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HÉLIX 2: Big Data and AI to finance companies

A Big Data and AI platform to promote alternative financing for companies and early digital self-diagnosis to prevent insolvency

Searching for and finding financing for your company securely, quickly, and automatedly eases many headaches. Technology facilitates these processes (even eliminating associated costs) and others that can be very distressing, such as knowing the corporation’s financial risk.

Plain Concepts continues to develop Hélix. Suppose, in its first phase, this tool already guaranteed SME’s security in B2B commercial operations by creating a prototype focused on the assurance of invoices. In that case, in the first phase, this tool already guaranteed SME’s security in B2B commercial operations by creating a prototype focused on the assurance of invoices; the following process means a further step in the search for financing for companies.

The consortium that has developed the project is formed by ARIS Risk Solutions, Plain Concepts, Cívica Software, FIDESOL, onTech Innovation, and the University of Granada.

  • Full project title: Platform to promote digitization and access to alternative financing for SMEs on a self-service basis
  • Project file code: AEI-010500-2021b-86
  • Project start and end date: 11/22/2021-08/21/2022
  • Budget: 66,552.48 euros
  • Project funding agencies: Ministry of Industry, Trade, and Tourism of the Government of Spain, AEI Cluster, Next Generation Program of the European Union, and Recovery, Transformation, and Resilience Plan
logo de proyecto financiado por la unión europea
logo del plan de recuperación transformación y resiliencia
CLIENT
Industry
Finance Research
Services
Blockchain / IA / Cloud / Big Data
Technology
Azure, .Net, Kubernetes, JavaScript, SPARQL, Vue.js, Airflow 2
The two phases of the project complement each other: it was first necessary to certify invoice assurance in order to obtain financing. At the same time, a financial feasibility study is required to use an invoice.
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Challenges

After the first phase of the project between July 2020 and March 2021, the objective was to help SMEs access sources of financing such as non-recourse factoring, a form of short-term lending.
In order to popularize factoring, work was needed to:
• Identifying measurable commercial and bank credit risk factors.
• Data sources to quantify these values.
In addition, the prototype generated in the first phase of Helix had to be integrated.
picture about default and hélix 2
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Results

In Hélix 2, Plain Concepts has identified those factors that influence commercial and bank credit risk and the data sources for calculating them.
These sources include data from 3600 Spanish SMEs; scientific articles on default in small and medium-sized companies; UK and EU legislation on SME insolvency; and indicators from international organizations for assessing a default situation. Practical experiences of possible insolvency risk factors and warnings of insolvency from professionals in EU countries were also added.
With this information, a predictive model of default risk has been designed. This will help companies, in real time, to assess themselves and their insolvency risk. The model has early warning indicators of payment difficulties.
As a result of the Hélix 2 project, an innovative cloud platform has been developed for accessing financing via factoring, which also offers various tools for managing invoices, users, funds and numerous financial utilities.
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Highlights

With Hélix 2, we help companies to have the largest and best possible options for obtaining timely liquidity quickly and securely, and this helps them to continue to grow and prove their competitiveness.
With this project, not only does the companies' financing management progress, but the industry sees the quality of the technologies for credit insurance and SME financing improve, which will make it rely more on them for its digitization processes.
In addition, the research conducted at this stage serves to further understand the insolvency possibilities of a business and thus help SMEs to avoid defaulting on payments.

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