AccountsIQ invests in R&D on new technologies
Dublin-based fintech AccountsIQ is setting up an R&D center to explore new technologies and services.
Chief Operating Officer Darren Cran said the company, which makes cloud-based accounting software, is looking to develop new features for its customers by leveraging new technologies such as artificial intelligence and software. open banking.
“We have some pretty interesting R&D projects that we plan to undertake in the fintech space this year,” he said.
They include currency payments, expense card management and fraud detection.
“These are slightly more radical innovations, so we’re setting up an R&D center within the company that will be much more focused on working with groups of beta customers to try and test beta functionality to see what we will come up with with really getting traction.
AccountsIQ raised €5.8 million last year and recently signed a partnership with Plaid, the $13 billion US fintech, which is developing open banking technology, allowing AccountsIQ customers to manage multiple accounts in a central location.
“Twenty percent of our customers have already made their connections,” Cran said.
Open banking, made possible by European legislation called PSD2, allows banks and fintech companies to use a customer’s financial data more freely to deploy new features.
“There’s an awful lot that falls under open banking and I think if there’s been any criticism it’s that the B2B payments side, from our perspective, is maybe the part that is a bit more complicated,” he added.
“We do a lot of research to find out exactly what our customers want, to make sure they’re still offering automation, but also to make sure they’re completely safe and secure.”
He said open banking adoption on the consumer side was more widespread.
The likes of Revolut have rolled out features that allow users to integrate their bank accounts.