Codat, a provider of business data application programming interfaces (APIs), has unveiled its latest offering, a supplier enablement data product aimed at assisting businesses.
The new solution facilitates the seamless sharing of spend and supplier data from enterprise resource planning (ERP) systems and accounting software.
According to Codat, card issuers will have access to the necessary data in their preferred format, enabling them to recruit suppliers for ongoing acceptance of virtual card payments, thereby replacing checks.
Currently in production in partnership with J.P. Morgan, commercial clients can initiate and expand programmes for supplier payments via virtual card by leveraging comprehensive and up-to-date supplier and spend data.
The solution offers more robust data sets and complete analysis to the bank by replacing static supplier payment files with secure and persistent API connections.
This is expected to increase spend per connected client through its virtual card offering. Codat’s new supplier enablement data product also offers a process that is more convenient for both banks and client.
Codat CEO Peter Lord said: “With the rapidly-growing adoption of virtual cards for B2B payments, we felt the time was right to release a new data product specifically designed to transform supplier enablement and accelerate how the value of payments innovation is realised in the market.
“Codat’s ongoing collaboration with J.P. Morgan has been hugely valuable in helping us develop products that maximise the value of data sharing for financial institutions and their business clients.”
J.P. Morgan is utilising the data API product to bolster adoption of virtual card for business-to-business (B2B) payments.
J.P. Morgan commercial banking product strategy and fintech partnerships head Stephen Markwell said: “Thanks to our work with Codat, our clients can easily and digitally deliver critical supplier enablement data to our firm, helping to realise efficiency gains and cost savings sooner as well as across a greater share of their spend.”