Linked Finance launches open banking solution for borrowers
Peer-to-peer lender Linked Finance has launched an open banking service to speed up borrower applications.
The move to open banking will allow small- and medium-sized enterprises (SMEs) in Ireland to share their bank account information and transaction data with the business lender quickly and securely.
Linked Finance says that this will reduce barriers to finance while allowing the platform to make all the necessary credit evaluations to determine a company’s eligibility to receive loans.
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“We are delighted to announce the introduction of our open banking capabilities as a means of creating an easy application method for businesses looking to access finance fast and efficiently in a seamless online process,” said Niall O’Grady, chief executive of Linked Finance.
“Customers no longer need to go through the hassle of locating and printing bank statements, this allows us to access them safely and securely.
“Linked Finance is committed to helping Irish SMEs on the road to recovery as more and more areas of the economy reopen. This new capability is set to make the speed of our application process even faster, requiring less manual and time-consuming actions from our SME businesses.
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“This is just another way that we will continue to support the great local businesses that form the backbone of our economy as they navigate recovery.”
By opting in to open banking, SMEs give permission for their financial data to be shared with finance providers such as P2P lenders instantaneously, rather than placing the onus on the business owner to gather and share hard copies of their banking details.
Linked Finance has already begun to offer the open banking service to some of its borrowers. One of these borrowers, Gerard Kelly, a partner at accountancy firm Kelly Rahill & Co Limited, said that the open banking process was “simple, secure and seamless”.
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