Linked Finance, a peer-to-peer lending platform serving Irish SMEs, says it has incorporated open banking technology to speed up the lending process.
Open banking can enhance financial services by seamlessly accessing data and information across different platforms. By integrating with other financial services providers, products like online lending can be streamlined, reducing the work for both borrowers and lenders. Open banking is part of EU regulation that aims to increase competition and provide greater consumer choice.
Linked Finance says the move reduces barriers to finance and allows it to carry out the necessary credit evaluations to determine the eligibility to receive loans.
Niall O’Grady, CEO of Linked Finance, commented on the updated service:
“We are delighted to announce the introduction of our Open Banking capabilities as a means of creating an easy application method for businesses looking to access finance fast and efficiently in a seamless online process. Customers no longer need to go through the hassle of locating and printing bank statements, this allows us to access them safely and securely. Linked Finance is committed to helping Irish SMEs on the road to recovery as more and more areas of the economy reopen. This new capability is set to make the speed of our application process even faster, requiring less manual and time-consuming actions from our SME businesses. This is just another way that we will continue to support the great local businesses that form the backbone of our economy as they navigate recovery.”
Linked Finance cites a recent loan application for a certified accountancy, and registered auditors’ business that submitted their application and received approval within 24-hours utilizing the platform.
Linked Finance reports having originated over €177m+ to over 3,000+ local businesses in every county in Ireland since inception in 2013.