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25 June 2020
Just Digital Marketplace has entered into an exclusive agreement with FinTech Validis to leverage the power of Open Accounting.
In another first for the enforcement sector, Just is using Validis technology to retrieve data from accounting platforms when enforcing against businesses.
Validis allows small and medium enterprises (SMEs) to share their full financial data history in a standardised format. The software securely retrieves data directly from popular accounting software packages and layers analytics to categorise and distil data.
The service is typically used by lenders and factors to help speed up decision processes, but is being used by Just to help gain an accurate picture of the financial health of SMEs.
Just will be able access invoice data and balance sheet data, including fixed assets and debt ledgers. This will enable them to assess the best way to work with the SME in order to be able to trade their way out of debt, where possible.
“We’re using cutting edge technology to help gain better insight into defendant ability to pay. With the impact of COVID-19, it will become increasingly difficult to separate the ‘can’t pays’ and ‘won’t pays”, says Nick Georgiades, MD of Just. “The partnership with Validis helps us solve that challenge for our clients and achieve appropriate repayment arrangements in all cases; extending time to pay when necessary and pressing for quicker resolutions where the defendant has the means to pay”.
Jake Niarchos, Chief Revenue Officer of Validis commented, “We’re delighted to be working in partnership with Just. This is a really innovative use of our service and it’s great to see that Just understand the value of accessing real-time financials to better understand the financial health of SMEs. We’re confident Just will derive real value from the data Validis can surface”.