As revealed in a press release, the three partners are intending to revolutionize the accounting world with a real time solution that allows companies to automate the majority of accountancy processes. To this end, the companies are each bringing their own different skills and expertise to the table. Cornèrcard, which is based in Lugano, is one of the leading payment card issuers in Switzerland. Abacus from Wittenbach develops business software, while Arcanite from Puidoux VD specializes in applications based on Artificial Intelligence (AI).
In Spring 2020, the partners are planning to launch Autonomous Live Accounting (A.L.A.). Information from credit card statements and payment receipts will be enriched by AI and posted directly in a company’s accounting system. This solution is said to represent a “breakthrough on the road towards autonomous accounting”, the press release states.
The A.L.A reduces repetitive and manual working processes, thereby raising the efficiency of companies, start-ups and organizations and also strengthening Switzerland’s reputation as a place of business, the partners explained. Davide Rigamonti, Head of Cornèrcard, commented that the partners’ innovative solution represents a milestone in that it will allow SMEs to be supported more effectively in financial matters. In addition, CEO of Abacus, Claudio Hintermann explained how, in future, the opportunity to manage expenses in real time will ensure that relevant financial data is available to companies directly.