upSWOT and Mastercard are partnering on open banking data analytics to deliver embedded finance and underwriting tools
Latest integration enables leading banks to deliver actionable insights to their SMB clients and improve their access to capital.
โ Dmitry Norenko, upSWOT CEO
CHARLOTTE, NC, USA, January 16, 2023 /EINPresswire.com/ — When small business owners permission secure access to their financial data via open banking, it opens the door to an expanding set of financial experiences designed to help them better understand and manage their money. One prime example is expanding access to specialized lending products. Another is better financial insights across their business.
Bringing this to life is the Mastercard-upSWOT partnership. The partnership will extend the upSWOT platform by adding enhanced data and insights for small businesses, enabled by the Mastercard open banking platform, with services delivered by its subsidiary, Finicity. Adding open banking capabilities to upSWOTโs platform empowers small business customers to connect owner-permissioned financial data to 200 API-enabled apps including popular accounting, ERP, payroll, e-commerce, CRM, marketing, and POS business applications. The results are an expanded set of services that small businesses have access to, as well as richer insights to make better business decisions. upSWOT and Mastercard will promote the joint solution to their customers and the US banks in particular. Through this partnership, the companies will be able to offer SMBs a more seamless and efficient way of managing their business by leveraging the strength of both companies.
โ๐๐ฎ๐ข๐ญ๐ญ ๐ข๐ฏ๐ฅ ๐ฎ๐ฆ๐ฅ๐ช๐ถ๐ฎ ๐ฆ๐ฏ๐ต๐ฆ๐ณ๐ฑ๐ณ๐ช๐ด๐ฆ๐ด ๐ฉ๐ข๐ท๐ฆ ๐ญ๐ฐ๐ฏ๐จ ๐ฃ๐ฆ๐ฆ๐ฏ ๐ข๐ค๐ค๐ฆ๐ฑ๐ต๐ฆ๐ฅ ๐ข๐ด ๐ต๐ฉ๐ฆ ๐ฆ๐ฏ๐จ๐ช๐ฏ๐ฆ๐ด ๐ฐ๐ง ๐ฆ๐ค๐ฐ๐ฏ๐ฐ๐ฎ๐ช๐ค ๐จ๐ณ๐ฐ๐ธ๐ต๐ฉ ๐ข๐ฏ๐ฅ ๐ฅ๐ฆ๐ท๐ฆ๐ญ๐ฐ๐ฑ๐ฎ๐ฆ๐ฏ๐ต ๐ฃ๐ถ๐ต ๐ข๐ต ๐ต๐ช๐ฎ๐ฆ๐ด ๐ข๐ณ๐ฆ ๐ถ๐ฏ๐ฅ๐ฆ๐ณ๐ด๐ฆ๐ณ๐ท๐ฆ๐ฅ. ๐๐ฆ ๐ฃ๐ฆ๐ญ๐ช๐ฆ๐ท๐ฆ ๐ต๐ฉ๐ข๐ต ๐ง๐ช๐ฏ๐ต๐ฆ๐ค๐ฉ ๐ช๐ฏ๐ฏ๐ฐ๐ท๐ข๐ต๐ช๐ฐ๐ฏ ๐ฉ๐ข๐ด ๐ช๐ฏ๐ค๐ณ๐ฆ๐ฅ๐ช๐ฃ๐ญ๐ฆ ๐ฑ๐ฐ๐ธ๐ฆ๐ณ ๐ต๐ฐ ๐ฅ๐ณ๐ข๐ฎ๐ข๐ต๐ช๐ค๐ข๐ญ๐ญ๐บ ๐ณ๐ฆ๐ด๐ฉ๐ข๐ฑ๐ฆ ๐ต๐ฉ๐ฆ ๐ด๐ถ๐ค๐ค๐ฆ๐ด๐ด ๐ฐ๐ง ๐๐๐๐ด,โ ๐ฐ๐ฃ๐ด๐ฆ๐ณ๐ท๐ฆ๐ด ๐ถ๐ฑ๐๐๐๐ ๐๐๐ ๐๐ฎ๐ช๐ต๐ณ๐บ ๐๐ฐ๐ณ๐ฆ๐ฏ๐ฌ๐ฐ. โ๐๐บ ๐ค๐ฐ๐ฎ๐ฃ๐ช๐ฏ๐ช๐ฏ๐จ ๐ต๐ฆ๐ค๐ฉ๐ฏ๐ฐ๐ญ๐ฐ๐จ๐ช๐ฆ๐ด ๐ฐ๐ง ๐ฃ๐ฐ๐ต๐ฉ ๐ค๐ฐ๐ฎ๐ฑ๐ข๐ฏ๐ช๐ฆ๐ด, ๐ธ๐ฆ ๐ธ๐ช๐ญ๐ญ ๐ฉ๐ฆ๐ญ๐ฑ ๐ฃ๐ข๐ฏ๐ฌ๐ด ๐ฑ๐ณ๐ฐ๐ท๐ช๐ฅ๐ฆ ๐ด๐ฐ๐ญ๐ถ๐ต๐ช๐ฐ๐ฏ๐ด ๐ง๐ฐ๐ณ ๐ด๐ฎ๐ข๐ญ๐ญ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด๐ฆ๐ด ๐ต๐ฐ ๐ฎ๐ข๐ฌ๐ฆ ๐ฃ๐ฆ๐ต๐ต๐ฆ๐ณ ๐ฅ๐ฆ๐ค๐ช๐ด๐ช๐ฐ๐ฏ๐ด ๐ข๐ฏ๐ฅ ๐จ๐ณ๐ฐ๐ธ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ฐ๐ณ๐จ๐ข๐ฏ๐ช๐ป๐ข๐ต๐ช๐ฐ๐ฏ, ๐ณ๐ข๐ต๐ฉ๐ฆ๐ณ ๐ต๐ฉ๐ข๐ฏ ๐ซ๐ถ๐ด๐ต ๐ข ๐ด๐ข๐ง๐ฆ ๐ฉ๐ข๐ณ๐ฃ๐ฐ๐ณ ๐ง๐ฐ๐ณ ๐ด๐ต๐ฐ๐ณ๐ช๐ฏ๐จ ๐ฎ๐ฐ๐ฏ๐ฆ๐บ ๐ฐ๐ณ ๐จ๐ฆ๐ต๐ต๐ช๐ฏ๐จ ๐ญ๐ฐ๐ข๐ฏ๐ด.โ
Delivered by this partnership, the combined solution will help financial institutions clients drive better outcomes in lending and business management for their SMB customers through the delivery of timely actionable insights such as cash flow forecasts and relevant financing offers at the right time in an SMB customer journey. The new features include:
๐๐ซ๐๐๐ข๐ญ ๐๐จ๐จ๐ฌ๐ญ: enables businesses to share data with credit bureau(s), which then boost their credit score as appropriate. Current market offerings are designed to only increase a credit score, not cause a decrease.
๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ: analyzes multiple app data streams to generate specific actions the business can take to improve their operations and profitability. Businesses will also get access to associated real-time analytics.
๐๐๐ฌ๐ก ๐๐ฅ๐จ๐ฐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ๐ฌ: gives businesses the ability to see their expected cash inflows with sensitivity analysis and modeling to help them understand the impact of future financial changes.
๐๐๐ง๐ค ๐ซ๐๐๐จ๐ง๐๐ข๐ฅ๐ข๐๐ญ๐ข๐จ๐ง: auto-posts and categorizes business transactions from their bank to their accounting app.
๐๐๐ฌ๐ก ๐ฆ๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ: gives businesses access to all their banking accounts at other financial institutions, aggregating all of the businessโs invoices, bills, and subscriptions providing notifications of upcoming amounts due.
๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ญ๐ข๐จ๐ง: gives businesses a valuation and estimate of market value. Results can also be compared with those of public companies.
๐ ๐ฎ๐ง๐๐ข๐ง๐ ๐๐๐๐๐ฌ๐ฌ: allows businesses to access credit products tailored to their current needs.
๐๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐: connects to POS and ecommerce apps and provides sales analytics and insights.
