The government intends to name the big banks that will be required to open up access to their credit data and refer on any SMEs that they turn down for finance, while supporting financial technology firms who want to use bank data to help consumers and small businesses make better decisions.
The government highlighted price comparison site Gocompare.com as the first site that would launch a tool to aid consumers share current account data.
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The statement said "Gocompare is the first comparison website to commit to launching a Midata current account tool, and intend to make the service available from 1 April 2015. Building on this, the government is keen to enable more innovation around bank data and will launch a Call for Evidence on how to deliver standardised Application Programming Interfaces in the banking industry.
In August Leasing Life reported that the UK government backed the need for small and medium enterprises (SMEs) to be linked with other lending organisations if they are rejected for finance by banks.
