{"id":1533,"date":"2021-05-26T05:58:26","date_gmt":"2021-05-26T05:58:26","guid":{"rendered":"https:\/\/www.forwardai.com\/blog\/?p=1533"},"modified":"2022-12-20T08:52:54","modified_gmt":"2022-12-20T08:52:54","slug":"forwardai-debuts-forwardai-precise-a-new-lender-first-api-that-delivers-real-time-robust-accounting-and-financial-data-suite-for-reduced-risk-small-business-lending","status":"publish","type":"post","link":"https:\/\/www.forwardai.com\/knowledge-center\/press\/forwardai-debuts-forwardai-precise-a-new-lender-first-api-that-delivers-real-time-robust-accounting-and-financial-data-suite-for-reduced-risk-small-business-lending\/","title":{"rendered":"ForwardAI Debuts \u2018ForwardAI Precise\u2019 &#8211; A New Lender-first API That Delivers Real-time, Robust Accounting And Financial Data Suite For Reduced-risk Small Business Lending"},"content":{"rendered":"<header>\n<div>\n<div class=\"bw-release-subhead\">\n<p><em>Originally shared on <a href=\"https:\/\/www.businesswire.com\/news\/home\/20210422005295\/en\/ForwardAI-Debuts-%E2%80%98ForwardAI-Precise%E2%80%99---A-New-Lender-first-API-That-Delivers-Real-time-Robust-Accounting-And-Financial-Data-Suite-For-Reduced-risk-Small-Business-Lending\">Business Wire<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><strong><i>Lenders Can Now Quickly and Accurately Predict the Future Financial Health of Small Businesses And Expedite Lending\/Underwriting.<\/i><\/strong><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"bw-release-body \">\n<div class=\"bw-release-story\">\n<p>The lending processes financial institutions use to qualify SMB borrowers is sorely outdated, while increasing cases and costs of\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Frisk.lexisnexis.com%2Finsights-resources%2Fresearch%2Fsmb-lending-fraud-study-report&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=fraud+hit+smaller+banks%2C+credit+unions+and+digital+lenders&amp;index=1&amp;md5=c19e6d14b0f116aa6f0c601f10433fd6\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">fraud hit smaller banks, credit unions and digital lenders<\/a>\u00a0hardest.\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2Fabout-us&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI&amp;index=2&amp;md5=861e79399254a53ba6138968f5681bfd\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">ForwardAI<\/a>, a lender-first fintech platform, today introduced\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2Fprecise&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI+Precise&amp;index=3&amp;md5=3008019df7a2809c45dca6dbc8ea0c49\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">ForwardAI Precise<\/a>, an API that delivers the most robust suite of cash flow, accounting and financial data for small business lending available today. ForwardAI Precise provides real-time access to more than 160 points of historical and forward-looking data insights based on existing accounting and financial data, enabling lenders to more quickly and accurately assess the future financial viability of small and medium-sized businesses and accelerate lending.<\/p>\n<p>ForwardAI Precise automates cash flow lending by providing access to real-time, short-term and long-term cash flow forecasting, supported by numerous data attributes. Each SMB is given a financial health score derived from ForwardAI\u2019s proprietary algorithm, which makes it easy for lenders to determine creditworthiness beyond the business owner\u2019s personal credit score.<\/p>\n<p>\u201cForwardAI is the result of more than 40 years of hands-on experience leveraging technology to solve problems within the accounting and small business industries, and thousands of hours spent speaking with SMB owners about cash flow challenges they face running their day-to-day business,\u201d said\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2Ffounders&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI+Co-Founder+and+CEO+Nick+Chandi&amp;index=4&amp;md5=b65047b606531275f8a10943b791d225\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">ForwardAI Co-Founder and CEO Nick Chandi<\/a>. \u201cBy streamlining access to accurate, normalized data in real-time, ForwardAI Precise is ultimately fast-tracking growth throughout the SMB market at an incredibly critical time &#8211; the faster that businesses can get loans, the faster they can succeed.\u201d<\/p>\n<p>ForwardAI Precise provides access to up to three years of historical data and a year of forward-looking data, paired with cross-data validation of accounting transactions with banking data to assure accuracy and reduce the risks associated with small business lending. The API is simple to use and can be integrated with existing lender systems within just 24 hours to improve borrowers\u2019 funding journey.<\/p>\n<p>\u201cOne of the biggest challenges lenders face today is assessing a small business&#8217;s viability for underwriting accurately,\u201d said Martin Hali, managing partner at\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fcorevision.com%2F&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=CoreVision+Strategies%2C+LLC&amp;index=5&amp;md5=5fe6af682b54f19db0eb6b48edab47ef\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">CoreVision Strategies, LLC<\/a>. \u201cForwardAI&#8217;s offering provides a simple and easy way for lenders to glean a business&#8217;s financial health and expedite the traditionally laborious lending process for better results.\u201d<\/p>\n<p>ForwardAI Precise provides real-time, continuous and direct access to most global small business and accounting platforms. Fully normalized accounting data, both raw and ready-to-use, is provided from any accounting platform and can be customized based on each lender&#8217;s requirements. Trusted banking data is then cross-referenced with accounting data to bring better transparency, trust and to assure accuracy. ForwardAI is developing and expanding integrations with leading software such as Intuit QuickBooks, Xero, FreshBooks, Oracle NetSuite, Sage, Zoho Books, Microsoft Dynamics 365, and many more.