Leveraging a mature algorithm, Predict-as-a-Service provides reliable cash flow forecasting and interactive financial modeling for custom business scenarios
ForwardAI, a fintech providing aggregated access to accounting & business data and analysis, introduced Predict-as-a-Service™, a cash flow forecasting and planning tool for financial institutions or fintechs that want to extend their business offerings by offering predictive data solutions to their small and medium-sized businesses (SMB) clients.
ForwardAI’s Predict-as-a-Service platform is designed to help banks integrate cash flow forecasts with their existing online portals and assist business clients in staying up-
to date on upcoming, due, or past-due customer payments. The technology adds value to the bank’s solutions and convinces business clients to spend more time on their banking platform instead of looking to external apps for cash flow forecasting, planning, and management.
By providing daily, weekly, and monthly cash flow forecasts, a ForwardAI-enabled business banking platform allows SMB clients to try new business pivot scenarios and visualize the impact on their cash flow, including adding/releasing employees, planning loans, selling/buying equipment, temporarily adding or changing transactions, reviewing outstanding bills and voices, and many other factors that impact a business’s bottom line. Institutions can provide early warnings to clients about predicted cash flow gaps, and automatically display targeted financial offers to help alleviate negative events.
“Predict-as-a-Service allows financial institutions and fintechs to offer their SMB clients a powerful cash flow forecasting tool, which can help predict cash flow problems before they happen,” said Nick Chandi, CEO and co-founder of ForwardAI. “Historically, cash flow forecasting was difficult for small business owners as it meant hiring skilled accountants or spending hours over complicated spreadsheets. Adding a proven cash flow forecasting solution to their SMB offering can make our customers more competitive while providing their clients with a safety net and personalized solutions that will help them succeed.”
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ForwardAI’s cash flow forecasting technology is built on the leadership and development team’s significant experience from a previous project, which involved designing an online accounting software eventually used by more than 40,000 businesses.
“With the advance of artificial intelligence and rising acceptance towards data sharing, Predict-as-a-Service was designed to break down barriers and make insights like cash flow forecasts and interactive financial modelling available to small- and mid-sized businesses – not just large corporations,” adds Jag Barpagga, CIO and co-founder of ForwardAI. “Our mission is to help SMBs be financially healthy and thriving, and we believe that our technology empowers our financial institution clients to provide modern, robust business banking offering to their own clients, and in turn directly contribute to their financial health.”
ForwardAI also recently released Precise Match, a powerful new feature for the Precise API. The Precise API provides over 160 live and predictive data points to small business lenders looking to make a more confident and quicker lending decision. PreciseMatch further streamlines this process and automatically cross-validates accounting systems with synced banking accounts, allowing lenders to identify risky/fraudulent transactions and outliers in financial data.
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