The taskforce, which was formed by Centre for Finance, Innovation & Technology (CFIT) in April, have released a seven-point plan of action in their report:

Prioritise the Digital Information and Smart Data Bill Fund and support an SME “Smart Data Challenge” Review and improve HM Treasury’s Bank Referral and Commercial Credit Data Sharing (CCDS) Schemes Accelerate reform of Companies House, in particular standardisation and verification of Company information Unlock private-sector data by providing digital receipts from HMRC and improved access to tax data for approved organisations Develop and consult on proposals for an e-invoicing scheme for the UK to align with overseas markets Enable greater trust and understanding in using new alternative specialist lenders

Core to the plan is use of high-quality data, enabling SMEs to expand and recieve funding to grow and scale. This SME report builds on CFIT’s blueprint report on open finance, published earlier this year.

Charlotte Crosswell, CFIT chair, said: “The financial services and fintech industry has worked together to design a comprehensive programme that will energise the UK economy by making the lending experience better for both SMEs and the lenders themselves.

“What’s particularly exciting is that this doesn’t require significant public spending. While policy implementation inevitably takes time, there are so many levers that industry can pull with the support of policymakers, to quickly build momentum, boost SME lending and unlock growth.”

Members of the taskforce include iwoca, Sage, OakNorth, Allica Bank, Experian, HSBC, Lloyds Banking Group, Mastercard, the Federation of Small Businesses (FSB) and Revolut.

Economic Secretary to the Treasury, Tulip Siddiq, said: “Ensuring businesses can access finance quickly and efficiently is critical to their growth and success. New and innovative technologies, such as Open Finance, can play an important part in unlocking the potential of SMEs across the country and I will carefully consider the taskforce’s recommendations.”

Jane Prokop, executive vice president, small and medium enterprises, Mastercard, said: “Increasing lending to SMEs helps build a stronger, more sustainable economic base, as it supports businesses to unlock their growth potential. Through our Open Banking and SME divisions Mastercard is already supporting innovative financial solutions addressing access to finance for SMEs across the UK and providing them with sophisticated tools to improve their cash flow predictions. The SME Action Plan to boost UK economic growth through access to data is a natural next step in improving financial outcomes for SMEs, and delivering this Action Plan will incentivise the financial ecosystem to invest in the UK.”