We believe this will be a big help for our customers. Streamlining processes saves time, but also minimizes the room for errors
We know that many customers have longed for the automated handling of bonds, and are glad to now meet that demand
With the launch of Bricknode Fund Manager, we now have tools for both buy-side participants and sell-side participants in the same platform and can achieve a lot of network effects. Fund companies are producing financial products which the brokers are selling, and by participating in the same system, we can establish real time links between these entities.
We have used everything that we learned during more than ten years that we have developed cloud based services for the financial industry and created a product with input from several funds. We have focused on the establishment of a user-friendly interface and making something complex into a simple experience for the end user.
In my role as CEO of Bricknode, where we work to help our customers and partners who are financial institutions by delivering software, and as Chairman of Kreditbörsen, where we offer a peer to peer lending service for end users, I constantly get exposed to government reporting. The Swedish Tax Agency has great documentation and guidance of how and what to report with clear documentation and guidance together with technical specifications for software developers. Unfortunatley the explosion of EU-regulations during the last few years has impacted the Swedish Financial Inspection in a way where the workload is too high. Documentation, guidance and specifications available for the regulated companies is hard to find and not easy to understand. The focus for companies and the regulators is not to launch better financial services but most resources are dedicated to implementing more regulations. This in turn impacts the consumer through higher costs. Communication with government systems is mostly being conducted with various files but it would be interesting to explore the use of open API's as well.
“As usual regulatory changes are creating confusion among the involved parties, and we are therefore pleased to be able to arrange this seminar in cooperation with the law firm Gernandt & Danielsson,
Bricknode has always been an advocator of openness and we want to empower our users to do business on the Internet with total freedom to connect to others. PSD2 is a confirmation that regulators are sharing our views as well.
The deal flow between IKC and investment funds, which occurs within Bricknode Broker, is a typical example of the relationships that Bricknode facilitates within its ecosystem. We have spent 7 years, $3.3 million of recurring revenues and $2.2 million of invested capital to build a dynamic, cloud based platform for the financial marketplace.
We started out by creating a new operating system for the financial industry and now we are launching our first applications that are specialized for certain user groups like Bricknode Broker for brokerage firms
For a long time we have been frustrated with the fact that our customers have had to pour a lot of resources after the end of each year into tax reporting without having access to any great tools. With today’s launch we should be able to save hundreds of hours of work for our customers.
We have seen a lot of interest since we released our public ecosystem for financial services on the 9th of December. We are now building on this by conceptualizing the operating system for finance.
Our goal has always been to use the internet for connecting different stakeholders within finance and create value for each one.
Within BFS the transaction tables are optimized to show huge amounts of data which comes at a cost. The cost is limitations on filtering, grouping and sorting. With the Transaction Viewer, we have taken another stance, in the app we make you limit your data selection that you want to work with and in turn you have access to great filtering, grouping and sorting. You can also export everything that you see, exactly as you see it, to excel for further analysis and calculations.
Bricknode Financial Systems can be used as a core platform for any type of financial service. We are currently expanding our capabilities within insurance products and our new app for automating the exchange of data between insurance agents, insurance companies and insurance distributors is just one of several apps for this industry.
We are continuing to experience an increased throughput of specialized financial apps on top of the core Bricknode Platform thanks to our Add-On Marketplace and our API.