Project description DEENESFRITPL New platform to help keep cash flowing Cash is the beating heart of any small business. The proper management of funds in any business is vital. The EU-funded SCF project aims to make professional cash flow management accessible to small enterprises. It will develop a Smart Cash Flow platform – fully embedded in the user’s online banking services – to advise companies on how to best manage cash flow on a daily, weekly and monthly basis. To make this available to SMEs, the project proposes the linking of accounting software packages to corporate banking accounts, using artificial intelligence to register patterns, develop forecasts, and streamline cash flow planning. The natural interface of this solution is the online banking account. Show the project objective Hide the project objective Objective The objective of Smart Cash Flow (SCF) is to empower SMEs to act on their cash flow problems. We want SCF – a platformfully embedded in a user’s online banking services – to be the advisor-of-choice for companies wanting to avoid the pitfalls ofcash flow.Today, if a small company wants to begin to assess its cash flow and decide on the best way to effectively manage it longterm,it is optimal for it to have open at least four stand-alone programs: accounting software, online bank account, invoicesystem, debt collection system.The gap is a product enabling businesses to manage cash flow on a daily, weekly andmonthly basis and obtain insight from the trends and histories without spending a fortune. This gap has not been filled by thefintech market.The tide, however, is turning. Open Banking in Europe is being promoted by the European Commission as part of a digitalagenda to open up services, provide choice and competition, and allow innovation in the market. Open banking is acornerstone of the EC’s revised Payment Service Directive (PSD2), which came into force last year. A crucial aspect of thisshift is to allow 3rd party providers, like Asteria, to gain access (with the bank customer’s consent) to an account, learn fromthe history of transactions, and be able to provide actionable insight and recommendations. SCF is about makingprofessional cash flow management accessible to small enterprises. It accomplishes this by linking accounting softwarepackages to corporate banking accounts, using artificial intelligence to register patterns, develop forecasts, and streamlinecash flow planning. The natural interface for our solution is the online banking account. Asteria’s product has alreadyreached an advanced enough stage to be tested by a Swedish bank, and we have worked with three other major banks.Other business opportunities are being pursued, including in Latin America. Fields of science natural sciencescomputer and information sciencesartificial intelligencenatural sciencescomputer and information sciencessoftware Programme(s) H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs Main Programme H2020-EU.3. - PRIORITY 'Societal challenges H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies Topic(s) EIC-SMEInst-2018-2020 - SME instrument Call for proposal H2020-EIC-SMEInst-2018-2020 See other projects for this call Sub call H2020-SMEInst-2018-2020-1 Funding Scheme SME-1 - SME instrument phase 1 Coordinator ASTERIA AB Net EU contribution € 50 000,00 Address Sveavagen 45 111 34 Stockholm Sweden See on map Region Östra Sverige Stockholm Stockholms län Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Other funding € 21 429,00
