HooYu to Provide Verification Services for U.K. Challenger Bank Countingup

 

Challenger bank Countingup is the latest firm to call on London-based HooYu for its innovative identity confirmation services. “It was important to us to design the account opening process to make it as easy as possible to open an account in less than five minutes,” Countingup CEO Tim Fouracre said. “HooYu helps us not just to comply with money laundering regulations and to prevent fraud but also helps us to curate a great digital journey that makes for easy and convenient account opening.”

Marketing Director for HooYu David Pope called Countingup “a truly differentiated offering from a challenger bank. He credited the institution for “offering more than just a bank account but the tools to help their customers manage and grow their business.”

(left to right) Marketing Director David Pope and Product Director Grant Greenwood demonstrating the HooYu platform at FinovateEurope 2017.

Countingup specializes in combining banking and accounting services for U.K. entrepreneurs, providing assistance with VAT returns, P&L reporting, invoicing, and book-keeping.  Customers who open a current account with Countingup, which plans to launch in early 2018, will get a U.K. sort code and account number, as well as a contactless MasterCard. Countingup announced a fundraising of $750,000 in October in a round led by Frontline Ventures.

HooYu won over Countingup based on the wide variety of identity confirmation solutions the firm provides. These include identity database checks and ID document validation as well as facial biometrics and digital footprint analysis. HooYu’s platform will also help Countingup meet AML requirements.

Founded in 2016 and headquartered in London, U.K., HooYu made its Finovate debut in February at FinovateEurope. Marketing Director David Pope and Product Director Grant Greenwood demonstrated the company’s global identity confirmation service that can be used by both businesses and individuals when making sensitive transactions.

In October, HooYu partnered with Cars-as-a-service innovator easyCar Club, providing identity verification for the 100,000 member car hire marketplace. In August, the company teamed up with online money transfer platform, BCRemit, to help the U.K.-based firm improve on-boarding and reduce fraud. Keith Marsden is CEO.

Finovate Alumni News

On Finovate.com

  • HooYu to Provide Verification Services for U.K. Challenger Bank Countingup.
  • Following J.P. Morgan Chase Acquisition, WePay to Power Payments for Volusion.

Around the web

  • Temenos named a leader in global retail core banking by Gartner for eighth year in a row.
  • Bloomberg looks at the blockchain-based digital identity solutions from SecureKey.
  • CBInsight features Expensify among its 4 Mobile Apps Every Executive Should Download Now.
  • CII Industrial Innovation Awards 2017 recognizes Wipro as one of India’s most innovative companies.
  • Zinnov Zones 2017 features Persistent Systems in the “leadership zone” for enterprise software and consumer software for the fifth consecutive year.
  • Blackhawk’s CashStar wins a 2017 Emerging Payments Award.
  • Capgemini names Backbase Growth Partner of the Year.
  • Neustar moves its website from Neustar.biz to Home.Neustar.
  • Lendio opens new Lendio franchise in Nashville, Tennessee

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.

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.

 

HooYu to Provide ID Confirmation for UK’s Cars-as-a-Service easyCar Club

 

ID confirmation specialist HooYu announced a new partnership this week. The London-based fintech has teamed up with easyCar Club to provide identification verification for the 100,000-member P2P car hire marketplace.

“Our partnership with easyCar Club helps all parties in the equation to transact confidently,” HooYu Director of Marketing David Pope explained in a statement. “Insurers have the comfort that they know who is renting vehicles, easyCar Club are able to grow user numbers confidently and new users can enter the world of peer-to-peer marketplaces secure in the knowledge that they know who they are dealing with,” Pope said.

HooYu Director of Marketing David Pope demonstrating the company’s ID confirmation platform at FinovateEurope 2017.

“HooYu helps us add another layer of trust and safety to our marketplace giving our vehicle owners additional confidence in knowing that we proactively verify the identity of our users,” easyCar Club Product Manager Jin Ng said. easyCar Club leverages the growing popularity of the sharing economy to offer Cars-as-a-Service (CaaS) as a revenue opportunity for car owners and a convenience for people who only need cars on a short-term basis. Car owners earn an average of more than $1,900 (£1,500) a year lending their vehicles out and the company says its platform has facilitated “tens of thousands of rentals.”

HooYu cross-references and analyzes data from digital footprints in order to provide identity confirmation. The platform also uses a biometric face check, as well as data extraction and verification of the ID document itself to confirm real-world identity.

Founded in 2016 and based in London, U.K., HooYu demonstrated its platform at FinovateEurope 2017. In August, the company announced a partnership with BCRemit, an online money transfer platform based in the U.K., that will help the firm accelerate its customer onboarding process. Earlier this year, HooYu reported that it would bring its ID confirmation technology to the equity crowdfunding platform, Vestabyte.

