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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
New York-based Apple Bank has selected FIS and its IBS system for its new core banking setup and will be moving to a hosted platform as part of a major transformation program, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.
According to FIS, the bank wanted to modernize its in-house technology with a new core platform. IBS will be deployed across the institution’s mobile banking, branch and ATM channels.
Apple Bank, which has 79 branches and assets of more than $15 billion, is the second-largest state-chartered savings bank in New York State.
“It’s all about the experience,” said Aditya Kishore, EVP and CTO of Apple Bank. “We chose the FIS IBS core banking platform because it enables us to deliver that consistent, seamless customer experience.”
Rob Lee, head of digital and banking at FIS, added that the vendor is confident that IBS will provide Apple Bank with a technology platform it needs “to support its growth well into the future.”
FIS demonstrated its Cardless Cash solution at FinovateFall 2016. Founded in 1968 and headquartered in Jacksonville, Florida, the company acquired payments firm – and fellow Finovate alum – Worldpay in March for $34 billion.
“Scale matters in our rapidly changing industry,” FIS Chairman, President, and CEO Gary Norcross explained when the Worldpay deal was announced. “Upon closing later this year, our two powerhouse organizations will combine forces to offer a customer-driven combination of scale, global presence, and the industry’s broadest range of global financial solutions.”
Identity verification innovator Jumio is working with Philippines-based remittance provider I-Remit to help the company enhance both digital onboarding and KYC. I-Remit is the largest Filipino-owned non-bank remittances provider and will leverage technology from Jumio to provide identity verification for its IREMITX money transfer platform.
“It’s imperative that the remittance industry, and the financial services world at large, streamlines the digital onboarding process for customers,” Jumio vice president for Asia Pacific Frederic Ho said. “Jumio is happy to partner with I-Remit in order to create an intuitive and secure digital experience for their global customer base, offering bank-grade security, dramatically faster verification, and increased conversions.”
Jumio combines face-based biometrics, certified 3D liveness detection, and selfie-based authentication to provide enterprises with a secure and seamless way to verify the real-world identities of their customers. The company’s trusted-identity-as-a-service solutions leverage augmented intelligence and machine learning to help companies boost conversions, prevent fraud and account takeover, and meet key compliance needs and directives from AML and KYC to GDPR and PSD2.
I-Remit EVP of International Treasury Ron Benito credited Jumio’s technology for addressing two of the company’s biggest challenges: onboarding scalability and customer experience. “Jumio saves us money and time, provides eKYC speed and precision, and the customer onboarding experience is superior,” Benito said.
Founded in 2001, I-Remit has a network of 1,000+ subsidiaries, branches, and agents in 23 countries and territories in Asia, North America, Europe, and the Middle East. In addition to working with Jumio, I-Remit has partnered with Finovate alum Ripple, making it the first Filipino-owned company to leverage blockchain technology to conduct cross-border money transfers.
Teaming up with I-Remit is the latest international collaboration for the Palo Alto, California-based company. Over the summer, Jumio partnered with BTG Pactual, helping the Brazilian investment bank improve its onboarding processes. The company also collaborated with Bahrain-based Bank ABC, one of MENA’s leading international banks, to provide identity verification for the mobile-only bank.
Jumio’s partnership news comes less than a month after the company announced the beta release of its first, real-time, automated identity verification solution, Jumio Go. The technology gives companies a secure and reliable method of verifying remote logins. Company president Robert Prigge indicated that offering a fully-automated identity verification solution had always been a matter of “when, rather than if” for Jumio and highlighted the role of certified liveness detection to provide a higher level of defense against deepfakes and other spoofing attacks. “Jumio Go prevents bad actors and bots from creating fake accounts thanks to our embedded liveness detection,” Prigge said, “which is a powerful deterrent for fraudsters and cybercriminal.”
Jumio demonstrated its Netverify identity verification solution at FinovateAsia last year. The technology establishes that the person behind a transaction is both present and who they say they are by comparing a selfie to the photograph on government-issued ID. Netverify uses liveness detection to ensure “presentness” and verifies the authenticity of the ID document, as well.
Founded in 2010, Jumio was acquired by Centana Growth Partners in 2016. Since inception, Jumio has verified more than 200 million identities issued by more than 200 countries and territories for real-time mobile and online transactions.
How can technology make the movement of money more efficient and secure? How can financial inclusion and financial wellness lead to more prosperity and happiness for more people?
At FinovateMiddleEast next week (November 20-21) in Dubai, we’ll answer these and other questions as we investigate the current state of fintech innovation in the Middle East. Below is a sample of some of the sessions we’ll feature on Day One of the conference. We’ll take a look at our Day Two agenda later this week.
Looking ahead to the next 10 years of banking innovation, as well as walking you through the last 10 years of the world and banking digital transformation, this keynote presentation will show the context and tangible examples of state of the art digital implementations in financial institutions across three continents, and give you an outlook into future developments.
With an ever-increasing number of startups bringing new, agile and fresh approaches to traditional processes, and banks bringing the visibility, trust and backing to deliver innovation, how do you assess which model of partnership will work for you?
