Finovate Alumni News

On Finovate.com

  • JPMorgan Chase Signs Deal with Cardlytics.
  • Revolut Introduces New Payment Sharing Feature, Near Me.

Around the web

  • FinTech Breakthrough names Cloud Lending Solutions Best Business Lending Platform.
  • Payoneer announces new investment and support for cross-border U.S. SMEs.
  • eToro to launch cryptocurrency offering in the U.S., initially enabling investors to buy and sell 10 cryptocurrencies.
  • Uniken earns Cool Vendor in Identity and Access Management recognition from Gartner.

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.

Uniken Wins Temenos Innovation Jam Miami; Heads to Dublin, Ireland for Finals

Cybersecurity specialist Uniken took home top honors at the Temenos Innovation Jam in Miami. The win sends the company to the finals to be held in Dublin, Ireland in May where Uniken will compete against regional winners from competitions in Hong Kong, Abu Dhabi, London, Geneva, Amsterdam, and Luxembourg. Fellow Finovate alum Pushfor, one of the winners of the Dublin competition, will also participate in the finals.

“We are delighted to win the Miami Innovation Jam,” Uniken CEO Bimal Gandhi said. “Our solution is what I call ‘Customer First Security.’ The REL-ID mobile-first security platform was designed for today’s world and today’s consumer. No more passwords, no more worry about stolen credentials, the need to divulge PII or answer bizarre questions about my favorite foods or songs when someone calls in, and most importantly customers can interact with their bank the way they want – email, chat, voicemail.”

Uniken offers a unified defense-in-depth cybersecurity platform developed specifically to secure digital channels. The company’s technology combines security and transaction verification without adding friction to the user experience, and leverages biometrics, cryptographic split keys and device intelligence to provide secure channel and endpoint threat detection. Uniken’s platform has secured more than $500 billion in transaction value, and boosted customer engagement for its clients by as much as 3x, helping them gain wallet share.

This year marked the third year Temenos has brought its Innovation Jam event to Miami, Florida.  The competition was hosted in partnership with Cognizant, Celent, and Information Technology Solutions & Services (ITSS). A total of ten companies competed at the Miami event. Coming in second place behind Uniken was Quantaverse.

Founded in 2013 and headquartered in Chatham, New Jersey, Uniken demonstrated its REL-IDverify solution at FinovateAsia 2017. Earlier this year, the company’s CEO was recognized by Insights Success as one of the 10 Most Innovative Business Leaders to Watch in 2018. Also this year, Uniken’s CTO, Nishant Kaushik, was honored by One World Identity as one of its Top 100 Influencers in Identity. A graduate of Wells Fargo’s startup accelerator program, Uniken has raised more than $8 million in funding. Check out our feature on the company: Uniken Introduces Relationship-Based Authentication.

Finovate Alumni News

On Finovate.com

  • TransUnion to Acquire Callcredit for $1.4 Billion.
  • Mortgagetech Company Mr. Cooper Appoints Tony Ebers as COO. Come check out Mr. Cooper’s live demo at FinovateSpring next month.

Around the web

  • Fiserv announces partnership with Mexican credit union cooperative, Siscoop.
  • Customers Bank ($10 billion in assets) chooses core banking platform from FIS.
  • La Voz de Galicia profiles Spanish mobile banking startup, Fintonic (in Spanish).
  • Ovum names OutSystems a Market Leader in for Enterprise Mobile Application Development platforms.
  • TransUnion to acquire Callcredit in deal valued at £1 billion ($1.4 billion).
  • Ovum names Kony a leader in mobile app development platforms.
  • Cardlytics Chief Legal Officer named Atlanta Business Chronicle’s Corporate Counsel of the Year.
  • Uniken CEO recognized as a top 100 Most Innovative Business Leader.

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.

20 Finovate Alums Earn Spots on One World Identity’s Top 100 Influencers List

When you think about it, what’s cooler than being named to a Who’s Who list in the world of digital identities?

One World Identity, an independent identity research and strategy company that specializes in cybersecurity, digital commerce, and risk management, published its roster of the Top 100 Influencers in Identity this week. This year, 20 Finovate alums made the cut. The individual influencers – as well as the companies they work for- are listed below.

As with last year’s roster, this year’s list was compiled by taking nominations submitted via Twitter, LinkedIn, and at oneworldidentity.com. The staff and advisory council for One World Identity whittled down the initial list of more than 1,000 nominees to a final 100.

One World Identity began as a project from a group of Google employees back in 2015. The company was officially launched the following year as a way to help spur innovation and collaboration in the field of digital identities. Travis Jarae is founder and CEO.

Finovate Alumni News

On Finovate.com

  • Stay Current with Financial Market Changes Courtesy of RateSeer’s Denoti.
  •  BondIT Closes $14 Million in Funding.
  • Stronger Together: Fintechs, Techs, and FIs Collaborating on Cybersecurity.

Around the web

  • Check Point teams with LG to secure IoT devices.
  • Irish Tech News features Pendo Systems.
  • ACI Worldwide to provide access to all instant payment schemes in Europe.
  • Uniken CEO Bimal Gandhi quoted in USA Today special supplement on the future of digital security.
  • VP of Risk Management for WePay John Canfield talks about fraud prevention for SMEs.
  • Inc.com features Flybits in an article on real-time personalization and app design.
  • Kasasa earns finalist spot in the Ethics in Business & Community Awards.

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: Uniken

A look at the companies demoing live at FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

REL-ID from Uniken is a game-changing security platform that delivers an amazing client experience. Never worry about credential compromise, harvesting, phishing, DNS, or SSL attacks ever again.

Features

  • Military-grade security, total compliance, and frictionless customer experience
  • Omni-channel: mobile, web, call center, text, and voicemail
  • Price for scale: Pennies per user

Why it’s great
Uniken’s seamless customer experience can increase mobile engagement by 400% while its security can simultaneously reduce fraud to zero.

Presenters

Bimal Gandhi, CEO
Gandhi has two decades of global experience across management consulting, technology, and financial services industries within the U.S., U.K., and India.
LinkedIn

 

Dwayne Cosby, Senior Advisor/Wealth Management
Cosby has 20+ years of senior management and consulting experience in financial services. He is focused on driving deep enterprise transformation through new technologies and strategic redesign.
LinkedIn

Finovate Alumni News

On Finovate.com

  • nCino Helps Financial Institutions Benefit from Cloud Banking
  • LendUp Gives the Underbanked What No Traditional Bank Will

On FinDEVr.com

  • Check out this week’s FinDEVr APIntelligence

Around the web

  • BanQu teams up with Eastern Congo Initiative to launch secure data storage network for farmers.
  • TransferWise announces operational profitability and monthly revenues of £8 million.
  • Lighter Capital adds Former Silicon Valley Bank’s Head of Risk, Marc Verissimo, to its Board of Directors
  • Wells Fargo selects Uniken for accelerator program.
  • Wipro launches Nine Solutions to Accelerate Adoption of Blockchain Across Industry Sectors
  • Societe Generale partners with Open Bank Project to launch internal Open Banking Hackathon
  • South Carolina-based Community First Bank hires Insuritas to install and manage insurance agency.

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

  • Coca-Cola Credit Union Chooses Bankjoy as New Mobile Banking Partner.
  • What’s in it for Me? Real Estate Investment Technology: A comparison of Realty Mogul, CK Mack, Patch of Land, and other real estate investment platforms.

Around the web

  • GMC Software announces new partner advantage program.
  • Uniken appoints Nishant Kaushik as Chief Technology Officer.
  • i-exceed earns Gartner Magic Quadrant recognition as notable vendor in Asia Pacific for mobile app development platforms.

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 Debuts: Uniken Introduces Relationship-Based Authentication

uniken_homepage_november2016

Take the “money transfer without money movement” sensibility of the hawala system on one hand. Take improvements on the Diffie-Helman key exchange on the other. Combine the two and the result is the “mutual and simultaneous” authentication system developed by Uniken and demonstrated at FinovateFall this September.

uniken_vertical_image“Uniken is a cybersecurity company that does one thing and only one thing, but we do it incredibly well—we make connecting safe,” says company CEO Bimal Gandhi. “In two years, 28 implementations, four million users, and nine million end-points protected, we have zero penetrations, zero hacks, zero identity loss, and—most importantly—zero financial dollar and zero data loss.”

Uniken recognizes that secure connections are based on secure relationships. Likening current authentication methods to asking for identification after a stranger has entered your home, Uniken instead focuses on preconnection authentication. This ensures that requests for connection come from approved users, approved apps, and approved devices before they reach the network. Gandhi says their REL-ID product is what users ask for; namely, a security solution for mobile applications that “tightly integrates identity and authentication with a secure, omnichannel solution.” It authenticates with perfect forward secrecy and fidelity and “dramatically reduces the attack surface—all while ensuring security doesn’t get in the way of an app’s phenomenal client experience.”

At FinovateFall, Gandhi demonstrated REL-ID Verify, Uniken’s authentication and verification solution designed especially for logins from work and even publicly accessible PCs, such as those at a hotel business center. Gandhi explained:

With REL-IDverify and a trusted device like a mobile phone, what you get is simply the ability to log in, get a message through a trusted channel that you verify, and coming back to you through that secure channel. There was never a third party involved. That communication was between that app and your authentication server directly—all on a tightly integrated secure channel.

Company facts:

  • Founded in August 2013
  • Headquartered in Chatham, New Jersey
  • Serves four million users and protects more than nine million endpoints around the world
  • Raised more than $8 million in equity funding
  • Generated close to $2 million in revenue

uniken_stage_ff2016

From left: Uniken’s Robert Levine, VP business development, and CEO Bimal Gandhi demonstrated REL-IDverify at FinovateFall 2016.

uniken_bimalgandhiI talked with Uniken CEO Bimal Gandhi during rehearsals at FinovateFall 2016, and followed up a few weeks later with some questions via email. Here’s our exchange:

Finovate: What problem does your technology solve?

Bimal Gandhi: We make connecting safe. Uniken looks at the world differently by revolutionizing the way that people think about identity authentication and why it must be done over a secure channel that addresses the threats we now experience. Our core solution allows companies to safely connect their clients to its digital products. To do this, our solution integrates three separate technologies: a new secure channel with key distribution, multifactor authentication, and software-defined perimeters that reduce the attack surface of your applications, all while enabling an amazing user experience.

Finovate: Who are your primary customers?

Gandhi: We are targeting our solution to enterprises that have large-scale digital customers. Our solution is geared toward mid-market and large-scale enterprises with a need for exceptionally strong security while concurrently enabling an amazing customer experience. Today we have customers in government, military, financial services, manufacturing, and e-commerce spaces. We are rapidly expanding into health care, secure infrastructure, and IoT.

Finovate: How does Uniken solve the problem better?

Gandhi: By combining three separate technologies, we are able to mitigate risks that other technologies can’t. These risks include credential compromise, MITM attacks and phishing attacks, all while also reducing the overall attack surface for the enterprise. Our next couple of releases will further enhance our DDOS resistance by segmenting connectivity at the protocol layer in a way that no other product can do.

uniken_image_mobile

Finovate: Tell us about your favorite implementation.

Gandhi: One of our most remarkable implementations was for one of the major depository clearinghouses of a major country. We were able to get this institution up and running with 1,500 financial institutions and fully functional within 60 days. In short, 1,500 member banks were able to get into the depository clearinghouse on the 60th day and clear billions of dollars of transactions safely, simply, and securely. This is a great testament that speaks to the ease that our technology integrates with existing systems.

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

Gandhi: Our management team has broad backgrounds encompassing financial services, technology, and cyber security. We have built teams, scaled businesses, and consistently bring value to clients every day. We are proud to have as our Chief Security Officer Dr. Whitfield Diffie. He helped create the preeminent key-exchange technology used on the internet today, i.e., the Diffie-Helman key exchange mentioned above. Our whole team reassures clients that we will be a major factor in the future and gives them the confidence that we can deliver today.

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

Gandhi: Our road map includes some great extensions of both platform and capability. We are upgrading our desktop clients to match the robustness of our recent REL-IDmobile and REL-IDverify offerings. The desktop agent will be the final piece in our client-facing product set. We are also extending our connectivity solution to servers and Linux-based environments, enabling the use of our protocol in server-to-server connections and cloud-only application environments. And finally, we are making our back-end and front-end offerings FIDO compliant, giving our customers the ability to quickly integrate any other FIDO credential system. With these features in place, we believe the REL-ID family of offerings will be unique in the security marketplace for safety, simplicity, and scale.

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

Gandhi: We expect to see Uniken as the leader in customer identity management and expect broad-based adoption of our REL-ID protocol as a part of a larger ecosystem, whereby multiple vendors cooperate with solutions to keep the internet safe.


Levine and Gandhi demonstrating REL-IDverify at FinovateFall 2016 in New York.

Finovate Alumni News

On Finovate.com

  • Check out the week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: Uniken Introduces Relationship-Based Authentication”
  • BlueVine’s $49 Million to Fuel Product Expansion”
  • Empyr Powering Yelp’s New Cash Back Program”

Around the web

  • Expensify exclusively endorsed by the world’s leading accounting body.
  • Scalable Capital hits €100m in assets 10 months after launch in Germany and 4 months after U.K. launch
  • vaamo receives license for portfolio management by German supervisory authority BaFin.
  • Morningstar’s HelloWallet launches free student-loan calculator.
  • Signifyd and ThreatMetrix team up to combine machine learning and digital IDs to reduce ecommerce fraud.
  • Cartera Commerce launches Offerlink, a free Google Chrome web-browser extension to help online shoppers save money.
  • Envestnet | Yodlee integrates with Microsoft Dynamics 365 for Financials.
  • Kalypton wins the Dassault Systemes 3DS fintech challenge.
  • FinDEVr alum Braintree introduces commerce infrastructure tools.
  • ACI Worldwide named “frontrunner service provider” for EBA instant credit-transfer scheme.
  • Overbond integrates DBRS credit ratings into its platform.
  • DarcMatter earns first-place honors at Next Money Shanghai Semifinal Pitch competition.

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.