MX and upSWOT partner to make it easier for SMBs to use their banking transactions in financial statements to manage their businesses
MX, the financial data platform and leader in modern connectivity, and upSWOT, a leading fintech platform to connect business applications, are partnering to provide valuable insights, analytics, and dashboards to help small-to-medium-sized businesses (SMB) manage their businesses more effectively. With this partnership, upSWOT will be powered by MX in enabling SMBs to seamlessly and securely connect their bank accounts to import their account details and transactions.
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“Banks, lenders and fintechs often struggle with managing a portfolio of SMB clients who need consistent and accurate data to get insights to plan for the future,” said Dmitry Norenko, CEO of upSWOT. “With MX’s industry-leading financial data platform and our white-label cloud solution, organizations can gain granular insights into their SMB customers within a short implementation time, and with minimal strain on internal IT or overlap with legacy systems.”
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Beyond connectivity, MX uses industry-leading machine learning to clean and enrich transaction data. With the application of MXdata for Business, SMBs will get access to over 180 business-specific categories and classifiers to help them gain better definition over business-related transactions. Together with data from over 150 business applications connected through upSWOT, upSWOT is able to help financial institutions provide their business customers with a robust online business financial management experience that comes with rich insights and analytics to help better their financial health and performance.
“The financial wellness of SMBs is a very important part of MX delivering on our mission to empower the world to be financially strong,” said Don Parker, Executive Vice President of Partnerships, MX. “With that in mind, MX and upSWOT are innovating together to help SMBs, who create two-thirds of net new jobs in the U.S., plan for better success and an even brighter future.”
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