Business data FinTech ForwardAI has presented a new version of its Precise API tool, which can be used to optimize financial solutions.
This tool was released in 2021. Precise is an application programming interface (API) through which users can obtain data on cash flow, accounting, and finance for lending to small and medium-sized businesses.
ForwardAi co-founder and CEO Nick Chandy stated that the update provides small business lenders with a faster and more powerful version of Precise and allows them to make accurate credit decisions in the short term. He also added that the tool will provide scalable and normalized accounting and financial data.
Ciaran Burke, Chief Operating Officer and co-founder of Swoop Funding, fast and accurate access to accounting and financial data is a challenge for small business lenders that they face on a daily basis.
ForwardAi technology extracts data from accounting systems and returns it back. When a bank integrates with this technology and allows access to its payment systems, invoices, and payment deadlines can be delivered, unpaid invoices can be paid, accounting systems can be updated.
Nick Chandy said that two major financial institutions are interested in his firm’s technology. He also noted the desire of these institutions to use their own rail instead of third-party processors, such as, for example, PayPal.
Nick Chandy says that banks and fintech companies are interested in ensuring that customers stay on their websites as long as possible. To do this, the functionality of Internet pages is being expanded.
Hicham Udgiri, CEO of Enigma Technologies, says that recently there have been major changes in the financial services sector, including in the provision of loans. According to him, the qualitative transformation began during the coronavirus pandemic, when the process of communication between entrepreneurs and banks began to be carried out in the virtual space. The most important information about the borrower is collected using the phone.
Hicham Udgiri says that in the format of virtual interaction, it is more difficult for creditors to obtain objective data on the state of the business. During the Covid period, the small and medium-sized business sector was saturated with money. Now there is a slightly different situation, it has become more difficult for entrepreneurs to obtain financing since the excessive saturation of the industry with funds in previous years was logically replaced, it was logically replaced by a more restrained approach to this issue on the part of creditors.
As we have reported earlier, Finastra Launches SaaS ESG Service for Sustainable Lending.