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 range of accounting, banking, and commerce integrations platforms. It means banks and lenders can get a holistic financial profile of a small business in a matter of minutes rather than days, allowing credit risk to be assessed faster and more accurately, and speeding up time to decision for the applicant.
The partnership agreement is tied to the launch of the Visa Fintech Partner Connect program in Europe - a new marketplace where Visa is partnering with a roster of carefully selected fintech businesses. It will provide Visa’s clients with access to a suite of next-generation digital banking solutions and capabilities from across the financial services spectrum, helping them to quickly bring new solutions to market.
Working with Codat, Visa’s clients will be able to create a fully digital journey for their SME customers, from onboarding, to underwriting, to account and portfolio management, with a single point of connectivity between their customers’ accounting platforms and data sources. Codat’s connectivity to an SME’s financial data will form 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 always be offered the broadest and richest access to key business financial data.
“This is 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 point in SME financial services: the manual, slow, and limited exchange of financial data between businesses and their service providers. Our modern API technology provides the means to do this better, giving Visa’s clients the ability to offer SMEs a suite of improved and more agile products and services, as well as reduce their own operating costs.”