What is RECOVID
RECOVID was born out of the realisation that the standing financial rescue mechanisms in the EU are not fit for the urgency and severity of the COVID-19 crisis.
As a team of innovators from all over Europe, we came up with a proposition to rethink the financial rescue allocation from inside. It is necessary for the sake of the sustainability of the EU economy.
How RECOVID helps the business owner
RECOVID offers a way to efficiently convey liquidity in the form of rescue packages to the vast numbers of SMEs and self-employed impacted by the Coronavirus crisis.
- EU-wide scalable platform
- Aiming at serving millions of interactions simultaneously
- Drastically simplifying the funding application process
RECOVID can simplify the application for emergency funding by pre-filling financial data available through open banking (PSD2).
Security and fraud protection is achieved via digital authentication techniques to detect fraud (KYC & AML).
Once approved, emergency funding can be available to the business within a few work day hours thanks to SEPA, or even instantly in case instant payments are available.
How RECOVID helps Europe
European institutions (European Commission and European Funds) benefit from the RECOVID data analytics.
RECOVID provides these as a dashboard to monitor in which countries and industries the liquidity is missing the most. European institutions work with such data to assess the overall economic situation by sector, company size, country etc.
RECOVID provides European institutions with advanced data analytics to:
- Assess the overall economic situation in real-time
- Assess the performance of rescue packages in real-time
- React to a fast-changing environment by quickly implementing missing rescue packages where and when needed
- Allow a fair, secured and efficient allocation of funds to the most impacted throughout EU