FinovateSpring Sneak Peek: Swych

A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.

Swych breaks cross-border barriers with a blockchain-based global gifting architecture that changes how people shop, gift, and pay for purchases in a global, mobile marketplace.

Features

  • First blockchain-based global gifting network with 1,000s of retailers and millions of product SKUs
  • Instant, secure, scalable
  • Unparalled transaction speeds costing only pennies per 1,000 transactions

Why it’s great
Swych powers not only individual gifting, but digital wallets and corporate incentives programs so recipients can “swych” to favorite brands available in their regions/currencies.

Presenters

Deepak Jain, Founder & CEO
With a passion for launching/transforming early-stage startups and bringing innovative technologies to market, Jain holds 55+ granted patents with 50 more payment/security technologies patents pending.
LinkedIn

Harpreet Chawla, VP Digital Products & Innovation
A strategic leader, Chawla delivers innovative digital commerce/payment solutions that engage, captivate, and delight consumers and maximize demand and conversion rates for enterprises.
LinkedIn

Finovate Alumni News

On Finovate.com

  • BillShark Lands Funding and Advisory Backing from Mark Cuban.
  • Revolut Unveils New Savings Solution, Vaults.

Around the web

  • Openbank, Santander Group’s digital bank, to deploy WealthSuite from Temenos.
  • The Victory Bank chooses ProfitStarsCommercial Lending Center Suite to support commercial loan growth.
  • Identity verification provider Onfido names David Clarke as new CFO.
  • First National Bank of Eagle Lake in Texas partners with Insuritas to launch bank-owned insurance agency.
  • NTT Data announces successful completion of PoC data analysis trial for Bank of England, Join NTT Data at FinovateSpring, May 8-11.
  • CAN Capital hires Tom Davidson as Chief Financial Officer.
  • Entrust Datacard’s IntelliTrust Authentication Solution wins Frost & Sullivan’s 2018 North American Technology Leadership Award.
  • TechCrunch: Twilio’s wireless platform hits general availability.

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.

Swych Unveils Themed, Multi-Currency Digital Gifting Options

FinovateFall Best of Show winner Swych has introduced a new set of themed, e-gifting options. The new switchable Occasion, Category, and Event-themed e-gift cards are automatically redeemable in either U.S. dollars or Indian Rupees (depending on location) at retailers matching the category theme. A U.S. shopper who receives a Fashion e-gift card could “swych” it in order to make purchases at a retailer or speciality clothing boutique in the States, while the same card received by a shopper in India could be redeemed at a popular Indian retailer such as Shopper’s Stop.

“We are re-envisioning gifting between consumers by thinking about it in a social and fun way,” Swych founder and CEO Deepak Jain said. “Swych’s value proposition is to make every gift a perfect one; and now we are taking it further by making the gifting transaction between consumers located in two different parts of the planet as seamless and easy as sharing a video or having a chat conversation.” He added, “our launch of a multi-currency, global category gifting portfolio is a step in this direction.”

Examples of the category-themed e-gift cards include Birthday, Anniversary, Graduation, Wedding, New Baby, and Thank You products. The company is also planning to add special events and holiday-themed universal e-gift cards for Diwali, Christmas, and other occasions.

Swych’s e-gift cards are unique insofar as there are no other multi-currency, multi-retailer gift products available on the market that do not also incur interchange or foreign exchange fees when used. In the same way that e-gift cards have made gifting easier within countries and regions, Swych’s new offering makes it easy for consumers to send gifts to friends and family abroad, as well as for businesses and institutions looking to provide rewards and incentives to employees working in more than one country. Swych’s e-gifting solutions have no transaction fees, can be used at the recipient’s preferred merchant, and integrate readily within remittance, mobile banking, messaging, conversational commerce, and loyalty programs.

Headquartered in Plano, Texas, Swych demonstrated its Mobile Gifting Platform at FinovateFall 2016, winning Best of Show. The company has more than 130 U.S. retailers in its network and is partnering with 100 retailers from India, the Philippines, and other countries. Last month, the company announced a “major strategic investment” from UAE Exchange Group through which the two will jointly develop digital gifting services for consumers in emerging markets. In February, Swych released the beta version of its P2P gifting bot. The Swych mobile app is available to U.S. consumers on both iOS and Android.

