Sharing bank data can speed up business lending

Описание: Giving lenders a clear, up-to-date picture of your business finances can open up access to credit.

Mo's business is off to a flying start. In 18 months, he's reached his goals and it's time for the next step.

He'll need a loan to make it happen. But he's only been making money for a short while.

Mo applies with a credit provider he hasn't used before.

He starts filling a shoebox of statements, but luckily they use open banking in their decision process.

Mo authorises his bank to share his data, providing a clear, accurate and up to the minute picture of his business's financial health.

The credit provider is happy. Mo's business is a good risk for them to take.

Mo's happy. He's approved quickly and gets access to the credit he needs to build his business. And it's not just credit. Affordability via open banking works for banks, utilities, telco, industry, government…