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What Makes a Great Financial Data API

If youu2019re searching for a new and innovative financial data API to outperform large-scale rivals and take your business forward, Codat, ForwardAI, and Validis are the top three options you should consider.

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What Makes a Great Financial Data API

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  1. What Makes a Great Financial Data API?

  2. A financial data API is an innovative tool that can help lenders reduce credit risk, improve customer experience, determine creditworthiness, and make smarter lending decisions. So what makes a futuristic financial data API? Here are a few significant features you need to look for when investing in an API

  3. Data Integration

  4. A good API can allow you to integrate your borrower’s data from multiple sources like accounting, banking, cash flow, and other financial data points, using a quick and intuitive platform.

  5. Normalization and Cross-Reference Financial Data

  6. Raw data is complex. Choose an API that has the power to normalize data into one portal, one format, regardless of the customer’s financial data sources - one that can transform raw data into meaningful, easy-to-understand insights.

  7. Real-Time Insights

  8. Go for an API that delivers the most robust and real-time cash flow, banking, accounting, and financial data for lending, so you can better understand your customers’ needs and make the right decisions.

  9. Cash Flow Predictive Data

  10. An excellent financial data API provides more forward-looking data points like cash flow predictive data that can help you accurately predict the financial future of a business and ultimately better determine the ability of a borrower to repay the loan.

  11. Top-Notch Customer Service

  12. A good financial data API provider is always there 24*7 to solve any query you might have about data collection, quality, uses, or credit decisioning.

  13. If you’re searching for a new and innovative financial data API to outperform large-scale rivals and take your business forward, Codat, ForwardAI, and Validis are the top three options you should consider.

  14. Sources: • http://solutions.yodlee.com/rs/789-EJH-884/images/EB_7-Reasons-to-Bank-on-Financial-APIs.pdf • https://www.mulesoft.com/resources/api/open-banking-apis-benefits • https://www.forwardai.com/

  15. Thank You

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