Token Forges Strategic Partnership with Envestnet | Yodlee

Token and Envestnet | Yodlee are combining their respective talents in PSD2-compliant payments and financial data aggregation to give banks in the EU a new, open-banking friendly, payments and data option. The partnership will leverage Token’s open banking operating system, TokenOS, which supports PSD2 compliant payments, including bill pay, e-commerce, B2B payments and money transfers, with Envestnet | Yodlee’s Financial Data Platform and Aggregation API. Via the API, banks will get access to the bank, card, investment, loan, reward and other financial account data required to support a variety of PFM, wealth, and debt management apps and services.

Making the case for the alliance, Token CEO and founder Steve Kirsch said, “When it comes to PSD2, developers are not going to support hundreds of unique bank APIs; they will only write to one common API, maybe two. This means that banks that create their own proprietary APIs risk not being able to deliver the variety of freedom that customers expect in the digital age.” Kirsch characterized the kind of open banking platform that banks should support as “easy, secure, interoperable, low cost and developer friendly.”

Envestnet | Yodlee SVP for EMEA and Australia Jason O’Shaughnessy underscored Kirsh’s observations on the importance of open banking. “Both Token and Envestnet | Yodlee believe that open data access is critical to enabling innovative tools that can help consumers improve their financial lives.”

Founded in 2015 and headquartered in San Francisco, California, Token demonstrated its fully PSD2 compliant open banking solution at FinovateEurope 2017. The company also participated in our developer’s conference, presenting The Future of Payments Now at FinDEVr San Francisco 2015. Token was named to CB Insights’ Fintech 250 list in June, and began the year teaming up with information technology consulting and outsourcing company, VirtusaPolaris. Token has raised more than $18 million in funding, and includes EQT Ventures, Octopus Ventures, and OP Financial Group among its investors.

Acquired by Envestnet two years ago, Yodlee is a multiple-time Finovate Best of Show winner headquartered in Redwood City, California. The company took home top honors more recently for its demo of Financial Health Check financial wellness technology at FinovateFall 2017. A partnership with Home Credit India to digitize loan processing and an integration with Fannie Mae’s Desktop Underwriter Validation Service are among the company’s top headlines since the conference.

Envestnet’s technology and services are used by 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, and more than 500 of the largest Registered Investment Advisors. With a market capitalization of $2 billion, Envestnet trades on the New York Stock Exchange under the ticker symbol “ENV.” The company is headquartered in Chicago, Illinois.

Finovate Alumni News

On Finovate.com

  • Token Forges Strategic Partnership with Envestnet | Yodlee.

Around the web

  • ACI Worldwide to provide “technology backbone” for real-time payments platform designed by Payments Network Malaysia.
  • NCR partners with Samsung to launch new all-in-one POS commerce station, NCR Silver Quantum.
  • Grab chooses TransferTo to deliver real-time digital payments to its drivers in Southeast Asia.
  • Meniga wins London Design Awards for brand design experience.
  • PayPal’s TIO Networks suspends operations to protect TIO’s customers.
  • Kinecta FCU to Offer Mortgage Harmony’s CU RateReset products.
  • App Informers lists Credit Karma and Credit Sesame in list of top 5 Identity Monitoring Apps for 2017.

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

  • AutoGravity Partners with Global Lending Services.
  • SelfScore Rebrands as Deserve, Closes on $12 Million in Funding.
  • Credit Sesame Raises More than $42 Million, Unveils Robo Advisor for Credit.

Around the web

  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • Commercial loan origination, CRM are among the new features in Baker Hill NextGen solution.
  • OnDeck partners with Ingo Money and Visa to provide loans to SMEs via debit card.
  • Westpac NZ to transition to real-time banking platform from ACI Worldwide.
  • Regions Bank to add P2P payment and account-to-account transfer solutions from Fiserv.
  • iSignthis announces new agreement with Omnislots.com operator, Dialinvest.
  • Payment Ninja to launch in the U.S. in November.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services
  • Russian bank Lipetskcombank implements new mobile banking app built on Tranzware Mobile Banking from Compass Plus.
  • Accenture and nCino expand alliance to accelerate digital transformation within top U.S. banks
  • Symbiont joins Wall Street Blockchain Alliance as corporate member.
  • Envestnet | Yodlee to integrate risk insight solutions with Fannie Mae’s Ddsktop underwriter validation Service.

