Finovate Alumni News

On Finovate.com

  • ACH Alert Reports Record Growth, Stops More than $388 Million in Fraudulent Transactions.
  • Mastercard Teams Up with Worldpay to Launch Pay by Bank in the U.K.

Around the web

  • NetGuardians becomes a certified Avaloq software partner for real-time fraud prevention.
  • Temenos inks multi-year investor servicing contract with Northern Trust.
  • Worldline picks up PISP and AISP licenses from National Bank of Belgium.
  • Enveil earns Standard Technology Partner status in Amazon Web Services partner network.
  • Lleida.net credits new GDPR legislation in the EU for surge in sales for first half of 2018.
  • Equifax acquires specialty credit reporting agency DataX.
  • CFE Federal Credit Union implements Larky’s Engagement Platform.
  • Ledger launches Ledger Live, the all-in-one companion app to your Ledger device.
  • Xero integrates with BBVA’s API Market for small businesses.
  • Lendio expands the Lendio franchise in Rochester, New York.

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

Around the web

  • Neener Analytics completes a Proof-of-Concept with one of the largest credit card issuers in Mexico
  • NetGuardians partners with valantic to take on the German market
  • Study Loans leverages Cloud Lending Solutions for Student Lending Offering.
  • Celent recognizes Fidor for its customer experience as a pioneer in the use of open APIs in banking.
  • Jack Henry & Associates partners with Autobooks to deliver enhanced small business banking functionality.
  • OnDeck delivers 8% sequential loan growth, announces Q1 gross revenue of $90 million.
  • PaySimple announces real-time data integration with QuickBooks Online.

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.

NetGuardians Bolsters Cybersecurity for Steward Bank

Swiss cybersecurity specialist NetGuardians will bring its fraud fighting solutions to Zimbabwe’s Steward Bank.

“By signing up with NetGuardians, Steward Bank will not only benefit from our real-time fraud mitigation solution, but will also become part of the NetGuardians’ global community, sharing fraud mitigation best practice(s),” NetGuardians CEO Joël Winteregg said. “Together, they put Steward Bank at the forefront of fraud prevention, helping to keep its customers’ balances safe and its reputation sound.”

With NetGuardians’ technology Steward Bank will be able to monitor all user behavior in real-time for both its ebanking and mobile banking channels. The platform blocks atypical and suspicious behavior and sends alerts to the appropriate monitoring personnel. NetGuardians says their technology reduces the number of false positives by 80% and reduces fraud management time by 93%.

Steward Bank CEO Lance Mambondini pointed to the integration of Netguardians’ technology as an example of the promise and challenge for banks undergoing digital transformation. “Digitization opened up new channels for the bank and helped us grow. We needed a more effective and proactive system to monitor the subsequent increase in transactions and complexiy of the bank to prevent fraud,” Steward Bank CEO Lance Mambondiani said. “We picked NetGuardians because it is a solution made specifically for banks and is proven to cut fraud across all channels.” Steward Bank will integrate NetGuardians’ platform into its core banking system, T24, from Temenos.

Founded in 2007 and headquartered in Yverdon-les-bains, Vaud, Switzerland, NetGuardians demonstrated its FraudGuardian solution at FinovateAsia 2016. FraudGuardian helps banks and FIs spot and identify fraudsters, and is especially effective in helping FIs limit the 70% of fraud that is internal. The solution monitors user activity across all channels, IT layers, and transactions and uses dynamic profiling, pattern-based intelligence, and predictive analytics to detect anomalous behavior and provide banks with the opportunity to take proactive steps.

Last month, NetGuardians announced an agreement with FirstOntario CU, integrating its anti-fraud solution with the credit union’s Temenos T24 core banking system. Back in December, NetGuardians kicked off a partnership with Masaref Business & Systems Consulting. This deal will make NetGuardian’s cybersecurity solutions more accessible to financial institutions in the Middle East.

Named to the Chartis RiskTech 100, NetGuardians has raised more than $14 million in funding (CHF 13.5 million) and includes Freemont Management, Swissom Ventures, Polytech Ecosystem Ventures, and MoneyTime Ventures among its investors.

Finovate Alumni News

On Finovate.com

  • LendingTree Launches Free Credit Monitoring.
  • eToro Raises $100 Million in Series E.
  • NICE Actimize Launches AI-Powered Financial Crime Investigation System.

