Author: David Penn

ACI Worldwide Partners with Solutions by Text

ACI Worldwide Partners with Solutions by Text
By David Penn Posted on
Categories: ACI Worldwide

ACI Worldwide is bringing text-to-pay technology to billers courtesy of a new partnership with Solutions by Text. ACI will integrate Solutions by Text’s Pay-by-Text software into its UP Bill Payments solution, enabling businesses to receive payments from customers via SMS. The new option will give customers new payment flexibility, make on-time payments more likely, and keep collection costs low.

Pointing to the high open rate of text messages (98%) and the positive response customers tend to have toward text billing reminders, Solutions by Text founder and CEO Danny Cantrell highlighted the way the partnership will improve the “overall digital experience” for the customer.

“As smartphone use continues to advance,” Cantrell said, “offering customers the option to pay-by-text is quickly becoming a necessity as it improves the payment experience through payment reminders and mobile-enabled payment systems.”

ACI business leader for biller solutions Andrew Sajeski echoed Cantrell’s sentiments. He called the smartphone “the device of choice for digital payments,” and said the integration with Solutions by Text would “increase consumers’ ability to pay their bills on time in a more convenient way.”

A division of Marketing Response Solutions, a multi-service consulting firm which was founded in 1995, Solutions by Text was launched in 2008. The company streamlines and improves client communications by creating advanced, mobile-enabled business solutions using SMS. A member of the Inc 5000, the company is headquartered in Dallas, Texas.

ACI Worldwide presented Simple, Global, and Secure eCommerce Payments with ACI Worldwide’s Next Generation API at FinDEVr SiliconValley 2016. The company also demonstrated its technology at FinovateFall 2011, partnering with MShift to offer mobile delivery of ACI Enterprise Banker.

Last month, ACI Worldwide announced that it had agreed to acquire Speedpay, the U.S. billpay business of Western Union, in a deal valued at $750 million. Back in December, the company teamed up with fellow Finovate alum BioCatch to help provide enhanced online and mobile fraud detection using BioCatch’s behavioral biometrics technology.

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Prepaid Technologies Acquires Dash from Karmic Labs

Prepaid Technologies Acquires Dash from Karmic Labs
By David Penn Posted on
Categories: Karmic Labs, Mergers & Acquisitions

Business payment solutions provider Prepaid Technologies has acquired Karmic Labs’ Dash, as well as other select assets, reports Jane Connolly of Fintech Futures (Finovate’s sister publication.)

The Dash prepaid purchasing card portfolio and expense management solution will be added to Prepaid Technologies’ existing suite of services. Several members of Karmic’s key personnel will join the Prepaid Technologies team.

Prepaid Technologies provides customers with a mobile-focused platform enabling business owners to move money in real-time to individual cards and accounts for everyday purchases.

“This cardholder portfolio more than doubles our existing expense management business, elevating purchasing to the level of our payroll, incentive and rewards lines of business,” said Prepaid Technologies CEO, Stephen Faust.

Over the coming months Prepaid Technologies will integrate the Dash portfolio and will provide clients with access to additional solutions, including: payroll card programs that it claims will improve bottom-line performance and value for employees; reward and incentive cards; state-of-the-art API Payment Integrations that will support faster, more efficient internal operations.

Current Karmic and Dash customers will also receive an expanded range of services, including Prepaid Technologies’ dedicated customer support.

Karmic Labs demonstrated Dash at FinovateSpring 2015. The company was founded in 2014 and is headquartered in San Francisco, California.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, AlphaPoint, Capsilon, CustomerXPs, DocuSign, Envestnet, Insuritas, Jack Henry, Karmic Labs, Kinetica, MX, NetGuardians, Onfido, Personetics, SWITCH, Tinkoff Bank, Turnkey Lender, WorldPay

On Finovate.com

  • ACI Worldwide Partners with Solutions by Text.
  • Envestnet to Acquire PIEtech for $500 Million.

