| https://thefintechtimes.com/codat-simplifies-loan-process-for-us-smes-with-moodys-analytics-integration/ |
Codat has confirmed reports that its API is set to be integrated with Moody’s Analytics CreditLens solution; increasing efficiencies for underwriting small business loans.
Codat has announced its latest product partnership agreement with Moody’s Analytics, a provider of analytic tools and risk assessment capabilities. The Codat API will be integrated into Moody’s Analytics CreditLens credit lifecycle management solution to enable financial service providers using the solution to connect with various accounting platform providers.
Half of US small and medium-sized enterprises (SMEs) report that getting a business loan is difficult or takes too long. Although small businesses often seek small-dollar loans, these typically also have higher underwriting costs, which makes them more difficult for banks to efficiently offer. Automation makes it possible to serve the needs of even the smallest SMEs efficiently and profitably.
The long-term vision for this partnership is to improve credit access for small business owners across the US.
“We find ourselves in a time of rapid change, where new approaches to financing and technology are becoming increasingly important to small businesses,” said Peter Lord, CEO and Co-Founder of Codat. “Moody’s Analytics has global scale and reach, so this partnership holds the potential to meaningfully reverse the credit crunch facing SMEs while opening up new profitable lines of business for financial institutions. Together we will be able to extend the benefits of Codat’s two-way flow of financial data to more lenders and financial institutions, allowing them easier access to a wider data set to make high-quality, data-driven credit decisions.”
Codat will enhance the CreditLens decision framework by enabling the automated spreading of real-time accounting data using machine learning technology. It is also set to make use of its ability to map the accounting information of small businesses to a standard chart of accounts.
“We are excited to welcome Codat as a new accounting data aggregation technology partner to boost the value of Moody’s Analytics lending solutions. Codat provides a seamless interchange of real-time data to enable valuable credit insights and predictive capabilities,” said Eric Grandeo, Product Head for Moody’s Analytics Lending Solutions.
“We are both dedicated to helping financial service businesses gain a deep understanding of their client’s risk and behaviour, and make better decisions based on real-time accounting, banking, and commerce data. Ultimately, the partnership will afford small businesses across the UK and US access to more credit options, opportunity and growth.”
| https://thefintechtimes.com/codat-simplifies-loan-process-for-us-smes-with-moodys-analytics-integration/ |