By Aisling Finn on Friday 24 April 2020
The partnership will also allow the fintechs to monitor businesses that might be in financial difficulty.
The partnership will allow Capital on Tap’s customers to benefit from open banking by increasing the accuracy of the underwriting process by using real-time financial data.
As well as speeding up the process, customers that opt-in to have their financial data analysed by Capital on Tap through TrueLayer’s system will be able to reduce their monthly repayments and increase their current line of credit through the new self-service platform.
David Luck, CEO and co-founder of Capital on Tap, said: “At the end of March, call wait times shot up from 30 seconds to 2 hours so the self-service feature had to be built quickly - and has meant wait times are back down to the 30-second average.”
“In a matter of days, our engineering team pushed it live and the TrueLayer connection is now an additional step to provide payment reductions and additional credit lines to even more businesses”.
“Open Banking offers a way to radically speed up this process by offering instant decisions and personalised products. It also reduces the administrative burden on businesses when applying for credit or a change of terms.”
The new platform was built in less than two weeks and its hoped will help more than 100,000 SMEs access the finance they need faster.