Gabriel MacSweeney

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Member Spotlight: Codat

Codat works with small businesses across the globe to help them harness their data in a way that allows firms to grow. Founded in the United Kingdom in 2017, Codat recently expanded its operations into North America.

How will businesses in the United States and Canada benefit from this move?

During the COVID-19 crisis, Codat’s products have been a lifeline for small firms. Tens of thousands of small businesses have used apps, services, and financial products powered by Codat to allow them to harness company data. With Codat, these businesses no longer have to spend hours collecting the data required to submit a loan application, for example.

Via its single API, Codat’s Core product enables real-time data access and visibility, offering deep insight into the business’s financial picture. This unlocks scores of opportunities for small businesses, and allows them to more quickly streamline application processes. Thanks to Codat, which integrates everything from accounting to commerce data, and paired with Open Banking, lenders can easily corroborate the actual financials of a business.

Combining and cross-referencing multiple data sources allows lenders to form a complete and verifiable understanding of a business customer, far beyond what is available from credit bureaus. Moreover, Codat can also use data to help identify and stop potential fraud, a key barrier to lending. According to a 2019 LexisNexis study, fraud losses as a percentage of revenues amount to 5.8 percent for digital lenders, 4.5 percent for small banks and credit unions, and 2.9 percent for larger banks.

PayPal and American Express recently announced they made strategic investments in Codat. Zettle, a PayPal payments company, uses Codat’s technology to transfer point of sale transaction data into their merchants’ accounting software. “The data connectivity Codat enables is a game changer for small-to-medium businesses who want the flexibility to use their preferred tools to run and grow their business,” said Peter Sanborn of PayPal Ventures.

Codat joined FDATA North America in March 2021. Gabriel MacSweeney, who is in charge of strategic partnerships and commercial strategy for the company, said, “At Codat, we are delighted to lend our voice to discussion on the future of open finance in North America. Joining FDATA North America aligns with our mission to enable all the systems and services that a small business uses to work together seamlessly, and underscores our strategic focus and growth plans in the region.”

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FDATA North America Welcomes Three New Members

Contact: Kerrie Rushton, (202) 365-6338, [email protected]

April 6, 2021, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it has added three new members—BillGO, Codat, and ValidiFI— boosting the organization’s roster of member companies and organizations to 28.

“We’re excited to add BillGO, Codat, and ValidiFI to the growing list of companies united in their belief that that consumers and small businesses should have full control over their own financial data,” said FDATA North America Executive Director Steve Boms. “Financial technology companies are well positioned to help individuals, families, and small businesses improve their financial well-being as they fight their way out of the global economic crisis caused by COVID. Open finance maximizes the potential of fintech to improve financial access and inclusion, and BillGO, Codat, and ValidiFI will be important allies in this effort.”

Boms outlined how consumer-directed finance will improve financial inclusion in a recent Morning Consult op-ed.

The following organizations recently joined FDATA North America:

  • BillGO is an award-winning real-time bill management and payments platform that serves more than 30 million consumers and thousands of financial institutions, fintechs, and billers. Visit them at https://www.billgo.com.
  • Codat empowers more small businesses around the globe by ensuring their systems and services are interconnected, allowing them to harness their data to access bespoke products. Visit them at https://www.codat.io.
  • ValidifI is a technology company that delivers data and payment solutions for companies in the financial services industry and provides insights that help them improve the payment process. Visit them at https://validifi.com.

These firms discussed the importance of FDATA North’s mission to advance data access and open banking in North America:

  • BillGO: “Because BillGO believes everyone deserves access to a healthy financial future, we’re thrilled to join the FDATA and work alongside other organizations that share that commitment,” said Jay Plueger, SVP Alliances and Corporate Development at BillGO. “We look forward to collaborating with the FDATA and its members to shape standards and principles that advance our industry while protecting the interests of consumers.”
  • Codat: “At Codat, we are delighted to lend our voice to discussion on the future of open finance in North America. Joining FData North America aligns with our mission to enable all the systems and services that an SMB uses to work together seamlessly and underscores our strategic focus and growth plans in the region.” – Gabriel MacSweeney, Strategic Partnerships & Commercial Strategy
  • ValidiFI: “Access and insight into the rapidly changing regulatory environment for open banking and finance is crucial,” stated Jesse Berger, ValidiFI President and Chief Operating Officer. “It is vital for the development of innovative financial data and technology products like those offered by ValidiFI and other FDATA members. With FDATA’s support, members are ensuring financial products give consumers and businesses more choices, competitive service offerings, and a better deal.”

Existing FDATA North America members include: air (Alliance for Innovative Regulation), APImetrics, Betterment, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica, Xero, and others.

ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances.

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