Author: David Penn

Fiserv Partners with UK-Based Co-operative Bank

Fiserv Partners with UK-Based Co-operative Bank
By David Penn Posted on
Categories: Fiserv

Fiserv announced that UK-based Co-operative Bank will implement its FinKit for Open Banking, “to provide more flexibility for customers to choose how they conduct their everyday banking in relation to the European Union’s Second Payment Services Directive (PSD2)”, reports Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).

The two parties have a long-standing relationship.

The cloud-based managed service delivery model of FinKit for Open Banking appealed to the bank, Fiserv explained, because it will help facilitate the many aspects of open banking compliance, from secure customer authentication to management of trusted third parties (TPPs).

FinKit for Open Banking includes access to pre-built APIs and facilitates ongoing compliance through API version control and publishing. This positions the bank to respond efficiently and effectively to the rapid pace of regulatory and industry change, the vendor explains.

FinKit originates from a UK-based mobile paytech provider, Monitise, which was acquired by Fiserv last year.

“Open banking is an area of continual change, and Co-operative Bank is positioned to move ahead of the curve,” noted Lee Cameron, managing director, EMEA, Fiserv (and formerly CEO of Monitise).

Fiserv was founded in 1984 and is headquartered in Brookfield, Wisconsin. The company most recently demonstrated its technology at FinovateSpring 2018, partnering with Samsung SDS America to show new biometric authentication features for its digital banking experience, Fiserv Commercial Center.

With more than 12,000 clients and more than 24,000 associates around the world, Fiserv trades on the NASDAQ under the ticker “FISV”. The firm has a market capitalization of $32 billion. Jeffery Yabuki is president and CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: Artivest, Bluefin, Bumped, Envestnet, Experian, Featurespace, FICO, Fidor Bank, Finastra, Finicity, ID.me, Kony, NCR Corporation, NTT Data, Ondot, Ondot Systems, Open Bank Project, Sberbank, SuperMoney, ThreatMetrix

On Finovate.com

  • Open Bank Project Collaborates with Open Source Software Company Red Hat.
  • Ondot Lands Strategic Investment from Citi Ventures.
  • Experian, FICO, and Finicity Launch the UltraFICO Score.

Around the web

  • Bloomberg TV features Best of Show winner Bumped.
  • Envestnet | Yodlee launches new suite of developer tools.
  • ThreatMetrix partners with SAS, bringing digital identity intelligence to machine learning to help creditors fight identity fraud.
  • Finastra introduces its cloud-based instant payments offering for SMEs.
  • Sberbank inks Memorandum of Understanding with SWIFT.
  • Artivest appoints new Chief Compliance Officer, Kamal Jafarnia.
  • Featurespace unveils its ARIC White Label solution for advanced fraud and risk prevention.
  • Finextra: Fidor and GFT extend partnership to the Americas markets.
  • Kony acquires innovation subsidiary of Umpqua Bank.
  • Finextra: NTT Data plans pan-Asian federated trade information platform based on blockchain.
  • SuperMoney surpasses $1 billion in financing requests
  • Bluefin and TokenEx partner to strengthen payment security with PCI-validated P2PE and omni-channel tokenization.
  • ID.me launches KYC / AML identity verification solution and ID document verification solution.

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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Identity Risk Scoring from Socure Helps Radius Bank Reduce Online Fraud

Identity Risk Scoring from Socure Helps Radius Bank Reduce Online Fraud
By David Penn Posted on
Categories: Socure

A partnership between AI-powered identity risk scoring innovator Socure and workflow management specialist Alloy has enabled Radius Bank to decrease online fraud by 50%, increase new account conversions by 30%, and make manual review nearly a process of the past – reducing it by 95%.

The joint solution marries Socure’s predictive analytics with Alloy’s decisioning engine, and adds a variety of on- and offline data sources, predictive fraud tools, and a flexible rules engine to enable real-time decisioning and onboarding for new account openings.

Socure co-founder and SVP Johnny Ayers explained: “Given the extreme difficulty in fighting fraud while onboarding consumers digitally at scale, providing our customers with an end-to-end suite of predictive analytics, decisioning and case management capabilities means speed to market, unparalleled accuracy and technical flexibility that can’t be found when trying (to) work with legacy ‘identity proofing’ platforms.”

