Codat – a London-based technology company that connects the internal systems of small businesses to banks, fintechs and other financial institutions, allowing business data to flow back and forth in real time – has formed a strategic partnership with Visa.
Via a single API, Codat enables financial service organisations to integrate with a wide and growing selection of accounting, banking, and commerce integrations platforms. This means banks and lenders can get a holistic financial profile of a small business in a matter of minutes instead of days, allowing credit risk to be assessed faster and more accurately, and accelerating time to decision for the applicant.
The partnership agreement is tied to the launch of the Visa Fintech Partner Connect enter in Europe – a new marketplace where Visa is partnering having a roster of carefully selected fintech businesses. It'll provide Visa's clients with access to a suite of next-generation digital banking solutions and capabilities from over the financial services spectrum, helping these to quickly bring new methods to market.
Working with Codat, Visa's clients can create a fully digital journey for his or her SME customers, from onboarding, to underwriting, to account and portfolio management, having a single point of connectivity between their customers' accounting platforms and knowledge sources. Codat's connectivity to an SME's financial data will make up the most up-to-date picture of a business's financial health.
Through its commitment to integrating with a wide range of data sources, Codat ensures Visa and Codat clients will be offered the broadest and richest use of key business financial data.
\”This is really a major stamp of approval and validation of the quality, security and scalability of the platform our team has built,\” said Pete Lord, CEO at Codat. \”Visa has recognised that we address a universal pain reason for SME financial services: the manual, slow, and limited exchange of monetary data between businesses as well as their service providers. Our modern API technology offers the means to do this better, giving Visa's clients the opportunity to offer SMEs a suite of improved and more agile products and services, as well as reduce their own operating costs.\”