NEW YORK, January 7, 2022 / PRNewswire / – Codat, the universal API for small business data, today announced that it has entered into a product partnership agreement with Moody’s Analytics, a global provider of analysis tools and assessment capabilities. risks. The Codat API is being integrated into Moody’s Analytics CreditLensâ¢ and will allow financial service providers using Moody’s Analytics solution to connect with multiple accounting platform providers, significantly increasing the efficiency of small business loan underwriting. The long-term vision of this partnership is to improve access to credit for millions of small business owners nationwide.
Half of America’s small and medium-sized businesses (SMEs) say getting a business loan is difficult or takes too long. While small businesses often look for low dollar loans, these usually have higher underwriting costs as well, making them more difficult for banks to offer. Automation makes it possible to meet the needs of SMEs, even the smallest, in an efficient and cost-effective manner.
âWe find ourselves in a time of rapid change, where new approaches to finance and technology are becoming increasingly important for small businesses,â said Peter Lord, CEO and co-founder of Codat. âMoody’s Analytics has an impressive global scale and reach, so this partnership has the potential to significantly reverse the credit crunch facing SMEs while opening up profitable new lines of business for financial institutions. Together we will be able to extend the benefits of Codat’s two-way cooperation. financial data flows to more lenders and financial institutions, allowing them easier access to a larger dataset to make high-quality, data-driven credit decisions. ”
The CreditLens solution is a credit lifecycle management solution with access to industry-leading data and analytics. It simplifies and standardizes the way businesses collect, analyze and store credit data, laying the foundation for robust credit issuance. Codat will enhance CreditLens’ decision-making framework by enabling the automated delivery of real-time accounting data using machine learning. It will also use its ability to instantly and intelligently map any small business’s accounting information to a standard chart of accounts.
âWe are delighted to welcome Codat as a new accounting data aggregation technology partner to increase the value of Moody’s Analytics lending solutions. Codat provides a transparent exchange of real-time data to enable valuable credit information and predictive capabilities, âsaid Eric Grandeo, Product Manager for Moody’s Analytics Lending Solutions. âWe’re both committed to helping financial services companies gain a deep understanding of customer risk and behavior and make better decisions based on real-time accounting, banking and business data. Ultimately, the partnership will allow small businesses in the UK and US access to more credit options, opportunities and growth. ”
Codat is the universal API for small business data. Codat’s API provides real-time connectivity to enable software vendors and financial institutions to build integrated products for their SMB clients. Codat’s clients range from providers of business cards and forecasting software to lenders, and the use cases cover automatic reconciliation, loan decision and more. Codat was founded in 2017 and has offices in London, New York, San Francisco and Sydney. For more information visit www.codat.io.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, extensive information resources, and innovative application of technology help our clients navigate a changing market with confidence. We’re known for our industry-leading, award-winning solutions comprised of research, data, software and professional services, assembled to deliver a seamless customer experience. We create trust in thousands of organizations around the world, through our commitment to excellence, our open-minded approach and our focus on meeting customer needs. For more information on Moody’s Analytics, visit our website or connect with us on Twitter and LinkedIn.
Moody’s Analytics, Inc. is a subsidiary of Moody’s Corporation (NYSE: MCO). Moody’s Corporation reported sales of $ 5.4 billion in 2020, employs more than 13,000 people worldwide and is present in more than 40 countries.
FOR CODAT: Chelsea allison
Communication / PR, CMAND for Codat