Temenos MarketPlace and Codat bring accounting integration for banks

Temenos MarketPlace and Codat bring accounting integration for banks
24.01.2020 12:37 pm

Temenos MarketPlace and Codat bring accounting integration for banks

Banking

Temenos (SIX: TEMN), the banking software company, today announces that Codat has joined Temenos MarketPlace. Codat provides a universal API which connects to the most widely used business accounting platforms. Through Temenos MarketPlace, Temenos’ platform for connecting banks with the best in complementary fintech solutions, the company will provide pre-integrated access between banks and their Small and Medium-Sized Enterprise (SME) clients’ accounting packages.

This collaboration will ultimately benefit both banks and their SME clients by allowing quick and accurate sharing of data between business accounting and banking systems.  While the SME market has traditionally been underserved by banks, business owners are increasingly expecting similar levels of service for their business banking to those they experience from retail banking experiences. Temenos’s continued investment in product innovation and in collaborating with Temenos MarketPlace fintech providers such as Codat empowers Temenos’ banking customers to secure customer satisfaction by proactively supporting SME's at every stage of their growth.

Paul Roberts, Director – MarketPlace and Community Development, Temenos, said: “I am very pleased to welcome Codat to the Temenos Community. Temenos MarketPlace continues to provide the most innovative and diverse fintech ecosystem, with solutions spanning digital engagement, risk & compliance, customer servicing and payments among others. Our business banking clients will clearly benefit from this out-of-the box integration with market-leading accounting packages. This brings immediate efficiencies for SME clients, but more importantly provides the data visibility that banks need to be more proactive in identifying business needs and delivering services to help support and drive their clients’ business growth.”

Peter Lord, CEO at Codat commented: “The financial and business data ecosystem is growing into a huge network of data sources with financial institutions and software providers becoming not just consumers, but sources of data themselves, as the need for integrations grows. Integration with accounting platforms is seen as an essential feature of commercial banking products by SMEs. By offering Codat’s capability on Temenos MarketPlace, Temenos is helping banks to be better positioned to both retain and attract new customers.”

Temenos will leverage Codat’s integration capabilities to enhance its Business Banking offering. Codat’s API opens the door for Temenos and its customers to access data from SME accounting packages so that banks have a combined view of business and banking data. By bringing all that data together, banks can quickly and accurately provide information, advice and relevant banking services for their SME customers.

Steve Scott, Senior Product Manager – Business and Corporate Banking at Temenos added: “Codat is a great complement to our Business Banking solution. Our research has shown that SME’s expect their banks to understand them better and provide timely and specific advice. By integrating with their customers accounting software, our clients will deepen their relationships with SME’s through greater insight into their business activities.”

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