Mastercard and upSWOT have announced they are teaming up to help small business owners better understand and manage their money by extending the upSWOT platform and adding open banking capabilities. This will be enabled by the Mastercard open banking platform with services delivered by its subsidiary, Finicity, the companies said in a statement.
The aim is to empower small business customers by offering an expanded set off services and more accurate insights to make better business decision. This will involve connecting owner-permissioned financial data to 200 API-enabled apps including accounting, ERP, payroll, e-commerce, CRM, marketing, and POS business applications.
According to the statement, upSWOT and Mastercard will promote the joint solution to their customers and in particular, the US banks.
“By combining technologies of both companies, we will help banks provide solutions for small business to make better decisions and grow their organisation, rather than just a safe harbor for storing money or getting loans,” said upSWOT CEO Dmitry Norenko, on the announcement.
One of the ways open banking can help financial institutions clients drive better outcomes in lending and business management is by helping provide timely actionable insights such as cash flow forecasts and relevant financing offers at the right time.
“We are excited to partner with upSWOT to make it easier for financial institutions to offer their small business customers the abiity to benefit from financial data to make decisions, demonstrate their ability to manage a loan, and run their business more efficiently,” Andy Sheehan, EVP, U.S Open Banking at Mastercard added.