What is Open Accounting Technology?
Open Accounting is the practice of a business providing consent to a financial institution to access their accounting platform (such as Xero, Sage or Intuit Quickbooks) in order to provide tailored financial services. The deep, richly contextual financial data housed in a business’s accounting platform is exchanged to help inform decision making and product design by the financial institution. Common use cases include loan origination, client onboarding. It also helps at credit risk decisioning, plus accounting and compliance services.
Why use Open Accounting data?
Why is Open Accounting data so powerful?
It provides a detailed, up-to-date snapshot of the financial health of a business. Unlike credit bureau data or audited accounts, which present a historic view, Open Accounting data offers immediate insight as to the current health of a business’s accounts.
The data comes in a standardized format via robust APIs in order to automate critical financial processes for small and medium size businesses.
DataShare from Validis
Validis DataShare is a software solution used by the world’s leading financial institutions and accounting firms. It is driving an agenda of innovation and digital processes to help streamline their client experience.
DataShare enables small and medium enterprises (SMEs) to share their full financial data history directly from their accounting package in a standardized format, speeding up loan decisions, powering audits and improving insight.