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Codat Partners with nCino to Help Banks Secure Small Business Loans Better and Faster

Challenger bank Recognise first to go live with new integration

LONDON, September 14, 2022 /PRNewswire/ — Codatethe Universal API for Small Business Data, today announced a partnership with nCino (NASDAQ: NCNO), the global leader in cloud banking, to automate and accelerate banks’ ability to underwrite small business loans worldwide.

nCino’s transparent solution dramatically reduces the time it takes for banks to transfer information from a borrower’s financial statements to the bank’s financial analysis program (a process known as “financial statement dissemination”). Supporting over 120 languages ​​and over 140 currencies, nCino’s banking operating system is used by over 1,750 financial institutions worldwide. Partnering with Codat will bring the same efficiencies to loan underwriting for nCino-backed banks, giving small businesses around the world faster and easier access to credit.

“The small business underwriting process remains incredibly laborious for most institutions,” said Codat CEO, Pete Lord. “Many of the banks we speak with still have to request financial data from customers on a quarterly basis and manually enter this data into their loan management system – an error-prone and customer-crushing process. The power of this partnership is that we have integrated our automated data collection and categorization capabilities directly into the nCino platform, which is already used by over a thousand institutions around the world.They can get started right away with very little effort. effort to implement.

“Our platform makes it easier for credit analysts to get a clear picture of credit risk,” said Thomas Byrne, Managing Director, EMEA at nCino. “Financial institutions have the opportunity to provide a better experience to their customers by automating the flow and exchange of data throughout the life cycle of loans. We are proud to be associated with Codat to further automate the processes that enable financial institutions to dramatically improve efficiency, accuracy, and create cost savings while being able to meet real customer needs in real time.”

One of the first financial institutions to adopt the new integration, Recognize the bankeliminated significant data entry requirements.

“As an SME-focused bank, using technology from the best vendors that gives us scalability and flexibility is key to our success. We have looked at other solutions to streamline data collection from customers, but Codat was the obvious choice as it offers the ability to automatically categorize accounts and validate accuracy from multiple data sources.Automating our internal underwriting processes means we can provide our clients with faster, more efficient and frictionless. The integration between nCino and Codat further supports our mission to make life for small businesses easier,” said Mo FadaeiDirector, Banking Platforms and Partnerships, Recognize Bank.

According to a 2021 study, 97% of financial institutions have digital transformation plans, but only 30% are working on implementing their strategy. survey by BDO. The reason for this is that most banks are held back by the practical challenges and expense of upgrading existing systems to integrate new tools while meeting complex compliance requirements.

This partnership is just the latest in Codat’s suite of solutions to streamline and automate the credit process. At the start of the year, Codat launched Assessenabling smarter credit decisions for small and medium businesses with real-time customer data via a single API after the company’s lending customers universally requested a product that would support faster business decisions without increasing risks.

ABOUT CODAT

Codate is the universal API for small business data. Codat’s API provides real-time connectivity to enable software vendors and financial institutions to build integrated products for their SMB customers. Codat’s customers range from corporate card providers and forecasting software to lenders, and use cases span automatic reconciliation, loan decision, and more. Codat was founded in 2017 and has offices in London, New York, San Franciscoand sydney. For more information, visit www.codat.io.

ABOUT nCINO

nCino (NASDAQ: NCNO) is the global leader in cloud banking. The nCino Bank Operating System® provides financial institutions with scalable technology to help them increase revenue, increase efficiency, reduce costs and comply with regulations. In a digital world, nCino’s unique cloud-based platform enhances the employee and customer experience to enable financial institutions to more efficiently onboard customers, issue loans and manage the entire loan lifecycle, and open depository and other accounts across all lines of business and channels. Transforming the way financial institutions work through innovation, reputation and speed, nCino partners with more than 1,750 financial institutions of all types and sizes globally. For more information, visit www.ncino.com.

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