Assessing the leaders seeking to fill the funding gap in the fintech ecosystem
Exploring the current conditions to make fintech development increasingly viable
Supporting fintech from the outset and identifying investment opportunities
Examining how regulatory changes are incentivizing growth: looking to accelerators and sandboxes to incentivize growth
Overcoming the funding challenges for financial innovation, and assessing how far we can expect funding gaps to be filled as investment arms continue to emerge
Learning from overseas: how VCs across the globe approach funding, and what can be gleaned
Understanding how the VC ecosystem will continue to evolve in the region
Understanding the new customer-centric, experience-based economy, and adapting accordingly
Working at speed to meet customer needs in exciting and relevant ways
Embedding client excellence into company mindsets: moving from a process-led to customer-led culture, and empowering teams to put the customer at the centre of business decisions
Managing client experience with limited budgets: overcoming hurdles to deliver customer satisfaction
Personalizing interactions and devising cross-selling models: making the most of your customer interactions
Exploring the importance of increase digital touchpoints to improve efficiency and meet customer expectations
Harnessing digital services can enhance customer satisfaction and drive loyalty
Why does innovation sometimes need time and patience? Some experiences from the wealth management area.
Innovation is kind of like the giant leap for mankind – sometimes you make it by chance and change history, but more often it does takes a lot of patience and many small steps for the “mooonshot thinking” to materialize. And interestingly, what you achieve alongside your long march may be more successful than what you get in the end…
Defining the regulatory priorities of the region, and where governments are becoming increasingly involved.
Overcoming the challenges of meeting different regulatory expectations to allow for scaling.
How do regulations in different regions differ, and what can we expect moving forward?
Now that sandboxes are established in the region, what have the regulators’ experiences been to date, what do companies need to know ahead of applying, and what trends are regulators seeing amongst applications to sandboxes?
Transforming the customer experience: an inside-out and outside-in approach for true customer-centricity
An outside-in approach means creating experiences for customers and establishing what your customers are looking for. An inside-out approach means determining how organizations need to change the way we do things.
JumioPartners with Philippines Remittance Provider I-Remit
Around the web
Sezzle’s Karen Hartje wins recognition from Minneapolis/St. Paul Business Journal as its 2019 CFO of the Year.
FISearns number one ranking for risk management and compliance technology solutions from Chartis RiskTech100 for the fifth year in a row.
Kineticaannounces integration of NVIDIA RAPIDS to enhance performance of its Active Analytics Platform.
Fintech Finance interviewsPersonetics’ President of the Americas Jody Bhagat.
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.
Of the 500 fastest growing technology companies in North America right now, how many have demonstrated their technology live on the Finovate stage?
The answer, courtesy of Deloitte’s just-released 2019 Technology Fast 500 ranking, is a full, baker’s dozen of thirteen innovative firms that have introduced their solutions to Finovate audiences. Update: 11/13: Make that 14 companies!
“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” Deloitte Vice Chairman Sandra Shirai said. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top ten. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”
Making the top 20 of Finovate alums making the cut was Unison, which made its Finovate debut at FinovateSpring in 2017, winning Best of Show. Unison’s HomeBuyer and HomeOwner solutions help make homes more affordable and home equity easier and less expensive to access.
Also notable on Deloitte’s list is the appearance of two of our newest alums – SheerID and EVERFI – which demonstrated their solutions earlier this year at FinovateSpring.
Check out all the Finovate alums that made the list below. We’ve included their Technology Fast 500 rank, three-year revenue growth rate, headquarters location, and a link to the company’s most recent Finovate demo video.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Fresh off a successful return to Singapore for FinovateAsia, we are happy to announce that FinovateMiddleEast will be back in Dubai later this month, November 20 and 21. For more information about our upcoming fintech conference in the UAE, visit our FinovateMiddleEast page today.
Middle East and Northern Africa
Saudi Arabia’s Riyad Bank invests $26.7 million in new fintech startup investment program.
BankDhofar signs partnership agreement with Oman-based fintech TelyPay.
Central Bank of UAE considers new fintech office to help drive innovation in financial services.
Central and Southern Asia
A new B2B fintech program for Indian fintechs, FT Slingshot, launched at Hong Kong FinTech Week.
Mumbai, India’s financial capital, is seeking to establish itself as the countr’s fintech hub, as well.
Eight Indian fintechs, including Paytm and OlaMoney, earn spots in the KPMG and H2 Ventures Fintech 100 list.
Latin America and the Caribbean
Mexican cryptoexchange Bitrus introduces new e-wallet geared toward unbanked population.
Creditas, a Brazilian digital consumer lending platform, opens new offices in Valencia, Spain.
Born2Invest looks at the growth of the fintech sector in Argentina.
Asia-Pacific
Tandem Bank, a challenger bank based in the U.K., announces plans for an expansion to Hong Kong.
Vietnam’s TPBank forges agreement with Ripple’s RippleNet.
International visitors to China have access to a new prepaid card service run by Alipay and supported by Bank of Shanghai.
Sub-Saharan Africa
South African fintech iKhokha offers a blunt assessment of the country’s struggle to attract the talent necessary to grow its fintech industry.
The U.K. announces plans to deepen fintech partnership with Nigeria and other Africa nations.
Andrew Takyi-Appiah, CEO of Ghana-based Zeepay, talks about the business of remittances and its recent partnership with Moneygram.
GoCardless has teamed up with TransferWise to launch the first global network for collecting recurring payments via bank debit, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).
Customers of recurring payments fintech GoCardless will be able to collect subscriptions, invoices and installments in over 30 countries, without having to open a new bank account in every relevant country or pay large foreign currency receiving fees.
The new network enables customers to collect payments via multiple bank debit schemes around the world through the GoCardless API, dashboard or partner integrations. The partnership claims that a direct integration to the TransferWise API will provide low cost, convenient and transparent pricing.
“Businesses today have global ambitions, but an antiquated, fragmented and opaque payment system is holding them back,” said Hiroki Takeuchi, CEO and co-founder of GoCardless.
“Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise. This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”
Taavet Hinrikus, chairman and co-founder of TransferWise, added: “Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”
Rolling out in phases from mid-November, the network will allow businesses to receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.
TransferWise demonstrated its platform at FinovateEurope 2013. Founded in 2010 and headquartered in London, U.K., the company has raised more than $772 million in funding from investors including Vitruvian Partners and Lone Pine Capital. The firm’s competitors include fellow Finovate alums Revolut and Currencycloud.
Tinkhires Stripe’s former head of EMEA banking as its new Country Manager for the U.K. and Ireland.
DemystDatamakesEquifax data assets available on its marketplace in expansion of current partnership.
Fenergoearns recognition from Chartis Research in its RiskTech 100 2020 report as a category leader for Client Lifestyle Management and Know Your Customer.
RISQ Intelligent Software International and Compliywin finalist spots in the Monetary Authority of Singapore’s Global FinTech Hackcelerator.
Sensibillnamed a “Company to Watch” in Deloitte’s Technology Fast 50 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.
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
Hakbah is an Islamic fintech startup with a mission to increase financial inclusion via its Smart Cooperative Saving Platform. The focus is on digitizing traditional financial habits (like Jamiya).
Features
Provide a smart and easy digital solution in a smart savings platform
Increase financial inclusion via savings products
Move the informal financial channel into a financial system
Why it’s great Hakbah is capturing and digitizing the consumer’s traditional financial habits embedded within the financial system. The solution also offers savings products for underbanked individuals.
Presenter
Naif AbuSaida, Founder and CEO AbuSaida has seven years of experience in banking, cash management, money transfers, operational risk, and financial risk. He has 13 years of experience in marketing and communications and corporate strategy. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
FinFirst is an end-to-end financial services aggregator that pairs businesses and consumers with banks and NBFIs and offers fully automated onboarding, credit assessment, and fulfillment.
Features
Serves businesses and consumers as an AI-driven aggregator of financial services
Supports financial inclusion and serving the underbanked
Offers alternative lending and alternative investing
Why it’s great FinFirst is a one-stop shop for financial services.
Presenters
Omar Mehanna, Chief Executive Officer – UAE Mehanna is an award-winning, commercially-minded business leader with over 25 years of banking and investment experience with leading international financial institutions and early stage/growth businesses. LinkedIn
Abbas Hijazi, Chief Executive Officer Hijazi has originated and executed landmark transactions in M&A and corporate finance. He has expertise in fintech, private equity, venture capital, real estate, and M&A. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
JuicyScore provides next generation device authentication and data analytics. The company makes the internet safer via improving end-user security and alternative data engineering without using personal or sensitive data.
Features
Robust device authentication technology stack and wide output data vector
End-user security that does not utilize personal data
Worldwide accessibility based on open API principles
Why it’s great Every online trace leads to valuable data which is safe, predictive, and extremely powerful for fraud prevention, risk management, and financial inclusion purposes.
Presenters
Alexander Akhlomov, Chief Product Officer and Co-Founder Akhlomov has extensive experience in product development and information services for financial institutions, together with expertise in risk management and portfolio analytics. LinkedIn
Andrew Reddikh, Chief Technology Officer Reddikh has extensive engineering experience in multiple areas such as travel, banking, and finance. He has worked with many backend and frontend tools including GoLang, Java, PHP, NodeJS, JavaScript, and ReactJS. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
DAPI is an API that connects applications to banks.
Features
Simple integration for MENA-wide bank connectivity
Access to end users financial information in their bank accounts
Payment initiation and automation
Why it’s great A one-stop shop for fintech infrastructure in MENA, DAPI is the first unified banking API in the region.
Presenter
Mohammed Aziz, Co-Founder and CEO Aziz is an innovator, tech entrepreneur and fintech expert who built successful tech startups prior to cofounding DAPI, which he is building with the vision to disrupt the fintech landscape in MENA. LinkedinA