<\/p>\n<p>\u201cForwardAI\u2019s cash flow forecasting technology is a methodical invention built with machine learning that helps traditional business tools do more with historical accounting data, and even predict exactly what a business\u2019 cash flow may look like in the future,\u201d said<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2Ffounders&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI+Co-Founder+and+CIO+Jag+Barpagga&amp;index=6&amp;md5=d80a5f41110d745965afdfbdd3bb2ee7\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">\u00a0ForwardAI Co-Founder and CIO Jag Barpagga<\/a>. \u201cOur API takes the mystery out of forward looking data for lenders so they can make practical underwriting decisions based on good data.\u201d<\/p>\n<p>In addition to its API offering ForwardAI Precise, the company also unveiled\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2Faccess&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI+Access&amp;index=7&amp;md5=e7925b1dd3f0ba81728c1ebddee10dee\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">ForwardAI Access<\/a>, a white label dashboard that gives detailed views of the SMB\u2019s top revenue months, customers, vendors, cash inflow and outflows, profit and loss statements, balance sheets, accounts receivable (AR), accounts payable (AP) and more. Borrowers interested in accessing the ability to see more sophisticated and in-depth cash flow can use forecasting app\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2Fpredict&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI+Predict&amp;index=8&amp;md5=ce7e5ee6b71f86370baa62269f260960\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">Forwardly<\/a>. To learn more and schedule a demo, visit\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2F&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.forwardai.com%2F&amp;index=9&amp;md5=3de5acebda271899ce4a0e953f557b98\" target=\"_blank\" rel=\"nofollow noopener\" shape=\"rect\">https:\/\/www.forwardai.com\/<\/a>.<\/p>\n<div class=\"bw-release-story\" itemprop=\"articleBody\">\n<p><strong>About ForwardAI:<\/strong><\/p>\n<p>Founded by financial technology industry veterans, ForwardAI.com Inc. is disrupting the SMB lending industry with a lender-first single API that provides real-time access to more than 160 data points based on existing accounting and financial data and provides the most accurate prediction of an SMB\u2019s future financial health than any other service on the market. Follow our updates at<span>\u00a0<\/span><a referrerpolicy=\"unsafe-url\" target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.forwardai.com%2F&amp;esheet=52416249&amp;newsitemid=20210422005295&amp;lan=en-US&amp;anchor=ForwardAI.com&amp;index=10&amp;md5=153afe93b7ebeb5ccb6427f1adc53748\" rel=\"nofollow noopener\" shape=\"rect\">ForwardAI.com<\/a>.<\/p>\n<p><strong>Contact:<\/strong><\/p>\n<p>Angela Nibbs<br \/>\n<a referrerpolicy=\"unsafe-url\" target=\"_blank\" href=\"mailto:forwardai@maven-pr.com\" rel=\"nofollow noopener\" shape=\"rect\">forwardai@maven-pr.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Originally shared on Business Wire &nbsp; Lenders Can Now Quickly and Accurately Predict the Future Financial Health of Small Businesses And Expedite Lending\/Underwriting. The lending processes financial institutions use to qualify SMB borrowers is sorely outdated, while increasing cases and costs of\u00a0fraud hit smaller banks, credit unions and digital lenders\u00a0hardest.\u00a0ForwardAI, [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":4296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-1533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ForwardAI Debuts \u2018ForwardAI Precise\u2019 - A New Lender-first API That Delivers Real-time, Robust Accounting And Financial Data Suite For Reduced-risk Small Business Lending - ForwardAI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.forwardai.com\/knowledge-center\/press\/forwardai-debuts-forwardai-precise-a-new-lender-first-api-that-delivers-real-time-robust-accounting-and-financial-data-suite-for-reduced-risk-small-business-lending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ForwardAI Debuts \u2018ForwardAI Precise\u2019 - A New Lender-first API That Delivers Real-time, Robust Accounting And Financial Data Suite For Reduced-risk Small Business Lending - ForwardAI\" \/>\n<meta property=\"og:description\" content=\"Originally shared on Business Wire &nbsp; Lenders Can Now Quickly and Accurately Predict the Future Financial Health of Small Businesses And Expedite Lending\/Underwriting. The lending processes financial institutions use to qualify SMB borrowers is sorely outdated, while increasing cases and costs of\u00a0fraud hit smaller banks, credit unions and digital lenders\u00a0hardest.\u00a0ForwardAI, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.forwardai.com\/knowledge-center\/press\/forwardai-debuts-forwardai-precise-a-new-lender-first-api-that-delivers-real-time-robust-accounting-and-financial-data-suite-for-reduced-risk-small-business-lending\/\" \/>\n<meta property=\"og:site_name\" content=\"ForwardAI\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-26T05:58:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-20T08:52:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/05\/FI-Knowledge-Press-forwardai-debuts-precise-lender-first-api-accounting-technology.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amit Jain\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amit Jain\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.forwardai.com\\\/knowledge-center\\\/press\\\/forwardai-debuts-forwardai-precise-a-new-lender-first-api-that-delivers-real-time-robust-accounting-and-financial-data-suite-for-reduced-risk-small-business-lending\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.forwardai.com\\\/knowledge-center\\\/press\\\/forwardai-debuts-forwardai-precise-a-new-lender-first-api-that-delivers-real-time-robust-accounting-and-financial-data-suite-for-reduced-risk-small-business-lending\\\/\"},\"author\":{\"name\":\"Amit Jain\",\"@id\":\"https:\\\/\\\/www.forwardai.com\\\/knowledge-center\\\/#\\\/schema\\\/person\\\/47b1dc6726432adafc344be319df9f15\"},\"headline\":\"ForwardAI Debuts \u2018ForwardAI Precise\u2019 &#8211; 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