Peer-to-peer business lending platform ArchOver has partnered with analytics firm AccountScore to provide open banking data for use in its credit and monitoring teams.
AccountScore offers insights and analytics on bank transaction data.
It will provide an array of tools that allows ArchOver to access the bank account data of current and prospective borrowers. The technology will also allow for in-depth profiling, predictive behavioural insights and the ability to set core monitoring red flags.
“This is a very powerful set of tools, it will not only help validate information and historical trends, but allows us to ensure that our monthly monitoring is even more effective at spotting businesses that may be struggling,” said Tom Mitchell, credit manager at ArchOver.
“We have invested heavily in our technology, and open banking is a natural stepping stone for us,” said Ian Anderson, co-founder and chief operating officer at ArchOver.
“It is no substitute for the human skills of the credit and monitoring teams, but we believe these sort of tools will allow more access to funding for small- and medium-sized enterprises (SMEs) that approach us, and provide more safeguards for our lenders.”
This follows ArchOver’s partnership with Rocking Horse, which provides research and development tax credit loans to UK SMEs.