Around the web

  • Hyperwallet tackles payments for staffing and recruiting platform tilr.
  • Compass Plus offers active-active database clustering on TranzAxis.
  • Steward Bank selects NetGuardians to help fight against fraud.
  • Kasasa named one of “2018 Best Places to Work in Financial Technology” by American Banker
  • CardFlight announces that over 80% of SwipeSimple merchants have been upgraded to EMV quick chip payment acceptance.
  • Revolut launches disposable virtual cards for online payments.
  • ACI Worldwide teams up with Shanghai-based UnionPay International.
  • IdentityMind Global announces GDPR-readiness ahead of the EU’s May 25th deadline.
  • MaxMyInterest adds former TD Ameritrade executive Tom Bradley to Advisory Board.
  • NICE Actimize unveils new AI-powered financial crime management solution, Actimize ACTone.

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.

NetGuardians Inks Agreement with FirstOntario Credit Union

NetGuardians announced today that FirstOntario Credit Union ($5 billion in assets) has deployed its anti-fraud technology, earning the Swiss fintech its first North American customer. NetGuardians’ solution was integrated into the credit union’s core banking platform – Temenos’ T24 – in just three months, and gives the province’s second largest credit union new tools when it comes to defending its members against cyberfraud.

“FirstOntario has joined a growing number of leading financial service providers around the world choosing NetGuardians’ anti-fraud solution.” Joel Winteregg, NetGuardians’ CEO said. “Our focus on prevention as well as detection means FirstOntario is giving its 115,000+ members the best possible protection.”

“We were impressed by their focus on financial crime mitigation and the well-developed library of relevant fraud controls,” VP for Information Technology at FirstOntario Michael Walsh said. “Together, they give FirstOntario enhanced protection against a wide spectrum of fraud schemes.” Walsh noted that the decision to deploy NetGuardians’ technology came after the CU’s IT and risk team highlighted global cyberfraud trends and recommended FirstOntario take action to improve its defense. In their statement, NetGuardians underscored the financial burden of cyberfraud, quoting a 2016 Cyber Crime Report from Cyber Security Ventures that anticipated cyberfraud costs of $6 trillion by 2021.

Headquartered in Yverdon-les-Bains, NetGuardians demonstrated its technology at FinovateAsia 2016. The company’s FraudGuardian solution uses Big Data, dynamic profiling, pattern-based intelligence, and predictive analytics to monitor and analyze both transaction level activity as well as real-time behaviors across all banking channels. FraudGuardian sends instant alerts when suspicious behavior is detected, giving FIs the ability to take risk mitigation measures as soon as possible.

NetGuardians ended 2017 by forging a new partnership with Masaref Business & Systems Consulting (Masaref-BSC) in a move that will spread the company’s fraud-fighting solutions to FIs in the Middle East. The company teamed up with Swisscom back in November to launch a fraud prevention service, and deployed its fraud fighting technology at Ghana’s Premium Bank last June.

Named to the Chartis RiskTech 100 for 2018 and honored with a spot in the European Fintech 100, NetGuardians has raised more than $14 million (CHF13.5 million) in funding, and includes Freemont Management, Swisscom Ventures, Polytech Ecosystem Ventures, and MoneyTime Ventures among its investors. The company was founded in 2007.

Finovate Alumni News

On Finovate.com

  • Dwolla Lands $12 Million.
  • Larky Deepens Partnership with Core Processing Solutions Provider Sharetec.
  • Stash Raises $37.5 Million, Launches Custodial Accounts.
  • NetGuardians Inks Agreement with FirstOntario Credit Union.

Around the web

  • InComm subsidiary On-Line Strategies launches partnership with National Bankcard Services to enable prepaid at the gas pump.
  • Neustar expands its DDoS mitigation defense network in EMEA.

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.

NetGuardians Teams Up with Masaref Business & Systems Consulting

The new partnership between NetGuardians and Masaref Business & Systems Consulting (Masaref-BSC) will bring the Swiss fintech’s anti-fraud solutions to even more FIs in the Middle East, according to Director and Board member Oliver Trancart. “Fraud is a growing concern worldwide and the Middle East is no exception,” Trancart said. “So we think NetGuardians’ expertise can really make a positive impact.”

NetGuardians Middle East Business Development Manager Abdallah Djedid credited Masaref’s knowledge and experience in both Temenos’ technology and Islamic core banking systems, calling the firm “an obvious choice for a local partner.” Masaref is a major Temenos T24 implementation partner, and was awarded Best Core Banking Implementer in Egypt in 2015 by Global Banking and Finance. The firm, based in Cairo, Egypt with offices in Riyadh and Beirut, was founded in 2014 after the merger of Masaref Consulting and Business & Systems Consultancy.

