De Volksbank Migrates More than 120,000 Investment Accounts to Ohpen

De Volksbank, a retail and SME bank in the Netherlands, has migrated over 122,000 investment accounts to Ohpen’s core banking platform, reports Tanya Andreasyan of Banking Technology, Finovate’s sister publication.

Ohpen says the bank “has now completely and seamlessly integrated its investment services into its internet banking environments” using the vendor’s API.

“All investment processes – from the opening and maintenance of an investment account, to order execution and portfolio management – from the different internet banking environments of ASN Bank, BLG Wonen, RegioBank and SNS [de Volksbank’s brands] are managed in Ohpen’s core banking platform,” the vendor states.

Alexander Baas, COO at de Volksbank, describes the migration as “smooth”.

De Volksbank carries multiple brands with a single back office and IT organisation. The product range consists of three core product groups: payments, mortgages and savings. De Volksbank has a balance sheet total of €62 billion and about 3,500 employees.

Founded in 2009 and headquartered in Amsterdam, The Netherlands, Ohpen demonstrated its core banking platform at FinovateFall 2012. The company picked up an investment of $17 million earlier this year in a Series B round led by Amerborgh. Chris Zadeh is founder and CEO.

Finovate Alumni News

Around the web

  • Revolut reaches one million customer milestone.
  • Starling Bank partners with Yoyo Wallet, enabling cardholders to earn loyalty points when paying with the challenger bank.
  • African Bank to deploy new technology from FICO to centralize credit decision management.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BankBazaar CEO Honored at India FinTech Awards 2017

Adhil Shetty, CEO of BankBazaar, was recognized by the India FinTech Awards 2017 earlier this month. Shetty was named Fintech Leader of the Year at the event, which featured more than 200 attendees, more than 40 speakers, and 20 shortlisted startups from six countries.

“Today, paperless, presenceless transactions are becoming the face of digital finance,” Shetty said. “It is heartening to see our vision of paperless access to all financial products for every Indian being accepted and validated not just by our customers and partners but also by the industry experts at IFTA 2017.”

Sponsored by the India FinTech forum, which seeks to highlight the growing fintech community in India and ensure its role in driving fintech innovation worldwide, the India FinTech Awards is the largest, demo-based, fintech event in India. This year’s presentation included product demonstrations by 20 companies, with the winner earning a spot on stage at the Paris Fintech Forum in January 2018.

BankBazaar CEO Adhil Shetty receiving an award for Fintech Leader of the Year at the India FinTech Awards 2017.

This year’s top honors went to ZestMoney, which was awarded Fintech Startup of the Year, and its CEO and co-founder Lizzie Chapman, who was recognized as Woman Leader in Fintech. Chapman called the Startup of the Year award “recognition of the hard work we have put into building a product and platform that completely changes the way people access credit in this market.”

ZestMoney enables consumers to pay using digital EMI (equated monthly installment), avoiding the need for credit cards and credit scores. Headquartered in Bangalore, India and founded in 2015, the company has raised more than $8 million in funding and includes PayU and Omidyar Network among its investors.

Kickstart Accelerator and YES Fintech won the Accelerator of the Year award.  Also honored at the event was InstaReM, a cross-border remittance and money transfer startup founded in 2014, that participated in our FinovateAsia Startup Showcase earlier this month. InstaReM was recognized as a Fintech Rising Star at IFTA 2017, along with fellow contestants Niki.ai and Zeta. Finovate alum FixNix also participated in the competition.

The good news for BankBazaar comes at the same time the company announced a series of new upgrades to its mobile app. These enhancements include gold, silver, and fuel rate trackers, as well as personalized graphs and visualizations to better see and understand expenses. The app, which has garnered more than one million downloads, will also aggregate a number of features onto a single interface for easier use. “Our mission has been to help consumers access the right financial products and make their financial journey simpler,” Rati Shetty, Chief Product Officer for BankBazaar told DataQuest.

Last month, BankBazaar announced closing a $30 million funding round led by Experian. The two companies have partnered to develop a Credit Score Tracker that gives Indian consumers a secure free credit score as well as educational information on how to use financial planning to improve credit scores.

“There is a natural synergy between the world’s largest information management company and one of the fasted growing fintech companies,” Shetty said. “The funds from this round will be used to further strengthen our position as the leader in secure, paperless access to loans, cards, and mutual funds.” The investment brings BankBazaar’s total funding to $110 million.

Founded in 2008 and headquartered in Chennai, India, BankBazaar demonstrated its Real Time Credit Processing Platform at FinovateAsia 2012 in Singapore.

Finovate Alumni News

On Finovate.com

  • BankBazaar CEO Honored at India FinTech Awards 2017.

