Open banking promises high speed credit

 Open banking promises high speed credit

The Times considers how open banking will revolutionise lending to small businesses. The paper’s James Hurley talks to Funding Options founder Conrad Ford about how the firm hopes to speed up the time it takes to grant cash to a small business owner from one hour to a matter of 15 minutes. Rules requiring banks to share data with third parties could see new services such as cashflow forecasting and automated accounting and tax services, says Mr Hurley. Christoph Rieche, founder of SME lender Iwoca, adds: “Open banking will finally put an end to the monopoly that banks have on customers’ data.”

Source:   The Times (10/01/2018)