“CopSonic is the first universal contactless mobile payment system powered by our unique technology. It is based on sonic communication transiting through the devices’ speakers and microphones. Therefore, our technology is compatible with 100% of existing phones and smartphones, unlike NFC technologies. Several patents have been filed with regard to the security of the transaction.Our technology allows peer-to-peer transactions between feature phones and smartphones but also enables online passwordless authentication turning the devices into security dongles.We developed an SDK that allows third-party companies to integrate the modules and, therefore, create a business model based on transaction fees or licenses.”
Month: April 2014
StrategyCorps’ BaZing Helps Bring Profitability to Checking Products
“BaZing delivers non-banking benefits like 300,000+ local and national merchant discounts, cell phone insurance, and roadside assistance via customizable and easy-to-integrate mobile and online platforms. In today’s consumer marketplace, there are millions already paying for these money-saving and personal protection-oriented benefits, proving these benefits are worth paying for.BaZing uses this fee worthiness to provide a customer acceptable fee-based mobile and online banking solution. BaZing’s innovation and financial productivity enhances commoditized mobile and online banking, undifferentiated consumer checking products.”
Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning
This post is part of our live coverage of FinovateSpring 2014.
“The self-learning proprietary algorithm scores on applicant’s creditworthiness within less than a minute. Without having to go to a bank, the customer can apply for his loan online or mobile, whenever and wherever. If accepted the loan is paid out to their bank account within 10 minutes. Compared to traditional rating organizations like Schufa or FICO, the Kreditech Algorithm only studies the financial situation of the customer in the moment of the application and does not use historical data.The technology is therefore flexible and can quickly enter and adapt to new markets. There are 5 billion people in the world that have no access to financial products, and our technology is able to provide that to them.”
LOYAL3 Social IPO Platform Democratizes the Investment Process
This post is part of our live coverage of FinovateSpring 2014.
Our next presenter from nearby San Francisco is LOYAL3, demoing their Social IPO Platform.
“The LOYAL3 Social IPO Platform opens up IPO access to large numbers of individuals like never before. LOYAL3 partners with pre-IPO companies to give them a way to include consumers, employees, partners, and fans in their IPO. Through LOYAL3, people can start investing in an IPO with just $100 and pay no fees to purchase the IPO stock.LOYAL3’s IPO platform augments and complements the traditional IPO investing process by providing a way for small investors to participate in IPOs at the same price per share and at the same time as Wall Street institutions and their largest customers.”
Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions
This post is part of our live coverage of FinovateSpring 2014.
“The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the Xip POS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.”
Presenting: Mayank Sharma (CEO) and Arun Tanksali (CTO)
Metrics: $1 million raised to date
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms
HQ: Singapore
Founded: December 2012
Website: nearex.com
FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio
“Currently, retail investors are stifled by the lack of tools that speak the same language at the level they can comprehend. Vast amount of data that is available creates more confusion and does not provide enough actionable information or insight to investors. FinBuddy addresses this gap by providing very easy-to-understand tools that don’t scare investors but engage them without losing depth and rigor.We provide an intuitive stock & fund screener that helps investors discover new investment opportunities similar to how we discover things in the real world. We provide a comprehensive way to evaluate an investment without overwhelming the user. Our portfolio analysis toolset helps individuals understand their portfolios in easy terms and track them better. Finally, trusted friends can provide commentary and feedback on the investor’s portfolio and share tips over FinBuddy’s social network feed. Social collaboration combined with personalized and relevant insights help individuals make sound investment decisions.”
- Funding: self-funded
- Number of employees: 1 full-time, 2 part-time
- Revenues: pre-revenue
- Registered users: ~200 (friends & family)
Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App
This post is part of our live coverage of FinovateSpring 2014.
Qapital is our next presenter. The company’s PFM, safe balance, savings and goals app is live in Sweden and in closed beta in the U.S.
“Qapital for iPhone – a unique app that provides answers to the following three questions:
- How much money can I spend?
- How am I spending my money?
- How can I achieve the things that really matter to me?
The knowledge contained in the PFM transaction data is leveraged to create small and inspiring ways to show how much you are able to spend as well as how to achieve your goals through savings.Here are some examples of the smart and inspirational features:
- You’ve spent less on taxis than usual this month; do you wish to transfer the surplus to your ski trip goal?
- Tax yourself a dollar toward your new guitar every time you buy a beer.
- Yes, you can afford that sweater if you skip five coffees at Starbucks!”
PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market
This post is part of our live coverage of FinovateSpring 2014.
Coming to the stage – all the way from the Ukraine – is the team from PrivatBank.
Topless Android ATM is an ATM without an unnecessary TOP. It is equipped with an Android phone with an NFC chip, Raspberry Pi, cash dispenser, and safe. The ATM has minimum electronics and no keypad or buttons and is controlled by customers’ smartphones.
Red Giant App Makes Ordinary Payment Cards Intelligent, Flexible and Secure
This post is part of our live coverage of FinovateSpring 2014.
Red Giant’s groundbreaking service gives you financial control and security you have not had until now. Red Giant keeps your debit card locked until you are ready to use it. And when you want to make a purchase you just use the mobile app to unlock your card with the touch of a button.When you unlock your Red Giant card it works just like any other card, only better. You get instant receipts, immediate balance updates, and a real-time picture of your actual spending compared to your goals – right on your smartphone.You can use your Red Giant physical card anywhere standard cards are accepted. Red Giant Digital cards – shown securely in our mobile app – let you separately control your online purchases.
Zumigo Demos Assure Technology to Speed and Simplify eCommerce Transactions
This post is part of our live coverage of FinovateSpring 2014.
“Zumigo is demonstrating a revolutionary new way to simplify the account-opening funnel and reduce shopping cart abandonment. Financial institutions and eCommerce companies can integrate this solution to existing new-customer flows on websites and mobile applications. By leveraging its access to mobile networks and related account data, Zumigo can pre-populate forms with a customer’s name, address, phone number, and even tokenized credit card data. Now a customer’s mobile phone can provide the data needed to streamline, reduce risk, and secure any transaction.”
Avoka Launches TransactWeb to Turn Paper, PDF and Web Forms into Digital SmartForms
This post is part of our live coverage of FinovateSpring 2014.
Avoka TransactWeb is the Customer Transaction Experience Game Changer. As the leading Multi-Channel Data Collection SmartForm & Transaction Management System, it transforms mobile-unfriendly, painful-to-fill-in, hard-to-maintain, slow-&-dirty-data, channel-constrained Paper, PDF, or Web Forms (such as account opening & loan applications, permits & license, student enrollment, and insurance claims) into mobile-optimized, easy-&-intuitive-to-fill-in, fast-&-agile-to-maintain, high-quality-data Multi-Channel SmartForms for a seamless, multi-channel customer transaction experience.
Visible Equity’s Fair Lending Analytics Can Mathematically Prove Borrowers Are Treated Fairly
“Fair Lending laws have been around for decades, but more sophisticated Fair Lending analysis has recently become a hot-button issue and point of emphasis from financial regulators.Our product uses intuitive design and advanced statistical modeling to determine whether discrimination or “disparate impact” is potentially occurring in marketing activities, during the loan application process, with pricing and add-on products, and with charge-off and collection practices.It is unlikely that a financial institution is ever knowingly discriminating, but now with the use of Fair Lending Analytics, institutions can mathematically prove they are compliant and treating all borrowers fairly.”