RailzAi

Thanks for sharing such an insightful article.

I think the love for fintech extends beyond to B2B customers as well.

SMEs, for instance, have turned to fintech lenders to get quick loan approvals to keep their business running during the pandemic. Fintech lenders have quickly adopted new technologies like open accounting APIs to get real-time accounting data of their SME customers. This has not only helped fintechs speed up the lending process but has also enabled them to make quick decisions with a range of data points such as accounting transactions, financial ratios and statements.

We are Railz, a data-as-a-service accounting API. We provide both fintechs and financial institutions with real-time data on their own customers' financial situation using a single API that connects to their accounting software. Our risk scoring algorithms generate metrics and scores that can be used to help identify, quantify and manage the credit and financial risk of SMEs. Feel free to check our website to learn how we enable SME lenders to make quick decisions.

http://www.railz.ai/?utm_source=Hackernews&utm_medium=Forum%...

Great article. I completely agree with you that Traditional FIs are "ripe for a tech makeover".

It's hard to say if Fintech will outright replace traditional financial institutions but what we know for sure is that banking, as we know it, is going to change drastically. I feel that the global pandemic has pushed technology adoption and banking customers are now more attuned with online banking needs. This will drive the need for third-party APIs.

Big Finance will have to reassess their legacy systems and replace them with solutions that drive speed and agility - something that third party APIs can help bring to the table.

The team at Railz have been working on such a solution. We are a data-as-a-service API for accounting data. We help financial institutions and fintechs by providing them quick, low cost, and direct access to their customers' accounting software and data via a single API. Feel free to check our website to know what we’ve been up to!

http://www.railz.ai/?utm_source=Quora&utm_medium=Forum%20Dis...

Thank you for sharing this article and glad to see that Fintech can be a force for good. While there are obvious advantages for the unbanked and underbanked, Fintech can support small businesses during these turbulent times as well.

Newly incorporated businesses face the challenge of getting loan approvals due to the lack of a credit history - a key metric that lenders use to gauge financial stability. Fintechs, through accounting APIs, can help SMEs overcome this challenge by providing alternate data sets to help lenders gauge their risk profile. This alternate data can be accessed through an SME’s cloud accounting platform.

We are Railz, a data-as-a-service API. We provide our customers real-time data on their customers' through a single API that connects to their accounting software. Our risk scoring algorithms generate metrics and scores that can be used to help identify, quantify and manage the credit and financial risk of SMEs. Feel free to check our website to learn how we provide risk scoring through our API solution.

http://www.railz.ai/?utm_source=Hackernews&utm_medium=Forum%...

Thanks for sharing such a great article. I agree that Fintechs have so many opportunities to choose from to build their tech stack. This is especially the case when weighing one’s options when choosing the right open accounting API to get access to SME customer's cloud accounting data.

Having a wide range of accounting platform integrations has its advantages, but it's more important to make sure that the API provides a breadth of data points and complete information that's delivered in a standardized manner so fintech lenders can compare apples to apples. The API one chooses should have the ability to take unstructured data from multiple platforms and convert them into structured data in order to synthesize the data easily. The API should also be quick and easy to implement, with open API docs and developer support.

Last year, the team at Railz launched an API that connects to SMBs’ accounting platforms – providing data & analytics to generate insights for both financial institutions and Fintechs to make quick and better-informed decisions. If you’re curious to learn what we’ve been up to, check out our website!

www.railz.ai?utm_source=Hackernews&utm_medium=Forum%20Discussion&utm_campaign=Railz%20comments

Thanks for sharing such a great article. Forecasting cash flows was already one of the biggest challenges small businesses faced prior to COVID-19 and the challenge has increased in the current, less-predictable environment. Accounting APIs can enable startups to build dashboards with real-time data from their accounting platform with which they can make better predications on their cash flows.

We're Railz - a data-as-a-service API. We've recently partnered with M&T Bank to help solve this problem for their SME customers through our open accounting API. Here's an article that talks about our partnership.

https://www.americanbanker.com/news/m-t-teams-with-fintech-t...

Feel free to visit our website to know more!

https://railz.ai/index.html