Finovate Alumni News

On Finovate.com

  • Bluefin Buddies Up: Decryptx P2PE Network Grows to 50+ Connected Partners
  • Fiserv Teams with TransUnion to Enhance Automotive Loan Origination System
  • Azimo Brings Faster Money Transfers to Nigeria
  • eToro to Build Blockchain-Based Social Trading Products in Partnership with CoinDash
  • CashStar Launches Digital Gifting Program with Belk Department Store

Around the web

  • Mark Saltzman Interviews Flybits Founder & CEO on TD for Me (video).
  • API Evangelist features Streamdata.io.
  • LearnVest CEO Alexa von Tobel featured on NPR podcast How I Built This.
  • MapD unveils latest release featuring new geo heatmap , custom aliases, faster SQL sorts and more

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.

Fiserv Teams with TransUnion to Enhance Automotive Loan Origination System

Financial services company Fiserv and credit reporting agency and risk information provider TransUnion have joined forces today. Under the agreement, Fiserv will integrate TransUnion’s CreditVision Link to increase precision of scoring and risk modeling in its Automotive Loan Origination System.

Specifically, Fiserv will leverage data from TransUnion to identify high-risk and high-potential borrowers, including thin-file applicants, based on an evaluation of their credit application. This addition helps serve the underbanked population, raising Fiserv’s reach to potential underserved borrowers to 60 million. The additional data has also boosted the “super prime” customer base by 23 million.

Shaimaa Elk, Chief Information Officer, Lending Solutions for Fiserv said, “The partnership between Fiserv and TransUnion enables lenders to provide borrower-focused customer service and better optimize profitability, cost reductions, and efficiencies.”

CreditVision Link uses alternative data sources that include 30 months of data on factors such as address stability, checking account history, microloans/ alternative lending, and property ownership. TransUnion made a move to bolster the service last month when it acquired FactorTrust, a company specializing in alternative credit data, analytics, and risk-scoring. The terms of the deal were not disclosed.

Steve Chaouki, executive vice president and head of TransUnion’s financial services business unit, said that understanding clients is critical not only for decision making, but also for building customer relationships and loyalty. Chaouki added, “Our integration of CreditVision Link trended and alternative data sources into Automotive Loan Origination System enables lenders to score approximately 95 percent of the U.S. adult population.”

Founded in 1984, Fiserv most recently presented at FinDEVr New York 2017, where the company’s Sr. Product Manager, Jon Zimmermann, and VP of Electronic Payments, Paul Diegelman, addressed the audience in a presentation titled Payments Processing: Bank-Grade Standards, Now Available to Anyone. Earlier this year, Fiserv agreed to acquire Monitise for $89 million. The deal was finalized in September.

At FinovateFall 2016, TransUnion debuted Prama Insights, a suite of solutions that leverage data to offer lenders market intelligence. Prior to TransUnion’s acquisition of FactorTrust last month, the company acquired eBureau to enhance its versatile data and analytics capabilities. TransUnion is a publicly-traded company (NYSE: TRU).

Finovate Alumni News

On Finovate.com

Around the web

  • FlashFX to leverage Ripple for its new foreign-exchange payments-solution in Australia, using XRP for liquidity.
  • Blackhawk Network launches HawkCommerce.com B2B and B2C solution for expanding, distributing and managing gift cards and egifts.
  • Philippe Gélis, Kantox CEO and cofounder, and Alexandre Gaillard, InvestGlass CEO and founder, are listed among 10 French Influencers who “rock the global fintech scene.”
  • Luxoft named a Top 15 Outsourcing Service Provider by ISG.
  • Compass Plus updates TranzWare remote banking products.
  • Prosper to launch seventh generation of credit model, switches from Experian to TransUnion.
  • InComm partners with Wakefern Food Corp. to expand gift card programs.

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.

Finovate Alumni News

On Finovate.com

  • Kreditech Taps mBank Veteran Michal Panowicz to Lead on Products, Technology

Around the web

  • TransferTo partners with Eurogiro to enable mobile money transfers.
  • Sberbank and MasterCard launch Apple Pay in Russia.
  • AcceptEmail announces integration with Salesforce.
  • TransUnion unveils its Fraud Prevention Exchange.
  • PaySimple launches the first e-commerce platform for service providers.
  • Ethoca teams up with Lean Industries to improve dispute processing for card-issuing banks.
  • RealtyMogul.com announces 8% dividend payout for new REIT, MogulREIT I. Read more in our coverage about MogulREIT I.
  • Overbond wins spot in Canadian Innovation Exchange (CIX) 2016 Top 20.

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.

 

FinovateFall Sneak Peek: TransUnion

Screen Shot 2016-08-10 at 12.34.08 PM

FF2016-Logo-wdate-largeA look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

TransUnion’s Prama puts the power of big data and analytics at your fingertips to make better decisions at the speed your business demands.

Features:

  • On-demand access to seven years of depersonalized credit data
  • Easily configure metrics to answer your specific questions
  • Benchmark your performance against the market and peers

Why it’s great
Prama is an intuitive, web-based solution that provides self-service access to more than 350 billion rows of depersonalized consumer credit data, facilitating faster decisions and strategy adjustments.Screen Shot 2016-08-08 at 12.45.57 PM

Presenters

Paul Siegfried, SVP, Financial Services
Siegfried leads the financial services card vertical and is charged with product development, business development and market strategy.
LinkedIn
Screen Shot 2016-08-08 at 12.48.56 PM

Ginny Gomez, SVP, Product Management
Gomez leads U.S. product management and is responsible for delivering innovative new solutions and driving increased value for our clients across markets and verticals.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Holvi and SumUp Join Forces to Serve SMEs and the Self-Employed
  • CUneXus Closes $5 million Series A

Around the web

  • Cybersecurity innovator DefenseStorm adds Libertyville Savings Bank and PrimeRevenue as clients.
  • Prasac, the largest microfinance institution in Cambodia, launches mobile banking services courtesy of TranzWare from Compass Plus.
  • Cachet Financial Services partners with the Central Bank of Kansas City to roll out a reloadable prepaid card program.
  • OutsideIQ Brings Due Diligence Platform DDIQ to New International Markets
  • TSYS EVP and CIO Patricia Watson writes about the importance of strong enterprise architecture in fintech for CIO Review.

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.

Ready for a Sneak Peek? How to Best Prepare for FinovateFall

StageIMG

To give you a sense of the many new ideas at the upcoming FinovateFall conference in New York, we’ve launched our Sneak Peek series. Eight companies are featured each week leading up to the 8/9 September event (tickets now available).

In the meantime, here is a quick summary of the 66 announced companies (six more are in stealth mode). It’s a lot to take in; pace yourself!

