FinovateAsia Sneak Peek: Nexmo

nexmo_homepage_october2016

FA2016-V1A look at the companies demoing live at FinovateAsia on 8 November 2016 in Hong Kong. Pick up your tickets today and save your spot.

Nexmo, a Vonage Company, is a leader in global cloud communications with a platform providing innovative communication APIs and SDKs for voice, text, messaging, and phone-verification services.

Features
Nexmo’s Verify SDK and API allow fintech companies to mitigate fraud, bypass common security challenges, and protect users by enabling phone verification for password replacement, 2FA, and more.

Why it’s great
Using Nexmo Verify allows you to improve the customer experience and protect your platform or application on a global scale.
nexmo_srisrinivasanPresenter: Sri Srinivasan, Product Leader
Srinivasan is currently a product leader for verify and number insight at Nexmo. Previously, he held product marketing positions at Druva, Motorola, RIM, and Qualcomm. He holds an MBA from Kellogg.
LinkedIn

 

 

Finovate Alumni News

On Finovate.com

  • A Deep Dive into the Upcoming FinDEVr Silicon Valley 2016

Around the web

  • Idaho Central CU to deploy Alkami ORB platform.
  • Thomson Reuters unveils blockchain dev platform, BlockOne ID.
  • Banking Technology looks at Misys and its plans for a November IPO.
  • Revolut partners with Bank of Lithuania to promote cross-border payments.
  • Hyperwallet introduces its Tax Compliance Services initiative.
  • Cloud Lending Solutions appoints new chief revenue officer and chief financial officer.
  • Yandex.Money to offer mobile money-transfers and support-group chats for crowdfunding via Apple’s iMessage.

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.

Nexmo Acquired by Vonage for $230 Million

NexmoHomepage

Cloud communications startup Nexmo is now Nexmo, a Vonage company, after being acquired by communications giant Vonage for $230 million.

The company’s CEO Tony Jamous is now president of the newly acquired entity. CTO Eric Nadalin and Nexmo’s 170-person team are also moving over to Vonage.

Nexmo brings 350 enterprise customers from across the globe, which marks Vonage’s first expansion outside of the United States.

Vonage CEO Alan Masarek comments on the acquisition, “By combining Vonage’s rapidly growing, unified communications-as-a-service business with Nexmo, we are creating the future of cloud communications. These companies represent a set of strategic, technology and human resources assets that deliver the broadest services offering in our industry.”

Nexmo demoed its Verify SDK at FinovateEurope 2016 and presented on using the crowd to decrease fraud at FinDEVr New York 2016.

FinDEVr APIntelligence

FinDEVrSV16-LogoV2(wdate)Our FinDEVr New York developer showcase last week was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

On FinDEVr.com

  • “EVO and Verifone Partner to Make EMV Payments Feasible at Restaurants”
  • “GreenKey Unveils New CEO and May Launch of Instant Messenger Aggregator”
  • “FICO Launches Score Simulator; Adds New CIO Claus Moldt”

The latest from FinDEVr New York 2015 presenters

  • Celent recognizes EdgeVerve Systems as one of two model bank vendors for 2016.
  • “Finovate Debuts: Nexmo Brings Seamless Multi-Factor Authentication to Mobile Banking Apps”
  • Hyperwallet to help expert freelancers on OnFrontiers network get paid.
  • Markit to power Thornburg Investment Management’s enterprise data-management solution.
  • Beyond Bank wins Celent’s model bank award for 2016, courtesy of its customer-engagement platform from Avoka.
  • “PayPal Marks Rollout of PayPal Credit in the U.K. with Interest-Free Financing”

Alumni updates

  • MasterCard unveils new remittance service in Bangladesh with partners, Western Union, bKash, and BRAC bank.
  • Xero and Waddle team up to combine cloud accounting with invoice financing.
  • “Finovate Debuts: Envestnet “Advisor Now” Offers Robo-Tools for Wealth Management”

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

Finovate Debuts: Nexmo Brings Seamless Multifactor Authentication to Mobile Banking Apps

Nexmo_homepage_Mar2016

Adding better verification technology to banking and financial apps is a balancing act. One the one hand, there’s necessary friction that deters unauthorized access. On the other hand, however, too much friction quickly turns user experiences into user ordeals. In its Finovate debut in London earlier this year, Nexmo, a worldwide leader in cloud communications, demonstrated its solution to this challenge: an SDK that enables developers to add phone verification to their apps with a single function call.

Nexmo says its Verify SDK is the only white-label solution that “manages user identities across multiple devices and platforms without building a complex user-management backend and adds a new level of security by tying phone numbers to unique device IDs.”

Company facts:

  • Founded in January 2010
  • Headquartered in San Francisco, California
  • Employs more than 160
  • Works with more than 100 vendors around the world
  • Directly connects to 350 carriers
  • Key investors include Sorenson Capital, NHN Capital, and Initial Capital
  • Recognized as a 2014 Cool Vendor in Communication Services by Gartner

Nexmo_stage_FEU2016

Pictured: Product Lead for Nexmo, Parth Awasthi demonstrated the Nexmo Verify SDK at FinovateEurope 2016 in London.

“At Nexmo we’ve built a verification solution, which is a turnkey product, available as an SDK, that allows you to seamlessly build strong authentication solutions inside your mobile banking app,” Nexmo Product Lead Parth Awasthi explained from the Finovate stage. Nexmo’s security solution focuses on the triumvirate of verification—something you have, something you know, and something you are—leveraging passwords, unique device IDs, TouchID, and more to provide consumers with the most friction-free, multifactor authentication possible.

——–

ParthAwasthi_NexmoWe spoke with Awasthi during conference week at FinovateEurope. Then we followed up with a few questions by email for more about Nexmo, its Verify SDK, and what to expect next from the company. Awasthi has been with Nexmo since 2014, and was previously a program manager at Microsoft.

Finovate: What problems does Nexmo solve?

Parth Awasthi: Nexmo is a global cloud-communications platform leader providing innovative communication APIs and SDKs for voice, text, messaging and phone-verification services. Nexmo enables applications and retailers to communicate with their customers reliably and with ease, no matter where in the world they are located, effectively increasing efficiency, enhancing customer service and reducing overall processing costs.

Nexmo_image_1Finovate: Who are your primary customers?

Awasthi: Nexmo has more than a hundred thousand customers, and they are primarily from the fintech BitGold; retail/ecommerce like Alibaba; transportation/travel/hospitality like Airbnb; gaming like Garena and social markets like Viber.

Finovate: How does Nexmo’s technology solve the problem better?

Awasthi: Nexmo’s cloud communications APIs and SDKs are incredibly easy to implement and leverage the power of Nexmo’s unique global cloud communications platform. Only Nexmo has hundreds of direct-carrier relationships to reduce latency while using its Adaptive RoutingTM algorithm to continuously calculate millions of data points and find the most efficient route in near real-time. This all allows Nexmo to deliver messages with unmatched speed, efficiency and reliability rates.

Finovate: Tell us about your favorite implementation of your technology.

Awasthi: Our Verify SDK that I presented at Finovate London is a really cool product, and the way that Call Levels used it was pretty interesting. The Verify SDK is a turnkey solution that texts a one-time password to help verify the identity of someone. Call Levels—a financial monitoring service that sends immediate, strategic investment information—used the SDK to verify a customer from any device they want to use. This is a cool balance of safekeeping a person’s financials without making the barrier to entry too difficult.

Nexmo_image_2Finovate: What in your background gave you the confidence to tackle this challenge?

Awasthi: We have verified more than 3.5 billion numbers, and help massive companies like WeChat verify users daily. This was a challenge that we were well prepared for.

Finovate: What are some upcoming initiatives from Nexmo that we can look forward to over the next few months?

Awasthi: We are constantly improving our performance through updates to our Adaptive Routing algorithm and making new direct-to-carrier relationships, and will be adding new features in the near future. Stay tuned to Nexmo.com for the latest news!

Finovate: Where do you see Nexmo a year or two from now?    

Awasthi: In 2015, we nearly doubled the volume of our business (measured by API calls) and maintained a close focus on customer support, achieving an average customer satisfaction level of more than 85%. We’re looking forward to continuing this growth and pushing the boundaries of cloud communications right into 2018.


Check out the video of Nexmo’s FinovateEurope 2016 demonstration.

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Nexmo Brings Seamless Multifactor Authentication to Mobile Banking Apps”

On FinDEVr.com

  • “GreenKey Unveils New CEO and May Launch of Instant Messenger Aggregator”

Around the web

  • Xero and Waddle team up to combine cloud accounting with invoice financing.
  • Hyperwallet to help expert freelancers on OnFrontiers network get paid.
  • New York Times’ DealBook profiles Ripple.
  • MasterCard unveils new remittance service in Bangladesh with partners Western Union, bKash, and BRAC bank.
  • Kony and Cognizant partner to jointly develop and deliver solutions to enhance efficiencies and security.
  • Markit to power Thornburg Investment Management’s enterprise data-management solution.
  • CGI Financial Services to add Ripple gateway to its portfolio of payment solutions.
  • Hanse Orga partners with Taulia to guide organizations through supply-chain decisions with an interactive dashboard.

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.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)We’re taking our FinDEVr developer showcase to New York on March 29 & 30, 2016. Register today.

The latest from upcoming FinDEVr New York 2015 presenters:

  • In the U.K., PayPal Here SDK reveals first eight business partners.
  • Quartz asks, “Should Venmo Buy a Bank?”

Alumni updates

  • MX inks multi-year data-aggregation deal with USAA.
  • NAB Asset Servicing selects Thomson Reuters as its preferred data partner.
  • HuffPost Business features SimplyTapp and Kontomatik in its list of the five most useful APIs in the financial world.
  • Mitek elects CEO James B. DeBello as Chairman of the Board.

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

Finovate Alumni News

On Finovate.com

  • “BillGuard App Changes Name to Prosper Daily”
  • “Capitalise.com to Join Microsoft Accelerator London”
  • “CashSentinel Launches in France with SFPMEI Partnership”
  • “StockViews Raises $355k in Seed Funding; Adds Fidelity’s Balk as Chairman”

On FinDEVr.com

Around the web

  • Poland’s mBank elects to focus on HCE for mobile payments over NFC.
  • Spain’s BBVA upgrades its ATM network to enable cash recycling.
  • TechCrunch features multiple Finovate and FinDEVr alums in its recommendations of financial products for the gig economy.
  • Mitek elects CEO James B. DeBello as chairman of the board.
  • CereTel, selects Cachet Financial Solutions to develop, deploy and manage new prepaid mobile banking platform.
  • Lendio partners with SBE Council to offer its lending resources to SMB owners.
  • Tradeshift announces MetaProcure as reseller.
  • First National Bank to install Insuritas insurance agency solution for its customers.

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.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)We’re taking our FinDEVr developer showcase to New York on March 29 & 30, 2016. Register today and save $200 through Friday.

The latest from FinDEVr San Francisco 2015 presenters:

  • Thinking Capital to power new “Staples Business Loans” program for small businesses in Canada.
  • Markit lands three new customers for its KY3P (Know Your Third Party) platform.
  • LandedCost from Avalara helps SMEs navigate international taxes, tariffs, and fees.
  • American Banker: OnDeck Capital adds former E-Trade exec to board.
  • Mitek partners with Harland Clarke to improve RDC security.

Alumni Updates:

  • Online trading platform Investfly integrates with the Tradier brokerage API.

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

CEO Interview: Nexmo’s Tony Jamous

NexmoHomepage

Nexmo is a global cloud communications platform company providing communication APIs and SDKs for voice, text, messaging, phone verification, and chat-app connectivity.

At FinDEVr San Francisco 2015, Nexmo showed how its APIs and SDKs help companies such as Expedia, Zipcar, and Viber increase security, decrease fraud, and protect user identity—without compromising the user experience. To dig a bit deeper, we recently spoke with the San Francisco-based company’s CEO, Tony Jamous.

To dig a bit deeper, we recently spoke with the San Francisco-based company’s CEO, Tony Jamous. Prior to founding Nexmo in 2010, Jamous worked at Paymo, which was acquired by BOKU in 2009.

In his interview, Jamous spoke with us about the inspiration for Nexmo, the company’s competitive advantages, and its challenges.


Finovate: What was the impetus behind creating Nexmo?TonyJamous

Jamous: Nexmo was created to reduce the barriers to entry for developers to innovate with communication technologies and enable scalable and global high-quality communication infrastructure. Imagine how hard it would have been for Airbnb, one of our global customers, to individually connect to more than 200 carrier networks using arcane telecommunications protocols.

Early on, we were obsessed with building networks and investing in cloud technologies to sustain quality of network as our customers scaled their businesses. Nexmo uniquely connects our customers’ traffic as closely to carriers as is physically possible to reduce message and call latency. We also measure quality feedback for every transaction and adapt how each message or voice call is being routed in real time to continually improve overall quality.


Finovate: Your solutions are used in a number of industries. What is unique about the communications and fraud problems in the financial services sector?

Jamous: The phone number has emerged in recent years as a user-friendly way to identify and authenticate real people. Our APIs, especially Verify (pictured below) and Number Insight, are designed to enable financial services players to easily embed two (or more) factor authentication, and gather data on the phone number during the transaction. These tools enable financial service providers to reduce fraud without the need to gain expertise in teleco rules and regulations.

NexmoVerify


Finovate: What is the most creative solution you’ve seen a financial services company build using a Nexmo API?

Jamous: Bitcoin platforms have been driving innovation in fraud prevention at a faster rate than any other segment within the fintech space, and Nexmo works with many of the leading bitcoin companies.

To secure your bitcoins from theft, enabling phone-number two-factor authentication with the Nexmo Verify SDK or API is strongly recommended. This involves sending a one-time password (OTP) to a user over a separate communication channel (SMS or voice) rather than the IP channel (internet) used by the bitcoin exchange or wallet. Aside from sending payments, phone-number verification can also be required for registration, login, resetting passwords and authenticating changes made to your [specific] bitcoin exchange or wallet account. Bitcoin theft might be irreversible, but you can prevent it with an extra layer of protection using Nexmo’s Verify API or Verify SDK.


Finovate: What are the biggest challenges for Nexmo?

Jamous: Nexmo has reached a phase in which we need to both scale the business and improve operational efficiency, all while keeping a priority on customer-facing teams and tools. We have a long journey ahead, which will be both challenging and exciting for the team.


Nexmo will demo what’s new with its Verify SDK at FinovateEurope on 9/10 February in London. Tickets are selling fast; register today to secure your seat.