Quantum Metric Launches AI-Powered Session Summarization Solution Felix AI

Quantum Metric Launches AI-Powered Session Summarization Solution Felix AI
By David Penn Posted on
Categories: Alumni News, Daily news, Quantum Metric
  • Digital analytics platform Quantum Metric released its new Gen AI-powered session summarization solution, powered by Google Cloud’s Gemini Pro.
  • The new offering will help users manage customer session replays faster and more efficiently.
  • Quantum Metric won Best of Show in its Finovate debut at our all-digital FinovateEurope conference in 2021.

Digital analytics platform Quantum Metric announced the release of a suite of new solutions to help organizations better listen and respond to the needs of their customers. Chief among these new offerings is Felix AI, the company’s new Gen AI-powered session summarization solution, powered by Google Cloud’s Gemini Pro.

Session summarization helps enhance the session replay process. Session replays are a critical tool in reviewing and refining the customer experience. But they tend to be both complex and time consuming. Leveraging Gemini Pro, Felix AI summarizes sessions in seconds to capture the exact experience of the customer. The technology simplifies digital customer listening by instantly quantifying session information. Felix AI is then able to ascertain the significance of each issue, as well as its potential impact on key business metrics. The solution also enables users to examine the details of individual customer experiences by asking clarifying questions, for example, about specific campaigns the customer has participated in.

Via API, Felix AI can be directly integrated into VoC feedback received from text, email, as well as social platforms like Slack. The solution can also provide role-based summaries to help call center agents quickly understand the customer’s concern before they’ve expressed it.

“In the past, our focus was transactional. How do we help the customer to make a purchase, book a flight, or open an account,” Quantum Metric founder and CEO Mario Ciabarra said. “The relationships we build with customers today are much more complex and span an entire lifecycle. To succeed, digital organizations need tools like Felix AI to simplify how they listen to their customers, and tools like Interactions and User Analytics to listen at scale and across their entire customer lifecycle. This is the beginning of a new generation of digital analytics tools and we can’t wait to see what our digital organizations can do to further the standards for a great digital customer experience.”

In addition to Felix AI, Quantum Metric also announced three other components of its spring release. These solutions are Interactions, which provides tools to help marketers and UX professional optimize page layout and content, and a pair of analytics solutions: User Analytics and Lightning Analytics. User Analytics provides new data visualizations such as retention and churn to interpret user behavior over time. Lightning Analytics lets users monitor, diagnose, and optimize workflows and apps built on Salesforce Lightning.

Founded in 2015, Quantum Metric is headquartered in Colorado Springs, Colorado. The company won Best of Show in its Finovate debut at our all-digital European fintech conference in 2021. Quantum Metric returned later that year to demo its technology at our all-digital FinovateSpring event. The company has raised $251 million in funding according to Crunchbase. Uncorrelated Ventures and Endeavor Catalyst are among the firm’s investors.

Photo by Markus Winkler

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Nuvei Acquired by Private Equity Firm

Nuvei Acquired by Private Equity Firm
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Nuvei has agreed to be acquired by Advent International, which plans to take Nuvei private in an all-cash deal valued at around $6.3 billion.
  • Nuvei originally went public in 2020 and has a current market capitalization of $6.08 billion.
  • The deal is expected to close in late 2024 or early 2025.

Payment acceptance technology provider Nuvei announced this week it has agreed to go private via an acquisition by private equity firm Advent International. The all-cash deal values Nuvei at around $6.3 billion.

Canada-based Nuvei offers global card acquiring services, alternative payment acceptance methods, crypto payments, fraud and risk management, analytics and more. The company offers serves businesses across a range of industries in more than 200 global markets, facilitating 150 currencies via 600 payment methods. Nuvei’s customers include large brands such as New Balance, Shein, and Microsoft.

“This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides,” said Nuvei Chair and CEO Philip Fayer. “Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people. Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

Fayer will continue to serve as Nuvei’s Chair and CEO and will lead business operations. The company’s current leadership team will also remain in place once the deal is closed.

Nuvei went public in 2020 and now has a market capitalization of $6.08 billion. The company anticipates that operating under Advent, which has been investing in the payments space since 1984, will offer it resources, operational and sector expertise, and the capacity for investment.

“Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space,” said Advent Managing Director Bo Huang. “We look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payments industry.”

The deal is expected to close in late 2024 or early 2025.

Photo by Mikhail Nilov

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Visa Unveils New Subscription Management Solution

Visa Unveils New Subscription Management Solution
By David Penn Posted on
Categories: Alumni News, Daily news, VISA
  • Payments leader Visa launched its Subscription Manager service this week.
  • The new offering enables financial institutions to give Visa cardholders an easy way to track and manage their subscriptions.
  • Visa made its first Finovate appearance at FinovateSpring in 2010.

