Finovate Alumni News

On Finovate.com

  • Sberbank in Slovenia Partners with Open Banking Platform Provider Token.
  • Equifax Acquires DataX to Promote Financial Inclusion.

Around the web

  • Wirecard and Mastercard collaborate to make contactless payments using wearable technology more accessible.
  • Roostify expands leadership ranks with new Chief Customer Officer, new VP of Sales, and new General Counsel.
  • VyStar Credit Union ($7.6 billion in assets) to upgrade core banking solution with technology from FIS.
  • Hyperwallet to provide mass payment distribution for content processing platform, Wordapp.com.
  • Premier America Credit Union ($2.5 billion in assets) to deploy core processing technology from Jack Henry & Associates.
  • Santander integrates nCino’s Bank Operating System.
  • Carte Wealth Management to launch advisor engagement platform powered by DigitalReach from BlueRush.
  • TechCrunch reports: Coinbase Reportedly Gets Approval from US regulators to Start Listing Tokenized Securities.
  • Ephesoft releases new Swagger/OpenAPI-web services for Ephesoft Transact.

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

  • Avoka Unveils Springboard Deposit Account Opening Solution.
  • German Banking Software Provider NDGIT Raises $4.7 Million in Series A Round.

Around the web

  • Experian unveils MarketingConnect platform.
  • Tango Card partners with Alvin Healthcare.
  • PayNearMe allows LimeBike riders to pay in cash.
  • Finastra integrates Optimal Blue into its Fusion MortgagebotPOS solution.
  • bpm’online wins Company of the Year award from American Business Awards for third year in a row.
  • Horizn takes top honors at Digital Banking 2018 American Banker conference.
  • Latest version of Quest Diagnostics’ content management solution features Smart Capture technology from Ephesoft.

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.

Ephesoft Unveils Mortgage Document Capture Solution

Now that spring has arrived, families across the country have started the home buying process. However, the average time it takes to close on a house is 50 days, making it a long road to home. Aiming to speed things up, document capture and data analytics company Ephesoft launched Ephesoft Transact for Mortgage this week. This is the California-based company’s first vertical-specific product offering.

The cloud-based platform recognizes and classifies more than 600 mortgage document types. When lenders bundle Ephesoft Transact for Mortgage classification solution with the Ephesoft Transact flagship offering, they can increase mortgage processing speeds. In a statement, Ephesoft said that large organizations will see deployment times reduced by 80%, from several months to just weeks.

Ike Kavas, founder and CEO of Ephesoft, said that the company’s mortgage lendeing and financial services customers will “greatly benefit from the improved speeds provided by the Transact for Mortgage platform.” Kavas added, “We are continuously developing innovative, cost-effective solutions that solve real problems for our customers and with hundreds of different document types to classify, the mortgage processing industry is ideally suited for document capture innovation and automation.”

To get started, mortgage loan processors upload loan documents into a batch, then Ephesoft Transact for Mortgage automatically classifies and separates documents and exports them into the lender’s loan origination system. The system takes appraisal documents, lease agreements, tax returns, bank statements, and other documents necessary in mortgage applications, and deciphers which pages are necessary and which are simply blank pages, cover sheets, invoices, and disclosures. Once documents are classified, the high-value pages are prepared for data extraction and business insights, with the option to apply Ephesoft’s machine learning technology for further analysis.

In the press release, Ephesoft client, Jane Christie, COO of eDocument Solutions, said, “Customers have reported accuracy reports of 90% or higher, loan processing time reduction of 92% and savings of over $100 per loan. The combination of accuracy, consistency and speed for mortgage documents impacts their bottom line and improves customer satisfaction and retention rates.”

At FinovateAsia 2017, Ephesoft demoed how banks can use its cloud services to classify documents, extract their information, and automate business transactions. Last summer, the company earned a $15 million investment from Mercato Partners, its first round of funding since it was founded in 2010. In the fall of 2017, Ephesoft’s developers released version 4.0 of its Transact Mobile SDK.

