Open Banking, a series of reforms to how finance providers deal with your financial information, was called for by competition watchdog the Competition and Markets Authority (CMA).
Open Banking, in essence, means all UK-regulated finance providers will be able to let customers share your financial data with authorised providers offering budgeting apps, or other banks once the customer has granted access.
Partnering with OpenWrks means Newable will be able to provide customers with an enhanced customer experience.
By using open banking technology provided by OpenWrks, our customers will benefit from a quicker, smoother application process and a more convenient renewals process.
Philip Reynolds, Managing Director of Newable Lending, commented;
“At Newable, our aim is to support UK businesses at every stage of business development, and our partnership with OpenWrks will help us achieve this. By making the application process easier, faster and fairer for UK businesses, we will be able to help more businesses achieve their ambitions and grow their business.
We’re excited to partner with OpenWrks, and as open banking continues to revolutionise the finance industry, we look forward to offering our existing and future customers an improved experience to accessing business finance.”
Olly Betts at OpenWrks commented;
“It’s exciting to see Newable leveraging Open Banking and digital journeys to create a step change in how they help small business owners get funded. By using our OpenDashboard to see customer transactions in real time, they are reducing the administrative burden for customers while providing faster, more accurate and tailored lending decisions. This is a watershed moment for business lending and one that I believe will lead to more small businesses getting the money they need to grow.”
Newable Lending’s goal is to provide finance to businesses at the heart of UK the economy. For more information, please visit www.newable.co.uk/lending/business-finance.
OpenWrks make it easy for people to securely share financial information with the businesses they trust, so those businesses can deliver better, more personalised products and services. The OpenWrks API allows businesses to connect to every UK bank seamlessly and securely. Businesses that need accurate and real time financial data can quickly and easily integrate Open Banking data either into existing processes and systems or can use the data to create ground breaking new products services or experiences for their customers.
For more information, visit www.openwrks.com