Flowpay's Expansion with IBM Watsonx.ai

Flowpay, a forward-thinking fintech startup based in the Czech Republic, embarked on a mission to revolutionize SME financing through simple, online operational solutions. Witnessing substantial success in their domestic market, Flowpay set its sights on international expansion. However, entering new markets presented a significant hurdle: the time-intensive process of collecting and categorizing Payment Services Directive (PSD2) transaction data. Recognizing the need for a more efficient approach to achieve their ambitious growth objectives, Flowpay sought a transformative solution.

In collaboration with IBM Client Engineering as part of the Fintechx program, Flowpay engaged in a series of innovation workshops, aiming to fortify its processes with generative AI. This partnership culminated in the creation of two groundbreaking AI-assisted processes, meticulously built and tested by a dedicated team of seven users over a four-week pilot. The first process was designed to accelerate and streamline metadata creation, while the second automated the creation of comprehensive underwriting reports. Both processes leveraged the power of IBM watsonx.ai, an enterprise-grade AI studio renowned for its secure, collaborative data management and process automation capabilities.

The implementation of IBM watsonx.ai has yielded impressive results for Flowpay. The AI-powered solutions have enabled Flowpay to expedite new market research and metadata creation, significantly reducing the time required for these critical tasks. Furthermore, the automated underwriting report generation has accelerated the loan approval process, allowing Flowpay to serve its customers more efficiently. As Flowpay prepares to enter new markets, starting with Slovakia in April 2024, the company plans to leverage the watsonx portfolio to generate initial metadata, fine-tuning the solution over time. Additionally, Flowpay intends to enhance the automatically generated underwriting report with new sections, providing a more holistic assessment of applicants' financial health.

Value Results:

• 100% time savings for new market research and metadata creation.

• 50% time savings per country for metadata error correction, monthly.

• 20% speed increase in the loan approval process by underwriters.