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.

FinovateFall 2017 Best of Show Winners Announced

Join us in a hearty congratulations for the seven companies that earned not just the admiration of our FinovateFall 2017 attendees, but their votes for Best of Show, as well.

With more than 70 companies demonstrating their technologies live on stage over the course of two days, some diversity in theme and topic is to be expected. What is especially interesting about our Best of Show winners this time around is that, while numbering only seven, these innovators still reflect a wide variety of approaches toward solving some of the most vexing challenges in our financial lives. These are the technologies that we increasingly turn to for help when it comes to saving and investing for the future, working better and more efficiently with our banks and credit unions, and safeguarding our property, our financial transactions, and even our identities against fraudsters, hackers, and other malevolent actors.

So hats off to the Best of Show winners of FinovateFall 2017. From Finovate veterans that have been honored by our attendees with Best of Show trophies in the past to newcomers who made huge, positive impressions in their Finovate debuts this week, these are the companies that help define our industry and show us the direction of fintech innovation to come.

Envestnet | Yodlee for its Financial Health Check that leverages account and transaction-level data to measure and score overall financial health across multiple dimensions including spending, savings, borrowing, and planning.

 

Finn.ai for its Virtual Banking Assistant, powered by artificial intelligence and available via channels ranging from Facebook Messenger to Amazon Alexa, which makes everyday banking simple and easy for customers.

 

Jiffee for its tap & pay mobile technology that turns any device into a payment terminal, enabling consumers to pay anywhere and everywhere without relying on plastic credit and debit cards.

 

Sensibill for its +Pulse solution that helps spot revenue opportunities from on- and off-card purchase data, providing a targeted prospect list for personalized, in-app campaigns.

 

SpyCloud for its monitoring and alert service that helps organizations better understand their employee and customer digital footprints by giving them visibility into their exposed credentials actively being traded in the underground.

 

Sustainably for its social good platform for consumers and businesses that turns the spare change from shopping into micro-donations to philanthropic causes.

 

Voleo for its social trading app that makes it easy for people to invest together, saving time and money, while simultaneously leveraging the collective wisdom of networked investors to pursue market-beating returns.

We want to thank all of the companies that demonstrated their technologies live on stage this year for FinovateFall 2017. From AI, the blockchain, and chatbot technology to mortgagetech, payments, and voice-enabled banking, the breadth of solutions and services shown over the past two days of our conference bodes well for the future of fintech. And be sure to join us Wednesday morning at 9:15 a.m. as we host our first-ever roundtable discussion featuring representatives from each of our Best of Show winning companies.


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The seven companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017

Envestnet | Yodlee Unveils New Financial Wellness Solution

 

After developing a two-time, Best of Show-winning PFM technology, Envestnet | Yodlee has introduced the next evolution in its emphasis on financial wellness. Launched last week at the Digital Banking Summit, the Personal Financial Wellness Solution is a new suite of apps and APIs that apply machine learning and AI to Envestnet | Yodlee’s vast trove of transaction data and analytics. The initial solutions from the suite, OK to Spend and Save for a Goal, give consumers actionable insights into their spending and saving behaviors, and provide a straightforward way to see, understand, and improve financial well-being.

In an interview previewing the announcement, Envestnet | Yodlee VP of Product Applications Katy Gibson pointed out how the new solution was an important development away from the conventional approaches to savings solutions. She credited a deeper understanding of how the average person relates to their individual financial status as key to this pivot. “The previous PFM model was well-suited for a certain type of consumer who was financially-engaged and financially-literate,” Gibson explained. “We needed to figure out how to better serve the 70-80% who care (about their finances), but feel anxiety, and are not very financially literate.”

Pictured: Envestnet | Yodlee VP of Product Applications Katy Gibson demonstrating the company’s financial guidance solution at FinovateFall 2016.

OK to Spend leverages data analytics to review and examine spending habits. The solution runs machine learning algorithms to create a holistic financial forecast that helps the user become and remain financially organized. Available as both an app as well as via RESTful API, OK to Spend anticipates future and recurring income and expenses and provides regular notifications and updates. Gibson praised the “single number simplicity” of the solution. “People are drowning in data,” she said. “The last thing I want to do is scroll through my transaction data to see what’s coming.” Instead, OK to Spend provides weekly and monthly communications, along with a calendar of upcoming income and spending. With Save for a Goal, consumers can manage and track savings goals across a variety of accounts and timeframes.  The interface relies on visual aids like progress bars and graphs, as well as alerts, to keep consumers engaged with their savings success.

