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HomeProductsWhizzer Project

Single window transaction management

Whizzer provides a single window for managing payments, invoices, bank statements.

Reconciliation: payments, bank statements, invoices

Whizzer addresses account statements processing through transactions breakdown, separating them in transactions categories, synchronization, and reconciliation of both incoming and outgoing payments versus bank statement data and invoice information.

Forecasting

Based on information of payments due and collections to be cashed in, Whizzer builds a dynamic cashflow forecast, useful to see what the business looks like at any given point in time.

Cash reporting

Cash Reporting ensures real-time cash reports and forecasts using several reporting criteria, in a consolidated view.

Manages forecasts and compares them with the real status of payments and collections.

Reports

Automatic generation of standard and user defined reports.

Bank

Connectivity to partner banks via FIN messages, XML files, web services or APIs.

APIs

Supports communication with partner banks, entities or other applications via APIs. Services creation can be easy customized and integration is faster than regular implementations.

Native ISO 20022

The internal format is ISO 20022

SWIFT FIN

Flat file

Flat files can be processed, as long as the format is structured and defined.

XML

SEPA

The SEPA (Single Euro Payments Area) functionality accommodates the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) payment flows for both payments in RON or EUR.

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Proprietary

Proprietary formats can be processed, as long as they are structured and defined.

Payments

Processed payments can be searched in various dedicated areas: investigation, correction, cancellation and authorization. Payments initiation is processed based on information extracted and centralized from all other internal applications involved in generating payments.

Statements

Account statements from partner banks are imported automatically and processed. Transaction breakdown of statements is allocated in the corresponding applications accordingly to their generation in order to facilitate reconciliation.

Invoices

Invoices can be created or imported from an existing electronic invoicing or EDI system. All functions of the current invoicing systems used can be applied on processed invoices. Invoices are imported in the application for easier transformation in payments, as well as to support reconciliation and automated factoring.

Financial reporting tool

Whizzer is a financial reporting tool with which SMEs centralize common financial flows and get up to date information about: balance sheet, salary payments, invoicing, cashflow, accounts payable and receivable.

Financial services as a service

Whizzer is a financial reporting tool with which SMEs centralize common financial flows and get up to date information about: balance sheet, salary payments, invoicing, cashflow, accounts payable and receivable. Target group includes banks, financial service providers and SMEs across Europe, with focus on SMEs, in terms of technical harmonization and communication on top of a well-built open banking layer.

Data aggregation

Access to payments, collections, bank statements, invoices issued and received – all in one place.

Business Insights

Business insights based on data processed (payments and invoices): cashflow forecasting – how much is due and owed at a certain point in time, balance sheet reporting before the accountant submits their official report. An instant finacial xray of the business.

Persistence

Whizzer by design ensures persistent end-to-end transactions. It features multi-threading capabilities and error detection and recovery mechanism.

Tracking

All transactions are logged and can be traced back. The search capability allows easy identification of a transaction for investigation purposes.

Investigation

All the messages that are subject to alerts will be placed in an investigation queue, for an administrator to  review and either confirm or block them.

The Whizzer Project

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Core Functions
Business Features
Single window transaction management Reconciliation: payments, bank statements, invoices Forecasting Cash reporting Reports
Channels
Bank APIs
Formats
Native ISO 20022 SWIFT FIN Flat file XML SEPA Proprietary
Financial Transactions
Payments Statements Invoices

https://eeagrants.org/

Allevo and Bakken & Bæck implemented the Whizzer project. The project benefits from a EEA & Norway Grants grant investment from Iceland, Liechtenstein and Norway through the EEA and Norwegian Financial Mechanisms 2014-2021, in the frame of the Programme “SMEs Growth Romania”, operated by Innovation Norway. The total value of the investment is EUR 738.375, with EUR 420.000 EUR nonrefundable, as per the 2018/115906 contract.

The EEA and Norway Grants represent the contribution of Iceland, Liechtenstein and Norway towards a green, competitive and inclusive Europe.

The main result of the project is an open source software solution that offers financial operations as a service to SMEs, to help them automate and centralize common financial flows, at a very low cost: balance sheet, salary payments, invoicing, money flow automation, accounts payable and receivable, cash reporting. Target group includes banks, financial service providers and SMEs across Europe, with focus on SMEs, in terms of technical harmonization and communication on top of a well-built open banking layer.

Whizzer is a financial reporting tool with which SMEs centralize common financial flows and get up to date information about: balance sheet, salary payments, invoicing, cashflow, accounts payable and receivable.

Solution - Whizzer

The application is distributed under GPL v3 open source license via fintp.org. It can be hosted in cloud, and Allevo is looking for a partner open to hosting Whizzer to offer its functionality as a service to SMEs. The partner can be: a bank, a local clearing house, an accounting company, or even an ambitious fintech.

The project includes an artificial intelligence component that ensures a detailed analysis of processed data. This component is designed and developed by Bakken & Bæck AS, a digital product development studio, with long experience and expertise in applied AI and machine learning. This partnership is possible through the bilateral relationships between Norway and Romania, promoted by the financing program. The partnership allowed Allevo to benefit from the complementary skill set of the partner’s team, and to build a relevant solution for the financial industry.

The outcomes are:

    1. An open source software solution license (GPL v3) developed by the promoter that offers financial operations as a service to SMEs, to help them automate and centralize common financial flows, at a very low cost: balance sheet, salary payments, invoicing, money flow automation, accounts payable and receivable, cash reporting;
    2. Permanent full-time jobs created: 4 positions covering: 1 analyst/solution manager, 1 developer, 1 tester, 1 deployment engineer. The fifth position mentioned in the grant application, the 1 researcher (for the R&D component), was not secured due to the lack of financing for this component of the project;
    3. An estimated growth in turnover of 28% by 2023 compared to 2018;
    4. An estimated growth in profit of 66% by 2023 compared to 2018

The project aims to increase the rate of financial inclusion, by addressing the ecosystem (banks, financial service providers and SMEs across Europe), with focus on SMEs, in terms of technical harmonization and communication on top of a well-built open banking layer.

The project was heavily promoted on: