiative, SMEs using Funding Xchange's lending marketplace product will be able to provide data to their preferred lenders without paperwork and receive more personalised funding quotes as a result. Reducing the reliance on paperwork that can sometimes be cumbersome is a step in the right direction for helping SMEs get the funding they require.
A quarter of SMEs are turned away by their bank when applying for funding, according to Funding Xchange. Funding Xchange also claims that its new platform will speed up the lending process for both consumers and lenders.
“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,” said Katrin Herrling, Chief Executive Officer of Funding Xchange.
“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 Funding Xchange,” said Emma Steeley, Chief Executive Officer of AccountScore.
Read the full article on P2P Finance News