One of the biggest Dutch banks, ABN AMRO has worked with Dutch Invoice management firm InvoiceSharing to develop a FinTech solution for SMEs.ABN A
One of the biggest Dutch banks, ABN AMRO has worked with Dutch Invoice management firm InvoiceSharing to develop a FinTech solution for SMEs.
ABN AMRO`s press release (available at abnamro.com) explained that the solution will enable companies to automate their largely manual accounting processes by connecting their accounting suite to an online platform.
In addition, an Accounting Robot tool will read and checks the invoices, generate journal entries and export invoices to entrepreneurs` accounts. The robot will also be able to compare invoices with historic data from industry partners, while using accountancy data from the last three years, reads in the press release.
“This solution enables companies to process 10 to 20 times as many invoices every year, and helps reduce costs by up to 50 percent.”, according to the press statement.
“There’s a lot of money to be saved here, as entrepreneurs get their financing needs met at much more favourable rates. At Econic, working with HighTechXL, ABN AMRO is helping to develop promising propositions from both bank employees and external companies. Within nine months, these accelerator projects result in new products and services for our customers and the market. The Working Capital Assistant is a prime example.”, commented Frans Cuppen, ABN AMRO General Manager Commercial Clients South.
Netherlands turns to FinTech
As cryptocoinnews.com noted, the Netherlands has emerged as a leading hub for FinTech technology.
Netherlands-based start-ups raised about €430 million across 153 deal in 2015, 76 percent more than in the previous year.
Dutch bank ABN AMRO has previously collaborated with Netherlands-based Delft University of Technology to develop complex blockchain applications. Furthermore, in 2016, the bank worked with IBM on the launch of a blockchain application called Torch. The goal was facilitating real estate transactions and exchange information.
Earlier this month another big Dutch bank, ING, has experimented with blockchain and conducted 27 blockchain proof of concepts.