Validis upgrades DataShare to boost CBILS support for SMEs

By Megha Bhattacharya

London-based cloud FinTech Validis announced new technological changes to its platform DataShare in light of assisting lenders in meeting the obligations presented by the Coronavirus Business Interruption Scheme (CBILS). The improved DataShare platform will be deployable within 24 hours and aims to decrease the amount of preparation work required by SMEs and lenders for completing and submitting their CBILS application.

The FinTech’s platform is also expected to allow lenders to utilise a configurable CBILS webform for identifying eligibility quickly. Lenders can also combine the company’s existing accounting data extraction technology for gaining access to updated standardised financials along with a real-time picture of the SME’s financial health.

Nik Haidar, UK General Manager at Validis, said, “Everything possible must be done to support the UK economy and the millions of small and medium-sized businesses that are struggling right now. For our part, that means giving UK banks and digital lenders the right tools to help accelerate the distribution of the Chancellor’s £330bn loan scheme. We recognise that speed is critical for SMEs. That’s why we now ensure lenders are set up within 24 hours to digitally extract and process loan application data. – bringing relief to both the SMEs who need the funds and to the over-stretched front office staff working to service them. The data that we enable them to access means they can accept more CBILS loans, compliantly, securely, and with an audit trail to ensure compliance and onward servicing and monitoring.”

According to Validis, “The platform will also allow the lender to assess the financial position of the SMEs immediately. The company has also developed an Insolvency Calculator built on the Altman Z-Score and an affordability calculator based on Cashflow available for Debt Service calculations (CFADS). Both of these are easily derived from the SMEs management accounts and enable overstretched Relationship managers and credit teams to evaluate the position of the applicant in minutes.”

Recently, UK-based AccountScore, the AISP accredited Open Banking platform, and Validis partnered to deliver transparent financial services for small and medium businesses in the UK.