Expressing his confidence in the partnership, Masaref Chariman Dr. Mohamed Goneid said, “More banks and financial institutions using T24 will finally have the peace of mind of top fraud protection. Together with NetGuardians, we will help financial institutions in the Middle East to cater for their most challenging requirements.”

NetGuardians’ technology automates compliance and enables financial institutions to more effectively combat fraud. The company’s platform leverages Big Data, dynamic profiling, pattern-based intelligence, and predictive analytics to analyze not just transaction level activity, but real-time behaviors across the entire bank system. This is key, NetGuardians believes, because out of the $67 billion in estimated banking fraud costs every year, 70% of that fraud is internal and remains undetected. During the company’s 2016 FinovateAsia demonstration of FraudGuardian, NetGuardians Digital Marketing Manager Mine Fornerod showed how the solution is able to correlate user behavior to identify even complex fraudulent behavior in real-time with 100% accuracy.

Founded in 2007, NetGuardians is headquartered in Yverdon-les-Bains, Switzerland and has offices in Singapore, Kenya, and Poland. The company began 2017 with news that Nigeria’s Keystone Bank would deploy its real-time fraud protection platform. More recently, NetGuardians raised more than $8 million in Series C funding, taking its total capital to more than $14 million. The company was named a Gartner Cool Vendor in 2015 and was added to Planet Compliance’s RegTech 100 earlier this year. Joel Winteregg is CEO and co-founder.


Interested in fintech in the MENA region? Visit our FinovateMiddleEast page to find out more about our upcoming fintech conference in Dubai.

Finovate Alumni News

On Finovate.com

  • NetGuardians Teams Up with Masaref Business & Systems Consulting.
  • Hyperwallet Now Supports Payouts from Amazon’s Australia Marketplace.
  • Multiple-Time Best of Show Winner Avoka Raises $12 Million in New Funding.

Around the web

  • Fiserv signs agreements with Illinois Educators CU in Illinois and Members Financial FCU in Texas.
  • ABN Amro leverages Matrix from Five Degrees to launch its wealth management solution, Prospery.
  • Overbond appoints George Harrington as new Head of U.S. Business Development.
  • FIS connects Fifth Third Bank customers to The Clearing Houses’ Real-Time Payments system.
  • Kinetica appoints Paul Appleby as CEO.
  • Experian Receives Top Workplace Honor for Fifth Consecutive Year.
  • Technical.ly: Privakey locks down patent for ‘a password-free future.’

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

Around the web

  • ACI Worldwide supports cross-border e-commerce in Brazil with integration of payment processor and gateway, PagBrasil.
  • Revolut is the latest fintech to apply for a European banking license.
  • Fenergo teams up with Opus to improve integration of risk-relevant information in the KYC process.
  • KAMCO Investment Company chooses Fusion Invest from Finastra to accelerate growth.
  • Bluefin Payment Systems unveils PCI P2PE sub-listing option for users of its Decryptions as a Service (DaaS) offering, Decryptx.
  • Ping Identity adds support for companies seeking PSD2, open banking compliance.
  • Trustly tops €10 billion in total payment processing volume since inception.
  • Q2 Holdings named to Deloitte Technology Fast 500 for second consecutive year.
  • Stratumn completes a blockchain experimentation connecting 14 insurance companies in France.
  • nCino debuts in top half of Deloitte’s 2017 Technology Fast 500.
  • Scalable Capital hits €500 million in assets.
  • Checkbook.io disrupts class action payments.
  • Compass Plus assists Almazergienbank to support the issuing and acquiring of JCB cards.
  • NetGuardians and Swisscom launch fraud prevention 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.

Finovate Alumni News

On Finovate.com

  • Check out a sneak peek of BeeOnPay’s FinovateAsia demo next week.
  • IBM Security Introduces New Solution to Help Banks Spot Fraudulent Accounts.
  • Modo Forms Fintech Partnerships to Engage Consumers at the Point of Sale.
  • SpyCloud Spots Stolen Credentials with Deep Dives into the Dark Web.
  • The Faves of FinovateAsia: A Brief History of Best of Show Winners.

Around the web

  • NetGuardians included in Chartis RiskTech 100 2018.
  • Compass Plus earns PA DSS v3.2 compliance.
  • ACI Worldwide now supports the European Payments Council (EPC) SEPA Instant rulebook standard ISO 20022 within its Universal Payments (UP) solutions portfolio.

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.