  • Agreement Express offers an an end-to-end platform that helps traditional financial institutions automate labor-intensive parts of the customer onboarding process to remain compliant while quickly opening customer accounts.
  • Aleo’s marketplace uses e-procurement, e-commerce and supplier financing bundled in a single open platform to offer small and medium enterprises an online procure-to-pay solution.
  • AutoGravity’s mobile-first digital marketplace helps digitally minded customers, looking to buy and finance a vehicle, circumvent the inefficiencies of the auto-financing process by leveraging the full potential of their smartphone.
  • Avoka’s customer-acquisition platform integrates multiple fintech services to help banks, wealth managers and insurers use mobile and digital channels to onboard customers.
  • Backbase offers 60-second onboarding for financial services companies to accelerate customer acquisition with a simple, fast, and seamless omnichannel onboarding journey.
  • Bankjoy offers developers a banking API for a modern, real-time, holistic interface for credit unions and community banks.
  • Bitbond’s automated, international credit-scoring mechanism compares small business-loan applicants from different countries by using machine learning and data from the applicant’s business accounts.
  • Bluescape offers large financial services companies a highly interactive, visually collaborative platform that uses real-time, cloud-based architecture that’s ultra-scalable, all-capturing, and accessible anytime from any device.
  • BondIT offers financial advisers and portfolio managers a data-driven solution that uses machine learning advanced algorithms to manage fixed-income portfolios and solve optimization challenges.
  • brandCrowder has developed an alternative investment platform focusing on branded franchises. It leverages 45+ years of franchise-operations experience to help retail investors finance franchises, helping to bring them to market quicker.
  • Clinc’s mobile, voice-activated personal financial adviser uses artificial intelligence to help consumers get answers to financial questions and tasks.
  • Consdata offers banks and financial institutions a comprehensive platform for e-form management and customer-communication complexities.
  • Currencycloud’s dedicated API services use intelligent APIs to help businesses with the cost, limitations, and boundaries of existing payment infrastructure.
  • Daon bridges convenience and security by offering financial services companies a mobile biometric authentication platform that turns a smartphone into a mobile capture device.
  • Divy’s app and social investing community uses an approachable interface and engaging content to help first-time and emerging investors access direct marketing and financial literacy material.
  • Dynamics offers issuers and their cardholders interactive payment cards and an authorization-based, real-time loyalty processing system.
  • ebankIT’s platform offers financial institution clients an omnichannel experience.
  • Econiq’s Conversation Hub uses color-coded conversations to help bank and insurer frontline staff, and operational management and executives avoid disconnected customer conversations in branches and contact centers.
  • Envestnet | Yodlee offers millennials a solution for measuring financial health and promoting a healthy financial lifestyle.
  • Experian CrossCore is a single platform that helps manage customer identities, fraud-prevention tools, workflows and decision strategies in an easy-to-use and scalable format.
  • EyeVerify’s Eyeprint ID offers banks and other financial services companies eye biometrics via smartphone cameras for convenient, secure and private authentication.
  • Featurespace’s ARIC Engine helps financial services clients spot and prevent fraud attacks in real time using adaptive behavioral analytics.
  • Finicity offers an API for companies to build financial apps.
  • Fiserv helps financial institutions enable social finance by providing customers access to a safe, collaborative bank-secured social funding product.
  • Full Profile uses the blockchain and smart contracts for real-time settlement and reporting of physical agri-commodities to help farmers, buyers, banks and government counter party and credit-risk exposures.
  • FutureVault’s cloud-based filing cabinet helps financial service providers and their clients organize asset documents and accounts using a secure, structured and collaborative B2B2C cloud environment.
  • GainX’s SaaS platform uses decades of market research and leading-edge technology to help large financial institutions overcome innovation and adaption failures.
  • GoodData helps large banks, credit-card processing and insurance companies commercialize and monetize their data using a scalable, manageable and secure platform that is exclusively designed for data products and embedded analytics.
  • iBank Marketing offers millennials a multifunction digital wallet to help them achieve personal goals around life events by using its local eco-system that bridges consumers and small- to medium-sized enterprises.
  • identitii uses tokens and blockchain to help financial institutions with KYC, CTF and AML compliance using an information layer over legacy systems.
  • InSpirAVE’s social e-commerce platform curates advice and financial support from the user’s friends and family, financial institutions, and merchants. It helps multiply savings, for big-ticket purchases for customers who otherwise may not be able to afford them, by placing important goals for life’s special moments within reach, without the crushing burden of debt.
