Business data API fintech, Codat, has launched its new Supplier Enablement data product. The solution enables businesses to more easily share their spend and supplier data from ERP (enterprise resource planning) systems and accounting software. Card issuers can access the right data, in their preferred format, in order to recruit suppliers to accept virtual card payments instead of cheques, on an ongoing basis.
Virtual cards as a payment method for B2B transactions is projected to reach $13.8trn by 2028. As a result, many issuers are seeking solutions to seize this opportunity and drive greater benefits for their clients.
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Driving increased spend per connected client
Codat’s new product is now in production with JP Morgan. It means that commercial clients are able to establish and scale programmes for paying their suppliers with virtual card by connecting to comprehensive and up-to-date supplier and spend data. Replacing static supplier payment files with secure and persistent API connections, the solution provides more robust data sets and complete analysis to the bank. Codat says that this will ultimately drive increased spend per connected client through its virtual card offering. The solution provides a process that is more efficient for both bank and client.
Peter Lord, CEO at Codat, said: “With the rapidly-growing adoption of virtual cards for B2B payments, we felt the time was right to release a new data product specifically designed to transform supplier enablement and accelerate how the value of payments innovation is realised in the market. Codat’s ongoing collaboration with JP Morgan has been hugely valuable in helping us develop products that maximise the value of data sharing for financial institutions and their business clients.”
Stephen Markwell, Head of Product Strategy and FinTech Partnerships for Commercial Banking at JP Morgan, added: “Thanks to our work with Codat, our clients can easily and digitally deliver critical supplier enablement data to our firm. This helps to realise efficiency gains and cost savings sooner as well as across a greater share of their spend.”
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