Small businesses do not have the resources to track complex but critical financial data, which leads to a prolonged and laborious lending process. Additionally, cash flow timelines are also shorter and the need for cash is more urgent. That’s where ForwardAI comes in.
ForwardAI is a simple, single, lender-first API that delivers a robust accounting and financial data suite for small business lending. Through their API, they provide 3 main value propositions:
- Accounting data integration: Single API provides easy & instant access to real-time accounting and financial data of your business clients. We support more than 15 accounting systems and extracted data is normalized for ease of use in the lending process.
- Historical and forward-looking data: Lenders get access to 3 years of historical data (variances, trends, KPIs etc.) based on 160+ data points. Their innovative technology further predicts 100+ data points including cash flow, income, expenses, and more to better predict a small business’s future financial viability.
- Validation of accounting with banking data: ForwardAI cross-references business data with banking data to speed up business lending decisions. Cross-validation is done by smart mapping transactions in both the accounting system and multiple bank accounts that a business may be using to bring better transparency and trust.
Lenders use ForwardAI Precise API to create custom integrations with their existing software or use ForwardAI Access as a streamlined white-label lender portal for viewing small business data for innovative loan offerings.