Data Sources Include
How can Codat help?
Better visibility = no more bad debts
Access to contributed financial data provides greater real-time visibility of your customer's financial position, allowing you to make accurate decisions when extending trade credit without fear of default.
Offer favourable limits
Attract and retain more customers by offering competitive credit terms that may fall outside the limits of your existing data vendor's recommendations.
Save time and operational costs
Automate the collection of the financial information you require for initial and ongoing monitoring of your customers via Codat's single API - making manual processes a thing of the past.
Trusted and verified
Compare accounting data with banking transactional data; ensuring the contributed data from your customers is both trusted and accurate.
What accessing real time data allows you to understand…
Understanding the cashflow of a small business is critical when determining the terms of trade credit and the repayment agreement.
Identify trends that may be seasonal, exposure to a single buyer or supplier or otherwise that may impact their ability to pay.
Assess how good your customers are at paying their invoices and equally how regularly their own invoices are being paid.
How it works
- 1. Authorisation
Codat handles the technical complexities of the initial and on-going connection to end-users accounting software; either via protocols such as OAuth or direct connection in the case of on-premise software.
- 2. Standardisation
Codat maps data to a standard format independent of the underlying accounting software used by your small business customers.
- 3. Connectivity
Codat facilitates the information flow that allows you to deliver better products and experiences for your customers.
- 4. Synchronisation
An on-going data feed is enabled via hourly, daily, weekly, monthly or at a custom frequency of your choosing. Codat allows you to request selective datapoints to suit your product.
- 5. Monitoring
Automated connection monitoring with customisable triggers and alerts as well as on-going support from the Codat team.
What are the benefits to your customers?
Your customers are more than just their credit score, each business is unique and nuanced. Accessing a wealth of data via Codat can allow you to approach a trade credit agreement in a more fair and transparent manner.
Saves them time
Often customers will not have the time to manually share financial information when it is requested. Giving them the opportunity to share it with a click of a button will give them back the valuable time they need to run their business.
A provider that understands the changing circumstances of a business can offer a more flexible and compassionate service.
Continuing access for a revolving line of credit
Ongoing access to your customer's financial data will allow you to offer a revolving line of credit - this results in a happier and more loyal customer.
A unique proposition
Trusted & experienced
Best-in-class integration built by industry experts and trusted by the world’s leading financial service providers. We make accessing accurate and relevant contributed data from your customers simple.
We support 17 data sources and counting, providing direct integration with all major accounting platforms.
One solution, many possibilities
Through a single API, we offer two- way integrations and advanced standardisation of data between packages. We support various industries ranging from traditional lenders to business applications. We offer bespoke solutions that help providers supply new and innovative services/ products to their customers.
Small business champions
We’re here to make life easier for small businesses. Deliver a fairer, faster and more bespoke experience for your customers by tightly integrating your product with the financial applications they use to run their business.
We work with providers to deliver bespoke and reliable integrations and maintain each connection so you don’t have to. Our developers have designed our system to be intuitive and provide expert ongoing support.
Trade Credit FAQs
How long is the implementation process?
Speed of implementation will depend on how your company would like to use Codat’s API and the data sets it would like to push and pull that best suit your business needs and the needs of your customers.
If you’re a lender the process is simple. Codat could get you up and running in a matter of days. Our solution is faster, simpler and less expensive than building in house.
Depending on this implementation can take between 2 weeks and 2 months.
Is the data secure?
We understand the importance of data security, that’s why all our data is stored in a Microsoft Azure database as standard, and hosting costs are included within our annual license fee. Penetration test certificate and ISO27001 compliance can be provided on request.
Penetration test certificate and ISO27001 compliance can be provided on request.
What data will I have access to?
Aged debtor and Aged creditor reports, Profit & Loss, Bank Statements and much more - all of which will give you great insight into the credit behaviour of your business customers.
Can I view the data on an ongoing basis?
There is no substitute for seeing an SME’s accounts being created over time and accounting platform APIs enable exactly that. Individual companies can now give ongoing access to their accounting data to service providers.
This means a company can access credit and investment faster and sooner than ever before. A company can also provide permission in the application process for a loan which can allow monitoring throughout its duration.
This helps service providers to identify systemic risks in a business model and ensure they can be addressed swiftly so that the loan is less likely to default.