Around the web

  • ACI Worldwide inks licensing agreement with Payworks.
  • PayPal introduces new Invoicing Extension for with Facebook Messenger.
  • Commercial Bank of Ceylon embraces digital banking solution from Fiserv.
  • ThreatMetrix boosts speed, improves accuracy and reliability with Winter 2018 release of its digital identity network.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SumUp Partners with BancoEstado to Boost Mobile Card Acceptance in Chile

SMEs in Chile have just won a new ally when it comes to making it easier to accept mobile card payments. The country’s largest national bank, BancoEstado de Chile, has partnered with SumUp to launch a joint venture that will give Chilean businesses the ability to offer “anytime, anywhere” mobile card acceptance without fees or contracts.

The joint venture, branded Compraqui, will be based in Santiago de Chile and leverages SumUp’s success in developing mobile Point of Sale (mPOS) solutions for more than 30 markets in Europe and the Americas. The companies believe that the combination of SumUp’s technology and BancoEstado’s history of providing financial services to Chile’s SME community will boost the number of card acceptance points to 1.5 million in the next three years.

“This is a milestone for the small business sector in Chile,” SumUp CEO Daniel Klein said. “We truly disrupt the existing market for card acceptance through Compraqui’s unique offering. It represents each company’s strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue.”

According to Gerente General of BancoEstado Jessica López Saffie, the need for card acceptance solutions in Chile for small businesses is significant. “Together we address more than 600,000 SMEs and 1.2 million sole proprietors who currently cannot accept card payments,” she said, adding that the bank chose SumUp as a partner after a careful examination of the competition.

“We ran a comprehensive selection process, evaluating many card acceptance solutions,” López Saffie said. “With a proven business model and a market-leading end-to-end card acceptance solution providing highest security standards, SumUp came out at the top of this process.”

Founded in 2011 and headquartered in the U.K., SumUp demonstrated its mPOS technology at FinovateEurope 2013. The company unveiled its new online payments suite this summer, which added the ability to accept payments via SMS; a Virtual Terminal to enable online, CNP transactions; as well as a set of APIs and SDKs for additional payment integrations.

SumUp has more than $100 million in annual revenue, processes more than 100,000 card transactions daily, and 2,000 new businesses joining its service every day. With more than $44 million in total funding, SumUp includes Life.SREDA and BBVA Ventures among its investors.

Announcing FinovateSpring 2018: May 8 – 11 in Santa Clara!

With the holiday season around the corner, we’re excited to announce the dates for FinovateSpring 2018. Our Silicon Valley-area fintech conference will take place May 8 – 11 at the Santa Clara Convention Center in Santa Clara, California.

After the success of our four-day format this year at FinovateFall, we’re taking our new, expanded format to Silicon Valley for FinovateSpring. The first two days will run in classic Finovate format with fast-paced, 7-minute demos (no videos or slides allowed!) from the hottest startups and most innovative established companies in fintech. Following these demo days, we’ll be adding a day and a half of additional content to help you stay up to date on the latest trends driving fintech innovation.

If you’d like to apply to demo your company’s newest fintech innovation at FinovateSpring, please email us at spring@finovate.com as the application window just opened. Companies that apply early will save big if selected to demo (the first deadline is Friday, December 15), so be sure to apply soon!

If you’re interested in learning about speaking opportunities, we have a number of ways you could get involved. Simply reach out to speakers@finovate.com for more details.

And if you’d like to attend and watch the newest, cutting-edge technology in fintech showcased via our fast-paced, demo-only format, tickets are now available for $1,495 ($800 off the list price). This is the lowest price tickets will be, so register today to guarantee your spot and these savings!

We’ll see you in Santa Clara in May (or Dubai in February)!


Raise your profile and showcase your thought leadership

Grow your business at FinovateSpring by becoming an event sponsor. We can provide flexible and tailored solutions to maximize your time at the event and ensure you meet your business goals. For more information please contact us via email.

Sensory Partners with Fujitsu to Bring Biometrics to Mizuho’s Mobile Banking

Fujitsu has teamed with Silicon Valley-based Sensory to provide face biometric authentication for Mizuho’s mobile banking, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Mizuho is the first customer of the Fujitsu and Sensory partnership and it will be using TrulySecure. This solution’s features include the option to fuse voice and face biometrics recognition together; and it works with Android, iOS, Linux and other platforms.

It also has convolutional neural net technology running on the device – so it does not store biometric info in the cloud. In addition, TrulySecure’s “anti-spoofing approach” prevents unauthorized users from gaining access with photos or videos of enrolled users.

Michihiko Ejiri, VP of front digital service business division at Fujitsu, says working with Sensory has “allowed us to help our customers around the world improve the user experience provided by their apps by integrating face biometric authentication technologies into them”.

Left to right: Sensory’s Jeff Rogers (Vice President) and Todd Mozer (CEO and President) demonstrating TrulySecure at FinovateFall 2017.

Sensory reckons digital commerce and banking apps have moved toward mobile payment and wallet applications. In turn, this demand has created a need for fraud and theft prevention technology that is “frictionless to the end user”.

It also cites research from Markets and Markets that the global facial recognition market is expected to grow from $4.05 billion in 2017 to $7.76 billion by 2022, with banking, financial services, insurance, retail and healthcare being major growth areas.

