AccountScore, the AISP accredited Open Banking platform, and Validis, the financial data sharing and standardisation experts, have signed a ground-breaking partnership to deliver more transparent financial services for small and medium businesses in the UK.
This Open Banking alliance has been formed to enable UK institutions to get the clearest possible financial view of their clients. Small businesses can now share their financial data at the click of a button through a single, consent-driven workflow and their banks can visualise that data through a single, insight-fuelled interface as part of financial processes such as loan origination.
The partnership enables the aggregation of bank transaction data, public business and credit information and management account data (from business accounting packages) and means financial institutions can now tailor banking services to specific businesses and make faster, more informed decisions as they have all the data they need in one place. The complimentary nature of these datasets, such as the ability to use management account data to verify bank transaction data, adds a layer of value to financial institutions processes that hasn’t been available previously.
Emma Steeley, CEO of AccountScore, said, “As Open Banking becomes more established having a single intuitive workflow where SMEs can share their data easily and securely opens up huge possibilities for financial services. Our unique relationship with Validis ensures we can visualise all the financial data required to help these institutions tailor their services, make the right decisions, and identify insights that they could not previously.”
Joel Curry, CEO of Validis, said, “We are excited to sign this partnership agreement with AccountScore. For too long financial institutions were only seeing individual pieces of the puzzle, but now they will have access to all the data, all in one place. A truly innovative step forward for small business financial services.”