AUSTIN, Texas--(BUSINESS WIRE)--Validis, a pioneer of financial data sharing and standardization technology, announced that TAB Bank has selected its powerful, world-leading platform, DataShare, to deliver a seamless SMB lending experience while also gaining deeper insights to speed decisioning and minimize risk.
Ogden, Utah-based TAB Bank is committed to helping national business owners turn ideas into action and capitalize on new opportunities. TAB Bank offers business financing options driven by unique solutions that combine the security of a bank with the flexibility of a finance company to meet almost any need. To support their continued competitive differentiation, the bank selected Validis’ DataShare platform to help underpin the SMB lending process by automating the gathering and consumption of client financials. As a result, the bank will rapidly accelerate and de-risk the commercial lending process.
Used by the world’s leading financial organizations and accounting firms, DataShare provides financial institutions like TAB Bank with fast, easy access to a SMB client’s financial data, direct from their accounting application, in a standardized format. Banks gain access to their borrower’s accurate, complete and current financial data, which provides greater insights, speeds decisioning and minimizes risk. In turn, TAB Bank’s borrowers will benefit from automating the collection and transfer of their financial data to the bank, leading to quicker decisions. Ultimately, DataShare will drive greater growth for TAB Bank’s commercial portfolio and reduce the underwriting process by delivering standardized and complete financials at the touch of a button.
“At TAB Bank, we firmly believe banking is about relationships — not transactions,” said, Justin Gordon, SVP Sales & Marketing at TAB Bank. “We are dedicated and keenly focused on being a true partner to our small business clients, making Validis a natural fit. With DataShare, we have a comprehensive view of our clients’ financials, allowing us to work with them in a more strategic, intelligent way. We’re confident this will provide tremendous value not only for our bank, but our clients.”
“We’re excited to work with TAB Bank to help them enhance the SMB lending journey,” said Joel Curry, CEO of Validis. “DataShare will provide a secure data pipe that extracts and delivers clients’ financials in real time, standardized for easy consumption. At the click of a button, TAB Bank’s clients connect their own accounting package to the platform. We then extract, analyze and normalize the data to create clear, standardized reports in minutes while providing SMB clients with a true digital journey. This is a true game-changer.”
About TAB Bank
TAB Bank provides custom working capital solutions to commercial businesses across a wide range of industries. These solutions can be customized to meet the needs of companies in all stages of the business life cycle and during any economic conditions. TAB Bank does this through a variety of asset-based structures including Asset-Based Revolving Loans, Accounts Receivable Financing, Lines of Credit, and Equipment Finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services. For more information, please visit www.tabbank.com.
Led by experienced and influential finance and technology experts, Validis digitally connects commercial lenders and accountants to their customers’ accounting applications, standardizing the data and autogenerating financials. Our comprehensive suite of APIs provides massive efficiency gains, revolutionizing time consuming, manual processes, while the depth and structure of the data delivered powers auto-decisioning and greater insight. Validis is headquartered in the United Kingdom with offices in North America. For more information, please visit www.validis.com.