Cookie Consent

By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyse site usage, and assist in our marketing efforts. View our Privacy Policy for more information.

We’re getting funds into your account faster than ever: a word from our Product team

November 24, 2020
3
min read
Share this:

We've been making changes behind the scenes to get your funds to you faster. Now Open Banking is cutting that time in half

We've been making changes behind the scenes to get your funds to you faster. Now Open Banking is cutting that time in half

We like to be proactive in offering the best financing products for our customers. To us, that means offering funding that’s easy and quick to access. Why? So you can focus your time on growing your business, not waiting for your cash to come in.

We’ve made a few quiet changes to our verification process over the past couple of months that have helped our customers access their funds in less time than ever before. And we’re only just beginning to roll it out.

Now you can reduce the time it takes for funds to get to you by seamlessly connecting your business bank account to your MarketFinance account. This new feature is called Open Banking, and it allows us to verify your invoices at an unprecedented rate. What does that mean in real terms? Well, we’re already seeing funds land in customers’ accounts in half the time.

Why do we think Open Banking is the future?

There are three main reasons why we wanted to streamline the verification process:

  • To get funds into a customer’s account faster
  • To protect our customers’ confidentiality
  • To continue innovating and pushing our technology forward

Reducing time to funds through unverified trading

We’ve been working closely with our teams across the business to update the invoice verification policy. This is the process we carry out to make sure an invoice is legitimate. To do this, we use a discreet online invoice verification tool to check your invoices with your customer. They get an email asking them to quickly confirm the details of your uploaded invoice. In just a few clicks we can trust their relationship with you.

But we decided that there has got to be a better way to do this. We asked ourselves what the point was in going to a giant corporation, like Amazon, to confirm that they’re a real business. Sometimes it simply makes more sense to trust a relationship is real.

We decided to introduce unverified trading limits. What this means is that we can fund higher value invoices without needing any verification. Taking out this element means there are fewer hold ups and a shortened process to get your funds directly to you.

Speeding things up further with Open Banking

For customers who want funds even faster, we’re taking this further by introducing our Open Banking feature. When a customer chooses to connect their business account to their MarketFinance account, they allow us to view their transactions. This technology gives us the ability to make more informed decisions about their customer base and business activity. So we can verify the activity faster and trust a higher invoice value without spending time checking it out first.

Confidentiality is key

We don’t need to emphasise the benefits of getting your funds to you faster, that’s no doubt an obvious and welcome change. But opting in to Open Banking also gives a business greater control when it comes to owning their customer relationships. By increasing the value of invoices they can trade unverified, our contact with their customers is also reduced.

Open Banking may feel a little unfamiliar, but you’ve probably been doing something similar with your accounting software for years. It’s a quick and easy way to make sure all your financial tools are working together for your business. It has seen a massive surge in use over the past year. Open Banking is government-backed and trusted as a secure way to share your data. Essentially it gives providers like us the ability to view your financial information without compromising your protection and keeping control in your hands.

Always innovating

We’re committed to leading innovation in the fintech landscape. We always have an eye on how we can harness and develop the technology we use to make business finance easy to use.

We’re being proactive about unverified limits and Open Banking is a key enabler for this. Connecting a business bank account to a customer’s MarketFinance account is a vital step in allowing us to better inform our policies and processes to help us understand and serve businesses better.

We’re making these changes to pass on the benefit to customers. In our mind, the faster you can reliably get access to working capital, the faster you’re able to get on with running your business. And we want to be there with you for the journey.

B2B Payments to boost your growth

To learn more about our payments and digital trade credit solutions book a call with us today.
Email is invalid.
Please use your company email address.
Annual Revenue*
We’ll use this information to get in touch with you about our products and services in accordance with our Privacy Policy. You can unsubscribe at any point. By submitting, you acknowledge we reserve the right to work with businesses that have been trading for a minimum of 12 months and have submitted at least one set of financial accounts.
Thank you. A member of the team will be in touch.
Oops! Something went wrong while submitting the form.

Explore related posts

Applying for a business loan is easier (and faster) than you think. We look at what you need to get started and what you can use your loan for.

How to get a loan for your business

Applying for a business loan is easier (and faster) than you think. We look at what you need to get started and what you can use your loan for.

5
 min read
Read more
Suppliers have put their prices up. But how many SMEs are passing that cost on? And what can options are out there to help manage the squeeze on profit margins?

How SMEs are managing supplier price increases

Suppliers have put their prices up. But how many SMEs are passing that cost on? And what can options are out there to help manage the squeeze on profit margins?

4
 min read
Read more
Road to recovery for UK SMEs

The road to recovery for UK SMEs

There’s no denying that the road since March 2020 has been far from smooth for businesses of every size.

3
 min read
Read more