AI Foundry Overhauls Agile Mortgages Solution

Data insights company AI Foundry has been doing a bit of spring cleaning lately. The latest revamp comes in the form of the new version of its Agile Mortgages solution unveiled this week.

The updated version includes a new user interface; a mortgage document library with automatic document classification and data extraction capabilities; LOS First, a loan origination system connection with Ellie Mae’s Encompass; a document checklist; and Audit First, a loan quality checker that ensures loans move quickly through underwriting.

“Our new solution capabilities, especially the LOS First connector, puts AI Foundry in a leading market position with the most comprehensive digital mortgage solution for mortgage origination,” said Alan Swahn, vice president of marketing at AI Foundry. “We are taking mortgage automation to the next level by providing an out-of-the-box solution that cuts the time from UAT to high-volume production with consistent results. Our new Audit First module finds data or document quality issues upfront in the process, before they become expensive problems to fix later.”

Sid Probstein, CTO & VP Professional Services, and Alla Eizenberg, Solution Architect, presenting AI Foundry’s Agile Mortgages at FinovateSpring 2018

Headquartered in Massachusetts, AI Foundry offers solutions to help streamline and automate lending, mortgage, and banking processes. The company showcased Agile Mortgages at FinovateSpring 2018. In January, CIO Review named AI Foundry among the 20 most promising enterprise information management solution providers in 2017.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • Revolut announces recruitment initiative in Kraków, Poland to hire 100 new workers in a single day employment in its offices in Eastern Europe.
  • Forbes features Tinkoff Bank in look at Russia’s efforts to develop its digital economy.
  • Polish financial group Aforti Holdings to launch non-bank lender for SMEs and startups in Romania.

Asia

  • Banks in South Korea to introduce blockchain based identity verification for mobile and online logins. The technology is reportedly built on a private blockchain system developed by Samsung SDS.
  • Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank.
  • Bank of Thailand is developing and testing blockchain apps in its regulatory sandbox.

Middle East and Northern Africa

  • Financial technology services firm, One Global, discusses plans for expansion into Egyptian market.
  • ADGM Reglab reports record number of fintech applications for its third cohort.
  • Abu Dhabi Securities Exchange turns to Equifax for advice on development of new technologies to improve operational efficiency.

Africa

  • TransferTo, Orange Money Botswana, and EcoCash partner to support digital money transfers between Zimbabwe and Botswana.
  • IMF review of South Africa suggests “increased focus on the role fintech …” could access to credit for SMEs and promotion broader financial inclusion.
  • Nigerian startup, Piggybank.ng, raises $1.1 million to further develop its online savings platform.

Latin America

  • Diario Financiero interviews Ángel Sierra, executive director of La Asociación Fintech Chile, on digital innovation (video in Spanish).
  • TransferWise initiates service in Argentina.
  • PayU goes live in Colombia with its PayU te fía (PayU You Trust) solution that enables borrowers to extend repayment terms (in Spanish).

Top image designed by Freepik

Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank

Biometric authentication specialist Daon has teamed up with Tradelink to give customers of Hong Kong’s Dah Sing Bank the option of biometric authentication when accessing bank services. The bank, one of the top 10 banks in Hong Kong, will leverage Daon’s IdentityX platform to offer both fingerprint and facial authentication.

“We are pleased to partner with Tradelink on this innovative initiative for Dah Sing Bank. Our partnership with Tradelink continues to make a significant impact in the financial and banking industry throughout Hong Kong,” Daon CEO Tom Grissen said. “Daon’s technology provides a trusted digital security experience for all of our customers. We look forward to continuing our collaboration with Tradelink as the demand for more secure and convenient authentication increases among mobile banking customers.”

The IdentityX platform provides FIDO (Fast IDentity Online) capabilities that enable authentication based on a wide variety of biological attributes including voice, face, behavior, and palm. Institutions can integrate their current security systems into the platform, as well as add new authentication systems as they become available. This enables institutions to extend the lives of their older or customized security systems and devices. The component approach also makes it easier for organizations like Dah Sing Bank to make more specific decisions on which cybersecurity technologies best suit their specific customer preferences.