  • KORE’s platform transforms enterprise applications, online banking and mobile apps into personalized, conversational engagements to help financial institutions meet customer-experience expectations using the power of bots and simplicity of messaging.
  • LendingFront’s lending platform leverages a cloud-based system that furnishes small businesses with capital using their cashflow data.
  • Lidya offers African small- to medium-sized enterprises access to finance using online receivables-based lending and proprietary credit scoring.
  • Liferay’s Digital Experience offers banks a richer understanding of customers by orchestrating personalized customer experiences.
  • M1 Finance places assets held in low-yielding cash accounts into an asset-linked bank account and intuitive investment platform.
  • MapD’s Immerse helps quantitative hedge fund and asset managers query datasets with billions of rows in real-time by applying the parallel processing power of GPUs to the challenges of databases, visualization and analytics.
  • MarketX’s cross-border investment platform helps international investors with the lack of liquidity for U.S. startup shares and limited access to U.S. pre-IPO investment opportunities.
  • ModoPayments offers financial companies a digital payments hub to connect disparate sources of value to diverse destinations using Modo’s COIN technology.
  • Moonraft Innovation Labs helps banks innovate and evolve by rapidly adapting to changing market needs using Catamera, its unique customer experience delivery framework.
  • Moven’s growing platform reaches the millennial, mobile first, digital native audience by bringing banking (specifically savings) into the moment.
  • MX helps financial institutions become true advocates for their account holders by using analytics to power a revolutionary category of data-driven money management.
  • nanoPay offers a payments and loyalty solution for merchants.
  • Overbond’s digital platform offers transparency, efficiency, and liquidity in the fixed income market for corporate issuers, investors, and dealers.
  • Personetics offers financial services providers a digital personalization platform that uses real-time, ultra-scalable predictive analytics to keep customers engaged in the digital age.
  • ProActive FinTech uses a phone app and debit card featuring unlimited mini bank accounts and pre-purchase categorization to help millennial moms with cash-flow management.
  • QE Data offers commercial banking systems a real-time predictive model for net cash-flows that uses machine learning, rich visualization, speedy deployment and real-world banking experience.
  • Qumram uses 100% real-time, video-like recording of every mouse movement, keystroke and button click to help financial services organizations with compliance and transparency issues relating to digital business.
  • RightCapital’s financial and tax-planning platform helps advisers deliver unbundled, quality financial planning and tax-planning services. It works to efficiently and digitally help consumers with the lack of viable business and technology solutions.
  • SaleMove offers financial institutions a live engagement platform to help sell and service complex financial services products online. The platform uses instant video chat and guided browsing with no downloads or installations.
  • Sindeo’s self-directed consumer rate quote and prequalification tool simplifies home financing and refinancing using an integrated platform that offers consumer, real estate partner, and adviser tools that conform to CFPB regulation and ensure a simple and easy consumer experience.
  • SpeechPro’s customer onboarding solution offers multichannel access to help CTOs, developers and other technologists focus on KYC, identity and verification.
  • Swych’s mobile gifting platform offers gift-card recipients a better way to buy, gift, and manage gift cards.
  • Tango Card’s RaaS API 2.0 uses simple-yet-complete delivery technology and domain expertise to help enterprises deliver incentives efficiently and effectively.
  • TokBox’s Financial Services Accelerator Pack offers banks and financial organizations secure and easy-to-embed, real-time communications technology.
  • TransUnion’s interactive data-visualization solution uses big data and analytics to connect and interpret consumer financial data for lenders.
  • Trulioo’s GlobalGateway uses traditional and cyber ID data sources to offer banks, financial services providers, and online marketplaces secure access to reliable, global data sources for instant ID-verification.
  • Trusona’s anti-replay and TruToken technology offers an insured identity platform for sensitive assets.
  • Unbill’s API enables companies to offer bill pay in their app or technology platform without complicated integration or high costs.
  • Uniken’s REL-ID, a card-not-present approval solution, uses mobile API tool kits and DMZ software appliances to help enterprises secure mobile communications.
  • Urban FT’s enhanced, white-label digital banking platform gives financial services organizations, wireless carriers, and other consumer-facing organizations a long-term, competitive advantage that makes their brand integral to customers’ daily financial and online social activities, financial tools, and social features.
  • Xentral Station’s supply-chain funding app helps vendors of all sizes receive cash for trade financing within 24 hours.
  • Zenmonics uses a single, common platform to help banks and their customers minimize friction in customer engagement with channelUNITED.
  • Zooz offers an agnostic, cross-border payments platform to help merchants act on payment processes and save money to maintain their client base.

Stay tuned on the blog for more detailed descriptions. And don’t forget to register now to reserve your spot.

Exit Stage Right: Trustev Sells to TransUnion for $44 Million

TrustevHomepage2015

Today, in a blog post titled, A New Chapter, Trustev announced it has been acquired by one of its investors, TransUnion (NYSE: TRU), which went public on the NYSE earlier this year.

Pat Phelan says the exit will “allow us to deeply integrate with TransUnion and put our collective, rich-data sets and advanced technology to work in spotting fraudulent transactions even better than we already do.”

TransUnionIMGThe deal between the two companies, which have been partners since 2014, closed for $44 million. TechCrunch reports Trustev will see $21 million of the amount up front and $23 million more contingent on meeting certain targets.

TransUnion, one of the big-three U.S. credit bureaus, has recently been expanding into fraud and identity-management solutions. In a press release, TransUnion’s president and CEO Jim Peck said:

As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk. Holistic information is a powerful tool to help our customers approve good transactions and prevent fraud, and Trustev’s innovative capabilities are at the forefront of technology in this increasingly critical field.

Trustev, a Cork, Ireland-based company with 15 employees spread across the globe, says its service will not change for current customers. All employees have committed to stay.

Trustev debuted its Retail Decision solution at FinovateEurope 2014 in London. The company’s Retail Decision offers brick-and-mortar retail locations real-time verification of customer identities at the point of sale. TransUnion Interactive, a consumer subsidiary of TransUnion, debuted ZenDough at FinovateSpring 2010.

 

Finovate Alumni News

On Finovate.com

  • “FinovateSpring 2016: Last Chance for presale tickets!”
  • “Exit Stage Right: Trustev sells to TransUnion for $44 Million”
  • “CBANC Network Garners $4 Million in Series B Funding”

Around the web

  • Kony launches Mobile Field Service solution to make field workers mobile.
  • Glassdoor recognizes Credit Karma as one of the Best Places to Work in 2016 in Employee Choice Awards.
  • KPMG and Taulia partner to help organizations improve supplier relations.
  • Prosper launches new investor API platform, as well as developer documentation site.
  • SayPay Technologies and MaxMyInterest win Acceleration Awards in the UBS Future of Finance Challenge.
  • Crains New York Business highlights MaxMyInterest as a New York fintech startup.

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.

Free “Ad-Supported” Credit Scores from Credit.com, Credit Karma, and Quicken Loans

image In August 1997, QSpace (now owned by Experian) was first to bring credit report data to the Web. The cost was $12 per report (see note 1), a price that has changed little over the ensuing 10 years.

Three years later, in October 2000, WorthKnowing.com introduced the concept of ad-supported (i.e., free) credit scores (see Online Banking Report, #66, article reprinted here). But the company failed to make it through the dot-com crash and ceased operations (note 2). Both QSpace and WorthKnowing earned OBR Best of the Web awards for their innovations.

It took seven years for the concept to reemerge, but now two Bay Area rivals are offering free credit bureau info in exchange for permission to present credit and other product offers. And just as I was about to finish this post yesterday, Quicken Loans introduced Quizzle, a personal finance/credit portal that also offers free credit bureau info (yesterday's post here).

Here are the players:

  • image Credit Karma: This San Francisco-based startup, with backing from Prosper's Chris Larsen, is delivering an actual credit score computed by TransUnion, one of the three major U.S. credit bureaus. It does not precisely match the commonly used FICO score from Fair Isaac. And the scale is different, with a top score of 900 instead of 850. The credit score service is still in closed beta, but we'll see if we can get some invites from the company. Credit Karma will be presenting at our FINOVATE Startup conference April 29 in San Francisco, if you want to meet the team behind this new service.
  • image Credit.com: Another San Francisco company, but one that dates back to 1995, recently launched a similar system, called the Credit Report Card. Credit.com CEO, Adam Levine, presented his other company, Identity Theft 911, at our inaugural FINOVATE conference last fall in NYC (video here). Credit.com provides a full evaluation of your actual TransUnion credit report and assigns letter grades to five different components of the overall score (see third screenshot below). The score is shown on a chart at the top that appears to top out at 850. The report is extremely well done. Like Credit Karma, the company earns fees from targeted offers. In our case, we were given a choice of applying for two Citibank cards.   
  • image Quizzle powered by Quicken Loans: Quizzle's business model is completely different because it's run by a financial institution instead of a lead generation site. The idea here is to get customers and prospective customers to use Quizzle frequently so that when the time comes for a new mortgage, the user remembers to apply at Quicken Loans. See yesterday's post for a complete overview.

Credit Karma homepage (15 Feb. 2008)

Credit Karma homepage

Credit.com Credit Report Card homepage (15 Feb 2008)

Credit.com credit report card

Credit.com Credit Report Card (top portion, detailed analysis of each section not shown)

 image

Note:

1. QSpace charged $12 for the first credit report, then $5 each to reorder. Data was from Experian (see Online Banking Report #28).

2. TransUnion now owns the WorthKnowing domain name.