Finovate Alumni News

On Finovate.com

  • With New Funding, Prosper’s Valuation stands at $550 Million.
  • Tuition.io Raises $7 Million in Series B.
  • AutoGravity Teams Up with Hyundai Capital America.

Around the web

  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.
  • PYMNTS interviews Jumio CEO Stephen Stuut on the challenge of combating cybercrime in “real time.”
  • Xero teams up with TradeGecko to help Singapore’s SMEs Go-Digital.
  • Bento for Business appoints Jeff Pomeroy to the role of Vice President of Product.
  • ThreatMetrix Announces Smart Authentication 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.

Somerset Trust Leverages MalauzaiOne to Bring Digital Banking to Business Customers

Somerset Trust Leverages MalauzaiOne to Bring Digital Banking to Business Customers

Courtesy of its partnership with Malauzai, Somerset Trust Company is extending its digital banking service to its business customers. The West Pennsylvania-based community bank will use the same MalauzaiOne digital banking platform it rolled out to retail customers last year, giving business users digital access to their accounts and easier ways to manage payments and receivables.

“The response to our digital banking offerings from our retail customers has been tremendous,” Somerset Bank COO John Gill said. He credited the alliance with Malauzai for giving the bank the ability to “design a cutting-edge banking solution that both our retail and business customers can use interchangeably and seamlessly.” Somerset Bank’s deployment of Malauzai’s technology for retail users was recognized by the inaugural Best of FinXTech Awards, sponsored by Bank Director.

In his statement, Malauzai Chief Product Officer Robb Gaynor highlighted this same advantage of using a single platform for both retail and business banking. “It is great to see banks like Somerset benefit from what Malauzai’s single platform delivers: better engagement with customers, less complexity in their back office and ultimately much lower costs to support the digital channels.”

Founded in 2009 and headquartered in Austin, Texas, Malauzai demonstrated its Conversational Banking for Businesses at FinovateFall 2017 (demo video available soon). The company has more than 425 customers using its technology and more than 800,000 active end users. In August, Malauzai added the Public Service Credit Union (PSCU) with more than $2.3 billion in assets and 219,000 members to the list of FIs using MalauzaiOne Digital Banking. Back in May, Malauzai’s partnership with fellow Finovate alums OnDot and Vantiv enabled Vantiv to launch a youth spending solution called Family Manager: SmartKid Control.

Malauzai has raised more than $25 million in funding and includes Live Oak Banking Company and Wellington Management among its investors. Tom Shen is CEO.

Finovate Alumni News

On Finovate.com

  • Enabled by AI, Self-Service Is the Future of Banking

Around the web

  • eWise offers free access to Categorization-as-a-Service (CaaS) API.
  • Mastercard to introduce contactless payments in Myanmar courtesy of partnership with Co-Operative Limited Bank (CB Bank).
  • Michigan-based Marshall Community Credit Union hires Insuritas.
  • Tesobe announcing APIDays Berlin on 7 & 8 November
  • Pascal Gauthier nominated President of cryptocurrency & blockchain security company Ledger
  • Hyundai Capital America joins the AutoGravity car shopping and financing platform
  • Coinbase announces Ethereum & Litecoin vaults
  • Pirean’s Access: One wins Cloud Security Product of the Year at the 2017 Computing Cloud Excellence Awards.

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.

Bill.com Wins New Partner and Strategic Investor in JP Morgan Chase

Bill.com Wins New Partner and Strategic Investor in JP Morgan Chase

Business payments network Bill.com announced this week that JP Morgan Chase will leverage Bill.com’s technology to add an automated payment solution to its digital platform for businesses. The new solution is scheduled to be unveiled in 2018, and is designed to give businesses and easier and faster way to send invoices and get paid.

CEO of Commercial Banking for JP Morgan Chase, Doug Petno, called the partnership part of the bank’s drive to “deliver more value and functionality” to clients.  JP Morgan Chase Business Banking CEO Andrew Kresse added that teaming up with Bill.com would enable Chase to become what he called “the easiest bank to work with.” Kresse explained this meant “finding ways to help businesses move toward digital automation and quicker time to money.” He added, “this solution does just that.”

