Validis Expands Product Line with DataShare Reconciliation
Validis, a pioneer of financial data sharing and standardization technology,has extended its product line to include DataShare Reconciliation, a unique solution that automates the month-end reconciliation process for lenders offering Confidential Invoice Discounting (CID) to small and medium size businesses (SMBs).
A key challenge facing lenders that offer CID is establishing an effective flow of accurate financial data to mitigate portfolio risk. The solution’s fully customizable, intelligent parameter setting and easy workflow management enhance a lender’s ability to match an SMB’s invoice schedule efficiently.
DataShare Reconciliation drastically reduces the time it takes to prepare, submit and review invoice schedules at the end of the month. And, by rapidly sharing their financial data digitally with their lender, SMBs have seen time savings of as much as 90% over previous manual methods.
“DataShare Reconciliation is a real game changer for lenders offering CID and the small businesses they lend to,” said Joel Curry, CEO of Validis. “We’re seeing preparation time for invoice reconciliation dropping by as much as 90%. That means SMBs can concentrate on running their businesses rather than preparing financial updates for their bank. For lenders, less time chasing their client’s financial data and manually matching invoices means they can focus more time on risk monitoring within their portfolio.”