We will support the development of an open platform for SME finance. By bringing together a global identity standard and a safe, secure and permissioned method of sharing information; this open platform could harness novel data sources and advanced analytics to provide SMEs with more choice and better access to productive finance.
To help create an open platform to boost access to finance for small businesses and choice for households, we will:
- Help small businesses harness the power of their data by developing the concept of a portable credit file, to give greater access to more diverse and competitive financing options, including for global trade.
- Respond to the Government’s Smart Data Review with recommendations for how data standards and technology can promote an open platform for finance and deliver greater choice and keener pricing for businesses and individuals.
- Champion the Legal Entity Identifier (LEI) as a globally recognised and unique identifier for all businesses in the UK, including integrating the LEI in the Bank’s new RTGS service and mandating its use in payment messages.
Find out how an open data platform could deliver a portable credit file for SMEs:
In August 2019, the Bank of England responded to two Consultations run by the Department for Business, Energy & Industrial Strategy (BEIS) on Smart Data and on the role of Companies House. Our responses encourage Government to pursue a standardised approach to data sharing across a wide range of markets, connecting private and public data, and to maximise the potential for the Legal Entity Identifiers (LEI) to deliver tangible benefits for the real economy.
These responses represent part of the Bank’s efforts to champion a platform to boost access to finance for SMEs and to champion the LEI as a globally recognised and unique identifier for all businesses in the UK.