Month: February 2015

SOFORT Demonstrates its Banking Paycode to Ensure Secure Transactions

By David Penn Posted on
Categories: FinovateEurope 2015, SOFORT

SOFORT_logo_high-res.jpgThis post is part of our live coverage of FinovateEurope 2015.

A part of the Klarna Group, SOFORT offers innovative products to ensure secure transactions online.
SOFORT Banking Paycode is an online link to the SOFORT payment form, which already contains all relevant information for the transfer. By using the link, the digital transfer form is automatically filled in and ready for the transfer. You’ll find the paycode on your invoice, which you receive from the merchant via email, mail or SMS. The paycode can be entered either via the website of the merchant or at sofort.com. Alternatively, you can use the code link that leads you directly to our encrypted SOFORT Banking payment form. The transfer can then be carried out easily via SOFORT Banking.
Presenters: Christian Mangold, managing director, sales; Marc-Andre Bewernik, senior manager, products; and Fridolin von Schönau, senior manager, products
 
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Product launch: May 2013
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms
HQ: Gauting, Germany
Metrics:
  • Turnover 2014: approx. 25 million euro (increase in sales as compared to 2013: more than 30% across Europe)
  • External revenue with SOFORT Banking 2014: approx. 3.3 billion euro
  • Employees: 170 in 2014; 150, 2013
  • On average, 3,000 consumers use SOFORT Banking at least once
  • More than 18 million users have already used SOFORT Banking at least once
  • More than 100 million transactions since the company was founded
  • More than30,000 e-commerce shops use SOFORT Banking
Website: sofort.com
Twitter: @SOFORTAG

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Backbase Launches Omnichannel Journey Manager

By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase, FinovateEurope 2015

BackbaseLogo.jpgThis post is part of our live coverage of FinovateEurope 2015.

Backbase showed how it’s bringing omnichannel options to the user experience:

Backbase is launching the latest version of the Backbase Customer Experience Platform at FinovateEurope 2015, with a strong focus on the omnichannel customer journey and journey management.

Completely new in this release of Backbase CXP is the Backbase Omnichannel Journey Manager, giving direct insight in the multiple touchpoints in a customer’s typical journey, with the option to directly dive in and fix inconsistencies.

A lot of digital banking providers and software vendors talk omnichannel. We make it real and visible. With the new Backbase Journey Manager, we give Channel Managers at Financial Institutions direct insight into how multiple channels are being used and where the most common handover points are (the moments of truth).”

 

Presenters: Jouk Pleiter, CEO & founder; Jelmer de Jong, global head of marketing
 
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Product launch: February 2015
Metrics: Privately owned; 250+ employees; offices in New York, Atlanta, London, Moscow and Singapore; technology used by more than 40 large financials across the globe
Product distribution strategy: Direct to Business (B2B) through financial institutions, through other fintech companies and platforms
HQ: Amsterdam, The Netherlands
Founded: April 2003
Website: backbase.com
Twitter: @backbase

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InvoiceSharing Launches its White Label, Electronic Invoice Distribution Platform for Banks

By David Penn Posted on
Categories: FinovateEurope 2015, InvoiceSharing

InvoiceSharing_logo_high-res.jpgThis post is part of our live coverage of FinovateEurope 2015.

InvoiceSharing is up next, demonstrating its free electronic invoice distribution platform for banks.
We learned that banks need a white-label version of the InvoiceSharing platform for five reasons:
  • Reduce cost of capital (cost of unused lines of credit)
  • Bring added value to clients and upsell more
  • Distribute cash to companies in a new way
  • Split transactions and services provided to customers
  • Prove that banks do not over-credit companies
We are launching the first white-label version for banks to capture all the data they need to achieve these goals. Capturing all data from incoming and outgoing invoices and combining it with payment data and data from the company’s clients systems allows banks to lend more money with less risk at lower costs.
Presenter: CEO Jeroen Volk; VP of Business Development Stephen van Stek
 
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Product launch: February 2014
Product distribution strategy: Through financial institutions, through other fintech companies and platforms, licensed
HQ: Rotterdam, The Netherlands
Metrics: €2 million raised; growing 15% month on month with invoice volume in euros; 10 employees; deal with first bank for white label
Twitter: @invoicesharing

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Dynamics Debuts its Multi-Currency Card to Help Travelers Avoid Cross Border Transaction Fees

By Julie Muhn (@julieschicktanz) Posted on
Categories: Dynamics, FinovateEurope 2015

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This post is part of our live coverage of FinovateEurope 2015.
 
Dynamics debuted its multi-currency card to help travelers avoid cross border transaction fees.
Dynamics was founded and seeded in 2007 by Jeff Mullen, its president and CEO. Dynamics produces and manufactures intelligent powered cards, such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company’s first commercial application is the world’s first fully card-programmable magnetic stripe for use in next-generation payment cards.
Presenter: Jeff Mullen, CEO
 
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HQ: Pittsburgh, Pennsylvania, U.S.A.
Founded: November 2007
Twitter: @DynamicsInc

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Avoka’s 3-Minute Loan Application Streamlines Account Opening

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avoka, FinovateEurope 2015
This post is part of our live coverage of FinovateEurope 2015.

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Avoka showed its fast onboarding process:

The 3-Minute Loan Application: Fastest Onboarding Experience in the World

Product and pricing are not differentiators in financial services—customer experience is. In particular, frictionless customer experiences have proven effective for attracting and retaining customers. Avoka helped a client go from 36% conversion rate for personal loan applications to 51% in just 4 weeks by focusing on delivering a frictionless experience for the customer. Because online, seconds matter.

We are demonstrating how combining social, cloud services, and crowd sourcing streamlines account opening, and how credit origination minimizes customer effort and takes the friction out of customer acquisition.

Presenters: Chief Experience Officer Derek Corcoran and Technical Manager 
Kevin Mortimer
 
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Product launch: February 2013
Metrics: Privately held company with 80+ employees globally
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
HQ: London, United Kingdom
Founded: January 2002
Website: avoka.com
Twitter: @avokatech

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VATBox Takes the Headache Out of Tracking VAT

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2015, VATBox

VATBoxLogo.jpgThis post is part of our live coverage of FinovateEurope 2015.

VATBox demonstrated its system that tracks and manages VAT spend:

VATBox is demoing a first-of-its-kind, cloud-based, truly automated solution. The automated VAT recovery solution and dashboard enable customers to build one global process that tracks and manages VAT spend with ease. Automation guarantees reduce risk, simplicity, and ease of use by eliminating human error and reducing the inefficiencies of manual processes. But, automation and transparency isn’t only about the money, it’s about data integrity. Qualified and validated data delivers visibility, control, and compliance.

VATBox empowers companies like Teva, PPG, and Broadcom by maximizing returns while enabling transparency. Deployment is simple; all it takes is a few simple steps.

Presenters: CEO, Co-founder Isaac Saft; Stephen Coleclough, advisory board member, VATBox
 
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First product launch: November 2013; VATBox 2, January 2015
Product distribution strategy: Direct to Business (B2B) and through other Fintech companies and platforms
HQ: Herzilliya, Israel
Founded: 2012
Website: vatbox.com
Twitter: @VATBox

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With Wipro’s ngGenie myAdvisor, Users Receive Personalized Banking Assistance

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2015, wipro

WiproLogo.jpgThis post is part of our live coverage of FinovateEurope 2015.

Wipro debuted ngGenie myAdvisor:

Wipro ngGenie™ myAdvisor truly provides the ‘Next Generation Banking Experience’ for customers. The Wipro ngGenie™ myAdvisor can have an interactive conversation with you in natural language using voice and gestures. Wipro ngGenie™ myAdvisor learns from your spend patterns, banking transactions, retail transactions, and your social transactions and provides personalized assistance.

It is able to adapt to the user, understand context, and provide the right kind of assistance. It learns from the user’s actions and is able to predict user action as well as provide timely help. Wipro ngGenie™ myAdvisor covers a broad range of functionalities across branch, call center, and web, and provides omnichannel experience.

Presenters: General Manager Mukund Kalmanker and Practice Head Sudhakar Babu Tamminedi
 
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Product launch: May 2015
Product distribution strategy: Through financial institutions
HQ: Bangalore, Karnataka, India
Founded: December 1945
Website: wipro.com
Twitter: @wipro

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CoinJar Leverages BlockChain Technology to Provide a Wide Range of Digital Payment Options

By David Penn Posted on
Categories: CoinJar, FinovateEurope 2015

Thumbnail image for CoinJarLogo.jpgThis post is part of our live coverage of FinovateEurope 2015.

CoinJar is the eminent digital finance platform in the Australian market. The company’s co-founders are making their way to the stage.

CoinJar lets users buy, sell, send, receive, and spend digital and traditional forms of currency using the blockchain technology that underlies bitcoin. With a simple user interface designed for the average consumer, CoinJar bridges legacy payment systems and new digital platforms. It opens the potential for bitcoin to become the future of global remittance payments, automated escrow, smart contracts, digitized asset ledgers, and secured and signed user cryptography.

CoinJar also has an open API, allowing developers to innovate on top of the CoinJar platform to adopt the best of blockchain technology for uses other than currency.

Presenters: Co-founders Asher Tan and Ryan Zhou
 
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Product launch: December 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)
HQ: London, United Kingdom
Metrics: AU$450,000 raised in venture capital and angel investment; more than 40,000 users; more than $50 million in exchange transactions in Australia; 285,000 BTC sent between CoinJars worth $150 million; 13 employees
Website: coinjar.com
Twitter: @GetCoinJar

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iSignthis Presents its Cloud-Based Identification and Transaction Authentication Technology for PSPs

By David Penn Posted on
Categories: iSignthis

iSignthis_logo_high-res.jpgThis post is part of our live coverage of FinovateEurope 2015.

Our next presenter is iSignthis, with its cloud-based identity and transaction-authentication solution for payment service providers.

A global, highly scalable, and fully remote combined evidence of identity and transaction authentication system to assist clients with meeting (i) Know Your Customer (KYC) for AML/CTF requirements and (ii) strong customer/payment authentication. The service generates evidence of identity on a dynamic basis, linking transaction parameters to the payment instrument and multifactor authentication. The service also assists PSPs with meeting the European Banking Authority’s SecuRE Pay and its strong customer authentication requirements, and the EC’s PSD2.

The service further provides operational benefits for any online business seeking to reduce customer onboarding friction, mitigate CNP fraud, and/or streamline operations.

Presenters: Managing Director John Karantzis; Commercial Director Marc Bongers
 
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Product launch: February 2015
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platform, licensed
HQ: Melbourne, Victoria, Australia
Metrics: $1 million USD raised to date; less than 15 employees; listing on ASX in January 2015
Website: isignthis.com
Twitter: @iSignthis_Ltd

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Topicus.Finance Presents its Force Business Lending Solution

By David Penn Posted on
Categories: FinovateEurope 2015, Topicus

Topicus_logo_high-res.jpgThis post is part of our live coverage of FinovateEurope 2015.

A provider of innovative, pay-as-you-go, cloud-based banking software, Topicus.Finance is next with its Force Business Lending solution.
The Force Financial Business Process Management (FBPM) solution is not a generic BPM platform, but one that knows about financial products, their structures, pricing, and provisions. It was developed with today’s challenges in mind and has its high-end financials analysis, rating, and pricing applications tightly integrated.
Presenters: Managing Director Michael Schipper, and Head of Business Lending Jamie Burink
 
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Product launch: 2013
Product distribution strategy: Direct to Business (B2B) through financial institutions, licensed
HQ: Deventer, Netherlands
Metrics: At the end of 2014, Topicus.Finance has an estimated turnover of 20 million euros and 220 employees. The entire Topicus group has an estimated turnover of 48 million euros and 525 employees at the end of 2014. Topicus is wholly owned and financed by its founders and current board members.
Twitter: @Topicus.Finance

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IDmission Introduces INFORM, an Enterprise-level Forms Builder

By David Penn Posted on
Categories: FinovateEurope 2015, IDmission

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This post is part of our live coverage of FinovateEurope 2015.
IDmission is presenting its cloud-based solution for identity-initiated customer onboarding and engagement.
INFORM is a fully configurable Enterprise forms product that enables building of sophisticated user experiences without any programming. You can build your own forms with KYC, document management, image processing, biometrics, online calls, workflows, and payments integrated into them. INFORM is integrally connected to Ada, our cloud platform infrastructure, enabling reuse of all Ada’s software components and connectivity to third-party systems.
Presenters: CEO and Pres. Ashim Banerjee; VP Product Dev. Angie Schmuck
 
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Product launch: March 2014
Product distribution strategy: Direct to Business (B2B) through financial institutions, through global partners
HQ: Louisville, Colorado, U.S.A.
Metrics: 75 employees in the United States and India
Website: idmission.com

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Strands Launches Loop to Combine PFM and Card-Linked Offers

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2015, Strands

StrandsLogo.jpgThis post is part of our live coverage of FinovateEurope 2015.

Strands demonstrated how Loop builds a personal banking experience for retail and commercial banking customers:

Strands Loop is a combination of three solutions: Business Financial Management (BFM), Card-Linked Offers (CLO) and Personal Financial Management (PFM). Strands BFM is a white-label product that helps SMEs make better financial decisions. With this intuitive tool, business owners can analyze and forecast future financial needs.

Thanks to the tight integration with Strands CLO and Strands PFM, SMEs are also empowered to influence their future cash flow. With predefined marketing strategies and PFM data insights, SMEs can easily set up campaigns and target highly relevant deals to the card holders. With Strands Loop, financial institutions can create a more seamless and personal banking experience and build better relationships with their SME clients.

Presenters: Dario Lombardi, Strands’ general manager; Cesar Richardson, director of business development

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Product launch: February 2015
Metrics: $55 million institutional investment, 70 employees, offices in Barcelona, Miami, Madrid and Buenos Aires, two business units: Finance and Retail, serving more than 150 corporate customers around the world
Product distribution strategy: Direct to Business (B2B) through financial institutions, through other fintech companies and platforms
HQ: Barcelona, Spain
Founded: 2004
Twitter: @StrandsFinance

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