Gibson emphasized the importance of customer engagement in a statement accompanying the product announcement. She sees the kind of “personalized user experiences” provided by solutions from Envestnet | Yodlee as an extension of the “relationship-based banking (that) has been the key to success and customer loyalty for financial institutions for years.” She added “helping consumers meet their financial goals is the best way to build lasting customer relationships.”

Founded in 1999 and headquartered in Redwood City, California, Yodlee’s comprehensive transactional data network helps financial services providers deliver a wide range of financial planning and wealth management solutions via mobile and API. A multiple-time Best of Show winner, Yodlee was acquired by Envestnet for $660 million in August 2015, and made its most recent Finovate appearance as Envestnet | Yodlee this February at FinovateEurope 2017.

A month later, Envestnet | Yodlee unveiled its Risk Insight Suite, a set of risk reporting tools to help lenders improve upon the data gathered from traditional credit sources by factoring in consumer financial information. The company partnered with mobile banking startup, Varo Money earlier this year, and last December announced integration with Microsoft Dynamics 365 for Financials. Envestnet | Yodlee is also a veteran of our developers conferences, most recently presenting at FinDEVr Silicon Valley last fall. At the event, Director of Platform, Product Management Deviprasad Kocherry and Sr. Product Manager, Mobile Platform, Deven Maru, discussed “Fast Track API Integration with Envestnet | Yodlee.” In May, Jeff Cain Director of the Envestnet | Yodlee Incubator, participated in our webinar “How to Make It in the Fintech Industry: 3 Startup Success Stories.”

Envestnet is headquartered in Chicago, Illinois, and was founded in 1999. The company serves more than 55,000 advisors and 2,500 companies including 16 of the biggest banks in the U.S. and 38 of the biggest wealth management firms and brokerages. Publicly traded on the NYSE under the ticker symbol, ENV, the company announced first quarter 2017 results last month.  Jud Bergman is chairman and CEO.

 

Finovate Alumni News

On Finovate.com

  • Europe’s Got a Brand New Bank as Klarna Earns License.
  • Envestnet | Yodlee Unveils New Financial Wellness Solution.

Around the web

  • Avoka wins ATB Financial Customer Onboarding Global Innovation Challenge.
  • ACI Worldwide offers UP Immediate Payments solutions via hosted cloud.

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.

 

How to Make it in the Fintech Industry: Startup Success Stories Speak Out

Join us on Wednesday at 11am Eastern as we sit down with representatives from three of fintech’s most innovative companies for our first webinar, How to Make It In the Fintech Industry: 3 Startup Success Stories. We’ll investigate what it takes for fintech startups to get their technologies seen, talked about, and ultimately bought and deployed by financial institutions, e-commerce merchants, and everyday consumers looking for technology-based solutions to their financial challenges.

Check out our How to Make It In the Fintech Industry panel:

Kumar Ampani, Chief Technology Officer, Moven

Before taking the CTO helm at Moven, Ampani was the company’s Chief Software Architect. Ampani is a technology leader with 25 years of experience in architecture, design, implementation, security, and successful delivery of high quality complex business and technology solutions. He is a graduate of Villanova University and Sri Venkateswara University.

 

Dr. Jason Mars, Founder and CEO, Clinc

A professor of computer science at the University of Michigan, Mars co-founded Clinc, the cutting-edge A.I. startup that created Finie, a financial personal assistant that emulates human intelligence and makes it possible to interact with your bank account in a natural, conversational way. His work building the world’s first open-source platform for constructing large-scale personal assistants has been recognized globally.

 

Jeff Cain, Director, Envestnet | Yodlee Incubator

Cain runs the Envestnet | Yodlee Incubator which helps developers, innovators, and entrepreneurs launch disruptive, data-driven companies and accelerate their growth. He is a corporate and business development professional, experienced in sourcing, structuring, negotiating, and closing a range of successful transactions. Cain was educated at Harvard University and Stanford Universities.

How to Make it In the Fintech Industry begins at 11am Eastern Time on Wednesday, May 17th. In addition to insights from our panelists, we’ll also have a brief Q&A session at the end of the webinar so you can ask the specific questions that matter most to you and your strategy for fintech success.

