The investment came with the support of a grant from Iceland, Liechtenstein and Norway through the EEA and Norwegian Financial Mechanisms 2014-2021. Out of the fund, EUR 420k are non-refundable grant.
As part of the project, an open source software solution was developed, which offers financial operations as a service to SMEs, to help them automate and centralise common financial flows: balance sheet, salary payments, invoicing, money flow automation, accounts payable and receivable, cash reporting, as the press release says.
The target group includes banks, financial service providers and SMEs across Europe, with focus on SMEs. The project includes an artificial intelligence component that ensures a detailed analysis of processed data, which should facilitate the reconciliation of sent or received invoices with payments or collections.
This component is designed and developed by Bakken & Bæck AS, a company with advanced AI capability. This partnership is possible through the bilateral relationships between Norway and Romania, promoted by the financing program.
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