Helping Smaller Players Achieve Bigger Things

There is a whole lot that human beings can do well, and yet there is little we do better than growing on a consistent basis. This tendency to improve under all circumstances has already got us to hit upon some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we dig a little deeper, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution this revolution then went on to scale up the human experience from various different directions, but even after achieving such a monumental feat, technology will somehow keep on delivering the right goods. The same has grown more evident in recent times, and assuming a newly-formed partnership ends up having the desired impact; it will only further solidify that trend for the future and beyond.

North Carolina-based fintech, upSWOT has officially teamed up with Mastercard to help banks in delivering a better brand of service to small businesses. Under the agreed terms, upSWOT’s platform will get to rely upon Mastercard’s open banking capabilities, along with the offerings extended by its subsidiary, Fincity. These newfound open banking capabilities, in turn, will make it possible for banks using upSWOT to connect their SMB clients’ financial data with more than 200 API-enabled apps. Talk about what granular services we can actually access through the stated APIs, they include accounting, enterprise resource planning (ERP), payroll, eCommerce, customer relationship management (CRM), marketing, point-of-sale (POS), and many more. Hold on, there is still a lot left to unpack. You see, the new joint offering will further allow businesses to share relevant information with credit bureaus and potentially improve their credit score. Apart from that, it will leverage extensive amount of data to let organizations access tailored suggestions over how they can improve operations and profitability, while also using sensitivity analysis and modeling to provide highly-reliable cash-flow forecasts.

“By combining technologies of both companies, we will help banks provide solutions for small businesses to make better decisions and grow their organization, rather than just a safe harbor for storing money or getting loans,” said Dmitry Norenko CEO of upSWOT.

Interestingly enough, this isn’t the first time upSWOT has tried to scale up the picture for SMBs. Just a short while ago, the company teamed up with Cion Digital to put-forth embedded finance capabilities and assist wealth managers and commercial loan brokers in better serving the SMB segment.

Coming back to the latest development, when quizzed regarding the partnership, Andy Sheehan, Executive Vice President of U.S Open Banking at Mastercard, said:

“Open banking is emerging as a powerful solution to fuel new and improved financial services for small business owners. We are excited to partner with upSWOT to make it easier for financial institutions to offer their small business customers the ability to benefit from their financial data to make decisions, demonstrate their ability to manage a loan and run their businesses more efficiently.”

Among other features, upSWOT and Mastercard’s brainchild also offers services like bank reconciliation, funding access, business valuation, and cash management etc.