Finovate Alumni News

On Finovate.com

  • More than $1 billion raised by 31 Finovate alums in Q3 2017.
  • Worldpay Makes Strategic Contribution to Featurespace’s $21.9 Million Funding Round.
  • HooYu to Provide ID Confirmation for UK’s Cars-as-a-Service easyCar Club.

Around the web

  • Actiance helps FinServ companies meet toughest MiFID II compliance challenges.
  • Finews.Asia features Finantix’s AI solution for wealth management.
  • Gemalto and Ledger join forces to provide security infrastructure for cryptocurrency based activities.
  • The Charlotte Observer names Jack Henry & Associates to Top Workplaces list for third consecutive year.
  • Diebold Nixdorf expands managed services portfolio with new offerings.
  • Kasasa now 5th largest banking branch network

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.

HooYu Brings Identity Confirmation Technology to BCRemit

Better onboarding and fewer fraud incidents are the goals of U.K.-based, online money transfer platform, BCRemit. And this week, the UK.-based company partnered with identity confirmation specialist HooYu to help them reach both of those critical objectives.

“HooYu is a great complement to the traditional database identity check approach,” BCRemit Managing Director Oliver Calma said. Because most of BCRemit’s customers are migrant workers without a credit “footprint”, Calma explained, verifying and onboarding them can be a cumbersome process. In addition to making verification and onboarding easier, HooYu’s technology will provide valuable anti-fraud protections. “HooYu also catches fraudsters that sometimes slip through identity database checks where they have already committed identity theft and know the name and address of the person they are impersonating,” Calma said.

BCRemit specializes in providing online money transfer services to migrant workers, particularly from the Philippines, who are employed in Europe. A registered payments institution with the U.K. Financial Conduct Authority (FCA), BCRemit enables recipients to collect cash at any one of more than 7,000 branches of BCRemit’s pay-out partners. Bank transfers can be made to any bank in the Philippines, including Allied Bank, BDO, and PNB.

Pictured: HooYu Marketing Director David Pope and Product Director Grant Greenwood demonstrating the HooYu identity confirmation platform at FinovateEurope 2017.

Director of Marketing for HooYu David Pope pointed to the ease-of-use of HooYu’s platform for the end user as another major selling point for the technology. “This enables our clients to improve conversion, still offer the consumer a smooth customer journey, and comply with AML regulations,” Pope said.

HooYu demonstrated its global identity confirmation service at FinovateEurope 2017. The company’s technology enables real-time identify verification without requiring any exchange or storage of sensitive personal information like social security numbers. Once integrated into the firm’s online application process, the HooYu service analyzes and cross checks data from the person’s digital footprint. At the same time, the technology extracts, analyzes, and validates information from the person’s ID documentation, including a biometric facial recognition check with the person’s photo ID.

In addition to money transfer firms, HooYu serves lenders, banks, and even individuals with its identify confirmation technology. “It’s our philosophy that in today’s digital age sometimes consumers want to check the identity of other consumers,” Pope said, using the example of P2P commerce via online marketplaces. “And it shouldn’t just be the privilege of big banks or clever online businesses to check someone else’s identity.”

Last month, HooYu announced a partnership with Australia’s first crowd investment platform, Vestabyte. In May, HooYu teamed up with Irish information services provider Stubbs Gazette. The company was founded in 2016 and is headquartered in London, U.K. Keith Marsden is CEO.

Finovate Alumni News

On Finovate.com

  • HooYu Brings Identity Confirmation Technology to BCRemit.
  • StreetShares Raises $10.3 Million for “Shark Tank Meets eBay” Approach to P2P Lending.
  • Flywire Expands Operations in Japan, Forms Partnership with Volvo.

Around the web

  • UPS Capital launches cross-border B2B payment service powered by Payoneer.
  • Risk Ident opens new U.S. office at Cambridge Innovation Center, near Boston, Massachusetts.
  • Venmo introduces QR code feature to help users find payee profiles faster.
  • eMoney launches redesigned website with a new UX enhanced navigation and multimedia content.
  • Digiliti Money (formerly Cachet Financial Solutions) appoints interim CEO.
  • Qapital now offers checking account and debit card.
  • BBVA joins Singapore-based trade finance platform Capital and Credit Risk Manager
  • Al Masraf selects Temenos’ digital banking technology
  • Kony announces V8 release of Kony AppPlatform to help developers design, develop and deliver omnichannel apps fast.
  • Shoeboxed launches Fetch, a new expense system
  • Trusona opens new office in Tokyo, Japan.

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.