Author: David Penn

Mastercard Works with P27 to Launch Real Time Payments in the Nordics

Mastercard Works with P27 to Launch Real Time Payments in the Nordics
By David Penn Posted on
Categories: MasterCard

Mastercard has teamed up with P27 Nordic Payments Platform to deliver fast, cross-border, multi-currency account to account payments across the Nordic region, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

The partners claim this is a world first in terms of a real-time and batch multi-currency platform, which will offer immediate payments with lower costs, higher security and increased competitiveness.

P27 Nordic Payments Platform is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.

After establishing the underlying infrastructure, the partnership will look to develop further common products and services based on the platform.

Javier Perez, president Europe at Mastercard, said the partnership is “evidence of Mastercard’s vision to drive real choice by being the trusted provider of new payment experiences and broadening our reach into fast bank account payment flows. The Nordic markets are global leaders in the development and usage of electronic payments and this new infrastructure will maintain their advantage over the rest of the world.”

Lars Sjögren, CEO of P27 Nordic Payments Platform, believes that the single interface will make it easier for banks to handle all payments, both domestically and internationally.

He added: “This is change for real. By joining forces across the Nordics, we will be able to develop instant payment solutions in a way that each country never would accomplish by themselves.”

Banks will benefit from real-time views of multiple active schemes, participant information, balances across schemes and a data-rich message set.

The new platform is subject to regulatory approvals and final investment commitments.

Earlier this year, Mastercard teamed up with fellow Finovate alum Strands to demo the Strands SME Cash Flow Manager enhanced by Mastercard Technology at FinovateSpring. The solution is a digitization tool designed specifically to help meet the needs of SME banking. Previously, Mastercard partnered with Vipera, to demo the Milan, Italy-based company’s SME-Pay mobile payment solution at FinovateEurope 2018.

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Mambu and Salt Edge Team Up to Boost PSD2 Compliance

Mambu and Salt Edge Team Up to Boost PSD2 Compliance
By David Penn Posted on
Categories: Mambu, Salt Edge

A new collaboration between SaaS banking engine Mambu and open banking solution provider Salt Edge will help FIs become more PSD2 compliant and, in the process, accelerate fintech innovation in the banking sector.

Salt Edge CEO Dmitrii Barbasura highlighted the company’s significant background in helping FIs become PSD2 compliant faster and with less cost, having launched more than 60 PSD2 API sandboxes this spring. “(Our) vision is to transform the way financial institutions interact with each other under the aegis of the PSD2 and other open banking initiatives,” he said. “One of our main specializations is building open banking APIs for interoperability between banks, payment service providers, and end customers.”

The collaboration stems from a partnership between the two companies launched last month that will give account servicing payment service providers (ASPSPs) working with Mambu the ability to gain PSD2 compliance without having to develop their own in-house, public APIs.

“Mambu continuously works to bring best of service partners to our ecosystem marketplace to help in composing innovative financial services architectures,” Mambu Chief Product and Technology Officer Ben Goldin said. “We chose Salt Edge, as they are a leader in open banking and are a good match in their service approach and company culture. Salt Edge’s capabilities go beyond a single region or standard, which complements a good global presence.”

Salt Edge demonstrated its Open Banking Platform at FinovateEurope earlier this year. The company is connected to more than 3,400 financial institutions in 66 countries, including more than 200 banks in Europe, and has offices in Toronto, London, and Chisinau. In addition to supporting account data and payment initiation, Salt Edge provides added value with data enrichment services such as financial categorization and payee verification during the transaction flow.

Salt Edge earned its Account Information Service Provider (AISP) license from the U.K.’s Financial Conduct Authority (FCA) this spring. The company also announced a new partnership earlier this year, teaming up with U.K.-based money management app Emma.

Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013. The company is also an alum of our developers conference, presenting Smart Consumer Lending: Platform and Scoring Architecture at FinDEVr New York 2016.

More recently, Mambu announced core banking technology partnerships challenger banks in the U.K. and South Africa. The company began the year with a significant fundraising, picking up a $34 million investment via a round led by Bessemer Venture Partners. Co-founder Eugene Danilkis is Mambu’s CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: iGTB, LoanScorecard, Mambu, Salt Edge, SpyCloud, Zafin

On Finovate.com

  • Mambu and Salt Edge Team Up to Boost PSD2 Compliance.
  • RightCapital Partners with Wealth Manager CircleBlack.
  • Mastercard Works with P27 to Launch Real Time Payments in the Nordics.

Around the web

  • Product and pricing control solution provider Zafin announces alliance with end-to-end IT services firm DXC Technology.
  • Trade finance and supply chain expert David Hennah joins IGTB.
  • LoanScorecard to powerACORN, the new automated underwriting system from Sprout Mortgage.
  • FinovateFall Best of Show winner SpyCloud takes home top honors at SourceMedia’s 2019 Digital Banking conference.

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.

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NuData Security Gets a New CEO in Christopher Bailey

NuData Security Gets a New CEO in Christopher Bailey
By David Penn Posted on
Categories: NuData Security

NuData Security SVP and Chief Technology Officer Christopher Bailey has been named CEO of the company, replacing Michel Giasson who is retiring after 12 years at the helm. The two men co-founded NuData Security in 2007; the firm was acquired by fellow Finovate alum Mastercard ten years later. In addition to his new role as CEO of NuData, Bailey will also serve as Mastercard’s executive vice president of EMV/Digital Devices.

“Michel has been a mentor for me and is a reference for many in the cybersecurity industry, so it is a privilege to continue his legacy,” Bailey said. He added that as CEO is focus will be primarily on maintaining “unparalleled” customer service and a professional environment “that fosters the creation of secure and innovative products.”

Bailey (pictured) will drive the NuData’s strategic vision and the direction of user verification intelligence. He will also, via Mastercard’s Digital Devices division, manage the creation of an integrated security path with EMV. The goal is to evolve NuData’s technology into solutions that extend beyond a specific login or device and provide user verification in different contexts and at different stages of engagement. Bailey noted in the appointment press release that he believed NuData and Mastercard are well positioned to drive adoption of technologies like passive biometrics as centralized authentication becomes more prevalent in the payments industry.

Previous to NuData, Bailey founded gaming company H20 Entertainment, which provided games for Nintendo. Hd also co-founded vulnerability assessment specialist Secure Networks, which was acquired by Network Associates in 1998.

NuData Security demonstrated its universal identity solution at FinovateSpring 2018. The technology differs from other device identification technologies by building a signal that tracks the identity of multiple users rather binding a single device to a single FI account. Passive biometrics, including the user’s own inherent behavior and data from multiple devices, are all connected to one identifier that can access the account.

NuData began the year with news that its NuDetect solution would be deployed by Mastercard to help fight payment fraud in the African payments market. The company was founded in 2008 and is headquartered in Vancouver, British Columbia, Canada.

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CREALOGIX Adds New Mobile Functionality to LGT Vestra’s Digital App

CREALOGIX Adds New Mobile Functionality to LGT Vestra’s Digital App
By David Penn Posted on
Categories: CREALOGIX

U.K.-based wealth management firm, LGT Vestra, has selected Swiss-headquartered digital banking software provider, CREALOGIX, to develop new mobile capabilities to enhance the digital experience for their high-net-worth clients, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

LGT Vestra offers investment management and wealth planning services and, as at April 2019, manages over £12.7 billion in assets.

The firm is adding new mobile functionality to enhance digital services for their high-net-worth clients. The app will enable LGT Vestra clients to easily access their account and portfolio information, providing an efficient digital experience which will enhance client engagement.

Ben Snee, CEO of LGT Vestra, said: “Developing new digital and mobile capabilities with Crealogix will increase accessibility and efficiencies, which will benefit our client experience.”

David Joyce, senior vice president of CREALOGIX UK, said: “A well-designed digital wealth management platform increases engagement, trust, and loyalty among private clients, while leveraging the capabilities of the firm’s investment and advisory expertise.”

Founded in 1996, CREALOGIX demonstrated its TimeWarp application at FinovateEurope earlier this year. The company took home a Best of Show award for its user-friendly, self-service financial planing and insights solution.

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Finovate Alumni News

By David Penn Posted on
Categories: CardFlight, CREALOGIX, Finastra, NuData Security, PayPal, Revolut, Salt Edge, TransferWise

On Finovate.com

  • NuData Security Gets a New CEO in Christopher Bailey.
  • CREALOGIX Adds New Mobile Functionality to LGT Vestra’s Digital App.

Around the web

  • Finastra announces partnership with intelligent automation software provider Xceptor.
  • PayPal launches new debit card for U.K. customers.
  • Revolut goes live with support for Apple Pay in 12 additional countries in Europe.
  • TransferWise unveils its borderless account in the U.S.
  • Salt Edge announces integrations with more than 200 banks across Europe.
  • CardFlight offers Level 2 credit card processing support for SwipeSimple.

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.

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MX Picks Up $100 Million in New Funding

MX Picks Up $100 Million in New Funding
By David Penn Posted on
Categories: Funding, MX

MX, a provider of financial services data, has announced a $100 million financing round led by Battery Ventures, with participation from new and existing investors including the Tokyo-based venture capital firm, Digital Garage, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).

The Series B round brings the company’s total equity financing to $175 million. The new investment reflects the value of financial technology data to banks, credit unions and other fintech companies, while allowing MX to accelerate its already rapid product development and customer growth.

With this round, the company will continue to be focused on the power of data that is cleansed, categorized, presented and usable.

“The use of data is essential to every industry, including financial services, and we are thrilled to support MX in its mission to leverage data to help drive better customer experience and deeper engagement for banks, credit inions, and fintechs,” said Michael Brown, general partner at Battery Ventures. “(It) leads to financial strength for everyone.”

He added “The company is already powering some of the top financial institutions in the world and is uniquely positioned to provide the smart aggregation and insights that the financial industry will need.”

Aside from Battery Ventures, new investors HIG Capital, Point72 Ventures, Sorenson Capital, Pelion Venture Partners, and Cross Creek Capital, also participated in the round, alongside National Bank of Canada and Washington Federal.

“With our surge in growth, we are proud of the fact that we have operated profitably the past two years, leading naturally to this next round of funding,” said Ryan Caldwell, founder and CEO of MX.

“We could have raised several times this amount, but we simply didn’t need the capital. We are disciplined in our spending and building for the long term. This additional investment will be spent on continuing to grow MX’s high-performing sales team, building upon our industry-leading user experience and partnerships, releasing a new product category that will be forthcoming, and hiring more of the best talent in the industry.”

MX is scaling quickly, with 15% of banks and credit unions in the U.S. already adopting MX technology and user growth rising in the last 24 months.

Headquartered in Utah, MX most recently demonstrated its technology at FinovateFall 2017. A multiple Finovate Best of Show award winner, MX was founded in 2010.

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Ocrolus Reels in $24 Million Investment

Ocrolus Reels in $24 Million Investment
By David Penn Posted on
Categories: Funding, Ocrolus

Automated document analysis platform, Ocrolus, has raised $24 million in funding in a Series B round led by Oak HC/FT. The new capital will help the company develop workflows for new document types, as well as improve the company’s analytic and fraud-detecting capabilities.

Ocrolus puts human empowered automation to work to help financial services firms and other companies make back office operations more efficient. Ocrolus’ technology leverages pattern recognition, crowdsourced data verification, and fraud detection to automatically analyze financial documents, digitize the data, and input it directly into the firm’s credit models. Even poor quality data scans from e-statements and smartphones can be effectively read by the technology and transformed into 99%+ accurate, validated datasets.

“Sometimes humans are better than robots,” Ocrolus CEO and co-founder Sam Bobley said. “We combine machine processes with live human intelligence to provide customers with a complete solution.”

Also participating in the round were FinTech Collective, and existing investors including Bullpen Capital and QED Investors. The investment takes the company’s total capital to more than $30 million.

Ocrolus demonstrated the Perfect Audit feature of its platform at FinovateFall last year. Perfect Audit provides cash-flow analytics from financial documents that have been digitized and analyzed by the Ocrolus platform. These analytics function as superior credit model inputs that enable lenders to price risk more effectively.

“Ocrolus is a unique company providing a rare combination of smart automation, analytics, and accuracy in its solution,” Oak HC/FT Venture Partner Dan Petrozzo said. “By combining its tremendous technology with an added human touch where required, the platform delivers amazing results for its customers.”

Last month, Ocrolus teamed up with inFactor to enhance the underwriting process for the small business financing platform. In April, the company partnered with fellow Finovate alum BlueVine to help accelerate financial application processing. Founded in 2014, Ocrolus is based in New York City.

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Finovate Alumni News

By David Penn Posted on
Categories: CREALOGIX, Diebold, Fiserv, MX, NetGuardians, Ocrolus, Personetics, Strands

On Finovate.com

  • MX Picks Up $100 Million in New Funding.
  • Ocrolus Reels in $24 Million Investment.

Around the web

  • CREALOGIX to power new digital and mobile capabilities for LGT Vestra’s wealth management app and client portal.
  • Strands announces achieving ISO 27001 certification in all offices.
  • Horizon Investments to implement Fiserv’s Unified Wealth Platform for core portfolio management.
  • Personetics announces that users of Salesforce and Microsoft CRM platforms will be able to access the company’s data-driven actionable insights via new APIs.
  • Diebold Nixdorf launches a new series of self-service, digitally-connected ATMs.
  • NetGuardians appoints Swissquote co-founder Paolo Buzzi to its board of directors.

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.

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Blend Raises $130 Million in Series E

Blend Raises $130 Million in Series E
By David Penn Posted on
Categories: Blend, Funding

In a round led by Temasek and General Atlantic, digital lending technology innovator Blend has raised $130 million in new funding. The Series E round boosts the company’s total capital to $310 million and will help power its development of additional consumer lending solutions as Blend pursues what it calls “a one-tap lending future.”

Also participating in the round were existing investors 8VC, Founders Fund, Greylock Partners, and Lightspeed Venture Partners. Blend also announced that former Pixar CFO Ann Mather will join the company as an independent board member.

“Together with our partners, we’ve made significant strides in transforming lending experiences for consumers and institutions across the country,” Blend founder and CEO Nima Ghamsari said. “As we build toward a more transparent and frictionless future where lending transactions happen in one tap, we’re grateful to have the experience of Ann (Mather), along with the teams at Temasak and General Atlantic, in our corner for this journey.”

Blend’s funding news comes in the wake of the company’s latest product release, a new mobile-first deposit account solution that lenders can offer to loan applicants. The solution helps lenders build loyalty and convert mortgage customers into account holders, and integrates seamlessly into other Blend workflows, core banking, and CRM systems.

Speaking for Mountain America Credit Union, which partnered with Blend last spring, SVP Kelly Albiston highlighted the upsides of committing to Blend’s technology: “By partnering with them on multiple products, including deposit opening, we are providing a consistent and streamlined experience for our members across the board and taking friction out of the process,” Albiston said. Utah-based Mountain America CU has $8.5 billion in assets, and is the 12th largest credit union by membership in the United States with more than 740,000 members.

Blend demonstrated its Data-Driven Mortgage at FinovateSpring 2016. The company also participated in our developers conference, FinDEVr Silicon Valley, later that year. Founded in 2012, the company offers a digital lending platform for mortgage and home equity lending that reduces loan cycle times by as much as 50%. Blend has spent much of this year launching new products – including digital HELOC and HELOAN offerings – as well as expanding its partnership with Salesforce. The company currently processes almost $2 billion in U.S. mortgages daily, supports more than 150 lender clients, and has grown its customer base by 3x from 2017 to 2018.

Blend was named one of the best places to work by Inc. earlier this year, and was honored with a spot in the Forbes Fintech 50, as well. Also this year, the company added former Fannie Mae CEO Tim Mayopoulos as President. Blend is headquartered in San Francisco, California.

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NestReady Inks Deal with CU Solutions

NestReady Inks Deal with CU Solutions
By David Penn Posted on
Categories: NestReady

Credit union service organization, CU Solutions Group, is teaming up with NestReady to “expand and enhance the delivery of NestReady solutions to credit unions.” The Newcastle, Delaware-based mortgagetech, which debuted at FinovateFall last year, gives lenders an end-to-end digital homebuying solution that delivers better customer engagement and higher conversions.

“Using AI and machine learning to create transparent environments that allow loan originations at credit unions and real estate professionals to collaborate will create a stellar homebuying experience for members,” NestReady co-founder and CEO Mauro Repacci said. “Our platform eliminates pain points in the homebuying process and gives loan originators the chance to deepen their relationship with members.”

NestReady’s solutions integrate readily into the credit union’s current mortgage lending process. Intent-based marketing powered by machine learning, and automated sales activities driven by AI are among the benefits NestReady provides mortgage lenders. The mobile-first technology offers homeownership engagement platforms to identify when customers are ready to make the next move in their homebuying journey. The company also provides CRM-integrated actionable insights to help lenders best accommodate that moment.

With more than 3,400 customers in the U.S., CU Solutions Group said it will use its existing suite of solutions and its client base to coordinate the marketing and sales of NestReady solutions. The organization is based in Livonia, Michigan, and is majority-owned by the Michigan Credit Union League.

“In today’s changing market, credit unions are always looking for new and valuable resources to help their members,” CU Solutions Group President and CEO Dave Adams said. “Our agreement with NestReady will connect credit unions with a partner that not only provides the online home search capability that members have come to expect, but also resources that (simplify) the home buying process.”

The partnership also includes an investment – amount undisclosed – in NestReady. The company has raised $5.7 million in funding as of the end of 2018, and includes the National Bank of Canada, TechStars, 500 Startups, BDC Capital, 7Seas Partners, Stage1Ventures, and NXT Ventures among its existing investors.

Founded in 2012, NestReady made its Finovate debut last year at FinovateFall 2018, demonstrating its NestReady Total Homeownership Experience platform. The technology uses AI and machine learning to automate much of the mortgage lending process, and leverages consumer behavior analysis and psychographics, real estate transactional data, and other sources to give mortgage lenders insights during the customer lifecycle to ensure “the right action at the right time.”

Recent headlines for NestReady include the company’s partnership with Resource Financial Services, a mortgage banking company based in South Carolina, announced in March. Resource Financial is using NestReady’s machine learning technology and predictive analytics to help its loan originators better understand customer behavior and preferences.

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Finovate Alumni News

By David Penn Posted on
Categories: Biometric Signature ID, Blend, Endor, Expensify, NestReady, OneSpan, Optimove, Passport

On Finovate.com

  • Blend Raises $130 Million in Series E.

Around the web

  • OneSpan wins SIIA CODiE Award for Best Fintech Solution for its Intelligent Adaptive Authentication technology.
  • Endor secures $100,000 contract to pilot its data analytics platform with MetLife Korea after winning first price at insurtech incubator Collab 5.0.
  • Passport’s parking app now available at Grossmont and Cuyamaca Colleges.
  • Biometric Signature ID’s BioTect-ID gesture recognition platform has users draw their password.
  • Expensify becomes first fintech company to win a Cannes Lion for its Expensify This marketing campaign including a rap song featuring 2 Chainz and Adam Scott.

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.

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