_codat
What is Codat?
Businesses depend on a suite of software. Whether it's accounting programs like QuickBooks Online and Xero, Point-of-Sale systems like Zettle and Square, or eCommerce software like Shopify and Amazon Seller Central - these are the tools that make a business tick.
This software serves as the definitive source for a business's activities. Financial institutions need access to this data so that they can offer their services to the business.
For example, a lender can use accounting data to understand the risk profile of a business. However, it is often difficult to get data out of these programs.
That's where Codat comes in. We let the software and services businesses use talk to one another. Financial providers using Codat can view or modify their clients' business data quickly and securely and focus on delivering their core services.
What data does Codat provide access to?
Codat enables financial institutions to access your business' financial statements, including your P&L Statement and Balance Sheet. This is typically the same data that the financial institutions already collect from your business in other ways, such as by requesting an Excel or a PDF file.
What happens to my data?
Codat enables to view, modify, or create business data depending on the agreement and the service they are delivering to you. They can only use Codat to access your data with your authorization.
Once you allow Codat this access, we process the data on behalf of according to our agreement with them, strict internal policies, and the law.
We keep your data secure
Codat protects the security of your data. We never share your password and encrypt your data in transit and at rest.
We never alter your data
Codat doesn't add to, modify, or delete your data unless instructs us to.
Where they do, this will be in accordance with the service they're providing you and terms you agreed to.
We keep you in control
Your data belongs to you. You choose when and how to share your data, and Codat never shares it with anyone else. You can withdraw your consent anytime.
We never share your data
Your provider gets to access your data only with your permission. We never sell data and don't share it with other Codat clients.
Is my data secure with Codat?
Codat employs a comprehensive data security program that is compliant with ISO 27001 and SOC2 frameworks. Our Trust portal provides the nitty-gritty details of our security program and its compliance with various standards and policies, such as our data security whitepaper, Cyber Insurance Policy, Risk Management Policy, and Data Classification Handling Policy.
Why is my financial institution using Codat?
To deliver their services to you, needs access to your business data. We simplify the process of getting, synchronizing, and interpreting that data for them, reducing their administrative load and time spent on getting that data.
Codat is trusted by the world’s largest financial institutions, payments providers, business lenders, software companies, and more. If you'd like to know more about 's business processes and services that rely on Codat, you can reach out to them directly or refer to their terms of service.
How does Codat handle personal data?
The majority of financial or business data we collect is non-personal. Depending on the needs of , we may also collect limited personal data (such as business contact details or information related to sole trader payers / payees contained in the company data).
Because of this, we always treat company data as sensitive to satisfy our own risk appetite and ensure compliance. Under the the UK and EU privacy legislation, is considered the controller of this personal data, and Codat is considered its processor.