- Codat launched a Supplier Enablement data product with an aim to help businesses replace paper checks.
- The Supplier Enablement tool recruits suppliers to accept virtual card payments instead of checks by allowing card issuers to access the right ERP data.
- The Supplier Enablement tool is currently in production with select J.P. Morgan commercial clients.
Paper checks were invented in 1762, and yet we can’t seem to completely eradicate the antiquated payment technology. Business data API startup Codat is seeking to change that, however. Today, the U.K.-based company announced the launch of its new Supplier Enablement data product.
The new product allows businesses to share their spend and supplier data from ERP systems and accounting software. To reduce the need for checks, the Supplier Enablement tool recruits suppliers to accept virtual card payments instead of checks by allowing card issuers to access the right ERP data.
Piloting the launch is J.P. Morgan, which is using the new offering to allow its commercial clients to efficiently manage supplier payments using virtual cards. By connecting to the current supplier and spending data, clients can easily set up and expand their payment programs. The new Supplier Enablement tool replaces outdated payment files with secure API connections, which facilitates better data analysis and drives higher spending per client.
“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 realized in the market,” said Codat CEO Peter Lord. “Codat’s ongoing collaboration with J.P. Morgan has been hugely valuable in helping us develop products that maximize the value of data sharing for financial institutions and their business clients.”
Codat was founded in 2017. In addition to Supplier Enablement, the company offers a Bank Feeds API that allows clients to push transaction data straight to their accounting software; Sync for Commerce, which provides merchant accounting integrations for POS and eCommerce platforms; Sync for Payables, a tool that allows customers to build accounting integrations for AP automation; Sync for Expenses, which allows clients to build accounting integrations for corporate card providers; and a Lending API.