The partnership will provide banks and lenders with more holistic financial profile of SMEs, delivered within few minutes
Financial API provider Codat has joined forces with Visa to provide European banks with an enhanced access to small and medium enterprise (SME) financial data.
Under the new partnership with Visa, Codat is expected to expand the use of its single API, allowing business data flow back and forth in real-time between fintechs, SMEs and other financial institutions.
The partnership is expected to ensure that banks and lenders get a more holistic financial profile of SMEs, within few minutes, facilitating rapid and more accurate creditworthiness and affordability checks to accelerate decision times, AltFi reported.
Codat CEO Pete Lord 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.”
Codat, Visa partnership is part of Visa Fintech Partner Connect programme
The partnership between Visa and Codat is part of the Visa Fintech Partner Connect programme, launched recently in Europe.
The new programme is anticipated to create a marketplace through partnering with fintechs, and provide Visa’s clients with digital banking services.
Along with the partnership with Visa, the London-based fintech has recently became a Mircosoft partner to offer banks an improved understanding of their SME customers.
Recently, Codat has been awarded a £2.5m Pool E BCR grant and the company has also closed a $10m funding round in June this year, as it looks to expand its platform globally.