UK-based analytics business AccountScore has partnered with Validis to utilise SME financial data to offer new banking services to small and medium businesses.
The partnership will leverage open banking to enable small businesses to share financial data through a single, consent-driven workflow with their banks.
Subsequently, banks will receive a complete overview of their clients and tailor financial services accordingly.
Overall, the two companies will work to aggregate bank transaction data, public business and credit information and management account data.
The open banking alliance will also enable the banks to use management account data to verify bank transactions.
AccountScore CEO Emma Steeley said: “As Open Banking becomes more established having a single intuitive workflow where SMEs can share their data easily and securely opens up huge possibilities for financial services.
“Our unique relationship with Validis ensures we can visualise all the financial data required to help these institutions tailor their services, make the right decisions, and identify insights that they could not previously.”
Validis CEO Joel Curry said: “We are excited to sign this partnership agreement with AccountScore.
“For too long financial institutions were only seeing individual pieces of the puzzle, but now they will have access to all the data, all in one place.”
An AISP accredited open banking platform, AccountScore focuses on providing actionable insights and analytics on bank transaction data for clients.