Daon’s collaboration with Tradelink to support FIs in Hong Kong is part of an initiative the two firms have launched to provide authentication solutions for banks in the region. In February, Daon reported on the successful implementation of a FIDO biometric solution with one of Hong Kong’s largest banks. The deployment was completed in partnership with Tradelink subsidiary, Digi-Sign, and has proven to be a model for similar implementations for “multiple financial institutions in the region,” the company noted in a statement.

Headquartered in Reston, Virginia and founded in 2002, Daon demonstrated its IdentityX platform at FinovateFall 2016. The company began the year partnering with North African security and document dematerialization specialist GEMADEC. Last fall, Visa announced that it would leverage IdentityX to power biometric services for its Visa ID Intelligence platform. The Visa news came during a season of partnership activity for the company, which also announced agreements with Kony in September and Nations Trust Bank of Sri Lanka in November.

Finovate Alumni News

On Finovate.com

  • Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank.
  • AI Foundry Overhauls Agile Mortgages Solution.

Around the web

  •  Klarna partners with EMaC, a U.K. automotive service plan provider, for a drive now, pay later service.
  •  Paysend triples its customer base over the last 6 months.
  • eToro announces that clients can now invest directly in shares on the platform.
  • MX appoints Ben Holzman, a former managing director of Bain Capital Ventures, as new COO.
  • TechCrunch: Coinbase opens its crypto index fund to accredited U.S. investors.
  • Langley FCU to deploy Symitar Episys core processing platform from Jack Henry & Associates.
  • Mambu announces new board member, former SAP CEO, Henning Kagermann.
  • Revolut partners with Cyprus-based telecommunications company, PrimeTel.
  • First Data and Mastercard collaborate on a digital disbursement platform for business customers.
  • Entersekt opens new office in Atlanta, Georgia to support the company’s growth in North America.
  • The Open Bank Project collaborates with Citizens Bank on innovation event.
  • First National Bank Texas ($1.8B Assets) selects Insuritas to power turnkey insurance agency.
  • Prosper resumes operations for Montana residents

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.

PayStand Announces Canadian Expansion

Next generation payment solution provider PayStand is expanding into Canada. The Scotts Valley, California-based company announced that its digital payments platform will support domestic B2B commercial payments and help it earn a share of the Canadian payments volume that takes place over electronic funds transfer (EFT) – more than a third of which is B2B.

“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive,” Jeremy Almond, PayStand CEO, explained in the company’s press release announcing the expansion. He pointed out that PayStand’s infrastructure provides native support to Canada’s EFT and card payment technology, “essentially transforming and modernizing the entire payments lifecycle for businesses, no matter the type or matter of payment.”

Founded in 2013, PayStand helps businesses access the “$550 billion stuck in pre-Internet paper, plastic, and manual processes.” By leveraging smart network and blockchain technologies, PayStand’s platform digitizes account receivables and automates processing. Its customers, representing verticals ranging from manufacturing to software services, use its Payments as a Service (PaaS) technology to integrate digital payments into their mobile apps, websites, ERP billing systems, and invoices.

An alum of our developer’s conference, PayStand presented Comparing the Strengths and Weaknesses of Different Payment Terms at FinDEVr 2014. At the event, PayStand’s Almond compared the relative advantages and disadvantages of card networks, eChecks, and digital currencies as payment options, and the value of flexible payment rails that provide multiple alternatives.

Earlier this year, PayStand announced B2B payments integration with SuiteCloud, which enabled quick fund transfer from 18,000 financial institutions and six major credit card brands. In January, PayStand was featured along with fellow Finovate alums Truphone and Featurespace in The Silicon Review’s 50 Smartest Companies of 2017 roster. The company has raised $8.3 million in funding, and includes BlueRun Ventures and LEAP Global Partners among its investors.