“Balancing fraud risk and customer friction are the two leading challenges facing financial institutions when it comes to digital account opening,” co-founder and CEO of Alloy Tommy Nicholas added. “The data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”

Radius Bank is a digitally-focused, community bank based in Boston, Massachusetts. Founded in 1987, Radius Bank offers check deposit, billpay, P2P payments, and card management for its personal clients, and provides advanced treasury management and loan payment solutions for business customers. In addition to Socure and Alloy, the bank has partnered with fintechs like LevelUp and Prosper to provide additional innovative services to its customers. Radius Bank has assets of more than $1 billion.

Headquartered in New York City, Socure demonstrated its Socure ID+ solution at FinovateFall 2017. The company’s digital-to-physical identity verification technology features an integrated document authentication service to determine the authenticity of government-issued identification and ensure a match with the PII provided. Socure’s platform provides best-of-breed email, phone, and address risk scores, overall identity risk prediction, KYC and physical document verification on a single, integrated solution.

Socure has raised $31.9 million in funding, and includes ff Venture Capital, Commerce Venture Partners, and Flint Capital among its investors. Sunil Madhu is CEO and President of the company, which was founded in 2012.

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Finovate Alumni News

By David Penn Posted on
Categories: Cardlytics, Intuit, Lending Club, NCR Corporation, PayPal, Sberbank, Socure, Tinkoff Bank, Wealthfront

On Finovate.com

  • Identity Risk Scoring from Socure Helps Radius Bank Reduce Online Fraud.
  • Lending Club and Wealthfront Score Intuit Consumer Data.

Around the web

  • American Express and PayPal announced expanded strategic partnership to enhanced experience for U.S. Amex card members using PayPal and Venmo.
  • NCR to test age detection technology to improve efficiency in self-service checkouts.
  • Sberbank unveils its new Payment Schedules solution, enabling users to configure the interface of Sberbank Business Online into an event feed format.
  • Tinkoff Bank launches Tinkoff Junior mobile app for children and teenagers.

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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BMO Financial Unveils New Payments Hub Powered by ACI Worldwide

BMO Financial Unveils New Payments Hub Powered by ACI Worldwide
By David Penn Posted on
Categories: ACI Worldwide

BMO is rolling out new payments hub, reports Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).

Canada’s BMO Financial Group has implemented a new payments hub based on the ACI Worldwide UP solution. The project was completed in nine months.

BMO is involved in the modernization of national payment ecosystems in Canada and the US.

“The launch of our payment hub is a cornerstone of our payment modernisation strategy and a very exciting step forward for BMO and our clients,” said Sharon Haward-Laird, head, North American treasury and payment solutions at BMO.

“Our speed-to-market differentiates BMO and has been a significant win that has positioned us well to adapt quickly to shifting demands and enable the new payment rails we are working toward in the coming months.

“It’s all about delivering faster and more efficient payment experiences for clients and with the hub, we’re well positioned to do that.”

ACI said its UP Real-Time Payments solution is “the only global solution that allows financial institutions to address their real-time gross settlement (RTGS), Swift messaging, ACH and real-time payments needs with a single, universal offering”.

Founded in 1975 and headquartered in Naples, Florida, ACI Worldwide participated in our developers conference, FinDEVr Silicon Valley, in 2016. The company’s Wolfgang Berner and Grit Ruehling led a presentation titled Simple, Global, and Secure eCommerce Payments with ACI Worldwide’s Next-Generation API that showcased ACI Worldwide’ s SAQ-A compliant JavaScript payment-form solution. The technology enables merchants to readily add dozens of alternative payment methods to their checkout page.

A publicly-traded company on the Nasdaq, ACI Worldwide trades under the ticker “ACIW”. The company has a market capitalization of $3 billion. More than 5,100 organizations around the world, as well as more than 1,000 of the world’s largest FIs use ACI’s technology to process $14 trillion in payments and securities every day.

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Ethoca and American Express Partner to Resolve Card Disputes Faster

Ethoca and American Express Partner to Resolve Card Disputes Faster
By David Penn Posted on
Categories: Ethoca

American Express merchants and card members in the U.S. just won a new ally when it comes to quickly resolving disputes related to card purchases. Ethoca Eliminator, developed by leading  technology solution provider Ethoca, will enable card holders to get more detailed transaction information in real-time, making it easier for them to communicate with AMEX Customer Care professionals during customer service calls.

“American Express is committed to providing merchants and card members (with) a simple process for resolving disputes,” SVP of Global Strategy & Capabilities with AMEX’s Global Merchant & Network Services Group, Priscilla Kam said. “Ethoca’s platforms can help prevent card member disputes before they happen, helping merchants save time and costs associated with disputes and chargebacks.”

The new capability is expected to be available in the first few months of 2019. Ethoca Eliminator serves as a complement to the company’s Ethoca Alerts solution, which American Express uses to alert merchants to possible fraudulent transactions.

“Our suite of collaboration-based solutions is focused increasingly on preventing unnecessary disputes before they ever disrupt a customer purchase journey,” Ethoca CMO and Product Officer Keith Briscoe said. “(This) ultimately help(s) to ensure a better experience for all parties in the ecosystem.”

Ethoca demonstrated its Ethoca Alerts solution at FinovateEurope 2016. The company launched its new Integrated Solution Suite this spring which, in addition to Ethoca Eliminator and Ethoca Alerts, also features Enhance Representments. This third feature makes it easier for merchants to leverage Ethoca’s knowledge of chargeback processing and evidence rules to challenge transaction disputes more effectively.

Founded in 2005 and headquartered in Toronto, Ontario, Canada, Ethoca won Most Innovative Online Solution at the Fraud Awards 2018 earlier this month. In August, the company picked up a trio of honors at the Australian Fraud Awards 2018.

Ethoca’s solutions are used by more than 5,400 merchants in more than 40 countries, serving 590+ card issuers in 20+ countries. Eight of the top ten North American ecommerce brands, 14 of the top 20 North American card issuers, and six of the top ten U.K. card issuers use Ethoca’s technology.

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FinovateAsia Sneak Peek: Think Analytics

FinovateAsia Sneak Peek: Think Analytics
By David Penn Posted on
Categories: FinovateAsia 2018, FinovateAsia 2018 Sneak Peek, Think Analytics

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

Think Analytics is a five-year old leading analytics startup in India, with the core team having a combined experience of 50+ years. The company works with several non-banking financial companies, leading fintechs, banks, and others.

Features

Algo360 helps digitize and automate processes like underwriting, identity assessment, and seamless digital onboarding. Think Analytics is able to leverage alternative data through digital footprints for the same.

Why it’s great
The solution is already live with several non-banking financial companies and fintechs. It has already processed 10 million applications with turnaround time of less than one minute.

Presenters

Monish Salot, Co-founder and CTO
Salot leads the business development and technology efforts at Think Analytics. Prior to this, he lead teams at 3iInfotech and other organizations.
LinkedIn

 

Abhishek Joshi, Senior Associate
Joshi loves solving technology problems and building solutions for scale. He has already won multiple fintech awards in India for building scalable tech solutions.
LinkedIn

 

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FinovateAsia Sneak Peek: Avaloq

FinovateAsia Sneak Peek: Avaloq
By David Penn Posted on
Categories: Avaloq, FinovateAsia 2018, FinovateAsia 2018 Sneak Peek

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

Avaloq’s ecosystem provides seamless access to an unparalleled number of market-leading fintech solutions on the Avaloq platform via open APIs.

Features

  • Ready-to-bank third party solutions
  • Highest security standards guaranteed
  • Standardized, secure and scalable banking APIs

Why it’s great
Developing a comprehensive digital business ecosystem is one of Avaloq’s strategic priorities. Avaloq offers one platform with the goal of making new fintech innovations accessible to 150+ financial institutions.

Presenters

Stewart Chen, Regional Product Manager
Chen is a digital native and prior to joining Avaloq, he had been building successful startups for over 10 years. He steered his first startup to triple-digit growth for three consecutive years.
LinkedIn

Bodo Grauer, Head of Digital Strategy and Transformation
Grauer is a development lead and drives product innovation for Avaloq’s ecosystem. He brings a wealth of experience and successful track record in managing technology projects in global finance.
LinkedIn

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FinovateAsia Sneak Peek: Arival Bank

FinovateAsia Sneak Peek: Arival Bank
By David Penn Posted on
Categories: Arival Bank, FinovateAsia 2018, FinovateAsia 2018 Sneak Peek

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

Arival is the first digital fintech bank for SMEs. Arival partners with some of the best names in fintech to deliver awesome products tailored for businesses. Arival makes running a business easy.

Features

  • Supports 100% online business account opening from any part of the world
  • Provides access to digital banking products handpicked for SMEs
  • Integrates the best fintechs to create an amazing banking experience

Why it’s great
Imagine if all your favorite fintechs existed inside your bank and you never had to go searching for another financial product or service again.

Presenters

Jeremy Berger, Chief Operating Officer
Berger is a young entrepreneur with big dreams. Driven by resilience and an insatiable desire to create a legacy, Berger is on a mission to help businesses discover the new world of digital banking.
LinkedIn

 

Igor Pesin, Co-Founder and CFO
Pesin is a Partner at Life.SREDA (Singapore), one of the first fintech-only VC funds in SE Asia with a portfolio of 25+ fintech startups. Pesin co-founded Arival, the first fintech bank for businesses.
LinkedIn

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FinovateAsia Sneak Peek: RISQ

FinovateAsia Sneak Peek: RISQ
By David Penn Posted on
Categories: FinovateAsia 2018, FinovateAsia 2018 Sneak Peek, RISQ

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

RISQ empowers corporate banking divisions with a solution that combines an efficient platform with intelligence, data integration, and AI, presented in a radically intuitive user experience.

Features

  • Manages complex credit decisions with ease
  • Offers integrated analytics and AI components to support the process
  • Integrates “out of the box” with multiple external data repositories

Why it’s great
RISQ | Corporate Lending powered by CRIF puts business banking users in the driving seat, giving them 360-degree visibility of every credit decision in real-time.

Presenters

Michael Jesse, CEO
Jesse has met with over 150 banks in 35+ countries as part of various management roles. This unique insight was channeled into RISQ to create a radically new approach in financial software.
LinkedIn

 

Ozan Vakar, CTO
Vakar, being an entrepreneur for 25+ years in the financial services industry, has the unique capability to transform a business requirement into a software solution exceeding clients’ expectations.
LinkedIn

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FinovateAsia Sneak Peek: CASHOFF

FinovateAsia Sneak Peek: CASHOFF
By David Penn Posted on
Categories: CASHOFF, FinovateAsia 2018, FinovateAsia 2018 Sneak Peek

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

Inspired by creating real value for banks’ customers, CASHOFF delivers strongly differentiated loyalty programs and tools to enhance the user experience with a granular approach based on transaction data.

Features

  • AI-powered cashback to banks’ customers by big-name brands
  • Comprehensive transaction data collection, enrichment and in-depth analysis
  • White label tools and gamification to amplify engagement

Why it’s great
Emerged consumer behavior patterns enable the anticipation of customers’ needs. Thus banks win increased loyalty, transactional activity, a tool for selling banking products, and new revenue streams.

Presenters

Billy Leung, Director
Leung is the director with extensive international expertise in digital banking and finance. He is also an entrepreneur having started his first business at the age of eight.
LinkedIn

 

Justin Lai, Sales and Marketing Director
With more than eight years of experience in Business Development and Advertising, Lai has a strong network for banks and brands. He currently oversees marketing strategy and business development for APAC.
LinkedIn

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FinovateAsia Sneak Peek: Siam Commercial Bank

FinovateAsia Sneak Peek: Siam Commercial Bank
By David Penn Posted on
Categories: FinovateAsia 2018, FinovateAsia 2018 Sneak Peek, Siam Commercial Bank

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

SCB is Thailand’s first bank, established in 1906 under the Royal Charter. With the continual pursuit of technological innovation, SCB’s vision is to be serving as “The Most Admired Bank” by 2020.

Features

Business account opening for any juristic customer:

  • No document required
  • Only one signature
  • Realtime activation

Why it’s great
Once and done.

Presenters

Arthit Sriumporn, SVP, Business Platform
Sriumporn is a banker with a passion to make a difference focusing on customer experience. He strongly believes in providing the best in class products and services to the customer.
LinkedIn

 

Piyachat Kunthachaem, Business Platform Officer
Kunthachaem’s endeavor and passion to give the best experience to business customers has lead her to build an innovative customer onboarding platform.
LinkedIn

 

Sukanya Bowornsettanan, Project Manager, Transformation
Bowornsettanan is responsible for the change management strategy for StartBiz. The seamless project execution is based on her cross-functional knowledge from various sectors and passion of living “digital.”
LinkedIn

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