Quisk’s Blockchain Buy-in Boosts Security, Improves Access to Transaction Data

When the going gets tough, the tough go blockchain.

That’s the takeaway from the news that payment network platform Quisk will store its transaction ledgers on a private blockchain. The blockchain layer will work with Quisk’s existing platform and APIs to give banks easy access to transaction data such as merchant settlement and bank reconciliation via their own backend systems.

“We are excited to be leveraging the tremendous power of Blockchain technology to propagate trust among our customer banks,” Quisk CTO Praveen Amancheria said. “This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data.” Amancheria called blockchain “the next internet for the financial industry” and added that “the tools to retrieve data from (the) Blockchain will soon be as ubiquitous as web browsers.”

Pictured (left to right): Quisk CTO Praveen Amancheria and CMO Dan Glessner demonstrating the Quisk digital services platform at FinovateFall 2015.

Quisk has developed a technology, digital cash, that enables banks to take advantage of the 85% of all retail transactions worldwide that are still cash-based. “Banks make nothing when cash is used,” Quisk CMO Dan Glessner explained during the company’s demo at FinovateFall. “We enable banks to create a new type of account, and to monetize the digital cash transactions.” Quisk partners with issuing and acquiring banks to create what Amancheria called an “open interoperable payment network.” He said: “we have a very ambitious goal: we want to do for cash what Visa and Mastercard have done for credit.”

Users of the new accounts can access their money using their smartphone and a PIN. The platform supports 14 different transaction types including P2P and P2M (person-to-merchant), and works with incumbent POS systems. As part of the company’s Finovate demo, Glessner and Amancheria showed how a consumer could make a purchase without cash, debit or credit card, or even the physical smartphone itself simply using his moible phone number and PIN. Moreoever, as Amancheria reminded the banks in the audience, “if Dan had paid with cash, the banks would have made zero. But because Dan used Quisk, banks have the opportunity to make money off of this digital cash transaction.” Amancheria also highlighted the digital loyalty and rewards opportunities available to merchants using the Quisk platform, as well.

Pictured: Quisk CTO Praveen Amancheria during his presentation at FinDEVr Silicon Valley 2015.

Glessner and Amancheria underscored how the technology was especially beneficial in helping banks work with underserved communities. Because the technology works with both smartphone and feature phones, and on all types of mobile network operator services, Amancheria said, “banks can reach out to the widest possible market segment and acquire new types of customers … those who have mobile phones but no bank accounts.”

Founded in 2010 and headquartered in Sunnyvale, California, Quisk demonstrated its platform at FinovateFall 2015. The company also participated in our developers conference, discussing the technology behind its digital services platform at FinDEVr 2015 Silicon Valley. Last year, Quisk deployed its technology at National Commercial Bank Jamaica Limited (NCB) and with Network International in UAE. The company has raised $5 million in funding and includes Acadia Woods Partners and Plug and Play among its investors.

Finovate Alumni News

On Finovate.com

  • Expensify Exceeds 35,000 Customers.
  • Quisk’s Blockchain Buy-in Boosts Security, Improves Access to Transaction Data.

Around the web

  • Alternative investment intelligence provider Crowdsurfer adds data from P2P innovator, Zopa.
  • Misys introduces FusionCapital Regulatory Reporting to help banks comply with the MiFID II.
  • NuData wins CNP 2017 Customer Choice Award for Best Identity Verification/Authentication Solution
  • Agreement Express opens its new office in the City of London as part of their expansion strategy.
  • Developed in partnership with Moven Enterprise, Westpac New Zealand’s budget-tracking app, CashNav wins CANSTAR 2017 Innovation Excellence Award.
  • Customers of National Australia Bank (NAB) gain direct access to equity crowdfunding platform OurCrowd courtesy of new collaboration.

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

FinDEVrSV16-withdateOur FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held 18/19 October in Santa Clara. Early bird tickets expire soon so register today to save your spot!

The latest from FinDEVr New York 2016 presenters

  • Fintech Trending: Look Who’s Chasing Venmo, Student Loan Servicing Falls Short

Alumni updates

  • 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.
  • Uber and Visa team up on local offers.
  • Bluefin Payment Systems unveils PAX devices for PCI-validated, point-to-point encryption (P2PE).
  • Backbase Partners with Entersekt to Deliver Authentication Technology
  • Intuit unveils personalized app recommendations for QuickBooks Online.
  • Quisk rolls out mobile money platform at National Commercial Bank Jamaica Limited.
  • Entersekt brings its Transakt technology to the Middle East in collaboration with IST Networks.
  • Temenos to provide core banking solutions for Microcred, international microfinance specialist.
  • Crowdfund Insider interviews Rob Frohwein, Kabbage CEO and co-founder.
  • Xero named most-loved accounting software for second year in a row.

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

Finovate Alumni News

On Finovate.com

  • Fintech Trending: Look Who’s Chasing Venmo, Student Loan Servicing Falls Short
  • DriveWealth Adds Real-Time Margin

Around the web

  • The Times of India examines the role Ripple can play in reducing the costs of overseas remittances.
  • iSignthis integrates its digital KYC technology with Ixaris.
  • Axis Bank’s Tagit-powered app adds augmented reality.
  • Cortera announces 100th release of its Cortera Pulse product.
  • Quisk rolls out mobile-money platform at National Commercial Bank Jamaica Limited.
  • Philadelphia Business Journal names eMoney Advisor one of the “Best Places to Work” in Philadelphia.

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 29/30 March 2016. Super Early Bird tickets are on sale through this Friday, 15 January, so register today and save.

The latest news from FinDEVr San Francisco 2015 presenters

  • Network International plans UAE deployment of cashless, cardless payment technology developed by Quisk.
  • Gem raises $7 million in Series A.

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

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: FINANTEQ Helps Innovative Banks Succeed in Mobile with SuperWallet”
  • Check out this week’s “FinDEVr APIntelligence”
  • “Union Bank & Trust Picks Prairie Cloudware’s Digital Payments Guardian to Power its Mobile Wallet”

Around the web

  • Iberiabank to deploy retail and SME platform from D3 Banking.
  • New savings app, Hip Money, featured in new video.
  • Fiserv and Alpha Payments Cloud team up to bring easier, faster payment processing to Australia.
  • Markit to begin using Amazon web services.
  • Earthport launches distributed ledger hub with single API access to Ripple.
  • Network International plans UAE deployment of cashless, cardless payment technology developed by Quisk.
  • TechCrunch: “App Annie Adds Support for Apple TV Apps, Including a ‘Top Charts’ Section”

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

 

FinDEVr APIntelligence

FinDEVr2016-NY-(Stacked)V2

Building new financial technology? Mark your calendars for our spring developer event in New York, 29/30 March 29, FinDEVr 2016 and check out the first round of FinDEVr New York presenting companies.

Developer news

  • Financial Services blog describes why 2015 is time to expand open-source to finance.
  • “Let’s Talk Payments: 63 Insanely Useful APIs Across 12 Segments to Supercharge Your Product”
  • TechCrunch: “The Golden Age Of Open Source Has Arrived”

The latest from FinDEVr San Francisco 2015 presenters:

  • SavingAdvice.com highlights how Personal Capital can help you gain control of your finances.
  • Quisk selected as a 2015 Red Herring 100 Global Winner.
  • TechCrunch looks at OnDeck and the future of alt lending.
  • Financial Planning speculates about Personal Capital’s future.