Expected to reach $406 billion by 2025, the international subscription economy has been an increasingly attractive opportunity for fintechs and financial services companies alike. The growth of the subscription economy has meant a surge in demand for solutions to help consumers deal with their ever-growing reliance on subscription services. Among Finovate alums alone, firms from Minna Technologies to Subaio have demonstrated leadership in this “subscription management” space.

As such, it is little surprise to learn that global payments leader Visa is getting into the game. The company announced the launch of its Subscription Manager service this week. The new offering will enable financial institutions to provide Visa cardholders with an easy way to track and manage their subscriptions.

“Managing subscriptions can often feel like a maze, with consumers sometimes feeling trapped in a cycle of confusing charges,” Visa Global Head of Issuing Solutions Kathleen Pierce-Gilmore said. “Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”

Visa’s Subscription Manager streamlines information on recurring payments, locating that data in one place to make it easy for cardholders to see where their card details are stored, view the recurring payments that are on each card, and to stop recurring payments where services are no longer wanted. Whether the subscription type is a streaming service, a gym membership, or a utilities payment, Visa’s Subscription Manager gives its cardholders a new level of convenience and control when it comes to ensuring that they are only subscribed to the actual services they want and use.

Currently available as a pilot project in select regions, Subscription Manager is the latest addition to Visa’s Digital Enablement product suite. The suite includes a set of tools and solutions designed to enable issuers to offer better digital experiences for their cardholders.

Visa has been a Finovate alum since its debut at FinovateSpring in 2010. A leader in digital payments, Visa facilitates transactions across more than 200 countries and territories. The company is publicly traded on the NYSE under the ticker “V” and has a market capitalization of $556 billion. Ryan McInerney was appointed CEO in February 2023.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

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Tales from the Crypto: SBF, the Bitcoin Bottom and Boom, and the Crypto Crime Crash

Tales from the Crypto: SBF, the Bitcoin Bottom and Boom, and the Crypto Crime Crash
By David Penn Posted on
Categories: Cryptocurrency

On December 13, 2022, Samuel Bankman-Fried, founder and CEO of international cryptocurrency exchange FTX, was charged with two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Last week, Bankman-Fried, referred to colloquially as “SBF,” was sentenced to 25 years in prison and ordered to repay more than $11 billion.

A lot has happened in the world of cryptocurrencies between that December indictment and SBF’s sentencing. Here are five things that took place in the world of crypto between that day and this one.

Bitcoin Boomed

By the time Bankman-Fried was charged in December of 2022, the price of bitcoin had been in a dizzying plunge for nearly a year. Topping out at just over $59,700 in November 2021, bitcoin was trading at $16,700 by mid-December of the following year.

Since then, cryptocurrencies in general and bitcoin in specific, have been on a tear. Bitcoin is up nearly 3x from those mid-December lows, trading north of $66,000. Ethereum is up 2.8x from its December lows.

Observers believe that the current boom in cryptocurrencies is different from the previous boom which in many ways put crypto on the cultural map. Part of this has to do with the “cleaning out” of bad actors such as SBF (and others), as well as growing regulatory consideration of the legitimate goals of the good ones. And while this sometimes has contributed to its share of headaches, it has also led to one of the most promising developments in crypto: the launch of spot bitcoin ETFs.

The Spot ETFs are Here!

One of the most anticipated developments in the cryptocurrency space was the launch of U.S. spot bitcoin ETFs. And within a month of Bankman-Fried’s charging, those spot bitcoin ETFs arrived.

As we reported in Tales from the Crypto in January, the U.S. Securities and Exchange Commission approved of eleven spot bitcoin exchange-traded funds. The ETFs were an immediate hit; digital asset manager CoinShares noted that more than $870 million poured into the new funds in the first three days. And like the underlying asset they track (and track better than previous bitcoin ETFs that were based on bitcoin derivative holdings), these funds have soared in the weeks and months since inception.

Crypto Crime Collapses

“Collapse” may be a bit strong, but “2023 saw a significant drop in value received by illicit cryptocurrency addresses,” according to a report issued earlier this year by Chainalysis. The report – 2024 Crypto Crime Trends – noted that from a high of $39.6 billion in 2022, the total cryptocurrency value received by illicit cryptocurrency addresses dropped to $24.2 billion in 2024, just a little over 2021’s $23.2 billion mark. The report also showed a decline in the illicit share of all cryptocurrency transaction volume from 0.42% in 2022 to 0.34% in 2023. A decline in both crypto scamming and hacking revenue in 2023 was also reported.

