Codat’s Universal API for SME Data Opens New Product Opportunities for Banks Running Finxact Core
Finxact, the leading provider of the next-gen core banking platform to the US regional and super-regional banking sector, today announced that Codat has joined its Marketplace of best-in-class banking solutions. The development brings the leading provider of API-based connectivity to small business financial software a step closer to banks running the Finxact core.
Codat’s universal API leverages a single data model which allows financial institutions and software providers to build integrated products with access to their SME’s standardized financial data across the most broadly adopted accounting, eCommerce, payments, and banking software applications. Historically, SME financial data have been siloed, and hard for banks to access in a way that lets them readily tailor product offerings for their customers to meet them with what they need when they need it most. Codat is bringing the bank nearer to a day-in-the life of their SME customers, with real-time connectivity to data that tells the bank exactly how it can be most helpful to their SMEs with products spanning payables, receivables, onboarding, decisioning, monitoring, and forecasting.
“We’ve already wowed a number of Finxact prospects demonstrating the power of Codat’s API and the Finxact core. The connectivity to SME financial data, both data-in and data-out, is practically creating the business requirement documents for bankers to tailor products for their small business customers,” said Cooper Thompson, Vice President of Innovation for Finxact.
“We are excited to be working with Finxact to provide the regional banking sector with an unparalleled level of speed and automation when onboarding small business customers and providing them with banking services. Like Codat, Finxact recognizes the significance of providing clients with the whole story in real-time, something that can only be achieved with direct integration into the systems small businesses use regularly,” said Phil Low, Head of Partnerships at Codat.
The Finxact Marketplace attracts the leading fintechs and banking technology providers to position their solutions to the market integrated with the leading next gen core platform via its open-API architecture. In the Marketplace, banks can readily identify solutions for which they may become the driver for API-based integration, as well as those solutions that are pre-integrated and form part of the Finxact reference ecosystem in production environments.
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