“Supported by the rapid growth in adoption that our TrulySecure face recognition technology is seeing among banking apps, mobile phones, and more,” Sensory CEO Todd Mozer said, “our research has found that consumers prefer the user authentication experience offered by face biometrics.”  Mozer highlighted speed, accuracy, and convenience among the top reasons why customers appreciate Sensory’s technology.

Founded in 1994 and headquartered in Santa Clara, California, Sensory demonstrated its TrulySecure bank teller chatbot with biometrics solution at FinovateFall 2017. The company announced last month that its TrulyHandsFree voice control technology would serve as an Alexa trigger for Garmin Speak. And in September, the company’s TrulySecure facial recognition technology was added to LG’s flagship V30 smartphone, as well as LG’s Q6 and G6 models.

Finovate Alumni News

On Finovate.com

  • SumUp Partners with BancoEstado to Boost Mobile Card Acceptance in Chile.

Around the web

  • New software and cash recycling technology from Diebold Nixdorf to support an upgrade of 400 ATMs by Turkey’s VakifBank.
  • ACI Worldwide teams up with Zelle to bring real-time payments to FIs.
  • BNP Paribas to deploy Fenergo’s Client Lifecycle Management (CLM) solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Webinar: Solving the ‘identity problem’ for PSD2 and GDPR

Date: Tuesday, December 05, 2017

Time: 02:00 PM Greenwich Mean Time

Duration: 1 hour

Psssst…Can’t attend? Register and we’ll send you a recording.

REGISTER NOW >>

The Second Payment Services Directive (PSD2) mandates banks across the European Union to add two-factor Strong Customer Authentication (SCA) and Strong Customer Identity Verification (SCeID) on all remote access to customer accounts.

Both SCA and SCeID are mandated by PSD2, although the latter is not well understood. And failure to implement these capabilities exposes banks to penalties up to 2% of global annual turnover under GDPR.

The aim of this webinar is to examine the links between SCeID and SCA in the context of PSD2 and GDPR, sharing insight into how legislation mandates regulated firms to digitally verify customer identity and what technology helps to achieve this objective.

Join this Finovate webinar in association with Jumio to hear expert speakers from Jumio, Consult Hyperion and leading FinTech businesses discuss the challenges – and opportunities – of SCA and SCeID. During an interactive panel discussion, the speakers will address a number of key questions, including:

  • How are SCeID and SCA connected?
  • How are the various regulatory mandates which require secure authentication and verification, such as PSD2 and GDPR, similar, and how do they differ?
  • What are the pitfalls to avoid when implementing SCeID and SCA?
  • Why does the reset process become so critical – and how can banks make sure they have robust protections in place around reset?
  • What technology solutions can banks leverage to meet their obligations around security and identification?

Speakers

Moderator: Ruth Wandhöfer
Global Head of Regulatory & Market Strategy
Citi

 

 

 

Gordon Harrison
Business Development Manager
Jumio

 

 

 

Tim Richards
Principal Consultant
Consult Hyperion

 

 

 

Pascale-Marie Brien
Senior Policy Adviser
European Banking Federation

 

 

 

Register now >>

Digital Experience Specialist Configo Launches Cloud Environment

Less than one year after making its debut at FinovateEurope, digital sales and engagement specialist Configo is taking its technology to the cloud. The company is making its Live Experience Platform – which gives FIs the ability to create customer-centric, personalized digital experiences – available as a SaaS solution.

Until now, Configo’s platform was installed on-premise. The new cloud environment duplicates the on-premise platform, providing the same capture, tag, and trigger, code-free interface that allows FIs to add automated, contextual, personalized messages to their mobile banking apps to boost engagement and drive sales.

“It gives you total control of the whole mobile experience,” Configo CEO and co-founder Yosi Dahan said during his Finovate demo in February. “It makes your mobile application dynamic and allows you to provide different audiences with the right content in real-time.”

Left to right: Configo co-founders Natan Abramov (CTO) and Yosi Dahan (CEO) demonstrating Configo Live Experience at FinovateEurope 2017.

Configo’s Live Experience Platform enables FIs to launch in-app campaigns without the long R&D process. Dahan explained that having to write additional code and submit apps to the app stores every time an institution wants to add a task or make an update to an app can be time-consuming and costly. In contrast, Configo leverages their unique technology that enables the user to manipulate UI images themselves, making app updates easier and faster to complete.

The company has picked up some positive feedback from early adopters of the technology, including a pilot project with an online travel booking system that used the solution to support a campaign to up-sell customers to business class. E-commerce trials like these, Dahan suggested, were especially valuable during the development process. “You cannot get the same feedback when you work with financial institutions,” he said.

Founded in 2015 and headquartered in Tel Aviv, Israel, Configo demonstrated its Live Mobile Experience at FinovateEurope 2017. The company introduced its Partner Program in July, and launched its Live App Editor in February. Check out our feature on Configo and find out how the company turns more than nine years of mobile app development experience into a platform that helps FIs get app changes to market faster.