Finovate Alumni News

On Finovate.com

  • Ephesoft Unveils Mortgage Document Capture Solution.
  • Coinbase Acquires Earn.com; Adds Balaji Srinivasan as First CTO.

Around the web

  • ThreatMetrix introduces its first product integration with LexisNexis since the company was acquired in February.
  • Finastra makes its mortgage lending solutions available via the cloud courtesy of partnership with Microsoft.
  • Ambassador Michael Froman joins Mastercard as vice chairman and president of strategic growth.
  • Moneyhub opens its API to U.K. challenger banks Monzo and Starling.
  • Coinbase acquires Cipher Browser to support its decentralized mobile browser offering.
  • Fortytwo Data appoints Luca Primerano as chief AI officer.
  • Coindesk: Mastercard Eyes Blockchain for Fighting Fake Identities.
  • Infosys to acquire Creative and Consumer Insight Agency, WONGDOODY.

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

  • Coinbase Launches Coinbase Ventures to Support Early-Stage Crypto Startups.
  • Kabbage and Ingo Money Team Up to Power Faster Loan Payouts to SMBs.

Around the web

  • Carter Bank & Trust ($4.1 billion in assets) partners with Fiserv as part of strategic, digital transformation.
  • Phillips 66 to offer digital payments at the pump courtesy of integration with Mastercard’s Masterpass.
  • Ephesoft unveils latest version of its smart document capture solution, Transact 4.5.
  • BioCatch wins “Best Innovation in Securing Transactions” at Florin Awards.

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

  • Moven Enterprise Launches in Japan, Lands $23 Million from SBI Holdings.
  • nCino Reels in Investment from SalesForce Ventures.
  • London-based lender EZBOB Raises $21 Million in New Funding.
  • Bitbond Launches Alternative Investment Fund in Partnership with 1741 Fund Management.

Around the web

  • TIBCO appoints Matt Quinn as COO, Nelson Petracek as CTO.
  • Revolut launches ability to buy, hold, & sell Bitcoin, Litecoin, & Ethereum in just 30 seconds directly from the app.
  • KIVA Group team with MX to offer AFCU members mobile banking app.
  • UK technology retailer Maplin integrates Klarna’s pay later option.
  • Ephesoft appoints Russ Hubbard as Chief Revenue Officer.
  • PayNearMe partners with Ria to make paying for international money transfers easier.

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

  • iSignthis and Worldline Finalize Partnership.
  • WealthForge Tops $500 Million in Investments Processed.
  • Innovation and Collaboration: The Rise of Fintech in the MENA Region.
  • Dwolla to Power Identity Verification for Yahoo!’s Tanda Savings App.

Around the web

  • TransferWise updates its remittance comparison tool.
  • Featurespace hires Ritz Steytler as Chief Operating Officer.
  • Infosys selected as tech partner by A S Watson Group.
  • Ephesoft moves headquarters to Irvine, California.
  • Compass Plus to help VietinBank issue Diners Club cards in Vietnam.
  • Coinbase appoints Tina Bhatnagar as VP of Operations and Technology.
  • Kony launches Kony Base Camp, an online community to empower developers to gain skills to accelerate app development and delivery.

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.

Ephesoft Unveils Transact Mobile SDK 4.0, Leveraging Deep Learning to Create Clearer Images

Document capture and analytics solution developer Ephesoft released version 4.0 of its Transact Mobile SDK this week. The latest version of the technology takes advantage of innovations in everything from deep learning to mobile architecture to give consumers more accuracy and flexibility when it comes to document capture with their mobile devices.

Ike Kavas, Ephesoft CTO, highlighted the way the enhancements paved the way for better, easier-to-read images. “For example, deep learning is employed in our live-edge detection functionality that has historically been a challenge for identifying document boundaries on mobile devices,” Kavas explained. “This new approach captures clearer images.” Deep learning provides a better solution than typical bitonal image recognition because deep learning has predictive capabilities. The system is able to predict edges, for example, which along with the ability to extract text and numbers, makes it ideal for credit card recognition.

