Allevo finalizes and opens the sources of the Whizzer project for the reconciliation of invoices and payments
Allevo, with the support of a grant from Iceland, Liechtenstein and Norway through the financial mechanisms of the EEA and Norway 2014-2021, under the program “Growth of SMEs in Romania” , successfully completed Project Whizzer, pursuant to contract 2018/115906, on November 29, 2021.
The project was implemented in Bucharest, with a total value of EUR 738,375, including EUR 420,000 of non-reimbursable grant. As part of the Whizzer project, an open source software solution has been developed, which offers financial operations as a service to SMEs, to help them automate and centralize current financial flows, at very low cost: balance sheet, salary payments , invoicing, money flow automation, accounts payable and receivable, cash reporting. The target group includes banks, financial service providers and SMEs across Europe, with a focus on SMEs.
The project includes an artificial intelligence component that provides detailed analysis of the processed data, which facilitates the reconciliation of invoices sent or received with payments or receipts. This component is designed and developed by Bakken & Bæck AS, a company with advanced AI capability. This partnership is possible thanks to the bilateral relations between Norway and Romania, promoted by the funding programme. The partnership allowed Allevo to benefit from the complementary skills of the partner’s team, to build a relevant solution for the financial industry.
The results are:
1. An open source software solution license (GPL v3) developed by the promoter which offers financial operations as a service to SMEs, to help them automate and centralize current financial flows, at very low cost: balance sheet, payment of payroll, invoicing, cash flow automation, accounts payable and receivable, cash reporting;
2. Permanent full-time jobs created: 4 positions comprising: 1 analyst, 1 developer, 1 tester, 1 deployment engineer;
3. Revenue growth estimated at 28% by 2023 compared to 2018;
4. An estimated 66% profit growth by 2023 compared to 2018.
The project started from the need to increase the rate of financial inclusion, addressing the ecosystem (banks, financial service providers and SMEs across Europe), with a focus on SMEs, in terms of technical harmonization and communication in addition to a well-built open banking layer system.
Project Whizzer has created a user-friendly financial reporting tool for SMEs that manage a volume of transactions large enough to require an application to aggregate the data, but cannot afford the investment in software sold by large vendors. global.
The project was promoted even while it was underway, ensuring early dissemination of the results to institutions able to offer support in raising awareness and adoption of the application by as many SMEs as possible. These institutions, banks, companies or universities, have been targeted to also create a dynamic for the future collective development of the application, after the finalization of the project.
The source code is published on Github and is available through the portal https://fintp.org/. Documentation is available at fintp.org.
In addition, the project was disseminated in a large number of market-relevant publications and events, in accordance with the communication and wide dissemination plan. Part of the 2021 series of events was hosted by associations and IT clusters such as: Magurele Science Park, Asociatia Trezorierilor din Romania, Transilvania IT Cluster.
Allevo is now looking for a partner to host the application and offer it as a service to SMEs.
Supported by a grant from Iceland, Liechtenstein and Norway through the EEA and Norwegian Financial Mechanisms 2014-2021, under the “SMEs Growth Romania” program, managed by Innovation Norway.