By Aisling Finn on Wednesday 18 November 2020
Under the new partnership, Codat will be able to provide real-time financial data to institutions with the help of Visa.
Financial API provider Codat has partnered with Visa to give European banks better access to SME financial data.
With the help of Visa, the new pairing will see Codat expand the use of its single API to allow business data to flow back and forth in real-time between fintechs, SMEs and other financial institutions.
The collaboration will mean that banks and lenders will be able to get a more holistic financial profile of SMEs in the space of a few minutes, rather than days, allowing creditworthiness and affordability checks to become more accurate and speed up decision times.
Visa and Codat’s partnership is part of the launch of the Visa Fintech Partner Connect programme in Europe.
The new programme will build a marketplace through partnering with fintechs to provide Visa’s clients with digital banking services
Pete Lord, CEO at Codat, said: “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.”
As well as partnering with Visa, the London-based fintech recently became a Mircosoft partner to help banks better understand their SME customers by providing business data in real-time, which, in turn, helps SMEs applying for financial products.