Railz Wins "Best Open Banking API" at 2023 FinTech Breakthrough Awards
Railz, an accounting data-as-a-service platform, has been named a winner in the 2023 FinTech Breakthrough Awards program, taking home the "Best Open Banking API" award. The FinTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies, and products in the global FinTech market, today announced the winners of the organization's seventh annual awards program, showcasing technologies and companies that drive innovation and exemplify the best in FinTech technology solutions across the globe. This award recognizes Railz's efforts to make it easier for financial institutions to access granular, high-quality, and normalized financial data on small and medium-sized businesses (SMBs).
The financial industry has always relied on data to drive its decision-making, but accessing high-quality financial data for small and medium-sized businesses has been a challenge. This leads to:
- Increased cost and time to process applications
- Increased error rates due to manual checking
- Burdens on SMBs with data preparation and submission
- Decreased conversion rates due to decision delays
- Limited ability to scale for continuous monitoring of SMB financial performance
- Lost opportunity to automatically offer additional banking products based on ongoing and projected performance
Railz solves these problems by providing FIs with one access point for normalized SMB financial data. The Railz API connects to major accounting, banking, and eCommerce platforms to provide you quick access to normalized and analyzed financial data on your small and medium-sized customers. By leveraging a bi-directional push and pull of data from SMB accounting, e-commerce, or banking systems, financial institutions, and fintech startups can easily access financial information from their customers' systems within minutes and get a full, holistic view of the SMB's financial activities.
Railz offers a number of unique features and tools, including the Railz Credit Score™, a modern business credit score that assesses the creditworthiness of businesses, the Railz Accounting Accuracy Score (RaaS™), which measures the accuracy of accounting data, and accurate business valuations to help with investment and strategic decisions. We also provide cash flow forecasting, benchmarking, real-time analytics visualization, insights, and analytics on financial data, including 40+ built-in metrics and ratios to assess business performance.
With all these features, Railz makes it easy for financial institutions to make informed product offerings and assess the creditworthiness of SMBs. The normalized Railz data feeds into the system and provides auto-calculated metrics and ratios to assess the financial performance of businesses. The benefits of this approach cut across various industries including:
- Lending: Railz helps FIs make fast, strong, calculated decisions about the creditworthiness of businesses. This includes optimizing the credit approval and monitoring process, streamlining the loan origination and servicing process, and providing real-time visibility into loan status and performance.
- Business Financial Management: Railz provides SMBs and their bank advisors with a business credit score and a holistic view of the SMB's financial health. It also offers cash flow forecasting and transition management services, helping businesses to switch banks more easily. FIs can also gain a comprehensive understanding of potential investment opportunities, and opportunities to offer products and identify acquisition targets.
- Payment Reconciliation: Railz automates payment tasks, such as bank data reconciliation, merchant reconciliation, and accounts receivable/payable reconciliation, reducing administrative burden.
- Insurance: Railz helps insurers automate claims processing, underwriting, and policy administration, and make more informed decisions. It also improves the customer experience by reducing the time and effort required to complete transactions.
The Railz API enables financial institutions to easily access financial information from SMB customers' accounting systems within minutes and gain real-time insights into their financial performance. This makes it easy for financial institutions to assess the creditworthiness of SMBs, make informed investment decisions, and provide valuable financial services to their customers. Whether you're looking to optimize your lending process, monitor the financial health of your commercial customers, or gain a comprehensive understanding of potential investment opportunities, Railz has you covered.
Nina Barango is an experienced demand generation manager with a proven track record in the fintech industry. Having worked with startups and SMEs, she brings a unique perspective and understanding of how to drive results and growth effectively. A valuable asset to any team, she is dedicated to helping her company succeed.