(left to right): Alastair Allars (Success Engineer) and Ike Kavas (CTO) demonstrating Ephesoft Transact Cloud Service at FinovateAsia 2017 in Hong Kong.

Ephesoft’s Transact Mobile SDK 4.0 also includes image auto-capture and auto-alignment, making images scanned by mobile devices comparable to those created by topline scanners. Online and offline batch processing enables users to do character recognition, document classification, and data extraction when offline. Version 4.0 also features security enhancements such as a private directory for storing images temporarily when using mobile devices (the directory is erased when the application is closed). The solution uses ARM 64-bit architecture to improve memory capacity for more powerful processing, and also includes image enhancement tools, simple barcode interpretation, and on-device OCR.

Founded in 2010 and headquartered in Laguna Hills, California, Ephesoft demonstrated its Ephesoft Transact Cloud Service at FinovateAsia 2017 earlier this month. The company has raised $15 million in funding, completing a Series A round led by Mercato Partners in August. Also in August, Ephesoft announced that New Zealand’s Motor Trade Finance (MTF) would use Ephesoft’s Transact platform. An Inc. 500 company with customers in more than 30 countries. Ephesoft released its analytics and business intelligence platform, Insight 3.1, in October. Don Field is CEO.

Finovate Alumni News

On Finovate.com

  • Concur Launches e-Fapiao Solution for China’s WeChat Platform.
  • Ephesoft Unveils Transact Mobile SDK 4.0, Leveraging Deep Learning to Create Clearer Images.

Around the web

  • Axis Bank leverages technology from Ripple to launch instant international payment service.
  • Temenos announces pair of new providers to its Marketplace: Callsign and Limitless.
  • NICE Adaptive Workforce Engagement (WFO) wins Frost & Sullivan award.
  • Infosys Finacle unveils blockchain-based trade finance solution for FIs: Finacle Trade Connect.
  • Privakey picks up patent for innovations in universal, password-free authentication.

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.

Ephesoft Earns $15 Million Investment from Mercato Partners

Document capture and data analytics company Ephesoft landed $15 million in Series A funding from Mercato Partners. This marks the company’s first round of funding since it was founded in 2010.

“Mercato’s investment will help Ephesoft realize its vision of liberating meaning through machine learning technology,” said Ike Kavas, Ephesoft’s founder. “We view Mercato as a long-term strategic partner, and we appreciate their experience in helping visionary technology companies accelerate and manage growth. This funding will enable Ephesoft to help organizations improve business outcomes by identifying and rationalizing dark data, then understanding how it impacts their business.”

Ephesoft’s cloud-based, machine learning technology generates insights from unstructured content by capturing, extracting, and analyzing raw data for its 500 customers that operate in a variety of sectors ranging from financial services, Federal government, insurance, mortgage and healthcare. At FinovateSpring 2017, the company demoed how its platform can be used to comb through international transaction data to identify and catch money launderers.

(pictured left to right): Ike Kavas (CTO)and Alex Welsh (Vice President, Analytics Practice) at FinovateSpring 2017

The California-based company will use the investment to accelerate product development and expand operations, market presence, and sales. As a part of the investment, Joe Kaiser Principal at Mercato Partners, will join Ephesoft’s Board of Directors.

In a press release, Kaiser said:

“Organizations are struggling with the enormous volume of unstructured content, which represents upwards of 80% of all available content, and is growing at a rate of 43% per year. To provide tangible value, that information needs to be processed and analyzed. Ephesoft’s solutions are disrupting the advanced capture market with a definitive value proposition: apply machine learning to convert these unstructured information streams and repositories into actionable data.”

Earlier this month, the company announced the availability of its cloud services on Microsoft Azure. In June, Ephesoft established its Asia Pacific offices in Sydney, Australia. The company was named to the 2015 Inc. 500 list of the fastest growing companies in America and has recently received a patent for its machine learning technology.