FinTech partnership helps UK banks and financial institutions stay competitive with SME customers

Today five°degrees; a digital core banking provider announces its partnership with Codat, a London based FinTech helping banks to integrate with the multiple accounting platforms their customers use to run their businesses – all through a single API.

The collaboration between five°degrees and Codat strengthens the position of the two companies within the SME lending industry, provisioning for the needs of banks and financial institutions to help them better serve small business customers.

Through five°degrees and Codat technology, banks and financial service providers are able to provide faster lending access to SMEs while mitigating risk.

As part of the partnership, Codat becomes part of five°degrees Open Banking Marketplace: an interconnecting banking and finance ecosystem that enables competitors to work together to improve the end-user experience for its customers.

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.”

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.”