We are launching a research project in innovative teasury software solutions on SaaS basis with the support of the Ministry of Innovation and Technology from the National Research Development and Innovation Fund (2020-1.1.2-PIACI-KFI-2020-00116)
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.
|Name of applicant||Project title||Funding (HUF)||Total cost of the project (HUF)|
|FX SOFTWARE Számítástechnikai, Kereskedelmi és Szolgáltató Zrt.||Innovative teasury software solutions on SaaS basis||327 438 600||539 096 500|
Bloomberg & FX Software joint webinar in treasury innovation topic: possible use of artifical intelligence in the everyday activity of the sales desk team.
Link to the event: https://www.bloomberg.com/event-registration/?sid=878677
For those who were unable to attend the event, we are making available our slide show here.