For some years now Allevo embraced the open source business model. That means we distribute our solutions unde free open source GPL v3 license.
We created an open source community for the financial industry – FINkers United https://fintp.org/.
We use this channel to share results of the projects we work on with the larger financial community, allowing anyone to benefit from our work. We will use this same community to share insights on the Whizzer project, lessons learned and its main results.
Why open source? Because community driven development, which allows anyone to understand more of the design and development process, to spot bugs or improvement areas, to improve the code and to test and audit it, is much more valuable than closed source development driven by one single vendor. Open source means better security, agility, larger contributor base and grounds for unlimited growth.
We now are almost half-way into the development of the Whizzer project. And would like to challenge the business community and academia to help us test and validate a couple of failure scenarios.
For the accounts payable and accounts receivable feature our partner, Bakken & Baeck designed an algorithm that ranks transactions and creates matches and pairs of suggested matches. If we look at payments and invoices, there are some scenarios where matching can fail. Examples:
- Same Invoice paid twice: one is automatically matched and the other is offered as a duplicate and can be manually closed.
- Single invoice split into 2 credit or debit statement transactions.
- Invoices and Statements issued in 2 different currencies, this may also include some transaction fee charged by the bank or a dynamically changing conversion rate. Issue: how are fees listed in the statement and can they be linked to the transaction?
- Payment made to an account holder other than the one in the statement transaction.
- Matching statement transactions to the right business area. (i.e. debit statement with invoice issued or payment transaction). Reconciliation between invoices and statements is higher priority.
Allevo is very eager to receiving your feedback!