2024.01.25. – The National Research Development and Innovation Fund 2020-1.1.2-PIACI-KFI-2020-00116 project has been successfully completed

Under the 2020-1.1.2-PIACI-KFI-2020-00116 grant, we have successfully developed market-ready innovative treasury solutions that we hope will be used to the satisfaction of our existing and potential customers. We are proud to have a successful, thoughtful, multi-year project that has been driven by customer needs and market trends, resulting in solutions that we can be proud of, some of which are already in operation in a real-world environment.

One of the big results of the project is our internal process and technology development, with more modern solutions, faster and better quality software delivery, which is a great value for both us and our customers in a fast-paced world.

The more tangible results of the project are major achievements for our main product InFoRex, such as:

• The introduction of AI support in our Sales module: in 2024, this is almost expected from a modern software, but it is the result of a deliberate process, based on a conscious planning process going back to 2020, where we can support users in their daily use by “mining” the wealth of data and information stored in our system.
• Development of a corporate liquidity management module: we have succeeded in realising our old plan and have developed a module that incorporates banking know-how but is tailored to the way companies operate, enabling us to reach a new market segment and providing the market with a solution based on a sound professional background.
• Several of our core modules have undergone a complete technology and business process redesign, replacing modules that have been on the market for 10-20 years with a solution that meets the flexibility, performance and user needs of the modern age.

The project has also identified a new market opportunity for us: our automated testing scripts and knowledge, originally intended for internal quality assurance, have been redefined as a highly marketable service package to deliver even more value to our customers.
Overall, we have achieved our goals during the project and look forward to successful and customer-satisfying InFoRex implementations in the coming years.

2022.12.28. – INNOVATION IN SOFTWARE TESTING – IS AUTOMATION THE SOLUTION?

The aim of our study is to investigate the theoretical and practical effectiveness of automated software testing. We assess the criteria for choosing automated testing software and highlight the cases in which automated testing is more effective than manual testing. First, we compare the two testing methodologies on a theoretical level, then we present a real business case study to illustrate the selection of a testing software and perform a practical comparative analysis. A comparison of five automated test systems reveals that, in addition to basic technological and economic requirements, flexibility and reliability are also key considerations in the selection process. The study also shows that automation can only be effective in the case of repetition. However, for a software developer with at least ten customers, it is worthwhile to move towards automated testing.

Link: https://ojs.bibl.u-szeged.hu/index.php/jelenkori_tars-gazd_folyamatok/article/view/44509

2021.11.06. – BLOOMBERG & FX SOFTWARE.

Bloomberg & FX Software joint webinar in treasury innovation topic: possible use of artifical intelligence in the everyday activity of the sales desk team.
For those who were unable to attend the event, we are making available our slide show here.

2021.01.01.

We are launching a research project in innovative teasury software solutions on SaaS basis with the support of the Ministry of Innovation and Due to the number of international regulations and the need for using top-of-the-line technologies, financial institutions and companies with widespread Treasury activities are required to adopt expensive IT solutions to fulfill these expectations which pose a serious problem for involved institutions.
FX Software Ltd, as a financial and corporate treasury provider that has been on the market for 20 years, is itself facing the difficulties and limitations of meeting these new expectations, day by day, both in Hungary and in the region.

Due to the number of international regulations and the need for using top-of-the-line technologies, financial institutions and companies with widespread Treasury activities are required to adopt expensive IT solutions to fulfill these expectations which pose a serious problem for involved institutions.
FX Software Ltd, as a financial and corporate treasury provider that has been on the market for 20 years, is itself facing the difficulties and limitations of meeting these new expectations, day by day, both in Hungary and in the region.

The key to fulfilling modern market needs could be an innovative treasury solution with SaaS (Software as a Service) that meets today’s technological and quality requirements paired with 20 years of business and market knowledge. To achieve this goal software developers should become service providers instead of development companies and they need to provide not only source code but also support for the entire operation, from implementation to parameterization to the day-to-day operation of the whole environment thus ensuring that the financial institutions and companies could focus to their core activities thereby increasing efficiency at the level of the whole market.

It is not known at this time what services and solutions would be the most useful for the market, there are many initiatives and their research is indispensable.

To implement a SaaS solution in the Central-European region a significant amount of research is needed to reveal the tools, controls, and motivational and educational elements this technology requires for acceptance. A significant iteration is needed with customers and development teams about the solutions we can provide for each concern and whether these help in acceptance or rather only increase distrust of the “I don’t understand” factor. Research and adaptation of technologies, such as cloud operation, UX development, UI design, thin client solutions, in a multi-layered modern architecture, are also necessary but not sufficient conditions for a complete transition. This is the minimum content to be achieved in our project so that after the research and development using this solution our product could become independent and fully marketable.

Going further, once the technological implementation reaches the required level, it will be possible to develop additional modern AI-based, machine learning, and deep learning services, where, in addition to architectural adaptation, elimination of the fear of black-box will be also feasible. At present, the extent of these researches and developments is very difficult to estimate, but we aim to achieve as much as possible in the frame of the project, so more and better theoretical results can be incorporated in the final product.

How much the current home-office constraint will change the needs of the future in the field of banking and corporate treasury? It is a matter of market research to discover the consequences of the present situation at the financial institutions who have not been very supportive of not-stationary working methods or using mobile applications for data access from the homes of their employees. Consequently selecting the right technology will be also a critical point in an innovation roadmap.

As mentioned above, our target group is Central- Eastern Europe primarily based on our existing and potential domestic customers but our current foreign customer base (Romania, Albania, Bulgaria, and Russia) is a significant advantage as regards of regional expansion, so it should not be started from the bottom. Finally, this way the possibility for Western expansion arises, as a world standard product can be created at the lower costs of Eastern European human resources, which can be a significant export product for Hungary.