It’s still a dangerous world out there. The Chainalysis report also showed a rise in ransomware and darknet market activity and expressed particular concern about the former. “The growth of ransomware revenue is disappointing following the sharp declines we covered last year,” the report reads, “and suggests that perhaps ransomware attackers have adjusted to organizations’ cybersecurity improvements.” The report links to its previous reporting on this trend.

More Crypto Indictments

SBF was not the only crypto entrepreneur to run afoul of the law over the past year and half since his arrest in late 2022. Alex Mashinsky, co-founder and former CEO of cryptocurrency lending platform, Celsius Network, was indicted and arrested in July of 2023 on charges of fraud and market manipulation. Mashinsky’s arrest followed a civil lawsuit filed against him by the Attorney General of New York accusing him of securities fraud while serving as Celsius CEO. The SEC has also charged Mashinsky with violating Federal security laws. Mashinsky has pled not guilty to the criminal charges.

Changpeng Zhao, co-founder and former CEO of cryptocurrency exchange giant Binance, was another high-profile player in the crypto space who ran into major legal issues in 2023. Zhao launched Binance in 2017 and, within eight months, grew the company into the largest cryptocurrency exchange in the world by trading volume. Because of this, however, regulators began to pay closer attention to Zhao and Binance and, by 2023, the scrutiny had yielded consequences. In June, the SEC sued him and his exchange for violations of U.S. securities rules. By November, Zhao had agreed to resign from Binance and pay a fine of $50 million as part of his guilty plea. The exchange also pled guilty and paid $4.3 billion in fines.

Ripple Wins and Loses Against SEC on XRP

While the time between December 2022 and March 2024 represented in many instances the correcting hand of authority putting some restraint on the industry, there were some instances in which it was authority that found itself restrained. In July of last year, for example, a Federal judge sided with Ripple in its argument against the Securities and Exchange Commission with regard to the status of its token XRP. The SEC had argued that XRP was a security and thus subject to its jurisdiction. Ripple, on the other hand, contended that XRP was not a security when sold on the open market via crypto exchanges.

Unfortunately for Ripple, the judge also ruled that Ripple’s institutional sales of XRP did represent unregistered securities offerings. And this week we learned the extent of the punishment the SEC wants to mete out for this offense: $1.95 billion. In a statement on X, Ripple CEO Brad Garlinghouse was unequivocal in his opinion on what the SEC is asking for:

“The SEC plans to ask the judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness,” Garlinghouse wrote. “There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this.”

Photo by KATRIN BOLOVTSOVA

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Treasury Prime Taps Narmi to Offer Instant Payments

Treasury Prime Taps Narmi to Offer Instant Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Embedded banking software provider Treasury Prime partnered with digital banking solutions company Narmi.
  • Banks in the Treasury Prime network will be able to offer their BaaS clients access to a real-time payment platform via Narmi’s FedNow service.
  • Under the agreement, Narmi will act as the service provider for FedNow.

Embedded banking software provider Treasury Prime announced today it has partnered with digital banking solutions company Narmi. As a result of the agreement, Treasury Prime will be able to offer its banking customers the ability to send and receive money through FedNow.

Banks in the Treasury Prime network can offer their BaaS clients a real-time payments platform via Narmi’s FedNow service. Narmi supports all of the FedNow offerings, including the ability to receive funds, send money to linked and external accounts, and request for payment (RFP). By adding real time payment capabilities to their BaaS capabilities, banks can help their fintech clients remain competitive, drive engagement, and increase revenue streams.

“Narmi’s FedNow Service Provider capabilities combined with Treasury Prime’s embedded banking platform creates a unique and powerful offering,” said Treasury Prime Chief Platform Officer Mark Vermeersch. “We are excited to partner with Narmi to streamline the integration of FedNow for our financial institution customers, allowing them to stay at the forefront of real-time payments and fintech services.”

To keep things simple for banks, Narmi will act as the service provider for FedNow, handling complex tasks such as connecting directly to the Federal Reserve, posting transactions to the core banking system, and facilitating compliance and operational requirements.

Founded in 2017, Treasury Prime helps banks become partner banks by building an embedded banking platform. The San Francisco-based company helps its bank clients build and deploy a wide range of financial products, including business bank accounts, payment processing, and lending solutions, all integrated with their existing systems.

New York-based Narmi was founded in 2016 to offer banks the digital banking tools they need to increase profitability, deposits, and accounts. In addition to the company’s FedNow service, it also offers commercial and retail digital banking tools, digital account opening capabilities, analytics, and an administrative portal.

“Narmi and Treasury Prime share a common vision to better serve the needs of small to mid-sized financial institutions,” said Narmi Co-Founder Chris Griffin. “This partnership with Treasury Prime represents a significant leap forward for these banks, opening doors to new revenue streams and enabling them to meet the ever-increasing demand for real-time payment solutions in the modern financial landscape.”

Photo by Pixabay

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Apiture to Power Online and Mobile Banking for New Washington State Bank

Apiture to Power Online and Mobile Banking for New Washington State Bank
By David Penn Posted on
Categories: Alumni News, Apiture, Daily news
  • Indiana-based New Washington State Bank (NWSB) has selected Apiture’s Digital Banking Platform to power its online and mobile banking solutions.
  • The community bank will also deploy Apiture’s Account Opening and Data Intelligence solutions to onboard customers faster and to offer tailored campaigns.
  • Apiture made its Finovate debut at FinovateFall 2022. The company is headquartered in Wilmington, North Carolina.

New Washington State Bank (NWSB), a community financial institution serving Southern Indiana for 116 years, has partnered with Apiture to power its online and mobile banking offerings. The bank will deploy Apiture’s Digital Banking Platform, and implement the fintech’s Consumer Banking, Business Banking, Account Opening, and Data Intelligence solutions.

“With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, the Apiture Digital Banking Platform will empower NWSB to provide the unified, intuitive banking experience today’s technologically savvy customers expect,” Apiture CEO Chris Babcock said.

The partnership follows the bank’s decision to migrate from a multi-vendor strategy to a single platform for both its online and mobile banking operations. NWSB Chief Strategy Officer Chris Bottorff said that providing a “cohesive and consistent digital experience” is a priority for the institution as it seeks “to improve the financial lives of those living and working in the communities we serve.” Bottorff praised Apiture as a partner that will help the Indiana-based bank better engage its existing customers as well as attract new ones.

To this point, NWSB underscored its readiness to take advantage of two of Apiture’s solutions in particular: Account Opening and Data Intelligence. The former enables customers to open and fund accounts in minutes. The latter provides tools to build personalized campaigns to better engage both individuals and businesses.

Headquartered in Wilmington, North Carolina, Apiture made its Finovate debut at FinovateFall 2022 and returned the following year to demo at FinovateFall 2023. At the conference, Apiture showed how its AI-based solution, Sensei, provides a real-time assessment of an individual’s finances. The technology analyzes a variety of data sources, including account balances and transaction histories, to provide proactive insights into the ways the individual can improve their financial wellness.

Apiture’s partnership news with NWSB comes just a few weeks after the fintech reported that Edwards Federal Credit Union (Edwards FCU) of California had selected its Consumer Banking solution. Like NWSB, Edwards FCU will also deploy Apiture’s Data Intelligence solution as part of its data strategy. Apiture began 2024 by teaming up with Redwood Capital Bank, which chose Apiture’s Digital Banking Platform to power its online and mobile banking operations.

Apiture has raised $69 million in funding. The company includes T. Rowe Price and Live Oak Bank among its investors.

Photo by Corbin Mathias on Unsplash

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Visa and Mastercard Settle Swipe Fee Lawsuit

Visa and Mastercard Settle Swipe Fee Lawsuit
By David Penn Posted on
Categories: Alumni News, Daily news, MasterCard, VISA
  • Visa and Mastercard have reached a settlement that will lower interchange fess for U.S. merchants.
  • The settlement, which still must be approved by the court, calls for a five-year reduction in fees as well as changes that will enable greater optionality for merchants when it comes to credit card transaction surcharging.
  • U.S. merchants stand to save more than $29 billion over the next five years due to the settlement.

Chalk one up for U.S. merchants.

There are many factors that drive innovation in financial services: technological change, competition, regulatory adjustments … this week, recalled a fourth, less common method: the lawsuit.

Visa and Mastercard announced that they have reached a major settlement with merchants in the U.S. that will see interchange fees both lowered and capped. The settlement is the end result of a lawsuit that extends back to 2005. The lawsuit alleges that merchants paid excessive fees to accept Visa and Mastercard credit card transactions. Further, the suit claims that both companies and their member banks were in violation of antitrust laws in doing so.

Per the settlement, these interchange fees – also known as swipe fees – will be lowered and capped until 2030. Hilliard Shadowen, the law firm that represented the merchants in the case, estimates that U.S. merchants will save more than $29 billion over the next five years. Additionally, the settlement will also mark the end of “anti-steering restrictions” and potentially pave the way for more competitive pricing with regards to swipe fees.

Steve Shadowen, founding partner at Hilliard Shadowen, said the settlement represented “comprehensive market-based solutions to too-high swipe fees” as well as “immediate fee relief to merchants as they make these new competitive tools work for them.”

Looking under the hood, the settlement calls for a reduction in swipe fees of at least four basis points (0.04 percentage points) for three years. At the same time, these fees must be at least seven basis points below the current average for the next five years. These changes are still subject to court approval, and Mastercard has suggested that, once approved, they still would not go into effect until late this year or early next.

“This agreement brings closure to a long-standing dispute by delivering substantial certainty and value to business owners, including flexibility in how they manage acceptance of card programs,” Mastercard Chief Legal Officer, General Counsel and Head of Global Policy Rob Beard said.

“We are making these concessions while also maintaining the safety, security, innovation, and protections, rewards, and access to credit that are so important to millions of Americans and to our economy,” Kim Lawrence, President, North America, Visa, said in a statement.

The actual impact of these changes on consumers using credit cards is uncertain. The settlement will enable merchants to add surcharges to cards with higher swipe fees. This could discourage the use of some premium cards that are attractive to consumers because of their robust rewards, but can be costly to merchants, who may pay swipe fees of as much as 4% per transaction according to the National Retail Federation. Swipe fees currently average approximately 2% per transaction. Merchants will also be able to offer incentives and discounts to encourage consumers to use credit cards with less expensive fees.

Additionally, the settlement includes an allocation of $15 million for an independent merchant education program. Available for free, the program will help ensure that all merchants are aware of new changes.

Photo by Pixabay

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New U.S. Treasury Report Examines the Impact of AI on Cybersecurity Risk in Financial Services

New U.S. Treasury Report Examines the Impact of AI on Cybersecurity Risk in Financial Services
By David Penn Posted on
Categories: Report series

If there is one area where AI is making a massive impact in financial services, that area is cybersecurity.

A recent report from the U.S. Treasury Department underscores the opportunities and challenges that AI represents to the financial services industry. The product of a presidential order and led by the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP), the report highlights in particular the growing gap between the ability of larger and smaller institutions to leverage advanced AI technology to defend themselves against emerging AI-based fraud threats.

In addition to what it calls “the growing capability gap,” the report – Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector – also points to another difference between larger and smaller financial institutions: the fraud data divide. This issue is similar to the capability gap; larger institutions simply have more historical data than their smaller rivals. When it comes to building in-house, anti-fraud AI models, larger FIs are able to leverage their data in ways that smaller firms cannot.

These observations are among ten takeaways from the report shared last week. Other concerns include:

  • Regulatory coordination
  • Expanding the NIST AI Risk Management Framework
  • Best practices for data supply chain mapping and “nutrition labels”
  • Explainability for black box AI solutions
  • Gaps in human capital
  • A need for a common AI lexicon
  • Untangling digital identity solutions
  • International coordination

More than 40 companies from fintech and the financial services industry participated in the report. The Treasury research team interviewed companies of all sizes, from “systemically important” international financial firms to regional banks and credit unions. In addition to financial services companies, the team also interviewed technology companies and data providers, cybersecurity specialists and regulatory agencies.

The report touches on a wide range of issues relating to the integration of AI technology and financial services, among them the increasingly prominent role of data. “To an extent not seen with many other technology developments, technological advancements with AI are dependent on data,” the report’s Executive Summary notes. “In most cases, the quality and quantity of data used for training, testing, and refining an AI model, including those used for cybersecurity and fraud detection, directly impact its eventual precision and efficiency.”

One of the more refreshing takeaways from the Treasury report relates to the “arms race” nature of fraud prevention. That is, how to deal with the fact that fraudsters tend to have access to many of the same technological tools as those charged with stopping them. To this point, the report even acknowledges that, in many instances, cybercriminals will “at least initially” have the upper hand. That said, the report concludes that “at the same time, many industry experts believe that most cyber risks exposed by AI tools or cyber threats related to AI tools can be managed like other IT systems.”

At a time when enthusiasm for AI technology is increasingly challenged by anxiety over AI capabilities, this report from the U.S. Treasury is a sober and constructive guide toward a path forward.

Photo by Jorge Jesus

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: ACI Worldwide, Alkami Technology, Alto Solutions, Alumni News, Arroweye Solutions, Baker Hill, BlueVine, Chimney, Daily news, Fintech Rundown, ieDigital, iProov, nCino, Q2, VISA

The first week of April begins with a resolution in the Sam Bankman-Fried saga as the former FTX founder and infamous crypto entrepreneur receives a sentence of 25 years in prison.

Crypto

Sam Bankman-Fried sentenced to 25 years in prison for its role in the FTX scandal.

Web3 payment solution provider Alchemy Pay announces investment in LaPay.

Issuer-processor Paymentology partners with Web3 and digital asset corporate spend management platform Rain.

Lending

Loan origination specialist Baker Hill implements CrowdStrike’s Falcon platform.

Financial wellness

Financial guidance specialist Chimney announces that it now has 30 banks on its client roster.

Payments

BankPro Limited, a subsidiary of FxPro Group, partners with just-in-time payment card provider Arroweye Solutions.

Visa launches Subscription Manager to help consumers track subscriptions and recurring payments.

Canada-based payments company Nuvei agrees to be acquired by Advent for $6.3 billion.

Versapay taps Gaby Kozakov as its new Chief Technology Officer.

All-in-one payments platform ConnexPay introduces new CEO Ben Peters.

Modern Treasury launches new Professional Services offering.

MENA-based fintech Valu partners with noon Payments.

Arab Financial Services teams up with ACI Worldwide to promote payment modernization.

Brim Financial secures $85 million in Series C funding to fuel global expansion.

Trustly and Cross River Bank pioneer FedNow transactions.

Check to power Wave’s expanded payroll offering.

Credit Reporting

FinDoc, a fintech based in Malaysia, announces a strategic collaboration with credit reporting agency CTOS Data Systems.

Wealth Management

Clearwater Analytics acquires risk and performance analytics solutions from global financial services firm Wilshire Advisors.

JPMorgan Chase reports major adoption of its Wealth Plan digital money coach, with a million personalized plans created in the year after launch.

Alternative asset platform Alto appoints CEO Scott Harrigan as President and Beth Bellon as SVP of Operations.

Digital Banking

Bluevine introduces a trio of new business checking plans.

Ally Financial introduces new CEO Michael Rhodes.

Digital banking solutions provider Alkami partners with SWIVEL to give its clients access to new loan payment capabilities.

nCino unveils new upgrades to its Consumer Banking Solution.

Q2 appoints Katharine Briggs as Chief Product Officer.

Swedish-based cloud core banking platform provider Vilja partners with U.K.-based mortgage origination partner Mast.

ieDigital, Connect FSS, and ABAKA announce appointment of Rami Cassis as CEO.

Procure-to-pay software provider PairSoft acquires APRO Software Solutions. 

First State Bank selects Jack Henry to revamp its banking experience.

Regtech

Risk management solutions provider Abrigo acquires TPG Software.

Identity management

Biometric identity solutions provider iProov appoints Peter James as its Chief Product Officer.

Insurtech

Enterprise insurance management platform Novidea introduces new Chief Revenue Officer Jeff Heine.

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Finovate Global Israel: Identity Verification, Data Privacy, and an Introduction to New Alums

Finovate Global Israel: Identity Verification, Data Privacy, and an Introduction to New Alums
By David Penn Posted on
Categories: Finovate Global

This week’s edition of Finovate Global reviews the latest fintech headlines from Israel. We also introduce you to a quartet of new Finovate alums – all making their Finovate debuts at FinovateEurope last month – all headquartered in Israel.

AU10TIX expands its Digital ID identity verification solution

Israel-based identity verification and management specialist AU10TIX announced the expansion of its Digital ID solution this week. AU10TIX’s technology enables businesses to quickly, accurately, and securely verify a wide variety of types of identification, including physical, digital, eID, verifiable credentials, and more.

Serving as a verification hub for businesses, AU10TIX’s Digital ID solution enables faster and more accurate identity verification. The solution also boosts completion rates, enhances the customer experience, and promotes revenue growth. The company’s technology validates cryptographic signatures to verify digital IDs and cross-checks personal identifiable information (PII) as displayed on the applicant’s ID versus information in government databases. Additional services such as facial and data comparison help reduce the risk of false positives.

Altogether, AU10TIX’s solution provides:

  • Global coverage to validate digital signatures worldwide
  • Digital ID Verification Hub that enables management of all verification processes on one platform, creation of customizable workflows, and rules for streamlined operations
  • Automated verification processes to streamline onboarding by reducing manual processes and enhancing efficiency
  • Data discrepancy analysis to identify potentially fraudulent activities and enhance security measures
  • Continuous regulatory compliance assurance to help businesses stay ahead of emerging and evolving regulations
  • Scalable infrastructure to accommodate businesses from startups to enterprises

“Our Digital ID solution empowers businesses to embrace the global shift to digital identity with confidence,” AU10TIX CEO Dan Yerushalmi said,. “It combines unparalleled accuracy and global reach with robust security measures to streamline onboarding and minimize fraud risk, all while addressing the diverse array of global ID formats.”

Founded in 2005, AU10TIX is headquartered in Hod Hasharon, Israel. Earlier this month, the company released its Q4 Global Identity Fraud Report. The report revealed an “eight-month-long coordinated identity fraud ‘mega attack’ consisting of organized criminals executing more than 22,000 separate fraudulent onboarding efforts using AI-generated variations on a single passport. In February, the AU10TIX announced a series of major, C-suite appointments including Hanna Schindler as Chief Revenue Officer (CRO), Erez Herschkovitz as Chief Financial Officer (CFO), and Amazia Keidar as Chief Marketing Officer (CMO).

Data privacy company Mine launches governance solution

Israel-based data privacy innovator Mine unveiled its new AI governance solution this week. The new offering, MineOS AI Asset Discovery, gives firms full visibility and control over enterprise AI systems and data. At a time when more institutions are leveraging AI to incorporate data from a widening variety of sources, solutions like MineOS give teams 360-degree visibility into how AI is retaining and sharing that data. This helps institutions build data policies that are effective as well as compliant with regulations governing AI usage.

“We’ve seen a rapid proliferation of AI technologies and corresponding AI regulations, but a precise and actionable blueprint for how companies can effectively govern AI and comply with regulations has yet to hit the market,” Mine CEO and co-founder Gal Ringel said. “MineOS AI Asset Discovery and Risk Assessment will bridge the gap between the practical and theoretical sides of AI and data governance as companies navigate the complex new business landscape.”

Headquartered in Tel Aviv, and founded in 2019, Mine powers the privacy programs of more than 2,000+ companies worldwide. More than 500 SaaS platforms have integrated to MineOS’ no-code API. Late last year, Mine announced completion of a $30 million Series B funding round led by Battery Ventures and PayPal Ventures. The investment takes the company’s total capital raised to $42.5 million.

Israeli alums represent at FinovateEurope

FinovateEurope 2024 may have featured more demoing companies from the nation of Israel than any other previous Finovate conference. This is an impressive showing, given the challenges of Israel fintech in 2023 and the toll of the country’s current war against Hamas. Here’s a look at our new alums:

CitrusX – Headquartered in Tel Aviv, Israel, CitrusX offers an end-to-end platform for AI transparency and explainability that is trusted by publicly listed companies in regulated industries. Founded in 2021, Noa Srebrnik is co-founder and CEO. Video.

FRNZX – Tel Aviv, Israel-based FRNZX was founded by experts in cryptocurrencies, AML, and intelligence to empower AML compliance in the cryptocurrency sector. At its Finovate debut in February, the company demoed its holistic crypto AML navigator which simplifies the integration of crypto transactions into the AML frameworks of banks. FRNZX was founded in January 2022. Co-founder Nevo Lapidot is CEO. Video.

Corsound AI – Founded in 2022, Corsound AI has earned more than 200 patents for its voice intelligence solutions. The startup has innovated in voice deepfake detection and considers itself the only company that successfully correlates face and voice. In fact, at its Best of Show winning debut at FinovateEurope this year, Corsound AI demonstrated the ability to reconstruct a face image from a short audio sample without relying on a database. Gal Haselkorn is CEO of the Tel Aviv-based company. Video.

Intrepid Fox – Headquartered in Tel Aviv, Israel, Intrepid Fox is on a mission to enhance KYC for businesses. The company leverages customized Generative AI technology to help bank KYC processes work 10x more effectively. Intrepid Fox’s technology reads and understands documents, recognizes and extracts key data points for analysis, clarifies missing or incomplete information, and consults with the customer on any document requirements. The company’s solution can reduce onboarding costs by 50% and save a week of onboarding time per customer. Roman Zilber founded Intrepid Fox in 2023. Video.

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

Central and Southern Asia

  • The Competition Commission of Pakistan (CCP) approved Advans Pakistan Microfinance Bank’s acquisition by Egyptian fintech MNT-Halan.
  • The Nepal Clearing House (NCHL) partnered with ACI Worldwide to power its National Payment Switch (NPS) system.
  • The State Bank of India (SBI) inked a six-year agreement with Aurionpro for its iCashpro+ transaction banking platform.

Latin America and the Caribbean

  • Contxto looked at the way fintechs in Mexico are navigating the volatility of the country’s monetary policy.
  • Brazilian fintech Delend, which offers open finance solutions from SMEs, raised $20 million (100 million reais).
  • Kuadra, a Colombian fintech that leverages AI to help small businesses access microcredits and growth solutions, expanded into Ecuador.

Asia-Pacific

  • Australian digital wallet provider and payments company Stables introduced international remittances, initially focusing on its customers in the Australia-Philippines corridor.
  • The Philippines Central Bank, Bangko Sentral ng Pilipinas (BSP), issued new payment system regulations.
  • Australia-based spend management platform Weel forged a strategic partnership with real-time, cross-border payments company Nium.

Sub-Saharan Africa

  • Nigerian blockchain network Zone secured $8.5 million in seed funding.
  • Tech in Africa looked at the role of South Africa’s fintech industry in driving growth in the sector continent-wide.
  • Global cross-border payments and remittances company PayAngel selected Kenya for expansion, calling the country “the gateway to East Africa.”

Central and Eastern Europe

  • Bulgarian embedded finance company Paynetics has acquired U.K.-based neobank Novus.
  • A partnership between Riverty and Adyen will give Adyen customers in the DACH region a new, 14-day invoice payment solution.
  • Germany fintech NX Technologies raised $24 million in Series B funding in a round led by PayPal Ventures.

Photo by Haley Black

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Code & Capital: AI Versus the Internet and Harnessing the Power of Gen AI

Code & Capital: AI Versus the Internet and Harnessing the Power of Gen AI
By David Penn Posted on
Categories: Interview, Streamly

Streamly’s Code & Capital series takes a next-level look at the potential for enabling technologies to transform fintech and financial services.

In today’s first conversation, Code & Capital talks with Generative AI expert and founder of Tamang Ventures Nina Schick about the way that AI could fundamentally reshape industries and economies this century the way the Internet did decades ago. Schick also discusses use cases for Generative AI in financial services and the threat posed by AI-powered deepfakes.

An author, advisor, and keynote speaker, Schick is an expert in synthetic media, deepfakes, disinformation, cybersecurity, and the geopolitics of technology. Her debut book, Deepfakes, was released in 2020 and has been translated into five languages.

Code & Capital also talked with Head of Conversational AI at Zurich Insurance Group, Indrek Vainu. In this conversation, Vainu shared some of the real-world applications of Generative AI in areas such as risk management, fraud detection, and customer service. Vainu also discussed what financial institutions need to do in order to effectively deploy AI technologies in their businesses.

Vainu co-founded AlphaChat, a chatbot startup, that was acquired by Zurich Insurance Group in 2021. At Zurich, he leads activities globally related to Generative AI and chatbots.

Photo by Kevin Ku

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DataVisor Unveils its AI-Powered End-to-End AML Compliance Solution

DataVisor Unveils its AI-Powered End-to-End AML Compliance Solution
By David Penn Posted on
Categories: Alumni News, Daily news, DataVisor
  • Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week.
  • The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.
  • DataVisor made its Finovate debut at FinovateFall last September.

AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week. The technology leverages sophisticated machine learning and AI to cover the entire AML process without disrupting the customer’s existing workflows.

Natively integrating with DataVisor’s fraud platform, the new offering enables a unified fraud and anti-money laundering (FRAML) strategy. This enhances defense against new financial crime threats and helps institutions align themselves with the trend toward combining fraud fighting and AML operations. DataVisor’s AML technology is customizable, supports a wide range of AML risk profiles and programs, and improves efficiency by reducing the number of false positives.

More specifically, DataVisor’s new AML solution provides:

  • Comprehensive end-to-end functionality: including customer risk rating, CDD, EDD, sanction/watchlist screening, transaction monitoring, case management, and automated SAR filing.
  • Enhanced detection and reduced false positives: leveraging robust data orchestration to provide a holistic view of customer profiles for more effective risk assessment.
  • Increased operational efficiency and reduced costs: courtesy of Generative AI-powered automation which triages alerts and automates manual processes.
  • Centralized insights and monitoring: using enhanced task prioritization to deliver insights into AML alerts, case statuses, and the progress of review teams.
  • Fast and flexible integration: via a cloud-based solution that integrates with existing fraud workflows for fast implementation.

“The substantial interest we’ve seen from financial institutions highlights the imperative need to address the challenges posed by outdated, legacy AML technology,” DataVisor co-founder and Chief Product Officer Fang Yu said. “FIs partnering with DataVisor are already witnessing the benefits of our industry-leading FRAML solution. Our focus on continued innovation ensures that we not only meet the current compliance demand but also remain agile to anticipate and counteract future financial crimes.”

Headquartered in Mountain View, California, DataVisor made its Finovate debut last September at FinovateFall. At the conference, the company showed how its platform provides a comprehensive, AI-powered fraud and risk platform for the entire fraud workflow in a single, self-serve solution. DataVisor demonstrated the platform’s ability to integrate any data source – including third party data sources – and apply its rules engine, device intelligence, decision engine, and case management to improve fraud detection.

Founded in 2013, DataVisor began this year with an announcement that the company’s platform had secured PCI compliance. A month later, the company unveiled a new solution to give sponsor banks better ability to monitor and manage Bank Secrecy Act (BSA) compliance and transaction fraud patterns. The solution also enables institutions to conduct a comprehensive customer risk assessment in partnership with fintechs.

According to Crunchbase, DataVisor has raised more than $94 million in funding. The company includes TruStage Ventures and NewView Capital among its investors. Co-founder Yinglian Xie is CEO.

Photo by Markus Spiske

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