The new B2B solution is slated to reduce bill management time by up to 50%. Businesses will be able to send and receive electronic payments and invoices, electronically store and manage documents, and enable workers and customers to use efficient, digital workflows. The solution will be able to synch with other accounting platforms, removing the need for manual data entry. “Chase clients will be able to say goodbye to sending and receiving paper checks and hello to a new era of time and cost savings,” Bill.com CEO and founder Rene Lacerte said.

In addition to the integration, JP Morgan Chase has made a strategic investment in the Palo Alto, California-based company. The amount of the investment was not disclosed. But Bill.com is believed to have raised more than $159 million in funding. JP Morgan Chase joins Bank of America and Silicon Valley Bank, as well as Scale Venture Partners and Emergence Capital Partners among Bill.com’s investors.

Founded in 2006, California, Bill.com demonstrated its CashView solution at FinovateSpring 2012. The company has more than 2.5 million members in its networking sending and receiving more than $36 billion in payments each year. Partnered with four of the top 10 banks in the U.S. and more than half of the top 100 U.S. accounting firms, Bill.com teamed up with Commerce Bank in July to help FI launch its automated AR/AP service CashFlow Complete.  Also this summer Bill.com announced deeper integration with Intuit’s QuickBooks and a similar initiative with fellow Finovate alum, Expensify. The company began the year by forging a strategic partnership with Capital One – and Gusto – to help development financial management solutions for SMEs.

Join the Next Wave of InsurTech Innovators! Call for Demos at InsurTech Rising

Join the Next Wave of InsurTech Innovators! Call for Demos at InsurTech Rising

InsurTech – if 2016 was all about the hype, this year is about where it’s delivering value.

The digital and business strategies of insurers are in closer alignment and InsurTechs continue to accelerate the industry’s transformation, connecting the old and new worlds. Partnerships between the big and small continue to multiply and the benefits of these symbiotic relationships begin to be felt, with some insurers on the road to change and some InsurTechs on the route to scale.

Yet a number of questions come to mind when thinking about the impact of InsurTech:

  • Are new tech-driven propositions really gaining traction in the market and, if so, where? Where should insurers place their bets?
  • If InsurTech has been largely product innovation focused to date, when can we expect disruptive business models to emerge, and what will they look like?
  • Where can we see InsurTechs taking on the less “sexy” areas of the value chain and creating value by transforming the core of insurance?

These are sure to be some of the big talking points at InsurTech Rising in October (16-18) when we bring together C-Level insurers and innovators to discuss the future of an industry at a turning point.

For InsurTechs with a solution that can deliver value and impact, InsurTech Rising is the platform to showcase your offering to an audience of 700+ insurance execs and investors. Apply now to stake your place among the next wave of InsurTech innovators.

Finovate Alumni News

On Finovate.com

  • Bill.com Wins New Partner and Strategic Investor in JP Morgan Chase.

Around the web

  • Xceptor appoints former IHS Markit executive Todd Rudley as Sales Director for North America.
  • Gulf Coast Bank & Trust ($1.6 billion in assets) goes live with Banking Operating System from nCino.
  • Ohpen acquires core banking system implementation consulting company, FYNN Advice.
  • Appetite for Disruption podcast interviews Nvstr co-founders Patrick Aber and Bernard George.

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.

Royal Bank Canada Leverages Personetics to Pilot New Automated Savings Service

Royal Bank Canada Leverages Personetics to Pilot New Automated Savings Service

Royal Bank of Canada (RBC), with the help of Personetics Cognitive Banking’s applications, will deliver two new services this autumn that provide AI-powered financial guidance and an automated savings programme through the bank’s mobile app, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

The development follows on from last month, when RBC unveiled these two digital services: NOMI Insights and NOMI Find & Save.

