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Codat Forms Collaboration with Moody's Analytics to Improve Small Business Lending
The integration will automate data management and make underwriting easier.
Fremont, CA: In the United States, half of the small and medium-sized businesses (SMEs) say acquiring a business loan is tough or takes too long. Small firms frequently seek small-dollar loans, but they have greater underwriting fees, making them more difficult for banks to lend effectively. Thanks to automation, even the tiniest SMEs may now get served effectively and economically.
"We find ourselves in a time of rapid change, where new approaches to financing and technology are becoming increasingly important to small businesses," said Peter Lord, CEO & Co-Founder of Codat. "Moody's Analytics has impressive global scale and reach, so this partnership holds the potential to meaningfully reverse the credit crunch facing SMEs while opening up new profitable lines of business for financial institutions. Together we will be able to extend the benefits of Codat's two-way flow of financial data to more lenders and financial institutions, allowing them easier access to a wider data set to make high-quality, data-driven credit decisions."
Codat, the universal API for small company data, has signed a product collaboration deal with Moody's Analytics, a leading supplier of analytic tools and risk assessment capabilities. The Codat API is being integrated into Moody's Analytics' CreditLensTM system, allowing financial service providers to utilize Moody's Analytics' solution to interface with several accounting platform providers, significantly enhancing efficiency for small company loan underwriting. Their collaboration's long-term goal is to increase finance availability for millions of small company owners across the country.
CreditLens is a credit lifecycle management system that exposes industry-leading data analytics. It standardizes and streamlines the way businesses gather, evaluate, and store credit data, creating the framework for strong credit origination. Codat will improve the CreditLens decision framework by enabling the automatic distribution of real-time accounting data using machine learning. It will also take advantage of its capacity to immediately and intelligently map any small business's financial information to a standard chart of accounts.