AccountScore is supporting SME lenders through the COVID-19 outbreak by assisting them to effectively place capital into the hands of SMEs that require it to keep their business and the wider economy functioning.
Through AccountScore's custom built Open Banking solution for SME lenders, clients have access to a thorough view of an SME's financial situation from their bank statement coupled with the credit focused analysis AccountScore provides. Using these automated tools allows SME lenders the best opportunity to most effectively disperse capital to UK SMEs during this period.
In addition, AccountScore has overlayed other data sources including data held at Companies House, Equifax CRA and the Validis accounting platform in order to provide a true Open Data solution for the SME market.
AccountScore's solution is available through both our turnkey implementation which can be up and running for loan underwriters in less than a week as well as a full API integration for those wishing to ingest the data into their own systems.
The AccountScore solution provides the ability to analyse business bank accounts via Open Banking along with information held at the credit reference agencies, Companies House and accounting platforms.
Clients gain in-depth insights into their liquidity and cashflow as well as credit usage and liability.
As with consumer data, transactions are normalised, run through a categorisation tree and then the recurrence engine.
The primary aim of the categorisation tree is to pick out bank charges, refunds, financial services transactions such as loans, directors drawings as well as the identify Industry sector and vendor of the various transactions so lenders can identify the different sectors the business transacts with and identify any potential areas of concern given the current situation.
Transactions are then run through AccountScore's commercial intelligence layer, which groups transaction categories together based on where they are likely to be found on an Income Statement or Balance Sheet and puts them into context for that account.
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