Based on predictive analysis of individual behavior and spending patterns, Personetics said its solutions enable RBC to provide clients with personalized insight and advice for day-to-day money management.

Examples of insights include identifying unusual transactions which may require action, automatically issuing reminders based on past activity, and predicting potential issues.

Personetics is headquartered in New York and was founded in 2011. It also has offices in London and Tel Aviv. The company demonstrated its Personetics Anywhere chatbot solution for the financial services industry at FinovateFall 2016.

Live Demos and Deep Dives: FinovateFall Takes to Twitter

Live Demos and Deep Dives: FinovateFall Takes to Twitter

Image courtesy Jenna Bascom Photography

FinovateFall 2017 is in the books! And if the initial reports are any indication, our new, expanded, four-day format was a great addition to the fintech conference landscape. Two days of live demos followed by two days of deep dives into some of the most critical issues in our industry created a unique, exhilarating experience for all involved.

The enthusiasm for FinovateFall 2017 came through loud and clear on Twitter. Whether tweeting about favorite candidates for our Best of Show award or retweeting insights from our keynote speakers and panelists, our followers on Twitter made sure that #Finovate was a fun and informative place for “grizzled fintech professionals” and newcomers alike.

So here’s a sample at what our #Finovate community on Twitter had to say over the four days of FinovateFall 2017. And remember to follow us @Finovate!

 

 

 

 

 

Finovate Alumni News

On Finovate

  • Royal Bank Canada Leverages Personetics to Pilot New Automated Savings Service.
  • Live Demos and Deep Dives: FinovateFall Takes to Twitter.

Around the web

  • Baker Hill teams up with BOLTS Technologies to provide streamline account opening.
  • Jack Henry & Associates again named to 2017 IDC Financial Insights FinTech 100 Ranking.
  • Insuritas hires former credit union CEO, Rose Ann Lambert, as EVP of Corporate Sales.
  • CREALOGIX notes growth in international sales in release of 2016/2017 financial year results.
  • TickSmith adds fintech veteran Mark Rodrigues to its board of directors.
  • Texas-based Amplify Credit Union ($870 million in assets) to deploy Fiserv’s DNA 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.

 

Fenergo Helps Santander Enhance Customer Onboarding Experience

Fenergo Helps Santander Enhance Customer Onboarding Experience

Client lifecycle management (CLM) software vendor Fenergo has landed a deal with Santander Global Corporate Banking to revamp its client onboarding process, reports Tanya Andreasyan of Banking Technology (Finovate’s sister publication).

Fenergo CLM will be rolled out to Santander’s operations in Europe, Asia, and the Americas, across multiple business lines. The first site will be in the UK, the vendor said.

“We selected Fenergo CLM as part of a global internal transformation and re-organisation programme,” explained José Muñoz, global head of operations at Santander Global Corporate Banking.

The programme, he said, is “designed to streamline processes and integrate once disparate systems to create a single source of client data and a seamless and well-orchestrated client onboarding journey”.

Fenergo CEO Marc Murphy demonstrating new customer onboarding and account opening technology at FinovateEurope 2012.

Fenergo said its “enterprise platform” can do just that as it supports “the end-to-end client lifecycle journey from initial client onboarding to KYC/AML and regulatory compliance, to client data/documentation management and regular and event-driven KYC reviews & remediation, all the way through to client off boarding”. It is suitable for corporate, investment, and private banks.

“For us, it’s about making the technology work to generate greater ROI (return on investment) and improved TCO (total cost of ownership),” stated Fenergo CEO Marc Murphy.

The company showcased some stats to support this statement, saying that by automating the CLM process, its technology enables banks to:

  • onboard clients up to 82% faster than a manual process and improve time to revenue by up to 40%;
  • reduce the cost of onboarding by up to 93% and enable banks to onboard double the number of clients;
  • reduce TCO for compliance and KYC reviews by up to 60%.