Kinetica Taps Dell for Hardware

Data insights company Kinetica expanded on its partnership with Dell EMC this week. The two have collaborated to offer a bundled solution to help clients quickly gather actionable insights from raw data.

Dell EMC, part of Dell Technologies, collaborated with Kinetica to create a data platform that handles– as Kinetica calls it– “extreme data.” These large and complex data sets require more computing performance, which will be powered by Dell PowerEdge servers. Ron Pugh, vice president and general manager for the Americas at Dell EMC OEM Solutions said, “We are excited to collaborate with Kinetica to deliver a solution that offers massive amounts of additional computing performance for real-time streaming data, machine learning and geospatial visualization of enterprise workloads.”

Kinetica’s GPU-accelerated insight engine will focus on the software side to analyze massive sets of data in real-time. Paul Appleby, Kinetica CEO said, “Previously, in the manufacturing economy data was used for business validation; as we evolved to the service economy, data was used to make informed decisions; and, now, in the extreme data economy our business is powered by data. Dell, NVIDIA and Kinetica are combining forces to provide enterprises with the freedom to analyze data whenever it is most valuable and gain instant insights that revolutionize the way they do business.”

Since it was founded in 2009, Kinetica has raised $63 million in funding from Canvas Ventures, Citi Ventures, GreatPoint Ventures, and Meritech Capital Partners. At FinovateEurope 2018, the company showcased its GPU-Accelerated In-Memory Database. At the start of this year, Kinetica partnered with UClick to launch solutions in South Korea and in April it earned a spot on the insideBIGDATA IMPACT 50 list.

Finovate First: Three Events this Fall

For over 10 years, Finovate has been the leading showcase of financial, banking and payments technologies. Following the trail of fintech innovation has led us across the globe to New York in 2007, Bay Area in 2008, London in 2010, Singapore in 2012, Hong Kong in 2016, Dubai earlier this year, and now Cape Town in November.

And for the first time this fall, Finovate has three events in three months — September, October, November.

Whether you’re planning to join as an attendee, demoing company, sponsor, or speaker, there are a few things to keep in mind before heading out for the summer holidays.

First, conference tickets are on sale now. For all event days, tickets cover everything from mainstage demos and keynote speakers to track session panels and fireside chats to exhibition booths and networking.

Next, apply now to demo your new fintech innovation. Over the past several years, fintech has expanded to include not just financial and banking technology, but also payments, wealth management, lending, investment, insurance, security, compliance, and regulation tools and tech. And our audiences want to see it all.

Finovate events give demoing companies a powerful platform to promote their new fintech, drive production adoption and partnerships, find new funding, establish technical leadership, garner press recognition, and more. Participating in events is an investment of time and resources, and we set up our events to give presenters as much return on that investment as we can.

Lastly, align your brand with fintech innovation by sponsoring the event. This can be done alone or in conjunction with demoing at an event. Sponsorships often include a speaking opportunity on one of our track panels, introductions with hard-to-access executives, interactive webinars, exhibition booths, etc.

More information and links to all events are available at finovate.com. Inquiries and questions can be sent to info@finovate.com. Rest up this summer for a busy Finovate fall!

Finovate Alumni News

On Finovate.com

  • Kinetica Taps Dell for Hardware.

Around the web

  • Workfusion announces Smart Process Automation 9.0 — the newest evolution of its flagship AI-powered RPA software.
  • Trulioo and Acuant join forces on AML/KYC Compliance.
  • SnapCar and Revolut team up to offer instant payouts to SnapCar drivers (in French).
  • InComm achieves HITRUST CSF Certification to mitigate security and compliance risk.
  • Glassdoor lists PayPal as one of 20 companies that champion LGBTQ equality hiring.

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.