Finovate Alumni News

On Finovate.com

  • Swych Introduces Themed, Multi-Currency, Digital Gifting Options.
  • Persado Unveils Persado One, Lands $30 Million Credit Facility from Silicon Valley Bank.
  • Personetics Leverages AI to Help Chip Away at Student Loan Crisis.
  • Two-Time Best of Show Winner Finn.ai Raises $3 Million in New Funding.

Around the web

  • Actiance launches Safe Landing Program to ensure continuous compliance for stranded CA data protection customers.
  • PayNearMe helps NYC residents and visitors pay parking tickets with cash.
  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Revolut announces plans to expand to Singapore.
  • Zafin launches digital origination platform and partner ecosystem, Zafin Origin.
  • Klarna expands partnership with Arcadia, adding new payment solutions.
  • Yoyo Wallet reaches processing milestone of more than 1.75 million transactions per month.

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.

Swych Seals Series A Funding

Digital gifting platform Swych has closed its Series A round with a “major strategic capital investment” from UAE Exchange Group. The amount of the investment was undisclosed.

“Swych’s global gifting technology and vision fits well with our strategy to foster purpose-based money transfers,” UAE Exchange Group CEO Promoth Manghat said. “As a group, we are always on the lookout for opportunities to partner with organizations that drive innovation, provide differential services and promote digital initiatives,” he added. “In Swych, we see a unique value proposition that checks all these boxes.”

Swych’s platform gives users the ability to send “swychable” digital gifts from their mobile device that are redeemable for electronic gift cards from more than 120 retail partners. Users can also upload their plastic gift cards to the Swych mobile app and checkout using their smartphone to scan the bar code at the register. They can also earn rewards points that can be used to buy “swychable” gift cards. Businesses can use the company’s GiftBot platform or its “Gifting-as-a-Service” APIs to produce their own customized digital gift cards.

UAE Exchange and Swych will work together to develop digital gifting services for international markets, with a U.S.-to-India service under consideration as an initial launch. Swych founder and CEO Deepak Jain underscored the opportunity of leveraging UAE’s international reach, saying it would “greatly accelerate Swych in its mission to become the leader in digital cross-border gifting services globally.” A money transfer, foreign exchange, and payments solutions provider, UAE Exchange has in excess of 200,000 agent locations in more than 160 countries and 15+ million customers worldwide. UAE Exchange was established in 1980 and is headquartered in Abu Dhabi, UAE.

Plano, Texas-based Swych won Best of Show for its demonstration of the Swych Mobile Gifting Platform at FinovateFall 2016. The mobile app is available for free at both the Apple App Store and Google Play.

Finovate Alumni News

On Finovate.com

  • Swych Seals Series A Funding.

Around the web

  • Pendo Systems Launches the Pendo Machine Learning Platform.
  • The Wall Street Journal features GreatHorn CEO Kevin O’Brien.
  • Neustar Partners with KUBRA to Deliver TCPA Compliance Data Verification Solutions to Utility Clients.

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.

Best of Show Winner Swych Unveils P2P Gifting Bot

Swych_homepage_February2017

Fresh off its Best of Show winning performance at its debut at FinovateFall last September, mobile gift card innovator, Swych, has announced the beta release of its P2P gifting bot. The technology enables the user to generate and send e-gifts to any desktop, smartphone or tablet from within a chat, messaging, or virtual assistant app. Swych’s GiftBot preserves the same functionality as the mobile app, including the ability to “swych” the gift for another item from more than one hundred of Swych’s retail partners. GiftBot identifies recipients by first name, makes gift recommendations, and lets the sender add a personalized message.

“Most mobile usage studies show that consumers prefer to interact with friends, family, and colleagues predominately in social media apps such as Facebook Messenger, Skype, Snapchat, Instagram, Slack, or WhatsApp,” Swych Chief Revenue Officer Robert Sabella explained. “The use of virtual assistants like Siri, Alexa, and Google Home is also growing at a very fast clip. Swych’s GiftBot platform opens the door for our gifting brand partners to take advantage of this trend and connect to their consumers in an entirely new way,” he said.

Swych_stage_FF2016

Pictured (left to right): Swych co-founders Deepak Jain (CEO) and Robert Sabella (CRO) demonstrating the Swych Mobile Gifting Platform at FinovateFall 2016.

Swych CEO and co-founder Deepak Jain sees his company’s GiftBot technology as part of a wave of technologies – including artificial intelligence and virtual/augmented reality – that are “gearing up to overtake traditional web- and app-based commerce.” He added, “We are proud to be the first mobile gifting service to bring machine learning, AI, and advanced data analytics into the fast growing digital gifting space.”

