The partnership will enable small businesses to share a view of their finances, including bank data from Plaid and accounting and ecommerce data from Codat, with third-party lenders.
By using Codat’s API to delve into a company’s financials and Plaid’s Open Banking data, lenders can corroborate the financial information they’ve been provided with to ensure they are lending to the right company.
Lenders will also be able to tailor the loan to a particular SME’s financial needs and track changes in their financial health through Open Banking.
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