Alumni updates

  • “Trulioo Raises $15 Million with Help from American Express Ventures”

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

Finovate Alumni News

On Finovate.com

  • Check out this week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: ArcBit Introduces its Secure, Easy-to-Use Bitcoin Wallet”
  • “FIS Closes SunGuard Acquisition to the Tune of $5.1 Billion”

Around the web

  • CSI globalVCard launches partnership program for banks for its electronic payments program.
  • SavingAdvice.com highlights how Personal Capital can help you gain control of your finances.
  • Credit Sesame features millennial-friendly robo-adviser investment-platforms: Betterment, FutureAdvisor, SigFig, Blooom.
  • Quisk selected as a 2015 Red Herring 100 Global Winner.
  • TSYS signs payments agreement with Atlanticus to continue support of loan-origination platform, Fortiva.
  • Digital Insight unveils Business Banking, an SaaS solution to enable FIs to offer personalized banking experiences to business customers.
  • Q2 opens new offices in Lincoln, Nebraska, to accommodate growth, acquisition of Centrix Solutions.
  • Xignite Market Data APIs now available on SoundHound’s Houndify sound recognition and search-technology platform.
  • Let’s Talk Payments features Trustev, Trulioo, and Trunomi in its look at “RegTech” startups in Europe and the U.S.
  • Temenos wins “Best Provider of Front-to-Back Wealth Suite Solutions” at Asian Private Banker’s Technology Awards 2015.
  • Avalara partners with open-source billing and payments platform, Kill Bill.
  • Silicon Prairie News interviews Daniel Carnes, CSO at Prairie Cloudware, on the future of cybersecurity.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

FinDEVr Live: Quisk Explains How it Built a Digital Payments SaaS Platform

QuiskHomepage

quisk.co | quisk.co/about/blog | @QuiskPay

QuiskLogoQuisk, Inc. is a Silicon Valley-based startup that partners with financial institutions and other organizations to enable anyone to use their money without needing cash or cards. Quisk provides a digital services and transaction-processing platform for integrated mobile payments and digital marketing and loyalty programs. Deploying cloud-based technology, the Quisk digital cash solution not only works with any mobile phone number on any type of mobile phone, but also can leverage existing point-of-sale (POS) infrastructure. The Quisk team is comprised of technology and payments-industry veterans from CyberSource, Visa, Apple, and HP. Quisk is the next step in the evolution of money.

Quisk digital services platform
We are sharing some of the key learning Quisk has gained from building a next-generation digital payments/FinTech SaaS platform from scratch. While there are some common design themes and architectural patterns employed to build enterprise-grade SaaS platforms, there are also very specific demands on fintech startups that focus on selling to banks and other financial institutions. Quisk’s SaaS platform interfaces with multiple entities, end-user consumers, issuing banks, merchants, acquirers, processors, etc., with each entity having its own unique requirements and expectations. We are describing how we have built and delivered a holistic platform that satisfied these diverse customer needs.

Key takeaways:

  • Architecture models for B2B2C-oriented fintech SaaS platforms
  • Security considerations in cloud-based fintech platforms
  • Performance and scalability considerations in next-generation fintech platforms

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Presenter: Praveen Amancherla, CTO
LinkedIn | pamancherla@quisk.co | 408-462-6951
As Quisk’s CTO, Praveen Amancherla is responsible for technology and product development. He brings 15+ years of experience in designing highly available, massively scalable and secure software products and platforms. Amancherla earned a master’s degree in computer science from Michigan State University.

Quisk Launches Digital Services Platform

This post is part of our live coverage of FinovateFall 2015.

QuiskLogoQuisk debuted its digital services platform:

Quisk is demonstrating several consumer transactions, including person-to-merchant (P2M), person-to-person (P2P), and more, powered by its patented cloud-based digital services platform. Quisk works with banks to integrate its platform to back-end core banking platforms and offers an API for third-party developers.

Unlike current mobile-network 0perator-led mobile money initiatives, Quisk is the next generation of mobile money: bank-led, interoperable, and for a wider range of transactions. For consumers: Quisk is your money from your bank, but without the cash, without the cards, and without the wallet.

Presenters from left: CTO Praveen Amancherla and Dan Glessner, chief marketing officer

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Product launch: September 2015
Metrics: $20 million+ raised; revenue in second half of 2015; active projects in two countries in the Caribbean and Middle East; ~30 employees (tech- and payments-industry veterans)
Product distribution strategy: Direct to business (B2B); through financial institutions

HQ: Sunnyvale, California
Founded: January 2010
Website: quisk.co
Twitter: @quiskpay