Author: David Penn

nCino Partners with Secure Trust Bank

nCino Partners with Secure Trust Bank
By David Penn Posted on
Categories: nCino

Secure Trust Bank (STB), a U.K.-based commercial and retail challenger bank with $2.5 billion (£1.9 billion) in assets, will leverage the nCino Bank Operating System to digitize operations and improve the customer experience in its real estate finance (REF) business.

STB’s real estate finance business has developed a $763 million (£581 million) loan book in the four years since it was launched. In addition to looking for a platform that would support this growth and increase operational efficiency, Secure Trust Bank sought a fintech partner with a track record of successfully working with financial institutions.

“It was important to us that our operating platform provider was able to demonstrate both a depth and breadth of banking knowledge and offer solutions for real industry issues, not just technological ones,” REF Head of Operations, Stephen Marrow, said. He credited nCino for living up to its “built by bankers, for bankers” mantra.

“With nCino’s Bank Operating System, STB will be able to reduce manual processes in favor of increased automation, and provide new levels of productivity, transparency, and faster loan turnaround times,” nCino Managing Director – International, Pullen Daniel said. “Combined, these efficiencies will lead to stronger customer relationships and a better experience for customers and bank employees alike. We are proud to be on this growth journey together with STB.”

Built on the Salesforce platform, nCino’s Bank Operating System features customer relationship management (CRM), loan origination, deposit account opening, workflow, enterprise content management, business process management (BPM), digital engagement, and instant reporting in a single cloud-based environment. In addition to improving the quality and access of data across the customer experience, nCino’s platform provides an out-of-the-box functionality that will make it easier and quicker for Secure Trust Bank to tailor the platform to its specific business needs.

Wilmington, North Carolina-based nCino demonstrated its Bank Operating System at FinovateEurope 2017. The company has had a busy 2018 – partnering with Santander earlier this month, teaming up with Tech Qualled in May to help veterans land jobs in fintech, and working with Banesco USA in April to enhance the company’s commercial lending process.

TD Bank announced that it would deploy nCino’s Bank Operating System in March, the same month the company reported the Yorkshire Building Society would also adopt nCino’s technology. The company began the year picking up an investment from Salesforce Ventures that took its total funding beyond $81 million. Pierre Naudé is CEO.

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Dynasty Financial Partners Teams Up with Cash Management Innovator MaxMyInterest

Dynasty Financial Partners Teams Up with Cash Management Innovator MaxMyInterest
By David Penn Posted on
Categories: MaxMyInterest

With short term interest rates perking up, opportunities for savers to make the most of their cash are all the more worth pursuing. This is one way to view the decision by Dynasty Financial Partners to add MaxMyInterest as a cash option for its network of 45+ wealth management companies.

“We are always seeking to find ways to give Dynasty’s network advisors the best and most innovative offerings in the market,” Dynasty Financial Partners Director of Investments Joseph Dursi explained. “High net worth clients typically hold a relatively large cash position and offering a new higher-rate option through Max gives our independent advisors a solution for cash that will really benefit their clients.”

A service of Six Trees Capital, MaxMyInterest provides intelligent cash management via an easy to use, automated platform. Once the customer’s checking or brokerage account is linked, Max goes to work finding the best interest rates available and automatically reallocating cash balances. Customers can track their balances, track optimization status, and access their cash directly as they would from any brick and mortar or online bank.

The solution can be linked to a customer’s primary checking account and used as a cash sweep to take advantage of the higher rates from online banks. MaxMyInterest can also be linked to a brokerage account and managed as a strategic cash reserve. Max members typically earn between 1.50% and 1.70% more on their cash balances than they would at traditional banks, picking up an average 1.78% on cash compared to the national average of 0.09%.

“Dynasty Financial Partners, as the leading platform for successful wealth management firms, seeking to operate with independence, was a perfect fit for offering Max,” Head of Business Development and Partnerships for Six Trees Capital Michael Halloran said. He noted that advisors are referring to the platform as “a fiduciary solution for cash” for the way it gives high net worth clients the ability to get higher returns on their cash while at the same time providing broader FDIC insurance coverage.

New York-based MaxMyInterest demonstrated its platform at FinovateFall 2014.  The company’s solution works with checking accounts at many of the leading banks and brokerage firms in the U.S., including Bank of America, JP Morgan Chase, Citibank, Charles Schwab, and TD Bank. MaxMyInterest is also compatible with online banks such as Ally Bank and Marcus by Goldman Sachs.

