Finxact, the provider of the next-gen core banking platform to the US regional and super-regional banking industry, has confirmed that Codat has joined its Marketplace of banking solutions. The development brings the provider of API-powered connectivity to small business financial software “a step closer to banks running the Finxact core.”
The announcement also mentioned that Codat‘s universal API aims to leverage a single data model which enables financial institutions and software providers to implement 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 difficult for banking institutions to access in a way that allows them to customize product offerings for clients to provide them with what they require “when they need it most.”
As noted in a release, 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.”
Cooper Thompson, VP of Innovation for Finxact, stated:
“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.”
Phil Low, Head of Partnerships at Codat, remarked:
“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.”
The Finxact Marketplace aims to attract major Fintech firms and banking tech providers to position their solutions to the market integrated with the Core platform through its open-API architecture. In the Marketplace, banks can easily 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.”