Tide to open up platform to non-account holders

Business banking FinTech Tide will allow non-account holding SMEs to connect to its Open Banking platform.

The move will mean that SMEs with accounts held at other institutions will be able to use the full range of finance and admin products available on Tide’s platform without opening a Tide business account.

From today Tide will give business owners the opportunity to connect their third party business bank account to Tide to access Tide Cashflow Insights, a product that predicts a business’s future cash flow, using data from their business bank account.

The Tide platform will be gradually opened up to offer access to more and more products over time.

The Open Access move has been sponsored by the RBS Alternative Remedies Fund Pool E, for which Tide is aiming to serve 100,000 businesses with third party bank accounts by end 2022.

Oliver Prill, Tide chief executive said: “With established businesses generally not switching banking providers or having multiple banking providers, we reached the conclusion that the only material way competition can be introduced for the established businesses is to allow them to virtually switch to use the Tide platform without actually switching bank accounts.”

He added: “Tide is a business financial platform. On the platform, businesses have a choice between using Tide or partner label products. Now we are extending this concept to current accounts. We are all about serving small businesses optimally making sure that all products
work seamlessly together, not about forcing SMEs into a Tide label product,”

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