bankingciooutlook

New Open Banking Solution Helping SMEs

By: Banking CIO Outlook | Wednesday, March 25, 2020

The new open banking solutions is facilitating automated affordability models to deliver lenders confidence in their digital credit assessments. 

FREMONT, CA: London-based Funding Xchange has launched Open Banking solution, collaborating with FinTech AccountScore in a bid to enable SMEs to gain benefits. Funding Xchange offers SMEs with multiple quotes, aiming to help them identify the best funding solution for each business. The company has also raised £8 million in a funding round led by Downing Ventures and Gresham House Ventures in a bid to enhance its marketplace service and propel the launch of its white-label ‘lending in a box’ solution. Open Banking solution is a huge step forward to reduce friction and increase peace of mind for its customers while enhancing risk selection and speed of decision-making for lenders. 

Open Banking is a key driver in enabling automated affordability models, giving lenders greater confidence in their digital credit assessments. Funding Xchange is thrilled to be the first funding marketplace to integrate with AccountScore to help make this new solution a reality. AccountScore’s solution offers information to accelerate the customer journey, improving the lender’s underwriting sources and mitigating loan-processing time. It facilitates the provision of essential ideas, making the process faster for both the consumer and the lender. Funding Xchange is excited to see the growth of Open Banking in the SME arena. 

Funding Xchange aims to bring efficiency and transparency to small business lending. The company centers on bringing about efficiency in SME lending distribution by holding lenders' underwriting models and integrating with their decisions. Funding Xchange mirrors lenders' decisions based on their credit policies, affordability models, and risk pricing.

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