SaaScada has announced that it has renewed its partnership with residential property development funding platform, NEXA, to automate the creation of accurate and timely financial reporting. By adopting the SaaScada platform, NEXA now has a trusted source of truth on all financial information, helping to save at least a day of the team’s time every month.
NEXA provides a full service to lenders and borrowers helping to package each proposal through sourcing the deals, credit assessment, support with legal documentation, valuations, financial transactions and investment reporting.
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NEXA have adapted the SaaScada core banking platform to automate the delivery of all financial information and reporting to building societies
This has helped to reduce time spent on reporting, while also giving peace of mind that all figures are correct providing a solid foundation for data analysis to help NEXA better understand its lending book.
Mark Williams, Chief Operating Officer and Head of Credit Risk at NEXA, said: “Housing is a big issue in the UK. But it can be hard for smaller developers to get the money they need from traditional lenders, which can act as a chokepoint in the industry. We just want to help more people build homes. By providing this matchmaking service, we are streamlining the process from cradle to grave, making it as easy as possible for both our lenders and borrowers. A big part of this responsibility is financial reporting.
“Building Societies have stringent rules around financial reporting the data provided must be accurate, and timely, with no margin for error. Previously, we worked from tried and tested spreadsheets, which all had to be transferred across into manually processed filled statements, it was not efficient. Now with SaaScada it’s all automated, and importantly, highly trusted when we get a redemption figure, it’s instant and we know it’s right. This data will also be key to helping us understand more about our portfolio, to inform investment strategies around diversification and concentration.”
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