Founded in 2009 and headquartered in Dublin, Ireland, Fenergo demonstrated its Deal Manager onboarding and account opening solution at FinovateEurope 2012. The company has raised more than $80 million in funding, and includes Ulster Bank Diageo Venture Fund, Investec, Insight Venture Partners, and Aquiline Capital Partners among its investors.

Finovate Alumni News

On Finovate.com

  • Fenergo Helps Santander Enhance Customer Onboarding Experience.

Around the web

  • Juvo partners with Malaysian mobile virtual network operator (MVNO), Tune Talk. Join Finovate as we return to the Far East for FinovateAsia in November.
  • Alpha Payments Cloud accentuates its end-to-end middleware technology in rebrand to Alpha Fintech.
  • Klarna completes acquisition of German online payment specialist, BillPay.
  • ID.me adds support for FIDO U2F (Universal Second Factor) Security Keys.
  • DefenseStorm wins 2017 IDC FinTech Rankings Real Results Award for Digital Trust and Stewardship.
  • Alpha FinTech (formerly Alpha Payments Cloud) and Market IQ shortlisted for inaugural FinTech Abu Dhabi Innovation Challenge in October. Join our first foray to the Middle East as Finovate comes to Dubai in December.
  • Hip Pocket founder Mark Zmarzly to help promote innovation and provide mentorship to fintech startups in Australia as part of new Queensland-sponsored 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.

FinovateFall 2017 Best of Show Winners Announced

FinovateFall 2017 Best of Show Winners Announced

Join us in a hearty congratulations for the seven companies that earned not just the admiration of our FinovateFall 2017 attendees, but their votes for Best of Show, as well.

With more than 70 companies demonstrating their technologies live on stage over the course of two days, some diversity in theme and topic is to be expected. What is especially interesting about our Best of Show winners this time around is that, while numbering only seven, these innovators still reflect a wide variety of approaches toward solving some of the most vexing challenges in our financial lives. These are the technologies that we increasingly turn to for help when it comes to saving and investing for the future, working better and more efficiently with our banks and credit unions, and safeguarding our property, our financial transactions, and even our identities against fraudsters, hackers, and other malevolent actors.

So hats off to the Best of Show winners of FinovateFall 2017. From Finovate veterans that have been honored by our attendees with Best of Show trophies in the past to newcomers who made huge, positive impressions in their Finovate debuts this week, these are the companies that help define our industry and show us the direction of fintech innovation to come.

Envestnet | Yodlee for its Financial Health Check that leverages account and transaction-level data to measure and score overall financial health across multiple dimensions including spending, savings, borrowing, and planning.

 

Finn.ai for its Virtual Banking Assistant, powered by artificial intelligence and available via channels ranging from Facebook Messenger to Amazon Alexa, which makes everyday banking simple and easy for customers.

 

Jiffee for its tap & pay mobile technology that turns any device into a payment terminal, enabling consumers to pay anywhere and everywhere without relying on plastic credit and debit cards.

 

Sensibill for its +Pulse solution that helps spot revenue opportunities from on- and off-card purchase data, providing a targeted prospect list for personalized, in-app campaigns.

 

SpyCloud for its monitoring and alert service that helps organizations better understand their employee and customer digital footprints by giving them visibility into their exposed credentials actively being traded in the underground.

 

Sustainably for its social good platform for consumers and businesses that turns the spare change from shopping into micro-donations to philanthropic causes.

 

Voleo for its social trading app that makes it easy for people to invest together, saving time and money, while simultaneously leveraging the collective wisdom of networked investors to pursue market-beating returns.

We want to thank all of the companies that demonstrated their technologies live on stage this year for FinovateFall 2017. From AI, the blockchain, and chatbot technology to mortgagetech, payments, and voice-enabled banking, the breadth of solutions and services shown over the past two days of our conference bodes well for the future of fintech. And be sure to join us Wednesday morning at 9:15 a.m. as we host our first-ever roundtable discussion featuring representatives from each of our Best of Show winning companies.


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The seven companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017