Next, Locaid demonstrated Geofence:
"Locaid Geofence is a new API that allows financial services, bank and card issuers to combine and compare real-time customer locations with card swipe and transaction location data (POS et al).
Using Locaid's Location-as-a-Service, banks can compare mobile location to POS locations to determine fraud potential, reduce false positives and drive enhanced cardholder engagement. The Geofence API also allows the bank to create alerts whenever cardholders enter or leave the defined areas, such as branch or ATM locations."
Product Launched: July 2012
HQ Location: Boca Raton, FL
Company Founded: 2005
Metrics: $26.2M total in venture funding: Series A (November 2005) $5M; Series B (January 2008) $8.15M; Series C (February 2011) $13M
Finovate demo video: finovate.com/fall12vid/ (demo video will be posted next week)
Introducing Rip Gerber (CEO)