five°degrees teams up with Codat to boost SME lending services

Peter-Jan Van De Venn, Exec VP , five°degrees

Amsterdam-based digital core banking provider five°degrees has partnered with London-based FinTech Codat in a bid to boost their SME offering and strengthen their position in the SME lending industry. The collaboration is expected to allow banks and financial services provider to support SMEs through lending access and risk mitigation.

Peter-Jan Van De Venn, Executive Vice President, five°degrees said, “By joining forces with Codat, we are providing unrivalled customer experience via our Open Banking Marketplace, helping banks and financial institutions to provide for lending solutions and take advantage of the SME market opportunity.”

According to the supplier, the partnership will see Codat integrating with five°degrees’ Open Banking marketplace which allows competitors to work together with an aim to improve customer experience.

Alexander Cardona, Co-Founder, Codat said, “Taking an ‘Open Accounting’ approach enables banks to have greater access to real-time accounting data. This helps banks provide faster and more accurate lending decisions for small businesses while managing risk effectively. With the ability for banks to make quick lending decisions based on real-time insights, SMEs feel valued and lengthily paper vetting processes are avoided.”

Established in 2010, five°degrees is a digital core banking technology provider with its digital banking platform Matrix that aims to connect channels, customers and the FinTech ecosystem and is expected to provide a fully automated banking services platform.

Founded in 2017, Codat aims to assist banks in integrating with the multiple accounting platforms their customers use to operate businesses through a single API.

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