Founded in 2015 and headquartered in Plano, Texas, Swych took home Best of Show honors during its Finovate debut last fall for its mobile gifting platform. Swych is a private-held company funded by veteran angel investors from the banking, financial services, and enterprise computing industries.

Finovate Alumni News

On Finovate.com

  • CrowdFlower Brings AI to Business Processes via Partnership with Microsoft
  • Fintech Trending: Bots Break Out, AI Gets Personal, and Blockchain Buys the Farm
  • SocietyOne Strikes Up Partnership with Beyond Bank, Reeling in $1.5 Million

Around the web

  • Payoneer to facilitate cross-border payments for e-commerce marketplace, Rakuten, in new partnership.
  • eWise unveils its new financial transaction Categorization-as-a-Service (CaaS) API for FIs.
  • Let’s Talk Payments interviews Swych CEO Deepak Jain. See video of Swych’s Best of Show winning performance at FinovateFall.
  • Bank of America, Santander, and the Royal Bank of Canada to form global blockchain payments network with distributed ledger technology from Ripple.
  • Azimo’s Facebook Messenger bot is now live.
  • Project Juno highlights Featurespace in its European Machine Intelligence Landscape.
  • Larky partners with Credit Union Association of the Dakotas (CUAD).

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.

See What You Missed at FinovateFall: Demo Videos Now Available

29175062613_79b8fac89a_kAbove: MX jumps for joy to celebrate the company’s Best of Show win.

I should start this post by admitting that I missed FinovateFall this year. My wedding was the weekend after the show and there was no way to swing both. While I think I chose wisely, I certainly felt FinovateFall FOMO after reading Twitter highlights and press coverage.

If you, like me, missed out, we have the next best thing to being there. All of the 70 demos from FinovateFall are now available for free in our video archives and event photos are posted on Flickr. Also, there’s still time to catch more fintech this fall at our developer’s conference, FinDEVr (October 18 & 19) and our first event in Hong Kong, FinovateAsia (November 8).

The best place to start is by watching the six demos that won Best of Show:

AutoGravity

Backbase

Clinc

MX

Swych

Trusona

Thanks again to all the presenting companies who braved the Finovate stage and to all who attended. We’ll see you next year!

FinovateFall 2016 Best of Show Winners Announced

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Innovations in automobile financing that leverage mobile technology to empower buyers. Omnichannel solutions that enable customer onboarding in less than a minute. Intelligent personal assistants that hear and respond in natural, conversational language.

The Best of Show winners of FinovateFall 2016 are a compelling tribute to the diversity of our industry. From new strategies that help financial institutions leverage their data to provide better services, to platforms that transform the gift card from a present-of-last-resort to the perfect gift, to a multifaceted identity-solution capable of securing everything from your email account to SWIFT wires, it is an exciting time to be a part of this dynamic fusion of finance and technology.

And while we give due credit to those demos that drew the most enthusiastic praise from our record-breaking FinovateFall audience, know that our Best of Show winners represent the tip of the spear, the vanguard of a movement whose innovations will shape the way we save, spend, invest, and engage the financial world for years to come.

Here are our Best of Show award winners for FinovateFall 2016 (in alphabetic order):

AutoGravity Logo copyAutoGravity for its app that harnesses the power of the smartphone to enable users to take control of the automobile buying and financing experience.

Backbase---Hi-ResBackbase for its omnichannel banking platform that leverages optical character recognition and facial recognition to deliver 60-second onboarding.

clinc-logo-finovate-new copyClinc for its personal assistant for mobile banking, “Finie,” that uses advanced artificial intelligence and deep learning to communicate with users in natural, conversational language.

 

MX Logo copyMX for its innovative technology that enables FIs to acquire new data, as well as better and more effortlessly understand and analyze the data they already have.

 

Swych Logo copySwych for its mobile gifting platform that makes it easy for users to buy, send, upload, redeem, and exchange gift cards instantly and conveniently from their mobile devices.

Trusona Logo copyTrusona for its insured cloud identity suite with offerings that run the gamut from securing everyday logins to protecting the world’s most sensitive assets.

We had a great time at FinovateFall 2016 and hope you enjoyed our two-day conference, as well. A thousand thanks to our sponsors, our partners, our presenters, and, last but not least, the 1,600+ attendees who made this year’s FinovateFall our biggest event yet. We’ll see you again next year!


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016