Codat has partnered with Open Banking Reporting (OBR) to enable UK lenders to provide crucial business support to SMEs as they look to recover post COVID-19.
Open Banking Reporting (OBR) has developed a solution called OpenRep® which enables UK banks to save around £500m per year by allowing both lenders and SMEs to track their financial performance through the term of a loan.
The Codat partnership provides OBR with the ability to connect directly with an SME’s accounting software, for improved control through real-time monitoring and intelligent insights. Codat’s monitoring functionality allows lenders to assess ongoing risk, build powerful relationships with their customers, and create tailored lending to suit a business’s specific needs. Using OpenRep, lenders and investors can support SMEs with confidence and predictability at a difficult and crucial time.
Eddie Curran, CEO of Open Banking Reporting, said:
“Our aim at OBR was to build a solution that supported SMEs at a time of economic uncertainty, providing a lender’s Relationship Manager with the real-time insights needed to help SMEs adapt, recover and grow. Partnering with Codat allowed us to do just that. Codat’s API provides access to real-time accounting data, which when combined with OBR’s monitoring and analytics platform allows RMs to quickly and effectively flag opportunities, identify risk, and create actionable insight for the SME. We are very proud of our flagship product OpenRep, a smart digital assistant for RMs, and the positive impact it has for both SMEs and Lenders.”
Matt Hicks, VP of Sales at Codat said:
“It’s so brilliant to have great technology partners like OBR working with us to enable our clients to derive the greatest value from the Codat API. Lenders need to be thinking about more than just underwriting. Lenders that don’t empower their Relationship Managers with insights derived from real-time accounting data risk falling behind in the race to provide personalised customer experiences”