Finovate Alumni News

On Finovate.com

  • Pindrop Debuts Phoneprinting Technology with Lloyds Banking Group

Around the web

  • Malauzai Software teams up with Guardian Analytics, adding new fraud detection functionality to mobile banking apps.
  • Q2 launches Centrix Dispute Tracking System Fraud Alerts module.
  • UAE Exchange partners with Jumio for identity verification. Read our interview with Jumio CEO Stephen Stuut.
  • Edison TV interviews Martina King, Featurespace CEO, about the company’s ARIC Engine.
  • CoverHound launches CyberPolicy.com to help small businesses protect against cyber attacks.
  • Pendo Systems announces new application for Gainsight and CRM Systems.
  • Yseop to ship Narrative Charts to Information Builders.
  • GuardStreet and WellCard Savings launch products on Insuritas SmartCard insuretech digital platform.
  • Crowdfund Insider reports: Bitbond receives BaFin license.

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

  • Check out this week’s FinDEVr APIntelligence.
  • Payoneer Closes $180 Million Series E Round
  • Finovate Alums Earn Spots in FinTech Forward 20 “Companies to Watch”

Around the web

  • IBM announces $200 million investment in its Watson IoT business in Munich. See IBM at FinDEVr Silicon Valley, October 18 & 19.
  • Novum Bank chooses Netverify from Jumio to speed client onboarding. Be sure to check out our recent interview with Jumio CEO Stephen Stuut.
  • Thomson Reuters launches ONESOURCE InDirect Tax Development Partner Program.
  • Top Image Systems wins $450,000 deal with U.S. government to deploy eFLOW.
  • BankNXT interviews Dwolla’s Jordan Lampe about real-time ACH.
  • PaySimple introduces an online store built specifically for service providers.

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.

Fintech Favorites

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Featured

  • Mastercard (FD14) launches its developer portal (again). Having originally launched its dev platform in 2010, Mastercard this week announced an expansion of its platform that provides third-party developers single-location access to more than 25 updated APIs in categories such as payments, data, security, and financial inclusion. The platform also features an experimental category with APIs for bot commerce (think chatbots, VR, and augmented reality), and developers will be able to use six different coding languages (Java, Javascript, C#, Ruby, Python, and Node.js).

Mastercard says it has seen a 4x increase in API usage in 2016, which encouraged the company to expand its portal to include open APIs for all of its products. “The APIs are built to be open, flexible and available through a single doorway,” SVP for APIs at Mastercard Oran Cummins told ComputerWorld. “It’s our front door and we’ve been cranking up the volume on this.”

If the latest dev news is at the top of your daily agenda, then join us October 18 & 19 for FinDEVr Silicon Valley 2016. Our developers conference features two days of the latest in developer tools, platform, and case studies, along with hours of high-caliber networking with fintech developers, VPs of engineering, CTOs, and more. Visit our registration page and pick up your ticket today.

Trends

  • Look out London! A new report from the Association of Chartered Certified Accountants (ACCA) suggests that Singapore’s fintech industry could be a major beneficiary of rising regulatory restrictions and political uncertainty in the U.S. and Europe. “Singapore … is benefiting from a supportive regulatory framework and extremely high digital capacity, which means there is a potential for her to become the regional hub for Asia-Pacific and beyond,” said Joseph Alfred, head of policy and technical, ACCA Singapore.
  • Manulife unveils new “Lab of Forward Thinking” location in Singapore. This is Manulife’s third location (the other two are in Boston and Toronto). “We are using emerging technologies and platforms such as blockchain and artificial intelligence to build competitive advantages,” Greg Framke, EVP and CIO for Manulife said.
  • Mastercard launches its first B2B mobile app to connect small business buyers and suppliers in Hong Kong: the Mastercard Commercial Network App. Hang Chong, Mastercard’s division president for Hong Kong, Macau, and Taiwan, said, “Small and medium sized businesses are the lifeblood of a thriving economy. To maximize the success of these enterprises, we will continue to innovate and develop a broad range of solutions that address evolving business needs.”
  • And speaking of Hong Kong, don’t forget that FinovateAsia 2016 will be in Hong Kong, November 8th. For more information, check out our FinovateAsia registration page.

ICYMI

  • “Gimme That Old Time Navigation!” Mobile UI takes a look at Capital One Wallet and its new, old-school user interface

Milestones

  • Samsung Pay celebrates its first anniversary in the U.S.
  • Under PayPal (F12), Braintree (FD16) transactions grew 25x.
  • Dash is the first digital currency to cooperate with a blockchain-compliance platform.

Tech

  • Monzo integrates with Siri on iOS to enable sending and receiving money using voice commands.

CEO Interview: Jumio’s Stephen Stuut

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A few weeks ago, we sent some questions to Jumio CEO Stephen Stuut (pictured). The digital ID-verification company he runs made headlines a little over a month ago with news that it had raised $15 million from its new owner, Centana Growth Partners. A Best of Show winner from FinovateEurope 2015, Jumio fell on challenging times this spring when it filed for Chapter 11 protection. Stuut, who took the helm at Jumio in May jumio_stephenstuut2015, struck a positive tone, saying that the “restructuring process will allow us to strengthen the company’s financial structure and extend our leadership position in ID verification.”

