September Update

September is an important month for Team Consolidity as we are finishing the development works of our first two projects and starting sales both in Malta and in Hungary. The last couple of weeks were really tough for the developers as they had to work in a constantly changing environment.

By tomorrow, I believe we will finish mapping out and specification development for the remainder of the year, as the design is being finalised next week and we have a roadmap in place until the end of the year.

And also, I am happy to (re)introduce you Dániel Lukács, who joins Consolidity in an elevated role: Co-Founder and Co-Owner. Yaay!

Aside from that, we have a new employee, Máté Szalay-Dimitrov, who has a vast experience working for different SSCs in Budapest and his experience will be a massive boost for product development.

Key Functions We Have Been Working On This Month

Completed the MLT company set-up process in the client view. Today it also got the revamped, more spectacular design package.

We are developing a Lawyers’ dashboard, where the service provider is able to manage the process with really simple tools, can accept and reject gathered data, documentation, generate PDFs, ask for additional document upload. As development went on, we redesigned the whole process so that lawyers can work even more efficiently.

Multiple account types: We have client and lawyer (and CSP) ready, and we will add new types like Account Manager, Compliance officer, etc. They will have different roles at different stages in Consolidity.

We are also developing a Super Account for our clients, a place where they can set up their basic data, invite new co-workers, new clients. It will look amazing.

We have redesigned the customer on-boarding process: Clients now cannot directly sign up, but fill out a form instead and then the CSP will decide whether to start the work and invite the user for the account or not. This gives us an extra layer of security and a guarantee that no new client goes unnoticed.

New/extended admin: as of today, nearly everything in the system is changeable in our admin. We are getting close to a state where we can impelent Consolidity for new partners without the need for actual development. (Frontend site-build and PDF-build remains still necessary, though.)

Group-to-group: That was the toughest problem in Consolidity’s development and at some points it seemed to be impossible to solve – finding a way to move and organise data in a constantly changing environment, but finally we have with the new admin. Now we are able move data between modules, projects and if at one stage you enter the data of a person (or address or anything), it can be fetched later and selected from a dropdown so that you don’t have to type in the same data twice! Yesterday this function seemed to be stable, so in the rest of the week we are deploying it.

What may be on the Horizon?

  • Risk assessment (manual and automated) during data collection.
  • Integrated payments, invoicing.
  • AML, KYC, document verification automation.
  • Two-factor authentication in some cases.

I have mentioned two products and here they are is being rolled out once stable, probably around Monday next week. It is a free-to-use, tracking free tool for Hungarian entrepreneurs, it helps to fill out the UBO forms for your bank until 31 October.  With this, we can test two new functions that will be used in Consolidity after the testing period:

  1. The Organigram builder
  2. The intelligent selection tool that will be used for bank loan applications and many other features

You set up your ogranigram with the minimum data required to identify actors and the system also calculates beneficial owners. Then you select the banks you have an account with, the system asks for the extra data the particular banks require and then fills out the specific forms. Simple and lean, but solves the problem.

Malta Company set-up: The original product we started with is nearly complete. The whole process was recently redesigned so now clients can fill up the forms faster.

And as a third one, I can happily announce that we started to work with a car leasing company where the paperwork will be replaced with the adapted version of Consolidity. In this partnership, we will get a commission on every car leased through the system, hopefully starting by mid October. We intend to bring this solution to a list of countries in the region, too.

If you are interested, we can set up a special, personal demo of our product any time to see the changes. Just send us an e-mail and we will be there.

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