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Cape and Basiq join forces on the “Startup Launchpad”

Australian Expense Management Platform Cap collaborates with the open banking platform Basiq on Basiq’s new Startup Launchpad, according to a Wednesday, September 15 press release.

The Startup Launchpad provides startups with access to real-time financial information, in addition to the Basiq suite of products. As part of the partnership, Basiq’s open banking technology will be integrated into Cape’s application and risk analysis process, according to the press release. The integration aims to help small and medium-sized businesses (SMBs) speed up the process of signing in to their bank account and immediately verifying their identity, as well as account and income data with Cape. The result, according to companies, is a faster credit check and, in turn, faster access to credit.

The joint effort will also provide Cape customers with Basiq’s open banking technology as part of the loan underwriting process. Real-time financial information helps ensure better data accuracy, according to the announcement.

“Basiq’s ability to verify account and transaction data in real time will streamline Cape’s business customer onboarding process as we work together to rethink business spend,” said Basiq CEO and Founder, Damir Cuca, in the ad. “This will set the standard for how all alternative finance lenders and banks can improve the customer experience by using open banking technology to convert analog processes into seamless digital journeys. “

Open banking is becoming increasingly popular in various areas of financial technology, especially as a growing number of consumers feel more comfortable sharing their personal financial information with third parties. According to a recent PYMNTS interview with Steve Smith, CEO of Finicity, one of the most coveted areas of opportunity for open banking is lending and credit, simply because of its connection to all aspects. of financial life.

Compared to traditional lending processes that place more emphasis on a potential borrower’s debt, open banking also takes the borrower’s cash flow into consideration.

Read more: Finicity CEO Sees Open Banking and Consumer Authorization at the Heart of the Future of Lending

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.