So far so good. In addition to its recent funding, Jumio has forged ID verification and KYC/AML partnerships with companies ranging from European online gaming operator, Tipico; to the Paris-based mobile scooter-sharing network, Cityscoot; to Spanish crypto-currency specialist Krypto Commerce—all in the past few months alone. Combined with Jumio’s summer announcement that it has completed more than 30 million ID verifications, and it looks like the comeback trail for Jumio is clear.

Here’s what CEO Stuut had to say about his company, its current initiatives, and what we can expect from the Palo Alto-based security specialist in the months and years to come.


Finovate: Where will ID scanning and technologies like FaceMatch make the biggest impact in terms of replacing passwords and security codes?

Stephen Stuut: With the rise of online and mobile transactions, the growth of banking transactions like mobile account opening, money transfer, and bitcoin, and the rapid adoption of shared services, individuals are at greater risk to protect their security, and companies are further challenged to provide processes that will both build trust with their customers, while ensuring safety and security by helping reduce fraud.

Multifactor-authentication methods are missing the mark; the use of a password or security code is not a secure enough way to verify an individual is in fact the owner of the account. Passwords and codes passed via mobile devices can be hacked, and there is no proof that the mobile device is in the possession of the owner.

A recent report from the National Institute of Standards and Technology referred to this process as insecure because the phone may not be in possession of the number and the SMS may be interrupted.

However, for a better approach, utilizing a combination of one or two government-issued IDs, with live photo and facial recognition, companies can ensure that an ID is valid and the person in possession of the ID is in fact the genuine ID owner.

Finovate: As much as most people hate passwords, they are a fairly embedded part of online and mobile culture. What will it take to start moving people away from passwords and toward these new technologies in significant numbers?

Stuut: To enable these markets to foster, regulations are being put in place that force compliance with KYC (know your customer) and address AML. These issues are driving the need for more robust ID-verification models that move beyond common passwords and security codes to more robust verification like ID scanning with Face Match.

Finovate: What is unique about Jumio’s approach to ID verification?

Stuut: Jumio replaces laborious and unreliable systems including knowledge-based authentication (KBA), inferred verification, and in-person verification by untrained individuals. The Jumio technology platform is industry-leading, providing computer vision technology, and face-match with human ID experts. This process provides the optimal combination of accuracy and user convenience while providing KYC requirements.

In addition, Jumio is PCI Level 1 compliant and regularly conducts security audits, vulnerability scans and penetration tests to ensure compliance with security best practices and standards. To ensure our security remains PCI compliant year after year, we have a yearly on-site validation assessment by a Quality Security Assessor (QSA).

Finovate: What are the advantages to working in so many different verticals—from financial services to travel to online gaming—beyond the opportunities for growing the company?

Stuut: Our work with companies in varying verticals has led to many opportunities for Jumio, but this opportunity, most notably and arguably most importantly, has allowed us to transform a more robust solution.

As varying industries seek ID-verification solutions to aid their business processes, success via these technologies may look different. For example, many of Jumio’s customers in the travel vertical use our ID-verification solution to deliver great mobile customer experiences with mobile check-in. Conversely, Jumio customers in the financial services vertical utilize our solution to help verify customer identity while also improving remote account-opening completion rates.

Because Jumio is focused on meeting the requirements and regulations of specific verticals, each industry benefits from the added expertise gained across these major markets. As a result both our platform and our customers have immensely benefited. Instead of a solution that is adequately built to address needs in one industry, Jumio’s solution is built to meet the needs of varying verticals, allowing for a more robust solution.

Finovate: You’ve been on the job as CEO for Jumio for just over a year. What accomplishments in this time are you most proud of and what do you hope most to accomplish in your second year?

Stuut: Over this past year I have been exceptionally proud to work with the talented individuals across the Jumio organization. Our team of highly skilled developers and seasoned executive team have been leading the industry, delivering on our vision of the next generation of digital ID-verification solutions.

The team is delivering great success and we recently closed out Q2 2016 with a greater than 65% growth in recurring revenue year-over-year, and a record 30 million transactions completed to date. Jumio’s customer base continues to expand, closing more deals than at any other time in company history, with Q2 2016 resulting in a more than 50% increase in deals year-over-year. This high momentum has been fueled by continued growth across every aspect of its business.

In addition, in August of 2016, Jumio continued its momentum, securing a $15 million round of financing from Centana Growth Partners LP and Millennium Technology Value Partners. The investment will enable us to continue to lead the digital ID verification space, aggressively expand sales and marketing, and accelerate product development and international expansion.


Check out Jumio’s Best of Show demonstration from FinovateEurope 2015.

Finovate Alumni News

On Finovate.com

  • WealthForge to Raise $2.5 Million in New Convertible Note Offering

Around the web

  • Green Dot unveils Visa credit card for thin-file consumers.
  • First National Bank of Pennsylvania upgrades its mobile banking and payments platform from Fiserv to enable debit card management.
  • Martech Advisor interviews Radius CEO and co-founder Darian Shirazi.
  • PYMNTS.com talks with Hyperwallet VP Tomas Likar about the challenge of payments in the on-demand workforce. See Hyperwallet at FinDEVr Silicon Valley 2016, October 18 & 19.
  • Radius announces the Radius Customer Exchange (RCX), a solution to advance co-marketing for B2B marketers.