โ๐๐ฑ๐ฆ๐ฏ ๐ฃ๐ข๐ฏ๐ฌ๐ช๐ฏ๐จ ๐ช๐ด ๐ฆ๐ฎ๐ฆ๐ณ๐จ๐ช๐ฏ๐จ ๐ข๐ด ๐ข ๐ฑ๐ฐ๐ธ๐ฆ๐ณ๐ง๐ถ๐ญ ๐ด๐ฐ๐ญ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ต๐ฐ ๐ง๐ถ๐ฆ๐ญ ๐ฏ๐ฆ๐ธ ๐ข๐ฏ๐ฅ ๐ช๐ฎ๐ฑ๐ณ๐ฐ๐ท๐ฆ๐ฅ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ข๐ญ ๐ด๐ฆ๐ณ๐ท๐ช๐ค๐ฆ๐ด ๐ง๐ฐ๐ณ ๐ด๐ฎ๐ข๐ญ๐ญ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ฐ๐ธ๐ฏ๐ฆ๐ณ๐ด,โ ๐ด๐ข๐ช๐ฅ ๐๐ฏ๐ฅ๐บ ๐๐ฉ๐ฆ๐ฆ๐ฉ๐ข๐ฏ, ๐๐๐, ๐.๐. ๐๐ฑ๐ฆ๐ฏ ๐๐ข๐ฏ๐ฌ๐ช๐ฏ๐จ ๐ข๐ต ๐๐ข๐ด๐ต๐ฆ๐ณ๐ค๐ข๐ณ๐ฅ. โ ๐๐ฆ ๐ข๐ณ๐ฆ ๐ฆ๐น๐ค๐ช๐ต๐ฆ๐ฅ ๐ต๐ฐ ๐ฑ๐ข๐ณ๐ต๐ฏ๐ฆ๐ณ ๐ธ๐ช๐ต๐ฉ ๐ถ๐ฑ๐๐๐๐ ๐ต๐ฐ ๐ฎ๐ข๐ฌ๐ฆ ๐ช๐ต ๐ฆ๐ข๐ด๐ช๐ฆ๐ณ ๐ง๐ฐ๐ณ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ข๐ญ ๐ช๐ฏ๐ด๐ต๐ช๐ต๐ถ๐ต๐ช๐ฐ๐ฏ๐ด ๐ต๐ฐ ๐ฐ๐ง๐ง๐ฆ๐ณ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ด๐ฎ๐ข๐ญ๐ญ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ค๐ถ๐ด๐ต๐ฐ๐ฎ๐ฆ๐ณ๐ด ๐ต๐ฉ๐ฆ ๐ข๐ฃ๐ช๐ญ๐ช๐ต๐บ ๐ต๐ฐ ๐ฃ๐ฆ๐ฏ๐ฆ๐ง๐ช๐ต ๐ง๐ณ๐ฐ๐ฎ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ข๐ญ ๐ฅ๐ข๐ต๐ข ๐ต๐ฐ ๐ฎ๐ข๐ฌ๐ฆ ๐ฅ๐ฆ๐ค๐ช๐ด๐ช๐ฐ๐ฏ๐ด, ๐ฅ๐ฆ๐ฎ๐ฐ๐ฏ๐ด๐ต๐ณ๐ข๐ต๐ฆ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ข๐ฃ๐ช๐ญ๐ช๐ต๐บ ๐ต๐ฐ ๐ฎ๐ข๐ฏ๐ข๐จ๐ฆ ๐ข ๐ญ๐ฐ๐ข๐ฏ, ๐ข๐ฏ๐ฅ ๐ณ๐ถ๐ฏ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด๐ฆ๐ด ๐ฎ๐ฐ๐ณ๐ฆ ๐ฆ๐ง๐ง๐ช๐ค๐ช๐ฆ๐ฏ๐ต๐ญ๐บ.โ
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About upSWOT
upSWOT is a white-label embedded finance and business management platform designed to make any financial institution the go-to source for small business health information and advice. The upSWOT tools are designed to enhance a bankโs online and mobile banking with actionable insights, cashflow forecasts, business valuation, cash management, and credit score boost features powered by data from 200+ SaaS applications commonly used by owners to run small businesses.
upSWOT tech is used by 100+ banks and fintechs like Standard Chartered, Mastercard, OnDeck, FSNB, Moven, Republic Bank, Old Missouri Bank, Sunwest Bank, LCF and dozens of others in multiple geographies helping them in enhancing their relationships with business customers they serve.
For more information, please visit https://upswot.com/
Nana Mardoyan
upSWOT
+1 925-968-5900
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