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Finovate Alumni News

By David Penn Posted on
Categories: Blackhawk Network, CashStar, Continuity Control, CREALOGIX, Fiserv, Jack Henry, Lendio, MaxMyInterest, nCino, Onfido, Outsystems, Temenos, Trulioo

On Finovate.com

  • nCino Partners with Secure Trust Bank.
  • Onfido to Secure Drivers for India’s Largest Rideshare Company.
  • Dynasty Financial Partners Teams Up with Cash Management Innovator MaxMyInterest.
  • Continuity to Provide Compliance Tech for Affinity FCU.

Around the web

  • CREALOGIX to implement its mobile application platform for VZ Depotbank.
  • Trulioo extends its identity and business verification service to the Philippines.
  • OutSystems named Leader in Gartner’s Magic Quadrant for Mobile App Development Platforms for the second year in a row.
  • MBT Bank to deploy SilverLake System from Jack Henry & Associates.
  • Fairstone Financial converts consumer loan portfolio to Fiserv’s LoanServ real-time servicing platform.
  • Temenos taps Alexandre Menage as new Head of Sales for Africa.
  • Lendio announces 90% YoY quarterly revenue growth.
  • Blackhawk Network’s CashStar wins PayTech award for Best E-Commerce Initiative.

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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StockViews Announces New Investment from Fuel Ventures

StockViews Announces New Investment from Fuel Ventures
By David Penn Posted on
Categories: Funding, StockViews

A new round of funding will help equity research innovator StockViews invest in AI technology and grow its team of analysts. The London, U.K.-based company will also use the capital to open an engineering office in Hyderabad, India geared toward developing AI-based solutions.

“Our focus will be applying AI technology to identify misplaced securities in the mid-cap space,” company COO and Co-founder Sandeep Bathina said. “We are developing research tools to perform in-depth evaluation in support of our analysts.”

StockViews did not disclose the amount raised in the round, which was led by Fuel Ventures, a firm that specializes in early stage investment. StockViews raised $640,000 in funding last summer which, at the time, boosted its total capital above $1 million.

“We are excited to have Fuel on board and look forward to working with them during this next phase of the company’s growth,” StockViews CEO and Co-founder Tom Beevers said. “This funding will help us to expand the number of in-depth investment ideas we make available to our growing client base.”

In addition to the funding news, the company announced the hiring of analyst Jamie Fletcher, previously of Sarasin & Partners. StockViews noted that additional analysts are expected to be brought on board in the third quarter of 2018.

StockViews demonstrated its StockViews Signal solution at FinovateSpring 2015. Signal aggregates the recommendations of the platform’s best-performing analysts into a singular buy or sell notification. Instead of merely crowdsourcing market wisdom writ large, StockViews’ technology enables traders and investors to “crowdsource alpha” instead, focusing only on those analysts with a track record of outperformance.

A graduate of Startupbootcamp Fintech’s London program, StockViews is currently based out of Level39, the technology accelerator at London’s Canary Wharf. The company was founded in 2014.

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Personetics Scores Minority Stake Investment from United Overseas Bank

Personetics Scores Minority Stake Investment from United Overseas Bank
By David Penn Posted on
Categories: Funding, Personetics

Cognitive banking innovator Personetics announced an investment from United Overseas Bank (UOB) last week. The amount of the investment, which adds to the company’s previous $18 million in equity funding, was not disclosed. But The Business Times reports that UOB now holds a minority stake in Personetics.

“Today, UOB becomes the first bank in Asia to join this revolution in digital banking,” Personetics Co-founder and CEO, David Sosna, said. He praised the Singapore-based bank’s vision and “its commitment to the financial well-being of its customers.”

With more than 500 offices in 19 countries and territories in the Asia Pacific region, UOB will leverage Personetics’ technology to extend its own machine learning and data analytics capabilities. Dennis Khoo, UOB head of regional digital bank and strategic initiatives, added that Personetics’ technology will also enable it to improve customer engagement and “design more innovative, responsive and responsible digital banking services.”

Personetics cognitive banking solutions power personalized real-time guidance for more than 15 million digital users. With a combination of machine learning, natural language understanding, and AI-powered predictive analytics, the company’s technology enables FIs to provide their customers with highly-relevant, personalized insights and actionable advice to plan for their financial futures as well as manage everyday financial challenges.