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.

Jumio Raises $15 Million from its New Owner, Centana Growth Partners

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Credentials-management company Jumio pulled in $15 million this week. The funding comes from Millennium Technology Value Partners and Centana Growth Partners, the private equity firm that purchased Jumio for $850,000 in May of this year after Jumio declared bankruptcy two months prior.

The funding brings Jumio’s total raised to almost $52 million. The company expects the funding will “extend its leadership position in the digital ID verification space, aggressively expand its sales and marketing efforts, and accelerate product development and international expansion.” The Palo Alto-based company offers three solutions that speed the online checkout process:

  • Fastfill, an ID-scanning app that automatically fills in information on forms
  • BAM Checkout, which integrates credit card and driver-license scanning into mobile checkout in order to eliminate friction
  • Netverify, which remotely scans documents to verify a consumer’s identity.

Jumio experienced a record-breaking second quarter this year. The company saw 65% growth in recurring YOY revenue, experienced a more than 50% increase in deals YOY, and closed more deals than any other time in its six-year history. Since launching in 2010 Jumio has facilitated 30 million transactions. Additionally, the company’s customer base has continued to expand.

In July of this year, Spanish crypto-currency company Krypto Commerce tapped Jumio for its AML and KYC services. At FinovateEurope 2015, the company won Best of Show for demoing how NetVerify simplifies the account-opening process.

Finovate Alumni News

On Finovate.com

  • Payworks Unveils Next Generation Payment Gateway, Pulse
  • Check out this week’s FinDEVr APIntelligence
  • Jumio Raises $15 Million from its New Owner, Centana Growth Partners

Around the web

  • Currency Cloud partners with Arkea Banking Services to provide faster payments and better reconciliation. Join Currency Cloud in New York next week for FinovateFall 2016.
  • PYMNTS.com looks at Behalf and its recent $27 million Series C.
  • Bluefin Payment Systems unveils PAX devices for PCI-validated, point-to-point encryption (P2PE).
  • Uber and Visa team up on local offers.

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

  • TransferWise Launches TransferWise for Business to the Public
  • RealtyMogul to Raise $50 Million with New REIT, MogulREIT I

Around the web

  • ACI Worldwide integrates Ethoca Alerts into its UP eCommerce Payments solution.
  • Trulioo announces enhancements to the global AML watchlist capabilities of its GlobalGateway platform.
  • Realty Mogul launches REIT investments.
  • Two credit unions select Fiserv’s OnCU for core account processing.
  • Payoneer releases automated tax-form service to its mass payout offering.
  • D+H brings on 100+ new lenders to its MortgagebotLOS solution after signing reseller agreement with DocMagic in October of 2015.
  • FT.com looks at Quantopian in a feature on DIY algorithmic trading.
  • Jumio VP of Product Philipp Pointner writes about digital ID verification in AltFi News.

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.

Jumio to Power KYC & AML Services for Krypto Commerce

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Mobile authentication company Jumio announced this week it will provide anti-money laundering (AML) and know your customer (KYC) services for Krypto Commerce.

The Spanish crypto-currency company will use Jumio’s NetVerify to validate applicant identities for its new PoolMiner’s card, an online-only prepaid debit card for crypto-currencies. Rubén Arcas, project director at Krypto Commerce said that while “compliance and security are critical to our proposition,” he doesn’t want to compromise by offering “a clunky verification system that doesn’t provide a good user experience.” Arcas goes on to say that Jumio, which accepts IDs from 200+ global territories, is perfect for Krypto Commerce’s needs.

The new card is available to users in Spain, Portugal, Italy, Switzerland, South America, Russia, and will soon be open to U.S. users. New applicants scan their passports and answer a few questions to confirm identity.

Palo Alto-based Jumio demoed NetVerify at FinovateEurope 2015 in London. Presenters David Pope and John McIntosh showed how scanning a government-issued ID facilitates the onboarding process. The company announced last month that NetVerify is powering identity verification for Switzerland-based bob Finance, which enables clients to check their credit score for free.

Finovate Alumni News

On Finovate.com

  • Jumio to Power KYC & AML Services for Krypto Commerce
  • NICE Unveils New Recording Technology for Skype for Business
  • Ripple Adds Multi-Sign Functionality to Consensus Ledger Technology

Around the web

  • New York Times DealBook looks at new payday options such as PayActiv.
  • ACI Worldwide taps Marco Bravo as VP for Latin America.
  • PYMNTS talks to Token CEO Steve Kirsh about how Token helps banks comply with the EU’s PSD2.
  • Clari5 Enterprise Fraud Management from CustomerXPs named Best Fraud Detection Product Award at Operational Risk Awards held by Operational Risk magazine and Risk.net.
  • David Foss officially appointed new CEO at Jack Henry.
  • ThreatMetrix sees 52% YOY revenue growth, now serves 17 top global FIs.

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.