Visa has partnered with Codat as part of the launch of its European FinTech Partner Connect programme.
The new initiative, which was announced earlier this month, will provide financial institutions and merchants in Europe with new digital payments experiences.
Via a single Application Programming Interface (API), the London-based company enables financial service organisations to integrate with a range of accounting, banking, and commerce integrations platforms.
Under the terms of the partnership, Codat will deliver what it describes as a “fully digital journey” for Visa’s SME customers. The service will include onboarding, underwriting, account and portfolio management, with a single point of connectivity between customers accounting platforms and data sources.
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.
With the pandemic triggering increased demand for digital payments, the FinTech Connect programme comes at the perfect time.
“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, chief economic officer 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.”
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