Partnered with six of the top 12 banks in North America and Europe, and serving more than 50 million customers around the world, Personetics’ solutions provide FIs with conversational self-service (Personetics Assist), predictive insights and advice (Personetics Engage), and algorithm-based money management (Personetics Act). The company’s technology has analyzed more than 29 billion transactions and personalized more than 4.8 billion customer interactions.

Headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution at FinovateFall 2016. Last month, the company unveiled a new offering designed especially for digital-only and challenger banks. This spring, Personetics announced that Banca Transilvania, the second largest bank in Romania with more than 2.2 million customers, will add its technology to its internet and mobile banking platform. Personetics began the year teaming up with Israel Discount Bank to power the $48 billion institution’s new digital financial assistant, Didi.

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Finovate Alumni News

By David Penn Posted on
Categories: 3rd-eyes, Bpm'online, CardFlight, Entersekt, Exate, Finastra, Hydrogen, Optimove, Personetics, StockViews, Top Image Systems, wipro, Xero

On Finovate.com

  • Personetics Scores Minority Stake Investment from United Overseas Bank.
  • StockViews Announces New Investment from Fuel Ventures.
  • CardFlight Teams with BoomTown.

Around the web

  • Entersekt partners with the GSMA to offer Mobile Connect to institutional clients.
  • Bpm’online earns recognition as a Challenger in Gartner’s 2018 Magic Quadrant for Sales Force Automation.
  • Finastra hires former Laing O’Rourke executive Gareth Burton as its new Chief Information Officer.
  • Fintech News Switzerland interviews 3rd-eyes CEO Rodrigo Amandi.
  • Exate Technology and Xero sign on to PwC’s She Can Charter initiative to increase the number of women in technology.
  • ProgrammableWeb features three new APIs from Hydrogen in its Daily API Roundup.
  • Wipro credits its banking financial services and insurance business, as well as its consumer business unit, for strong quarterly revenue growth.
  • Optimove announces new Chief Operating Officer, Yarden Malta, formerly of Earnix.
  • Top Image Systems appoints John London as Interim Chief Financial Officer.
  • Find Biometrics explores BehavioSec’s commitment to PSD2 compliance
  • AlphaPoint powers new exchange platform, matching engine, and real-time settlement exchange for SeACrypto.
  • Ephesoft named one of the 2018 Best Places to Work in Orange County.
  • Bloomberg features Crypterium. Come see Crypterium’s demo at FinovateFall this September.

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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Gusto and Xero Announce Strategic Alliance

Gusto and Xero Announce Strategic Alliance
By David Penn Posted on
Categories: Gusto, Xero

A newly announced strategic alliance between payroll, benefits, and HR technology specialist Gusto and cloud accounting innovator Xero will bolster growth for Gusto, enable Xero to provide full-service payroll in all 50 U.S. states, and put competitors like Intuit and ADP on notice that a rival has arrived.

“We first began our partnership with Xero five years ago and, since then, they have quickly become one of the most popular integrations with Gusto,” Lexi Reese, Chief Operations Officer for Gusto, said. “We are confident that together we can help business owners manage the back-office complexities that can distract them from growing their companies.”

The strategic alliance will involve a deeper technical integration of the two platforms that is expected to be completed by early 2019. The new seamless experience for SME owners and accountants will provide a single sign-on enabling access to Gusto accounts using Xero credentials, automatically updated cash flow management, and the ability to provide permissions to trusted third parties such as outside accountants.

Other benefits include access to Xero’s business task automation, and a shared ledger that provides a real-time view into business data and cash flow.

“We’re partnering with Gusto because we have a shared vision for building innovative new solutions that help small businesses and accountants thrive in the new economy,” President of Xero Americas Keri Gohman said. “We’re both born-in-the-cloud companies working to build software that makes complicated business tasks more simple and human. By joining forces, we can help more small businesses and accountants find long-term success.”

San Francisco, California-based Gusto has raised $170 million in funding. and its investors include Kleiner Perkins, General Catalyst, GV, Emergence Capital Partners, CapitalG, and Ribbit Capital. The company, which demonstrated its technology at FinovateSpring 2014 as ZenPayroll, rebranded as Gusto in the fall of 2015. The rebrand included an expansion of the company’s services to include both health benefits and workers compensation management.

Last month, Gusto launched Flexible Pay, which enables workers to get paid on a day other than their regularly scheduled payday. Also in June, Gusto introduced its Partner Directory. Dubbed “Yelp for Accountants,” the directory is designed to help SMEs find the right accounting talent for their business. In addition to launching a freemium option this spring, the company began the year forging a partnership with accounting software provider Aplos.