Remember spaces are limited. So visit our registration page today and save your spot.

FinDEVr APIntelligence

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York earlier this year. If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • FinDEVr Veteran OutsideIQ Acquired by Exiger

Alumni updates

  • Plaid and Dwolla partner to provide fully-tokenized ACH payment integration.
  • Xero features its partnership with Equifax.
  • London Metal Exchange locates LMEselect Platform at Interxion’s Data Center
  • Envestnet unveils expanded data analytics portfolio for wealth management.
  • FinDEVr Alum Quovo Raises $10 Million
  • Prival Bank of Panama to deploy Temenos’ core banking solution, T24.
  • Trulioo adds new Canadian data sources to its GlobalGateway verification technology.
  • Jay Shah promoted to CEO of Personal Capital
  • Xero awarded the Best Overall Fintech Platform by the Fintech Breakthrough Awards.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

FinDEVr APIntelligence

FDNY17-Logo-RevFinDEVr New York will be here in just two short weeks! Check out company features and take a look at the previews from upcoming presentations. And of course, don’t forget to register today to save!

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.
  • PwC Brings Blockchain PoC to London’s Specialty Insurers
  • Shwayhat Steps Up: GreenKey Technologies Announces New CEO
  • Scotiabank and AlphaPoint Wrap Up Blockchain Trial
  • Check out these previews from upcoming FinDEVr New York presentations:

Alumni updates

  • BBVA Compass adds cash-back incentive to stimulate interest in mobile banking app.
  • OutsideIQ teams up with Genpact to bring better risk management, KYC, and AML compliance solutions to banks.
  • Bluefin Payment Systems joins forces with The Pinnacle Corporation, bringing point-to-point encryption (P2PE to the latter’s Palm POS platform.
  • Top 10 global bank deploys mobile capture technology from Kofax.
  • IBM forges strategic partnership with Salesforce, connecting AI platforms IBM Watson and Salesforce Einstein.
  • Arxan Application Protection named Best IoT product at the 2017 Cybersecurity Excellence Awards.
  • Kontomatik nominated at the Dutch FinTech Awards 2017.
  • Mambu goes live in the Americas with new offices in Miami and new regional managing director.
  • PayPal partners with Oro ecommerce platform.
  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Dallas News features Bruce Parker, founder and CEO of ModoPayments.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Envestnet | Yodlee Launches Suite of Risk Reporting Tools

Screen Shot 2017-03-06 at 11.02.05 AM

Data aggregation and analytics platform Envestnet | Yodlee launched a Risk Insight Suite today. The collection of reporting tools are aimed to help lenders bolster information gained from traditional credit reports by leveraging consumer financial data.

Using a co-brandable experience, the reports pull information directly from a prospective borrower’s banks to offer lenders an up-to-date picture of the borrower’s assets, income, and expenses. This detailed level of account information helps lenders with underwriting, origination, pre-qualification, and account review. The system leverages machine learning, along with a risk-based engine to simplify the review process and highlight any issues that may indicate a riskier borrower.

In the press release, Terry McKeown, Practice Manager, Credit Analytics at Envestnet | Yodlee said, “By using consumer permissioned financial data, lenders can obtain a complete financial picture of a borrower. This is especially true for credit invisible consumers who have no credit file or cannot be scored with traditional models, and for subprime consumers whose transactional data can help lenders make more accurate assessments of risk.”

Along with providing more valuable metrics for the lender, the Risk Insight Suite creates a smoother user experience for the end client. Because Envestnet | Yodlee pulls all necessary information directly from the user’s bank, there is no need for the client to supply paper bank statements and tax returns.

This is similar to the company’s Mortgage Asset Verification product launched in December of last year. In comparison, that offering is exclusive to mortgage borrowers, while the Risk Insight Suite of reporting tools caters to a larger audience. Envestnet | Yodlee most recently demoed at FinovateFall 2016 and at FinDEVr Silicon Valley 2016 where Deviprasad Kocherry, director of platform and product management, and Deven Maru, senior product manager of mobile platform, presented on fast integration using the company’s APIs. Since acquiring Yodlee in August 2015 for $660 million, Envestnet | Yodlee has built out its Advisor Now solution and landed a partnership with Morgan Stanley’s wealth management arm.