Financial data sharing and standardization technology company automates reconciliation process for lenders offering confidential invoice discounting
AUSTIN, Feb. 7, 2019 – Validis, a pioneer of financial data sharing and standardization technology, has extended its product line to include DataShare Reconciliation, a unique solution that automates the month-end reconciliation process for lenders offering Confidential Invoice Discounting (CID) to small and medium-size businesses (SMBs).
A key challenge facing lenders that offer CID is establishing an effective flow of accurate financial data to mitigate portfolio risk. The solution’s fully customizable, intelligent parameter setting and easy workflow management enhance a lender’s ability to match an SMB’s invoice schedule efficiently.
DataShare Reconciliation drastically reduces the time it takes to prepare, submit and review invoice schedules at the end of the month. And, by rapidly sharing their financial data digitally with their lender, SMBs have seen a time savings of as much as 90% over previous manual methods.
“DataShare Reconciliation is a real game changer for lenders offering CID and the small businesses they lend to,” said Joel Curry, CEO of Validis. “We’re seeing preparation time for invoice reconciliation dropping by as much as 90%. That means SMBs can concentrate on running their businesses rather than preparing financial updates for their bank. For lenders, less time chasing their client’s financial data and manually matching invoices means they can focus more time on risk monitoring within their portfolio.”
Led by experienced and influential finance and technology experts, with headquarters in the United Kingdom and offices in North America, our mission is to be the place where businesses come to share financial data. Validis provides a data pipe for commercial lenders and accountants to their clients’ accounting application. The technology collects financial data from a business’ accounting application and transforms that data into a standardized format, empowering commercial lenders and accountants with fast and secure access to financial data. The system connects to online and desktop accounting applications used by 80 percent of the SMB market, and is currently used by 80 percent of the tier one banks in the U.K. and three of the big four accounting firms. For more information, please visit www.validis.com.