Open Banking For Small Businesses With UpSWOT And Mastercard
UpSWOT and Mastercard are working together to help banks provide new services to business customers.
Mastercard’s open banking features and Finicity’s services will now be part of upSWOT’s white-label embedded finance and business management platform, the companies said in a press release on Tuesday, January 17.
“By combining technologies of both companies, we will help banks provide solutions for small businesses to make better decisions and grow their organization, rather than just a safe harbor for storing money or getting loans,” upSWOT CEO Dmitry Norenko said in the release.
Banks have a huge chance to improve their financial services for small and medium-sized businesses (SMBs) and offer personalized alerts and products.
According to the report, small and medium-sized businesses (SMBs) want digital banking relationships that give them a priority and include finance, convenience, customer analytics, and insight.
According to a press release from Tuesday, small and medium-sized businesses (SMBs) can now connect their financial data to 200 apps. That use application programming interfaces (APIs). This is made possible by the new “open banking” features of the upSWOT platform.
The release said that these APIs give access to accounting, enterprise resource planning (ERP), payroll, eCommerce, customer relationship management (CRM), marketing, point-of-sale (POS), and other business applications.
The open banking features also let financial institutions find out what their SMB clients need and offer them the right financing when required.
“Open banking is emerging as a powerful solution to fuel new and improved financial services for small business owners,” Mastercard Executive Vice President of U.S Open Banking Andy Sheehan said in the release. “We are excited to partner with upSWOT to make it easier for financial institutions to offer their small business customers the ability to benefit from their financial data to make decisions, demonstrate their ability to manage a loan, and run their businesses more efficiently.”