Xero announced an integration with BBVA’s API Market for small businesses earlier this month. In June, the company introduced its Connected Accounting technology that automatically categorizes accounting data to give businesses insights that can help them better manage their finances. Back in February , Xero inked a partnership with IT management solutions provider Kaseya and announced ACH integration with Stripe

Headquartered in Wellington, New Zealand, Xero demonstrated the Business Identification feature of its online accounting system at FinovateSpring 2011. Founded in 2006, the company is publicly traded on the Australian Stock Exchange under the ticker XRO, and has a market capitalization of $3.7 billion (AUD$5 billion).

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Socure Unveils Digital Identity Bot Aida

Socure Unveils Digital Identity Bot Aida
By David Penn Posted on
Categories: Socure

 

Socure, a New York-based company that provides predictive analytics for digital identity verification, has launched a new solution this week. Aida (Authentic Identity Agent) is a new identity verification bot that can be deployed to validate authenticity in online transactions. Aida is named after the world’s first computer scientist, Ada Lovelace, and leverages AI to process billions of on- and offline datapoints to provide real-time digital identification.

“Socure is solving the single most difficult problem in identity verification,” Socure’s founder and chief strategy officer Sunil Madhu said, “validating a person that’s never done business with an organization before.” Criticizing traditional methods of verifying identity in the digital world as “a miserable failure,” Madhu praised both Aida’s speed and accuracy.

“Aida can assess in real-time and with unprecedented levels of reliability, whether a digital identity is authentic, synthetic, or has been stolen by performing beyond-human analysis at machine speed,” he explained. “Aida essentially lives every minute of every day to verify identities and fight fraud.”

Socure founder and Chief Strategy Officer Sunil Madhu demonstrating the Socure ID+ platform at FinovateFall 2017.

Part of the company Socure ID+ identity verification platform, Aida combines AI, unsupervised machine learning, and clustering algorithms to provide a continuous loop of data ingestion, normalization, and evaluation from sources such as credit bureaus, social networks, and email history. Aida automatically builds explainable, transparent machine learning models in hours, and conducts predictive analytics on real-time transactions to determine which should be accepted automatically and which should be flagged for manual review by a human fraud analyst.

Named to Red Herring’s Top 100 in North America earlier this month, Socure announced in June that two of the top five U.S. banks (and three of the top ten) are using its technology. This spring, the company appointed Tom Thimot as its new CEO, with Socure founder and former CEO Madhu transitioning to the Chief Strategy Officer role.

Founded in 2012, Socure demonstrated its verification platform at FinovateFall 2017 last year. The company has raised nearly $32 million in funding, and includes Commerce Ventures, Flint Capital, and ff Venture Capital among its investors.

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Finovate Alumni News

By David Penn Posted on
Categories: Hydrogen, Onfido, PayStand, Socure

On Finovate.com

  • Socure Unveils Digital Identity Bot Aida.

Around the world

  • PayStand teams up with Silicon Valley Bank and First Data in fintech accelerator, Commerce, Innovated.
  • Hydrogen launches Hydro mobile app, a security and identity management app that leverages the public blockchain.
  • India’s self-driving mobility platform Zoomcar partners with identity verification specialist Onfido.

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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The ID Co. Unveils Open Banking API Platform

The ID Co. Unveils Open Banking API Platform
By David Penn Posted on
Categories: The ID Co.

It’s Open Banking Season in the U.K. And this makes this week’s launch of The ID Co.’s Open Banking API platform especially timely. The new solution enables business customers to use The ID Co.’s DirectID user verification technology to access open banking services with live connections to all major U.K. banks.

These connections provide access to institutions including Barclays, HSBC, Lloyds Group, Santander, The Royal Bank of Scotland, and Nationwide. Digital banks like Starling and Monzo are supported, as well.

“Open banking in the U.K. represents a huge opportunity for not only businesses but consumers to benefit from,” The ID Co. CEO and founder James Varga said. “We are passionate to enable our customers to take advantage of the Open Banking opportunity and help them unlock the true value of Open Banking. After all, it’s not just about the raw data – it’s what you do with it that counts.”

DirectID provides businesses with a plug and play, identity and bank data service that is designed to increase conversions, reduce risk, and save time and money. The solution features tools for income verification and underwriting, and verifies account information with instant access to digital bank statements. DirectID also includes a complete AML compliance and KYC verification process, and real-time assessments of credit risk exposure.

