Linked Finance, a peer-to-peer digital lending platform, has launched a new 'Open Banking' platform service for Irish SMEs who need secure and efficient access to finance to drive business growth as the economy reopens.

The addition of open banking to the application process will allow Irish SMEs to share their bank account information and transaction data with Linked Finance securely.

The move reduces barriers to finance and allows Linked Finance to carry out the necessary credit evaluations to determine the eligibility to receive loans.

As part of the EU regulation, Payment Services Directive 2, open banking was introduced in an effort to increase competition and choice for businesses, as well as consumers.

Niall O'Grady, CEO of Linked Finance said customers no longer need to go through the hassle of locating and printing bank statements, this allows us to access them safely and securely.

"This new capability is set to make the speed of our application process even faster, requiring less manual and time-consuming actions from our SME businesses. This is just another way that we will continue to support the great local businesses that form the backbone of our economy as they navigate recovery."