Railz Expands Into Supporting Integrations to Major Commerce Platforms

Commerce Data from Shopify and Square Provides A More Accurate Picture of SME Business Performance

Railz, a financial technology company that makes it easy to access accounting and banking data on small-medium enterprise (SME) customers, has expanded its application programming interface (API) coverage to include Shopify and Square commerce data. Fueled by the pandemic, omnichannel commerce has grown tremendously in the small business space, and Shopify and Square command a massive market share. Adding POS and online orders, transactions, products, and dispute data to the Railz API provides banks and fintech firms with a more accurate picture of the actual financial performance of a company.

The Railz API acts as a single access point that lets financial institutions and fintech firms easily connect with the popular accounting software used by SMEs such as Quickbooks, FreshBooks, and Xero, as well as to the SMEs’ banking transactions via Plaid. Adding new commerce integration provides Railz clients with relevant data that can power various use cases, such as cash flow forecasting, business financial management dashboards, and alternative lending.

Increasingly SMEs are maintaining balances within their commerce platforms and utilizing them for day-to-day business transactions, money management, and credit extension. Insights on these actions are generally unavailable to mainstream financial institutions trying to assess the financial health of an SME. The commerce data provided by the Railz API will allow decision makers at these financial institutions and fintech firms to get a better view of activity by an SME, which will influence the types of products that can offer.

“Commerce data is crucial for banks and merchants, for credit decisions enabling new channels, leveraging and optimizing third-party logistics (3PL), or for companies looking to cut down shipping times and cost,” said Sohaib Zahid, Co-founder, and CEO, of Railz. “We are excited to launch two of the largest commerce platform integrations, Shopify and Square, which will enable merchants to do commerce accounting and reconcile the data set between commerce and accounting platforms.”