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| Source: Xriba. Rosati. |
Speaking at the recent Accounting & Finance Show Asia 2018 in Singapore Rosati shared that he has his eye on expanding in the Asia Pacific region. "We are training our AI to work in all countries," he said.
Xriba's partner strategy is to work with organisations which can guide the localisation of Xriba's offerings, advise on pricing and guarantee a customer base for the software. Rosati said that if a significant number of customers are interested, Xriba will adapt the software for that country, only charging the customers after that software is working.
"It is something that works for both (of us). The customers need to save money using our software and both of us need to make money from the software," he said.
Xriba currently has some 3,000 customers in Europe. The XribaBooks software can scan, read and record invoices, automatically placing the data into the right fields in accounting software. While optical character recognition (OCR) solutions typically focus on selected fields in an invoice, Rosati said that Xriba technology will also work on data that is currently unused, unusuable, or unreadable.
The Xriba ecosystem is growing, too. XribaBooks is integrated with popular accounting software like Xero, with Quickbooks and Sage to follow soon and larger names like SAP to come thereafter.
Most recently, Xriba announced a partnership with ETHLend, a startup that provides loans backed by digital assets. ETHLend uses Blockchain and cryptocurrencies to create a microcredit platform. The platform runs on Ethereum with ERC-20 tokens, and uses smart contracts, a type of contract secured and validated by the network that has the task of acting as guarantor for each transaction.
ETHLend allows anyone to lend or borrow money in digital currency, providing security guarantees both for those applying for the loan and for those who make it. When a loan is requested, ETHLend activates a smart contract which ensures that the applicant receives the pre-established amount and that he/she has all the necessary guarantees to repay the funds at a fixed date.
Whoever asks for the loan must have a certain quantity of tokens, such as Xriba tokens (XRA) as collateral. These can be sold to the creditor if the loan is not honoured as agreed.
Transactions are secure, thanks to Blockchain technology, while commissions are lower than those offered by banks. Additionally, lenders can earn income as a result of taking out a loan.
Explore:
ETHLend allows anyone to lend or borrow money in digital currency, providing security guarantees both for those applying for the loan and for those who make it. When a loan is requested, ETHLend activates a smart contract which ensures that the applicant receives the pre-established amount and that he/she has all the necessary guarantees to repay the funds at a fixed date.
Whoever asks for the loan must have a certain quantity of tokens, such as Xriba tokens (XRA) as collateral. These can be sold to the creditor if the loan is not honoured as agreed.
Transactions are secure, thanks to Blockchain technology, while commissions are lower than those offered by banks. Additionally, lenders can earn income as a result of taking out a loan.
Explore:
The Xriba Pay business wallet is now available in beta. Become a beta tester
Read the TechTrade Asia show-related blog posts:
The trend towards cloud-based accounting
Xero's success with cloud-based accounting
How Maybank is helping SMEs go digital
View pictures of the show on Facebook
Read the TechTrade Asia show-related blog posts:
The trend towards cloud-based accounting
Xero's success with cloud-based accounting
How Maybank is helping SMEs go digital
View pictures of the show on Facebook
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