Mark Carney

Mark Carney: Open platform for SME lending would 'empower SMEs'

An open platform for SME lending would “enable Open Banking and empower SMEs”, according to Mark Carney, governor of the Bank of England (pictured above).

Speaking at Mansion House, London, last night (20th June), the governor said that lenders should be able to access a broader set of information on which to base credit decisions.

He stated that SMEs must be able to identify the data relevant to their businesses, incorporate it into their individual credit files, and easily share these files with potential providers of finance through a national SME financing platform.

Carney claimed that establishing common off-the-shelf API standards and operating platforms — which developers could build onto — would allow consumers to move personal information between platforms without lock-in effects.

He added that this open platform would help to enable providers of finance to compete for SME lending.

The governor explained that the platform was not for the Bank of England to build.

However, he said that the Bank could help to lay some of the groundwork.

The Bank of England will submit a formal response on how to develop an open platform for competitive SME finance to the Smart Data Review.

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