Fintech firm Ledgerscope has launched a new service – Ledgerflow – which aims to help alternative lenders and banks make better lending decisions.
The cloud-based service can extract financial data within minutes before presenting it to the lender in a standardised format.
It is hoped that the service will help lenders gain further insights into the financial health of a potential borrower.
“The relationship between many financial firms and their clients continues to become more distant,” said Ledgerflow’s managing director Adrian Pearson.
“High street business banking has more or less disappeared and so has the tradition of lenders getting to really know their clients and concerns.
“Yet, the need to understand a business’s position and needs is as important as ever for lenders.
“Ledgerflow offers lenders up-to-date and reliable data on which to base critical decisions.”
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Ledgerflow will be launched as an application programming interface (API) in September, and will also be available as a Software as a Service (SaaS).
It is being marketed as a white label option which can be re-branded, and will use open accounting to evaluate up-to-date business information from SME accounting software.
“The open finance tool is emerging as a way to bridge the knowledge gap,” added Ledgerscope’s marketing director Rob Furness.
“We see huge possibilities for financial professionals to gain valuable insights to support their clients more effectively and grow their own services.”
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