German Banking Software Provider NDGIT Raises $4.7 Million in Series A Funding

Here’s a bit of funding news from a new Finovate alum that slipped beneath the radar earlier this year. Open banking and insurance platform NDGIT has raised $4.7 million (€4 million) in new funding. The investment comes courtesy of a Series A round led by Capnamic Ventures and featured participation from PROfounders and existing investors Dieter von Holtzbrinck Ventures and business angels. The funding takes NDGIT’s total capital to $5.8 million.

The Munchen, Germany-based fintech said the additional capital will be used to grow its team and further product development. NDGIT, which stands for “Next Digital Banking”, is the developer of the first API platform for both banking and insurance, and its technology helps banks leverage open banking APIs and PSD2-ready solutions to work and integrate with digital partners. NDGIT includes Swiss bank Hypothekarbank Lenzburg and Germany’s Bank fur Sozialwirtschaft among its bank, fintech, and insurance company clientele.

“In Capnamic we have gained a leading investor with experience in the FinTech and InsurTech sectors,” NDGIT founder and CEO Oliver Dlugosch said in a statement. “In light of the common PSD2 Directive and international Open Banking developments, the investment by PROfounders Capital provides further proof of NDGIT’s European market relevance. With the support of our partners we intend to accelerate our growth and keep on driving NDGIT’s development into a market-leading Open Banking platform in Europe.”

Founded in 2016, NDGIT made its Finovate debut earlier this year at FinovateEurope 2018 where the company demonstrated its Ecosystem Builder solution. Ecosystem Builder is based on NDGIT’s open banking platform and enables banks to build app stores to offer their fintech partner network to their clients. The solution gives FIs an engaging front end that provides an overview of all the apps available via the banking portal, an SSO connection to fintech partners, secure data integration with the bank’s systems, as well as analytics and reporting.

Avoka Unveils Springboard Deposit Account Opening Solution

Could Avoka make digital customer acquisition any easier? With the release of its Springboard Deposit Account Opening Solution, Avoka is offering FIs an off-the-shelf solution that integrates digital KYC, fraud and risk evaluation, and funding that will help them provide “outstanding customer acquisition and onboarding journeys.” In its announcement, Avoka cited Aite Group Senior Analyst Tiffani Montez who said the new solution “gives financial institutions a digital account opening and on boarding solution prebuilt with best-in-class customer experience and Fintech integration.”

Built on Avoka’s Transact platform, Springboard Deposit Account Opening leverages technologies from a number of partners to deliver a range of features. These include Data Pre-Fill, courtesy of an integration with Mitek’s Mobile Fill solution; Fraud Screening and Scoring via iovation’s FraudForce technology; and Risk Screening using ChexSystems’ Product Suite. Address Lookup and Instant Funding are also components of the new solution. The Springboard Deposit Account Opening Solution features configurable branding, decision rules, and deposit account type options, as well.

Avoka Chief Product Officer Steve Demchuk called digital account opening “the most rapidly changing capability on the U.S. retail banking landscape.” He cited a company report from earlier this year that pointed to a large and growing gap between the digital account opening capabilities of larger banks and those of smaller regional and community banks and credit unions. “It’s clear consumers already expect a first-class digital experience for deposit opening, so banks of all sizes must act fast to remain competitive,” Demchuk said.

At its most recent Finovate appearance – FinovateEurope 2017 – two-time Best of Show winner Avoka demonstrated the Transact Insights module of its Transact digital sales platform. Insights continuously optimizes the account opening journey by measuring and analyzing how customers progressing through the application process, noting areas of friction, requests for assistance, and even abandonment. This enables businesses to quickly spot problems in the process, make necessary changes, and then measure results.

Recent headlines for Avoka include the company’s partnership with RACQ Bank of Australia to enhance account opening and on boarding at the newly-launched financial institution – the first bank in the world to be opened by an automobile club. In April, Avoka teamed up with Alpine Bank, a Colorado-based bank with more than $3.5 billion in assets that will use the company’s Transact solution to support expansion and better serve current customers.

Avoka has raised $28 million in funding courtesy of rounds led by Moelis Australia Asset Management and professional investor Roger Allen. Philip Copeland is CEO.