Skolkovo Foundation: Cash flow analysis startup CASHOFF deployed the service inside boxed mobile applications of Bank Soft Systems

CASHOFF, the resident of IT Cluster at Skolkovo Foundation, deployed the service inside boxed mobile applications of BSS, the leading e-banking software company.

MOSCOW, 30-12-2015 — /EuropaWire/ — CASHOFF developed mobile version of the service and implemented it inside boxed mobile applications (Android & iOS) of BSS – the leading Russian company engaged in e-banks development.

Mobile version of the service has similar capabilities as web version but adapted for mobile devices. Now users of mobile banks can see all their finances from different sources, control goals, budgets, spending, get advices and notifications any time they want using their phones. New version of CASHOFF has also additional features based on hardware capabilities of mobile devices. First of all, it is geographical map of spending and personalized recommendations targeted by geo location of purchases. Also, CASHOFF uses Push-messages to notify clients of banks about unpaid bills. Thus, the client only needs to press the button “Pay” in notify message in order to approve all payments formed by the service. All the work such as searching of bills, forming of payment templates CASHOFF makes instead of the client using knowledge about all his balances, bills, debts and forecasting model based on client’s objective and event model of financial behavior. The cartoon “CASHOFF Visa Gold Sales and Payments” http://vimeo.com/cashoff/visa demonstrates it best of all.

Technology of implementation allows CASHOFF to deploy the service inside any mobile bank during several weeks. Thus, any retail bank can easily integrates it inside own applications irrespective of the fact which e-bank it uses (own or developed by software company).

Cloud based service CASHOFF, integrated inside graphical user interface of Internet and Mobile banks for personals, allows collecting and analyzing clients financial data, including information from different banks, e-wallets and network providers. Results of intellectual analysis of clients cash flows, based on mathematical algorithms of CASHOFF, give banks possibility to predict behavior of own clients and timely offer them relevant products.

During 2015 the company achieved impressive success in developing of functionality of the product and its promotion on the market. The service CASHOFF already launched in 15+ banks including VBRR Bank (serving the biggest Russian oil company Rosneft), Rosgosstrah Bank, Locko Bank, Bank for Innovation and Development. Also, three largest Russian and European banks and two telecommunication holdings, interested in analytical engine of the service, became customers of CASHOFF.

Dmitry Gorkov, CEO CASHOFF LAB LLC 

«2015 for us was full of interesting events and projects. With confidence it is possible to tell that it was very successful for the company. For the next year we are planning to bring the service to new level having realized unique projects on joint spheres of FinTech and Retail, establish filial in Europe and start expansion into European market».

Pavel Novikov, Head of “Cloud services (B2C) and cloud infrastructure”, Lead Manager at Skolkovo Foundation:

«The team of CASHOFF for the last year carried out enormous jump in development of PFM service for banks and its promotion on the Russian banking market. Now it is not just a small startup, but it is steadily developing company, on which major banks and funds looks already in absolutely different way. I wish colleagues success in new markets conquest in 2016 year».

About CASHOFF LLC
CASHOFF LLC was founded at the beginning of 2013 year. The company specializes on development of intellectual systems for cash flow analysis. The project is the winner of international competitions, in particular, Russian Innovation Week in Silicon Valley. The company enterstop-30 of Russian young innovative IT-companies with the highest rate AAA of investment appeal (rating of RVC).

About the Skolkovo Foundation
The Skolkovo Foundation is a non-profit organization founded in September 2010 by the Russian government with the objective of accelerating Russia’s transformation from a resource-intensive to an innovation-based economy. To achieve this objective, the Foundation is overseeing the creation of the Skolkovo Innovation Center, composed of more than 1,000 high-tech startups, Skolkovo Technopark, the Skolkovo Institute of Technology (Skoltech) – a new graduate research University established in collaboration with the Massachusetts Institute of Technology – and Skolkovo city, located near Moscow. Together, these entities establish a vibrant ecosystem of technology innovation and entrepreneurship. Fifty global corporations including Boeing, Cisco Systems, EADS, GE, Johnson & Johnson, IBM, Intel, Microsoft, Siemens, Nokia, Samsung, and Panasonic have already recognized the opportunity Skolkovo presents by signing R&D partnership agreements with the Foundation. The cumulative revenue of Skolkovo’s startups through December 2014 reached $1 billion. They brought in more than $220 million in investment, creating 13,500 jobs and filing over 1,300 patent applications along the way. By 2020 over 2 million square meters of residential and office space will be built in Skolkovo with 35,000 people working daily in the Innovation Center. For more information:  http://www.sk.ru/en

Press-contacts:

Dmitry Gorkov, CEO CASHOFF LAB
d.gorkov@cashoff.ru
+79150984990

Taisiya Yarmak, Skolkovo
tyarmak@sk.ru
+79166948826

SOURCE: Skolkovo Foundation