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Money20/20 Key Takeaways

 

We're back from Money20/20 Europe and here's our synopsis:

 

 

>> The event grew so much, it is out of control. The circus theme definitely helps support this feeling. The setup is amazing. And if you carefully navigate through the entire agenda, there actually are some interesting topics and speakers in between all the product ads.

 

You cannot be customer centric without having the correct underlying infrastructure.

 

>> Open banking was brought into discussion on all panels. Not surprising, with PSD2 knocking on our doors.

 

>> When getting started with AI, the most useful approach is to look at some use cases. CoBot by Carnegie Mellon was explained in a very pragmatic way and showed how robots and computers need to co-exist with humans in order to achieve better productivity and efficiency.

 

>> Real issues banks face. Like getting the data in the right geography and system to be able to make use of it; residence, cross-border, privacy regulations make it very hard. Keeping lending as core business.

 

>> A series of buzzwords were thrown down the bin: blockchain, we are moving to a cashless society, cards are the future, banks are customer centric.

 

>> Don't become somebody's PR pet – Leda Glyptis' advice for Fintechs to prevent from becoming money blind and accepting non-recurrent deals coming from the wrong budget. In short, make sure what you sell is needed and it’s not a one-time purchase. Make the right partnerships that fit who you are and what you want to achieve.

 

GDPR is a complete waste of money and completely pointless.

 

>> Self Sovereign Identity dilemma: should one own his own data or should he trust someone or something else?

 

Building a Bridge Between Banks and SMEs

 

 

Our recent focus on companies is based on the idea of replicating the success of FinTP for banks at corporate treasury level, by means of FinOps Suite*.

 

 

We have been sharing with you bits about this EU-funded project ever since we started it in August last year, but there are always new perks to be put in the spotlight.

 

 

Please know that FinOps Suite can be used in a wider setup, serving not only treasuries of large retailers, but also their suppliers and these parties’ relationship with banks. How? FinOps Suite processes invoice based payments going to banks the retailer works with.

 

 

Suppliers often face liquidity issues, driven by long due dates of invoices. It would make sense for banks to offer automated short term financing for these invoices, especially as they are already approved for payment by the big customer of the supplier. FinOps Suite has access to this type of data and can therefore work seamlessly with the factoring solution of the bank, the internet banking application of the bank, the EDI the supplier and retailer work with, with the accounting systems of both the supplier and the retailer.

 

And this cumbersome and somewhat bureaucratic process can be then easily turned into seamless business operation. A fully automated process for the plumbing system and interconnections of these players. It also reduces the risk of financing for the banks. As factoring is an easier method to access than the usual credit line, it is also a riskier one. Oversight of invoices and payment details sets the premises for financial advisory, predictive cash flow analysis, reconciliation and the automation of these flows in between all parties involved - supplier, buyer, bank.

 

Keen to know more about this project? Please drop us a line and we’ll get back to you asap.

 

 

 

*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 

 

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