Using Open Banking to power invoice factoring
MarketFinance is a provider of a peer-to-peer online invoice finance marketplace intended to provide business finance solutions that help companies grow. The company's platform offers a ledger invoice discounting facility with a range of options, including invoice finance and business loans, enabling companies to get paid faster by financing their invoices, so business owners can save time and focus on their business.
What's the Open Banking use case?
A customer can connect their bank account to MarketFinance via Open Banking and reduce the time it takes to receive funds. When a customer chooses to connect their business account to their MarketFinance account, they allow MarketFinance to view their transactions. This technology gives them the ability to make more informed decisions about their customer base and business activity. So MarketFinance can verify the activity faster and trust a higher invoice value without spending time checking it out first.