CTO for The ID Co. Scott Leckie called completion of the open banking integrations “an exciting step” and added that support for additional U.K. banks – as well as support for new Open Banking V2 data blocks and new products and services leveraging bank data – are forthcoming in the next few months.

DirectID is currently live with leading lenders, FIs, and fintechs in the U.K., the U.S., Canada, Australia, and the Netherlands. As miicard, the company demonstrated its identity-as-a-service technology at FinovateFall 2013. Last month, The ID Co. was granted FCA Authorization as Open Banking AISP in the U.K. market, and announced at the time that “key Open Banking customers and platform enhancements” would be added to the platform soon.

An inaugural member of the fintech accelerator, SixThirty, the Edinburgh, Scotland-based firm has raised more than $9 million in funding. The ID Co.’s customers include OakNorth Bank, Navient, and fellow Finovate alum Prosper.

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P2Binvestor Teams Up with Amalgamated Bank to Help SMEs Get Funded

P2Binvestor Teams Up with Amalgamated Bank to Help SMEs Get Funded
By David Penn Posted on
Categories: P2BInvestor

New partnership. More deals. Bigger financing opportunities for small businesses.

That’s the plan for online SME lender P2Binvestor (P2Bi) and Amalgamated Bank, a socially responsible bank headquartered in New York. By working together, P2Bi and Amalgamated Bank will be able to provide more financing with less risk to early-stage SMEs that have traditionally struggled to secure credit.

“Our partnership with Amalgamated Bank signifies another important step in further validating our Bank Partnership Program,” CEO and co-founder of P2Bi Krista Morgan said. “Our technology, combined with Amalgamated’s record of success, allows us to provide affordable, scalable financing options to up and coming brands across the country. In addition, we’re proud to partner with a socially responsible company that shares similar values not only with us, but with many of our clients.”

Working with P2Bi will enable the $4+ billion bank to expand its loan portfolio and fund more emerging, socially responsible commercial and industrial businesses. P2Bi benefits from access to those businesses currently doing business with the bank. For SMEs, P2Bi’s lower rates on its lines of credit provide affordable, flexible financing on a platform that is easy to use.

“Amalgamated is dedicated to developing innovative and tailored banking and financing solutions for mission-driven organizations and companies who are working to make a positive impact in our society,” President and CEO of Amalgamated Bank, Keith Mestrich said. “By partnering with P2Bi, Amalgamated is able to help these businesses access capital they might not have otherwise had access to – and in turn grow their business and their impact.”

The new relationship with Amalgamated is a function of P2Bi’s partnership program, launched last year. The program enables banks to finance SMEs, taking a 50%, senior secured position, with P2Bi’s investors providing the other half of the funding. Interest rates range from 8% to 12% on asset-backed lines of credit from $500,000 to $10 million.

P2Bi demonstrated its P2B crowdlending platform at FinovateFall 2014. Last month, the company raised more than $17 million in combined debt and equity funding, taking P2Bi’s combined overall funding to $33.76 million. Earlier this year, American Banker took a look at how another FI, New Resource Bank, was leveraging its partnership with P2Binvestor to reach SME clients in San Francisco. P2Binvestor was founded in 2012 and is headquartered in Denver, Colorado.

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Finovate Alumni News

By David Penn Posted on
Categories: BehavioSec, BLUERUSH, Coinbase, CREALOGIX, On Deck Capital, P2BInvestor, Roostify, Temenos, The ID Co.

On Finovate.com

  • OnDeck Scores $93 Million in Two Credit Facilities.
  • P2Binvestor Teams Up with Amalgamated Bank to Help SMEs Get Funded.
  • The ID Co. Unveils Open Banking API Platform.

Around the web

  • Carte Wealth Management to deploy advisor engagement platform powered by BlueRush.
  • CREALOGIX wins Best Web Front End Solution at the 2018 Systems in the City Awards for fintech in banking and wealth management.
  • Technology from Cognizant and Temenos helps Julius Baer complete core banking modernization.
  • Coinbase correction: No SEC approval received for acquisitions.
  • BehavioSec’s behavioral biometrics platform fulfills critical requirements achieving Payment Services Directive 2 (PSD2) compliance.
  • Roostify partners with Colonial National Mortgage to provide customers with a simple and intuitive online mortgage experience.

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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