UpSWOT joins Temenos MarketPlace to help build loyalty with SMEs

By Joy Dumasia

Temenos, the banking software company, announced that upSWOT had joined Temenos MarketPlace, helping Temenos’ banking clients build loyalty and grow engagement among their Small and Medium-Sized Enterprise (SME) clients.

The collaboration provides pre-integrated access between banks and SMEs’ most popular business applications, such as QuickBooks, Salesforce, Amazon, and Shopify. upSWOT provides RESTful APIs, which connect more than 150 API-enabled accounting, ERP, payroll, e-commerce, CRM, marketing and POS business applications.

Temenos will leverage upSWOT’s integration capabilities to enhance its business banking offering. upSWOT’s API opens the door for clients to access data from SME accounting, ERP, e-commerce, payroll, and other business applications so that banks have a combined view of business and banking data. By bringing all that data together, banks can quickly and accurately provide information, advice and relevant banking services for their SME customers. Further, by integrating with the array of applications SMEs use, upSWOT opens up the opportunity to build extremely rich AI models using Temenos Explainable AI (XAI), combining banking data with data from other domains.

While banks have traditionally underserved the SME market, business owners are increasingly expecting similar experiences for their business banking as they do with their banking. The continued investment in product innovation and collaboration with Temenos MarketPlace FinTech providers such as upSWOT empowers Temenos’ clients to increase customer satisfaction by proactively supporting SMEs at every stage of their growth.

Martin Bailey, Product Director Innovation and Ecosystem, Temenos, said: “upSWOT is highly complementary to our business banking solution. Our research has shown that SMEs want insights from their bank and expect banks to understand them better. By integrating with their customers’ business software, banks can obtain actionable data to engage meaningfully with their customers and create deeper relationships. This dramatically improves banks’ ability to service their SME clients, a win-win for bank and customer.”