Author: David Penn

Australian Challenger Bank Tyro Partners with Alipay

Australian Challenger Bank Tyro Partners with Alipay
By David Penn Posted on
Categories: Tyro

Business-only challenger bank Tyro announced this week that it has teamed up with Alipay. The partnership makes Tyro the first Australian bank to integrate with the China-based mobile and online payment platform, making it easier for Tyro’s merchants to reach Chinese consumers visiting and transacting in Australia and New Zealand.

“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” Tyro CEO Robbie Cooke said. “It sees Tyro continue to challenge the status quo, being the first Australian bank to give its merchants the opportunity to seamlessly integrate with Alipay, enabling them to better serve Chinese tourists and giving customers more choice in how they want to pay.”

A division of Alibaba Group’s Ant Financial, Alipay has more than 870 million active users in China and overseas, and is recognized as the top payment method in China. In Australia and New Zealand, Alipay is already partnered with more than 10,000 businesses. This integration will provide Tyro merchants with an all-in-one, EFTPOS with integrated Alipay acceptance. Initial pilots are scheduled for the end of this year with selected merchants. Tyro expects to extend the service to the rest of its more than 20,000 business customers starting in the second quarter of 2019.

Calling banks “pivotal to Alipay’s expansion in Australia,” ANZ Country Manager for Alipay George Lawson said, “Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market so it’s pleasing to see Tyro take the lead on this and give their merchants access to new customers and incremental revenues.”

Founded in 2003 and headquartered in Sydney, Australia, Tyro demonstrated its Tyro Growth Funding lending solution at FinovateSpring 2017. Earlier this year, Tyro previewed its new API platform that helps integrate multiple apps and POS systems into a single solution. In March, the challenger bank launched its Tap & Save solution, which enables merchants to process debit tap-and-go payments via Tyro’s EFTPOS network.

Tyro has raised more than $103 million in funding. The company’s investors include TDM Asset Management and Tiger Global Management.

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Check Point, Coinbase, DarcMatter, Finastra, InvestGlass, Klarna, MasterCard, Personal Capital, Tyro

On Finovate.com

  • What Happens When a Lending Platform Goes Under?
  • Australian Challenger Bank Tyro Partners with Alipay.

Around the web

  • Coinbase leverages an electromagnetic signal blocking tent to secure assets from cybercriminals.
  • Klarna to provide pay later service for U.K. retailer, The Fragrance Shop.
  • Finastra to support fintech collaboration in the Middle East by joining Bahrain FinTech Bay.
  • AlphaPoint powers San Francisco-area, XRP-based cryptocurrency exchange, DCEX.
  • Check Point rumored to be developing a mini-firewall for IoT.
  • Bloomberg reports: Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales.
  • Personal Capital launches “Retirement Paycheck” service to simplify retirement income.
  • Salesforce selects InvestGlass for EMEA fintech accelerator.
  • Black Enterprise profiles DarcMatter co-founder, Natasha Bansgopaul.

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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Digital Onboarding to Enhance Customer Experience for Mariner’s Bank

Digital Onboarding to Enhance Customer Experience for Mariner’s Bank
By David Penn Posted on
Categories: Digital Onboarding

Mariner’s Bank, an independent community bank based in Bergen County, New Jersey, has partnered with Digital Onboarding to make the onboarding process easier for new customers. Digital Onboarding’s automated new account activation platform will also help the $390 million bank boost customer engagement by encouraging and motivating its customers to take advantage of a variety of account-related services.

Calling the choice of Digital Onboarding “a no-brainer,” Mariner’s Bank President and CEO Frank Giancola said the new technology would enable the bank’s professionals to spend less time shuffling paper and more time helping people. “Every time we open a checking account, we have the opportunity to build a relationship and it’s critical that we make it as simple as possible for new customers to enroll in online banking, download the mobile app, and sign up for direct deposit,” Giancola explained. “We get one bite at the apple with new customers and, if we rely on welcome letters and onboarding phone calls, we’ll probably never see them again.”

Digital Onboarding CEO Ted Brown underscored the issue of how time-consuming customer acquisition can be. “There is too much emphasis on new account acquisition in the financial services industry,” he said.  “Without a strategy to engage new customers after an account is opened and turn them to profitable relationships, all you’re doing is pouring water into a leaky bucket.

The Digital Onboarding platform helps FIs execute this strategy by using SMS and email reminders, a customized activation webpage, and gamified incentives rather than paper brochures and phone calls. Having customers take broader advantage of their accounts, according to the company, leads to greater customer satisfaction, as well as improved conversions and cross-selling opportunities for FIs. Banks and credit unions can go live with the platform in weeks; no core system integration required.

Founded in 2015 and headquartered in Boston, Massachusetts, Digital Onboarding demonstrated its platform at FinovateSpring 2018. In June, the company announced a partnership with Foothills Credit Union, a California-based community institution with more than $100 million in assets. The previous month, Digital Onboarding teamed up with Massachusetts’ Belmont Savings Bank ($2.75 billion in assets). Additional partnerships forged by the company in 2018 included deals with Somerset Trust Company (more than $1 billion in assets) and Ohio Healthcare FCU ($80 million in assets) in March, and with 700,000-member Digital Federal Credit Union (better known as “DCU”) in February.

Join Digital Onboarding next month as the company demonstrates its latest technology at FinovateFall 2018 in New York.

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, CrediVia, Digital Onboarding, Horizn, Insuritas, Launchfire, NICE Systems, Onfido, Quadient, Roostify, Standard Chartered Bank, Tala Security, Tolerisk

On Finovate.com

  • Standard Chartered Pilots Blockchain-Based Trade Guarantees.
  • Digital Onboarding to Enhance Customer Experience for Mariner’s Bank.

Around the web

  • NICE introduces Proactive Fraudster Exposure functionality to its Real-Time Authentication solution for call centers.
  • The Paypers features Onfido CEO Husayn Kassai on the role of technology in the transformation of UX.
  • Co-founder and CEO of comScore, Dr. Magid Abraham, joins Roostify’s board of directors.
  • AlphaPoint integrates with VerifyInvestor.com to provide clients with a new option for compliant investor onboarding.
  • Fortytwo Data opens its first international office in Kiev, Ukraine.
  • Insuritas to launch digital insurance agency platform for Eagle Community CU.
  • Quadient listed as a Top Customer Journey Mapping Vendor in Ovum Report.

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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Kony Collaborates with Payveris on Digital Money Movement

Kony Collaborates with Payveris on Digital Money Movement
By David Penn Posted on
Categories: Kony

Cloud enterprise application solutions firm Kony has teamed up with Payveris to enable banks and credit unions to add a range of money movement services, including P2P and A2A payments, billpay, and fraud mitigation. Kony will integrate with Payveris’ open-API, cloud-based money movement technology, adding new functionality to its recently-launched Kony DBX digital banking experience platform and application suite.

Calling on banks to “evolve to meet the rapidly changing expectations of their customers,” SVP and General Manager for Kony DBX, Jeffery Kendall underscored the importance of the new partnership with Payveris. “A key area where banks can make an immediate impact for their customers is by providing a differentiated money movement experience,” he said. “For example, creating experiences that incorporate social media or reinforce the bank’s brand and identity.”

The partnership between the two companies will give FIs the ability to support money movement across channels, lowering costs and boosting efficiency. Banks will also benefit from reduced fraud losses, the elimination of funding risk and inconsistent user experiences, as well as “virtually no downtime,” unlimited scalability, and complete operating redundancy.

Launched earlier this year, Kony DBX gives FIs a digital banking platform with pre-built, native and web applications to deliver  seamless customer experiences across channels and touchpoints. Along with the Kony DBX Retail Banking app, which provides access to a portfolio of more than 125+ solutions, Kony’s technology helps FIs keep pace with fintech innovation and meet the growing expectations of an increasingly digital consumer.

Austin, Texas-based Kony demonstrated its Retail Banking Solution last year at FinovateFall. Accepted as a Gold Partner by the National Association of Credit Union Services Organizations earlier this month, and having joined Jack Henry’s Symitar Vendor Integration program in June, Kony was chosen by Partners Federal Credit Union in February to drive the 150,000-member FI’s digital transformation. Kony has raised more than $115 million in funding, and includes Insight Venture Partners, SoftBank Capital, and Telstra ventures among its investors.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Azimo, Compass Plus, Finovate Global, InComm, Modo Payments, Sberbank

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • InComm launches Google Play gift cards in Thailand as it celebrates its 10th anniversary in the Asia-Pacific region.
  • Bank of Thailand announces plans to develop a central bank digital currency (CBDC).
  • Indonesia’s KoinWorks, an online P2P lending marketplace, locks in $16.5 million in funding.
  • Singapore-based crypto payments startup, Terra, raises $32 million in funding.

Sub-Saharan Africa

  • Azimo forges strategic partnership with African payments business, Interswitch Group.
  • Nigerian payment startup Paystack picks up $8 million Series A investment in round led by Stripe.
  • South Africa-based bitcoin wallet Luno tops two million customer milestone.

Central and Eastern Europe

  • Sberbank becomes Founding Partner of World Economic Forum Centre for Cybersecurity.
  • A pair of fintech entrepreneurs from Latvia have bought Colorado National Bank for $8.97 million.
  • Bank of Russia’s Corporate University hosts workshop on functioning of regulatory sandbox.

Middle East and Northern Africa

  • Modo teams up with Etihad Airways to build loyalty solution for airline industry.
  • Emirates NBD launches DirectRemit service to the U.K.
  • Forbes Middle East profiles the fintech industry in Lebanon.

Central and South Asia

  • India-based startup PaySpoon to provide mobile-first credit options for consumers.
  • ZestMoney, a digital lending startup based in Begaluru, has raised $13.4 million in Series A funding.
  • Entrepreneur India explains why new entrepreneurs should “consider fintech as a sweet spot.”

Latin America and the Caribbean

  • Compass Plus migrates Brazilian prepaid card issuer, BPP, to its platform.
  • PYMNTS.com looks at partnerships between fintechs and traditional FIs in Mexico.
  • Wirecard Brazil introduces new financial features for its entrepreneur customers.

Top image designed by Freepik

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Kasasa’s MoneyIsland Helps Community Bank Earn ICBA Honors

Kasasa’s MoneyIsland Helps Community Bank Earn ICBA Honors
By David Penn Posted on
Categories: Kasasa

ESB Financial, a fourth-generation, family-owned community bank based in Kansas, won Honorable Mention recognition at the 2018 National Community Bank Service Awards sponsored by the Independent Community Bankers of America (ICBA). The community bank earned plaudits for its deployment of MoneyIsland, an online game developed by multiple-time Best of Show winner Kasasa that helps teach children the importance of money management.

“It’s never too early to promote good money management habits,” ESB Financial CEO James Wayman said. “Our MoneyIsland game from Kasasa was designed with kids in mind and is an innovative approach to exploring financial concepts that will serve them well throughout their lives.”

The importance of learning healthy financial habits can be challenging enough for adults. But when it comes to youngsters, gamification can play an especially helpful role. “We believe it can be fun,” Kasasa CEO Gabe Krajicek said. “This is why we created MoneyIsland. It’s a great way to teach kids about budgeting, taxes, and credit in a fun and exciting way.”

MoneyIsland combines an online experience with an offline curriculum that focuses on three areas: Saving and Spending, Sharing and Investing, and Using Credit Wisely. Children playing the game learn about important money management concepts and improve their math skills as they play MoneyIsland, which is based on traveling to popular (and imagined) destinations around the world to save down-on-his-financial-luck character, Stone Broke. The game won Kasasa (demoing as BancVue) Best of Show honors at FinovateSpring 2011.

Calling the game a “huge value for financial institutions,” Krajicek added that other community FIs and credit unions should “follow in ESB Financial’s footsteps” when it comes to providing innovative ways to reach out to their customers. He added, “Consumers want to work with institutions that demonstrate a commitment to financial literacy and this game is an ideal way to do so while also providing a means to more deeply engage with customers.”

Kasasa demonstrated its Kasasa Loans solution at FinovateSpring 2018, winning Best of Show. The Austin, Texas-based fintech was founded in 2004 and has more than 800 community financial institution clients. With more than $2 billion in rewards paid out to consumers, and more than $900 million in non-interest income generated for Kasasa clients, the company partnered with MicroStrategy in April, and teamed up with MeridianLink in March.

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Finovate Alumni News

By David Penn Posted on
Categories: Azimo, BehavioSec, Bluefin Payment Systems, Compass Plus, Kony, NCR Corporation, Payfone, PayPal, SigFig, Vera

On Finovate.com

  • SigFig Buys SmartWealth from UBS.

Around the web

  • Compass Plus migrates Brazilian prepaid card issuer, BPP, to its platform.
  • UBS shutters its robo advisor, SmartWealth, selling technology to SigFig.
  • Azimo forges strategic partnership with African payments business, Interswitch Group.
  • BehavioSec unveils its Behavioral Biometrics Platform, which boosts security with invisible, continuous authentication.
  • PayPal’s Xoom partners with Ria Money Transfer to accelerate global expansion in 86 countries.
  • Bluefin and SoftPoint partner for comprehensive PCI-Validated P2PE solution for POS systems.
  • NCR appoints Andre Fernandez as Chief Financial Officer.
  • Kony teams with Payveris to help banks deliver digital money movement services.
  • Cryptoline News: Payfone’s technology now used to prevent SIM swap attacks.

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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FinovateFall Sneak Peek: Saylent

FinovateFall Sneak Peek: Saylent
By David Penn Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Saylent

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Saylent, a leading provider of data analytics and marketing automation, enhances customer engagement with data-driven insights and relevant actions that continuously advance and evolve.

Features

  • Automated data analytics across all business lines
  • Actionable insights, predictive ROI, behavioral outcomes, and channel proficiency
  • Adaptive models for smarter targeting and improved customer impact

Why it’s great
The Saylent platform will allow you to finally unlock the power within your data and realize the promise of translating your data into real value.

Presenters

Damien Hayes, Senior Revenue Consultant
Hayes has two decades of experience committing his energy to financial institutions that want to realize the elusive promise of wealth within their data.
LinkedIn

 

Russ Prettitore, Chief Revenue Officer
Prettitore is a 25-year veteran in the fintech industry and leads Saylent’s business development efforts. Prior to Saylent, he worked at Mastercard, First Data, Metavante, and NYCE.
LinkedIn

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FinovateFall Sneak Peek: PasswordPing

FinovateFall Sneak Peek: PasswordPing
By David Penn Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, PasswordPing

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

PasswordPing helps organizations prevent attacks from compromised credentials by checking each login against billions of previously exposed username and password combinations that are on the dark web.

Features
PasswordPing’s compromised credential screening draws from a cloud database of billions of exposed login credentials, which enables our customers to screen employees and customer logins.

Why it’s great
Passwords are the weakest link in cybersecurity and customers rarely know that their credentials have been exposed. Screening for compromised credentials is an easy and safe way to protect them.

Presenters

Michael Wilson, Founder and CTO
Wilson has spent 20+ years in technology roles with an emphasis on security at organizations like Webroot, LogicNow, NASA, and a few other software companies.
LinkedIn

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FinovateFall Sneak Peek: Prisma Campaigns

FinovateFall Sneak Peek: Prisma Campaigns
By David Penn Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Prisma Campaigns

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Prisma Campaigns is a marketing automation tool designed for banks that uses machine learning. The demonstration will show how to use it for a 100% digital onboarding experience.

Features

  • Close the gap between marketing and sales by letting the FIs administer everything from a central place
  • Define and deploy required conversion processes with a super-fast time to market

Why it’s great
With Prisma, FIs can effectively and quickly leverage machine learning to build a digital account opening process with customized offers from a central location.

Presenters

Felipe Gil, CEO, Prisma Campaigns
Gil is an executive with 10+ years in payments, ecommerce, and banking. He is focused on innovation and new technologies for financial institutions.
LinkedIn

 

Ana Ines Echavarren, CEO, Infocorp
Echavarren has a solid international background in the development and commercialization of software for the financial sector. She is focused on digital banking transformation.
LinkedIn

 

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FinovateFall Sneak Peek: FI.SPAN

FinovateFall Sneak Peek: FI.SPAN
By David Penn Posted on
Categories: FI.SPAN, FinovateFall 2018, FinovateFall 2018 Sneak Peek

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

FI.SPAN enables banks to provide bank-branded ERP connectors and adapters to their most valuable commercial clients.

Features

  • Opens up the business banking channel of the future
  • Makes banking transactions automated and auditable
  • Manages permissions explicitly and securely

Why it’s great
APIs mean business.

Presenters

Lisa Shields, CEO and Founder
Shields is the founder and Chief Executive Officer at FI.SPAN, where she leads the company with a dual emphasis on people and product. She is an engineer by trade and an entrepreneur at heart.
LinkedIn

 

Clayton Weir, Co-Founder, Chief Strategy Officer
Weir is the co-founder and Chief Strategy Officer at FI.SPAN, leading product strategy, partnerships with ERPs, and marketing.
LinkedIn

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