FinTech partnership helps UK banks and financial institutions stay competitive with SME customers

FinTech partnership helps UK banks and financial institutions stay competitive with SME customers
15.10.2019 09:49 am

FinTech partnership helps UK banks and financial institutions stay competitive with SME customers

Banking , Core Banking

Today five°degrees; a digital core banking provider announces its partnership with Codat, a London based FinTech helping banks to integrate with the multiple accounting platforms their customers use to run their businesses – all through a single API.

The collaboration between five°degrees and Codat strengthens the position of the two companies within the SME lending industry, provisioning for the needs of banks and financial institutions to help them better serve small business customers.

Through five°degrees and Codat technology, banks and financial service providers are able to provide faster lending access to SMEs while mitigating risk.

As part of the partnership, Codat becomes part of five°degrees Open Banking Marketplace: an interconnecting banking and finance ecosystem that enables competitors to work together to improve the end-user experience for its customers.

Peter-Jan Van De Venn, Executive Vice President, five°degrees said: “By joining forces with Codat, we are providing unrivalled customer experience via our Open Banking Marketplace, helping banks and financial institutions to provision for lending solutions and take advantage of the SME market opportunity.”

 Alexander Cardona, Co-Founder, Codat said: “Taking an ‘Open Accounting’ approach enables banks to have greater access to real-time accounting data. This helps banks provide faster and more accurate lending decisions for small businesses while managing risk effectively. With the ability for banks to make quicker lending decisions based on real-time insights, SMEs feel valued and lengthily paper vetting processes are avoided.”

Related News

Andigo Scholarship To Award $12,500

Andigo Credit Union, based in Schaumburg, IL, announced five college-bound high school seniors as recipients for the 2020 Andigo Scholarship Program. The... Read more »

Forecast by Robocash Group: 5G will boost financial inclusion in emerging markets in Asia

Driving improvements in the digital space, 5G has accelerated financial inclusion in emerging markets in Asia. Analysts of the financial holding ... Read more »

Meniga closes a €8.5m strategic investment round led by Groupe BPCE, Grupo Crédito Agrícola & UniCredit

Meniga, a leading provider of digital banking technology for the world’s largest banks, has closed a €8.5m strategic investment led by customers Groupe BPCE, the second-largest... Read more »

Finantix CIO Cockpit digitises and accelerates key Investment Office processes

Finantix, the leading global provider of trusted technology to the wealth management,... Read more »

Backbase and Mambu partner to deliver an end-to-end integrated SaaS banking solution

Backbase, the leading omni-channel banking solution provider, announced today a strategic partnership with Mambu, the Berlin-based cloud banking platform to jointly deliver a... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel