Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

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Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.

 

Kony to Launch Digital Banking Solution Leveraging Daon Biometrics

Enterprise application and mobility solutions company Kony unveiled a new digital banking platform and suite of apps. These Next Generation Digital Banking solutions help banks deliver a better user experience cost effectively across any channel.

The suite will be released in the Spring of 2018 and will include digital banking apps for retail banking, business banking, loans, new account onboarding, and digital wallets. In addition to the suite of apps, the company will release its Digital Banking Marketplace that hosts third party partner services to help speed the notoriously-slow app development process.

And thanks to a partnership with Daon, Kony’s Digital Banking Platform will authenticate users with facial, fingerprint, and voice recognition biometrics using the Virginia-based company’s IdentityX solution. IdentityX uses factors such as device-binding, geolocation, liveness detection, and more to offer a seamless user experience. The flexible solution allows for new technology and biometric methods to be integrated as they become available in the future.

Thomas E. Hogan, chairman and CEO, Kony said, “The new Kony Digital Banking Platform, combined with our growing portfolio of banking applications, and our strategic partnership with Diebold Nixdorf, will enable us to achieve our vision to facilitate banking anytime, anywhere, and through any channel – both physical and digital.”

Kony’s CTO, Bill Bodin and Product Marketing Manager, Antonio Sanchez, recently showcased its Digital Banking Platform at FinovateFall 2017. In August, the company unveiled the Kony AppPlatform V8 that aims to help professional developers meet demand for apps and help organizations simplify the app development and deployment processes. Founded in 2007, Kony is headquartered in Austin, Texas.

Daon most recently presented its authentication technology at FinovateFall 2016. Today, the company announced that it was selected by VISA to power biometrics for the VISA ID Intelligence Platform that will offer a seamless way for consumers to shop, pay, and bank on their mobile device. Earlier this summer, the company teamed up with EyeVerify to add EyeVerify’s EyeprintID technology to its IdentityX platform. In May, Daon integrated with Experian’s fraud and identity management platform, CrossCore. Check out our profile of Daon along with an interview with the company’s President of the Americas, Conor White.

Finovate Alumni News

On Finovate.com

  • Kony to Launch Digital Banking Solution Leveraging Daon Biometrics.
  • Roostify to Preview Decision Builder Tool to Ease Loan Application Process.

Around the web

  • NCR introduces its cloud-based mobile payment solution.
  • FICO partners with GVNG to provide non-profits with AML and KYC solutions.
  • Trustly added to Flywire platform as a preferred payment option courtesy of new agreement.
  • nCino scores top spot in Aite Group report on global commercial loan origination.

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 Alumni News

On Finovate.com

  • Microblink’s Photopay Expands to New European Markets.

Around the web

  • Daon and Experian talk about fighting fraud with biometric technology on CNBC’s Squawk Box.
  • Let’s Talk Payments interviews Yodlee’s Terry McKeown on managing credit risk.
  • Banking Exchange profiles alternative lender, PayActiv.
  • The Silicon Review features Vantiv Head of Product for Integrated Payments, Moin Moinuddin.
  • FintekNews sits down with Unison Co-CEOs Thomas Sponholtz and Jim Riccitelli to discuss shared real estate investing.
  • Tesobe organizes cross-industry payments hackathon in Australia – Aug 11 thru 13th.
  • CRN names Veridium on its list of 2017 Emerging Vendors.
  • Total and Worldline Partner with Africa-based InTouch to help deploy Guichet Unique, a digital solution for retail networks.

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.

Daon Adds Eyeprint ID to IdentityX Platform Courtesy of New Partnership with EyeVerify

Call them two great biometric authentication innovators that innovate great together.

In a newly-announced partnership, Finovate alums EyeVerify and Daon will work together to integrate EyeVerify’s Eyeprint ID into Daon’s IdentityX authentication platform. The integration marks the first time eye recognition-based biometric technology has been available on Daon’s flagship solution. “Daon has a long history of meeting the multi-model authentication needs for companies and their customers across the world,” EyeVerify VP of Financial Solutions, Paige Bailey said. She added that EyeVerify, a multiple Finovate Best of Show winner was “thrilled” to have its technology available to a wider number of FIs via Daon’s IdentityX platform.

EyeVerify published a study last month that showed people who use biometrics (i.e., Touch ID users) want to see more biometric technology available for banking and payments. The study further noted that those who use fingerprint authentication at least once a day or more were twice as likely to want more biometric options and to see biometrics as a more secure alternative to other authentication regimes.

“Most people use some form of biometrics every day, but they want more opportunities to use it to make their lives easier and more secure,” EyeVerify CEO Toby Keith explained when the company’s Retail Banking Biometrics Confidence Report was published in May. “Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want,” he said.

Calling the partnership with EyeVerify an opportunity to offer “real advantage to our customers,” Daon CEO Tom Grissen counted EyeVerify’s EyeprintID among the “best-of-breed authentication technologies.” He said that teaming up with companies like EyeVerify was a “win-win,” adding, “our partners win through fast access to our large global customer base, our customers win by having rapid access to innovative technologies, and we win as the IdentityX platform grows as a thriving and innovative ecosystem.”

The partnership announcement was made at the Money 20/20 Europe event in Copenhagen, Denmark.

Founded in 2012, EyeVerify specializes in biometric authentication based on a technology called an “eyeprint,” and uses the front-facing camera of the average smartphone to capture the unique pattern of veins and other “micro-features” in the human eye. Believed to be every bit as unique as an individual’s fingerprints, eyeprint technology offers a “99.99% accurate and extremely scalable” alternative or addition to passwords when it comes to providing authentication. The technology has been deployed by three of the largest Android OEMs in the world, and dozens of financial institutions. EyeVerify was acquired by Ant Financial, the online and mobile financial services provider behind Alipay, in the fall of 2016. The company, which made its most recent Finovate appearance at FinovateEurope 2017,  is headquartered in Kansas City, Missouri.

Daon made its Finovate debut at FinovateFall 2016, demonstrating its IdentityX platform. The company’s mobile biometric authentication platform provides a variety of biometric options including fingerprint, facial, and voice recognition. IdentityX can also combine biometrics with other measures like device binding and geolocation to provide an even more rigorous authentication solution. The company announced in May that it was integrating its technology with fellow Finovate alum Experian’s fraud and identity platform, CrossCore. In March, Philippines-based UnionBank announced that it would leverage IdentityX to bring fingerprint and facial recognition authentication to its new digital banking platform, EON. Read more about the company in our Finovate Debut profile from December.

Finovate Alumni News

On Finovate.com

  • Daon Adds EyePrint ID to IdentityX Platform Courtesy of New Partnership with EyeVerify.
  • Advisor Software Launches Myers-Briggs-Like Investment Risk Assessment Tool.

Around the web

  • American Banker covers Lending Club’s first securitization
  • InComm honored with two Best in Category awards at the 2017 Pay Awards.
  • Bankless Times features Arroweye’s targeted marketing campaigns.
  • Actiance announces Compliance Integration for Cisco Spark.
  • Currencycloud and Hyundai Card partner to launch Korea’s first mobile remittance service provided by a credit company.
  • Bazaarvoice adds 170 new jobs.
  • nCino expands Credit Analysis Capabilities to Give Financial Institutions’ Underwriting a Boost.

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 Alumni News

On Finovate.com

  • Bitbond Gains $5.4 Million Debt Commitment and Undisclosed Equity Investment.
  • PayU Investment in Kreditech Marks Largest Funding for a German Fintech.

On FinDEVr.com

  • FinDEVr Alum Symbiont Scores Funding from China’s Hundsun Technologies.
  • Check out our latest FinDEVr APIntelligence.

Around the web

  • CSI globalVCard to integrate Visa Payables Automation into its paysystem Payables platform.
  • Kontomatik earns top 50 spot in the 2017 Dutch FinTech Awards. Join Kontomatik for FinDEVr London in June.
  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.
  • ACI Worldwide’s point-to-point encryption solution earns PCI P2PE compliance validation.
  • Delaware’s Dover FCU to deploy core in-house processing technology from Jack Henry’s Symitar division.

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.

 

Daon Brings Mobile Biometric Authentication to UnionBank

Daon_homepage_March2017

EON, the new digital banking platform from UnionBank of the Philippines, will feature mobile biometric authentication technology from Daon. The company’s solution, Identity X, will enable EON mobile app users to login using fingerprint and face authentication initially, with other authentication options including voice recognition to be available later.

“As banks embark on their digital transformation journey they need strong authentication that doesn’t sacrifice the user experience,” Daon CEO Tom Grissen said, “and that is exactly what biometrics provide, a convenient, easy and secure alternative to passwords.” EON Head Advocate Paolo Baltao called Daon a “global leader in large-scale authentication deployments” in financial services. He credited the company for helping “make banking delightful, adding that “with Daon’s Identity X Platform, EON introduced the first ever Selfie Banking in the Philippines.”

Daon_stage_FF2016b

Pictured: Daon President of the Americas Conor White demonstrating the biometric authentication platform, Identity X at FinovateFall 2016.

Headquartered in Reston, Virginia, Daon demonstrated its Identity X platform at FinovateFall 2016. The company offers a variety of biometric authentication solutions including face, voice, and fingerprint in combination with device binding and geolocation. Daon’s “innovate while you authenticate” approach enables clients to add new biometric authentication technologies to their cyberdefense arsenal as they become available. This helps ensure a modern, state-of-the-art authentication regime over multiple channels for the institution and a seamless verification experience for the end user.

Daon was featured in ABA Banking Journal’s look at biometric authentication in January, and in September, the month of its Finovate debut, the company announced that Sumitomo Mitsui Financial Group (SMFG) would deploy Daon’s biometric authentication platform. Check out our Finovate Debut profile of Daon from December.

With assets of more than $8 billion USD (440 billion Philippine pesos), UnionBank of the Philippines was founded in Manila in 1982 and is one of the country’s largest banks. UnionBank has been a publicly-traded firms on the Philippine Stock Exchange since 1992, the year it was granted a license to operates as a universal bank. The bank is credited for being an online banking pioneer in the Philippines, having launched the first bank website in the Philippines, as well as the first digital savings account with its EON program. UnionBank was recognized as Commercial Bank of the Year and Best Innovation in Retail Banking by the International Banker.

Finovate Alumni News

On Finovate.com

  • Daon Brings Mobile Biometric Authentication to UnionBank.
  • A Look at the Savings Tech Horizon: Standalone, Automated Savings with Dyme and Digit.
  • A Look at the Savings Tech Horizon: Gen-Z Targeted with Worldline and FamZoo.

Around the web

  • TradeShift announces new AI-powered interface for B2B commerce, Tradeshift Ada.
  • MasterCard introduces new fraud detection solution, Decision Intelligence.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • TickSmith partners with DataBP to bring integrated financial data solutions to exchanges.

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 Alumni News

On Finovate.com

Around the web

  • First Oklahoma FCU to deploy core account processing technology from Fiserv.
  • Yoyo unveils marketing automation platform, Yoyo Engage, at Davos.
  • Misys adds crowdlending module to FusionBanking platform.
  • United Nations FCU chooses digital banking platform from Jwaala.
  • OnDeck and payment solutions provider WEX team up to provide small business financing.
  • ABA Banking Journal column on biometric authentication features Daon and EyeVerify.

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.