Around the web

  • Prepaid Technologies Acquires Dash from Karmic Labs.
  • Switch launches its issuer-branded CardUpdatr app.
  • Kinetica unveils its active analytics platform that makes it easier to deliver smart analytics applications at scale.
  • Forbes interviews co-founder and CEO of Onfido, Husayn Kassai.
  • Tinkoff Mobile, a subsidiary of Tinkoff Bank, announces service in six new regions.
  • DocuSign launches its DocuSign Agreement Cloud to help companies better manage business agreements digitally.
  • Capsilon announces the beta launch of its digital underwriter solution.
  • AlphaPoint adds DiamondBack stablecoin to its crypto exchange.
  • Sri Lanka’s Bank of Ceylon goes live with Clari5 Anti-Money Laundering (AML) Solution to address money laundering threats.
  • PYMNTS: Amazon and Worldpay team up on one-click commerce.
  • NetGuardians‘ AI fraud-prevention software available on Microsoft Azure.
  • TurnKey Lender signs partnership agreement with Refinitiv.
  • MX and Personetics partner to bring AI-driven insights to financial institution customers.
  • ICBA and Jack Henry’s ProfitStars expand preferred service provider program with remote deposit capture solutions.
  • Insuritas and Oregon Mutual announce partnership to offer auto and home insurance solutions through meta-agency platform.

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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Alternative Data Platform Thinknum Raises $11.6 Million

Alternative Data Platform Thinknum Raises $11.6 Million
By David Penn Posted on
Categories: Funding, Thinknum

“I still think I’m the first person with dreads to raise $11.6 million.”

That’s how Gregory Ugwi, co-founder and CEO of alternative data provider Thinknum, summed up the company’s just-closed Series A funding round in a tweet earlier today. The firm, which made its Finovate debut at FinovateFall 2014, enables investors to access non-traditional data on company performance and behavior that can provide actionable insights.

“Over the past couple of years, we have helped hundreds of data-driven companies and investment firms derive valuable insights from alternative data,” Thinknum co-founder Justin Zhen wrote at the company’s LinkedIn page today. “We believe that the greatest challenge any society has to face is how to efficiently allocate resources. The movement of commercial activity to the web provides important data sources that businesses need to make smarter decisions.”

He added, “By helping companies track that data, we’re helping businesses make critical strategic moves ahead of their competitors.”

Thinknum gives non-programmers the ability to query large datasets quickly, using intuitive tools and advanced visualizations to make data easier to understand. The platform enables users to scan open source data on 400,000+ of companies, and alert users when specific metrics are triggered.

Today’s funding comes as the company announces that it has been cash flow positive for “the past few years” and doubling revenues every twelve months. Green Visor Capital led the Series A, which takes Thinknum’s total capital to $12.6 million.

The company plans to use the new capital in three main areas: make it easier for non-programmers to use external, alternative data; build its business and engineering teams; and “spread the word” about the actionable insights available via alternative data.

“We will continue to share our economy-changing findings with the world and reach out to decision makers and analysts and show how they can leverage these new information sources to solve their specific problems,” Zhen wrote.

Founded in 2013, Thinknum was featured last fall in TechCrunch’s look at 14 seed-stage startups. The company, which includes Barclays, Goldman Sachs, and Bank of America Merrill Lynch among its clients, is headquartered in New York City.

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SigFig Appoints Anne Morrissey as its First CFO

SigFig Appoints Anne Morrissey as its First CFO
By David Penn Posted on
Categories: SigFig

Asset management platform SigFig has hired its first Chief Financial Officer. The company announced today that Anne Morrissey, a finance and technology veteran with experience growing startups like Fitbit and LeapFrog, will join SigFig as CFO.

“Anne joins us at a pivotal moment in SigFig’s growth trajectory as we unveil new products, expand into new regions, and grow our range of clients across the financial services sector,” SigFig co-founder and CEO Mike Sha said.

In addition to her work at Fitbit (Senior Director of Finance) and LeapFrog (Director of Finance), Morrissey worked at Yahoo! as Director of Investor Relations. For nearly ten years she worked in financial services with both JPMorgan Chase & Company and Salomon Smith Barney. Morrissey is a graduate of DePauw University and Harvard Business School.

“I’ve always been passionate about my work in technology and financial services,” Morrissey said. “(With) SigFig’s pioneering vision for the industry, I see this as an opportunity to work with Mike and his team to scale the business with strategic financial management.”

SigFig demonstrated its roboadvisory and asset management platform at FinovateFall 2011. Founded in 2007 (as Wikinvest) and headquartered in San Francisco, California, the company introduced its digital wealth platform for financial advisors, CoPilot, back in October. CoPilot automates administrative tasks – including compliance processes – makes onboarding new clients easier, and provides a more personalized experience.

With more than $114 million in assets under management, SigFig purchased SmartWealth roboadvisory technology from UBS in 2018. The company has raised $117 million in funding, and includes DCM Ventures among its investors.

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Finovate Alumni News

By David Penn Posted on
Categories: Avaloq, eToro, Kofax, Modo Payments, SigFig, Thinknum, Turnkey Lender, Vymo

On Finovate.com

  • Alternative Data Platform Thinknum Raises $11.6 Million.
  • SigFig Appoints Anne Morrissey as its First CFO.

Around the web

  • Modo taps Matt McBride as its new Chief Information Security Officer.
  • eToro to end commissions for U.K. customers trading on its platform.
  • Avaloq joins Enterprise Ethereum Alliance.
  • Kofax launches its Robotic Process Automation (RPA) 10.4 solution.
  • Vymo wins FICCI (The Federation of Indian Chambers of Commerce) Award for Innovation in Artificial Intelligence and Data Analytics.
  • TurnKey Lender opens new office in Malaysian capital, Kuala Lumpur.

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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Jumio Unveils Automated AML Screening Solution

Jumio Unveils Automated AML Screening Solution
By David Penn Posted on
Categories: Jumio

Courtesy of an integration with ComplyAdvantage, trusted identity as a service innovator Jumio is launching a new, fully-automated AML solution, Jumio Screening. The new solution leverages ComplyAdvantage’s automated watchlist and politically exposed persons (PEPs) screening and monitoring to streamline the compliance process.

Chief Product Officer for Jumio Philipp Pointner highlighted the role of sanctions lists in helping fight financial crime such as money laundering. “This integration equips our clients with market-leading data and best-of-breed digital identity and screening technologies to make the right AML risk decisions with automated customer onboarding and ongoing monitoring,” Pointner said.

ComplyAdvantage’s technology is integrated into the dashboard of Jumio’s Netverify platform, making identity verification, sanctions and adverse media screening available from one location. The screening solution automatically flags new online customers during initial onboarding if their name appears on any of the sanctioned lists, and alerts compliance professionals who can conduct a more detailed review.

Jumio’s technology leverages AI, computer vision technology, machine learning, and live verification experts to verify the authenticity of ID documents and real-world identities, as well as provide authentication, in seconds. The company has verified more than 170 million identities issued by 200+ countries, and its solutions have been deployed in use cases ranging from customer onboarding to high-risk transaction monitoring.

Founded in 2010, Jumio demonstrated its Netverify platform at FinovateAsia last fall. Earlier this month, the company announced the latest stage in its expansion in Latin America: the opening of a sales office in Brazil. Jumio was recognized recently with top honors in the compliance, biometrics, and fraud prevention categories at the 2019 InfoSec Awards, and began the year winning a 2019 Innovation Award from the Business Intelligence Group. The company is headquartered in Palo Alto, California.

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Nordigen, Sensibill Earn Spots in Fintech Europe’s Incoming Cohort

Nordigen, Sensibill Earn Spots in Fintech Europe’s Incoming Cohort
By David Penn Posted on
Categories: Nordigen, Sensibill

A pair of Finovate alums – including a Best of Show winner – are among the nine companies chosen to participate in the incoming group of startups for Plug and Play’s Fintech Europe. Nordigen, which made its Finovate debut at FinovateFall last year, and Sensibill, which won Best of Show in its FinovateFall debut in 2017, will join the fintech accelerator’s 12 week program.

“This batch has a strong focus on AI and Machine Learning,” Program Director  Fernando Zornig said, “with startups in their seed stage all the way to Series C.” Also participating in the upcoming class are: Bankify, Digital Shadows, E-bot7, Fino Digital, Labest, Precire, and Spin Analytics.

The nine startups in the incoming cohort, Fintech Europe’s third, were selected from more than 214 applicants. The program will give startups the opportunity to meet and work with Plug and Play’s corporate partners, as well as examine pilot projects and potential business and investment opportunities. “We are very excited with this new class of companies that are bringing a new atmosphere to the corporate ecosystem,” Zornig said. “They will get connected with financial institutions from all over the Euro-Zone and beyond.”

Fintech Europe also announced that its partner base had expanded to nine financial institutions: Deutsche Bank, TechQuartier, BNP Paribas, Nets Group, Aareal Bank, Abanca, Danske Bank, DZ Bank, and Elo.

Nordigen demonstrated its Nordigen Report at FinovateFall 2018. The Report gives banks and lenders more information about applicants with little credit history, and supports verification of any current liabilities or “red flags” like previous debt collection. The solution also gives lenders new predictive features for credit risk modeling. Founded in 2016 and headquartered in Riga, Latvia, the company returned to the Finovate stage earlier this year.

Last month, Nordigen was featured in EU Startups’ article, 10 Latvian startups to look out for in 2019. The company raised $800,000 in new funding last fall.

Sensibill was founded in 2013 and is based in Toronto, Ontario, Canada. The company demonstrated its Insights+ technology, which helps FIs spot revenue opportunities from on- and off-card purchase data, at FinovateFall 2017, earning a Best of Show award. Named to KPMG and H2 Venture’s Fintech 100’s Emerging Stars, Sensibill since then has announced partnerships with NatWest, Quontic Bank, and Royal Bank of Scotland.

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Community Access from Urban FT Brings Digital Tools to Small Banks

Community Access from Urban FT Brings Digital Tools to Small Banks
By David Penn Posted on
Categories: Urban FT

Urban FT Group, a fintech provider, is launching Community Access, an agent bank program that delivers financial tools on mobile banking for community banks’ consumer and commercial customers, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Richard Steggall, Urban FT CEO, said: “With Community Access, community banks can truly compete with the bigger, national banks by offering a product that serves their entire communities with tools, features and support. This program doesn’t just empower the underdogs, it puts them on an entirely new path when it comes to reach and the ability to serve new demographics.”

The official launch of Community Access is taking place at ICBA Live in Nashville in cooperation with ICBA Bancard, the payment services subsidiary of the Independent Community Bankers of America, and Mastercard.

Heather Schumacher, newly appointed Urban FT COO, will oversee the deployment and support of this program as it reaches “untapped demographics”. Schumacher is the former COO of Sunrise Banks and comes comes to Urban FT with over 11 years of experience in card issuing, platform operations and program delivery.

The program features a managed card service for community banks that includes program setup and compliance, card issuance and fulfillment, instant account opening and cardholder support.

ICBA member banks can take advantage of special pricing and incentives provided by Urban FT and Mastercard. Additionally, ICBA members will have access to Urban FT’s full suite of digital banking and digital payment services, such as consumer and commercial RDC.

Urban FT demonstrated the Workshop, a real time, multi-tier mobile app management platform, at FinovateFall 2016. The company was founded in 2013 and is headquartered in New York City.

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Finovate Alumni News

By David Penn Posted on
Categories: Coinbase, HackerOne, Jumio, Modo Payments, Nordigen, PayPal, Ping Identity, Sensibill, Urban FT

On Finovate.com

  • Nordigen, Sensibill Earn Spots in Fintech Europe’s Incoming Cohort.
  • Jumio Unveils Automated AML Screening Solution.
  • Community Access from Urban FT Brings Digital Tools to Small Banks.

Around the web

  • PayPal teams up with JP Morgan Chase to offer instant transfer option.
  • Coinbase’s Custody service completes its first over-the-counter trade directly from offline storage.
  • HackerOne announces detecting vulnerabilities in up to 43 digital asset projects.
  • Ping Identity wins the DeveloperWeek 2019 Devies Award and the Info Security Global Excellence Award.
  • The Paypers interviews Modo CEO and founder Bruce Parker.

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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FIS Acquires Worldpay

FIS Acquires Worldpay
By David Penn Posted on
Categories: FIS, WorldPay

Banking technology giant FIS is acquiring payments firm Worldpay via a cash and stock combination – bringing Worldpay’s enterprise value to approximately $43 billion (including the assumption of Worldpay debt, which FIS expects to refinance), reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

According to Bloomberg, FIS is spending $34 billion on this purchase.

“Scale matters in our rapidly changing industry,” said Gary Norcross, chairman, president and CEO, FIS. “Upon closing later this year, our two powerhouse organisations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”

“At Worldpay, our focus has always been on delivering more value to our clients and partners and making decisions that achieve our growth and performance objectives,” said Charles Drucker, executive chairman and chief executive officer, Worldpay.

Organic revenue growth outlook has grown from 6% to 9% through 2021 for FIS, in conjunction with $700 million of total EBITDA synergies from the combination of revenue and expense opportunities over the next three years.

This acquisition comes hot on the heels of another massive deal in the payments space: Fiserv, another US heavyweight and direct rival of FIS, buying First Data.

Worldpay, as it is today, is also the result of a big merger with Vantiv announced back in 2017.

The combined company of Worldpay and FIS will have pro forma 2018 annual revenue and adjusted EBITDA of approximately $12.3 billion and $4.9 billion, respectively.

Upon closing, the combined company’s Board of Directors will consist of 12 members, seven of which will come from FIS’ board of directors and five of which will come from Worldpay’s.

Gary Norcross will remain as FIS chairman of the board, president and chief executive officer. Charles Drucker, Worldpay’s current executive chairman and CEO, will serve as the executive vice-chairman of the board.

The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.

FIS demonstrated its Cardless Cash solution at FinovateFall 2016. Cardless Cash provides consumers with faster, more secure options when it comes to sending and accessing cash via ATMs, including the ability to pre-order funds from their mobile banking app.

Founded in 1958 and headquartered in Jacksonville, Florida, FIS trades on the New York Stock Exchange under the ticker “FIS.” The company has a market capitalization of $35 billion.

Worldpay participated in our developers conference, FinDEVrSiliconValley 2015. The company’s Head of Strategic Partnerships discussed how businesses can add secure payments to any website, app, or mobile device via the Worldpay Securenet API.

Worldpay was founded in 1971 (as Midwest Payment Systems) and is headquartered in Cincinnati, Ohio. With a market capitalization of $33 billion, Worldpay trades on the NYSE under the ticker “WP.”

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IBM Debuts Blockchain Network for Cross-Border Payments

IBM Debuts Blockchain Network for Cross-Border Payments
By David Penn Posted on
Categories: IBM

 

IBM has unveiled a global blockchain network, Blockchain World Wire, that will offer near real-time cross-border payment exchange and international settlement. Blockchain World Wire can transfer funds in 47 currencies to locations in 72 countries, and the company is calling it the first blockchain network of its kind to integrate payment messaging, clearing and settlement in a single unified network.

“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most,” General Manager of IBM Blockchain Marie Wieck said. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”

Blockchain World Wire leverages the Stellar protocol to support point-to-point money transfers, cutting out the intermediaries of conventional correspondent banking. World Wire also shortens settlement time by transmitting value via digital assets (i.e., cryptocurrencies or stable coins).

The network currently supports settlement with Stellar Lumens and a U.S. dollar-based stable coin. Six global banks have signed letters of intent to issue their own stable coins on the network, which will add the Euro, the Indonesian Rupiah, the Philippine Peso, the Korean Won, and the Brazilian Real to the mix.

Rizal Commercial Banking Corporation (RCBC) of the Philippines and Banco Bradesco of Brazil are among the banks that have announced their participation in IBM’s new initiative. Representatives from both institutions highlighted “innovation” and the need to “enhance” or “add value” to the customer experience as key factors in the decision to join the network. Also believed to have signed a letter of intent is South Korea’s Banco Busan.

IBM participated in our developers conference, FinDEVrNewYork 2017, discussing the IBM Cloud for Financial Services. The company’s security division, IBM Trusteer, demonstrated its latest technology to fight new account fraud at FinovateEurope earlier this year. A leader in open source blockchain technology solutions for the enterprise, IBM has a market capitalization of $124 billion, and trades on the New York Stock Exchange under the ticker “IBM.”

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