SME finance platform Swoop embraces Open Banking

SME users can now integrate their business bank accounts into Swoop platform and compare accounts from the UK banks, high street banks, and challenger banks. Also, users can sync accounting software and information on their business to match them to the right funding and the right bank account for their needs. After that, Swoop can switch them using the Current Account Switching Service.

Swoop considers that Open Banking brings some benefits for small businesses using its platform: when customers consent to share their data, they can speed up the funding application and approvals process. Open Banking can also bring cost savings, by flagging overspending on anything from mobile phone, broadband, and utility bills to bank charges, ATM fees, and foreign currency exchange rates.

SMEs’ feedback for Swoop was that the process of gathering paperwork, from the identification and bank statements to applying for funding was slow, but plugging into Open Banking makes it more efficient.