UAE banks and investors will be the first to benefit from the solution due to the UAE’s position as a key trade finance hub for Finverity. In parallel, the API functionality is now also available to funders globally on the ADGM’s Digital Lab and Finverity’s platform.
Finverity has developed an API solution that provides near real-time access to the financial data stored within SMEs’ accounting packages. According to the official press release, this will reduce the current high level of SMEs’ loan rejection rates caused by lack of financial data. The API also reduces the time it takes for a funder to process a loan application and disburse funds.
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