9Spokes, a leading global data platform, announced the launch of its new Cashflow forecasting product, an advanced tool designed for integration within the digital platforms of financial organizations. This new offering provides small and medium-sized businesses (SMBs) with automated, predictive cashflow management and forecasting capabilities.
A recent study highlighted that 70% of SMBs operate with less than four months of cash reserves, with 60% spending upwards of five hours weekly managing multiple cash flow tools. 9Spokes’ Cashflow product not only simplifies this crucial task but also aligns with global trends towards open banking and open data, providing SMBs a comprehensive view of their financial standings across multiple bank accounts and various providers.
Unlike traditional tools that require manual input and provide only historical data, the 9Spokes’ Cashflow product leverages advanced machine-learning algorithms to automatically pull historical cash balance data. It aggregates data from multiple sources, including cash balance history and forecasts from various bank accounts—even those held across different financial institutions—giving SMBs a complete view of their current and future cashflow.
“The financial landscape is evolving, necessitating tools that harness open banking data to drive strategic insight,” said Kevin Phalen, Executive Chairman of 9Spokes. “Our Cashflow product empowers SMBs and financial organizations with the automated, data-driven capabilities needed to navigate and thrive in this changing environment.”
9Spokes is a global data platform that supports financial institutions and fintech firms worldwide. By aggregating consented business data from a variety of sources, 9Spokes helps businesses harness powerful tools for better financial management and strategic decision-making, driving transformation within the financial sector.
SOURCE: PRNewswire