Author: David Penn

Fintech 71 Accelerator Application Deadline Less Than One Week Away

Fintech 71 Accelerator Application Deadline Less Than One Week Away
By David Penn Posted on
Categories: accelerator

If you’re a startup with a ready-for-market solution that can be used by large FIs or scaled to millions of customers, then Columbus, Ohio’s newest fintech accelerator, Fintech 71, may be just what you’re looking for.

But don’t just look. The application deadline for Fintech 71 is less than one week away on July 17th. For more information – and to apply today – check out Fintech71’s registration page .

All of the companies selected will receive a $100,000 stipend in exchange for participation within Fintech71’s Accelerator. Fintech71 is a non-profit organization and will take a small percentage of equity, from 0-6%, that will be stage-appropriate. The accelerator will bring on up to 12 fintech startups for its first class that starts September 10, 2017.

Fintech71’s ideal fintech startup will have a product that is ready for the market and to be utilized by a large financial service company or scaled to millions of consumers—allowing the corporate sponsor, partner, mentor network of Fintech71 to bring tremendous value to the startups selected. Fintech71 is focused on startups across the spectrum of fintech verticals including:

  • Digital banking
  • Insurtech
  • Payments
  • Personal finance and investing
  • Institutional finance and investing
  • Lending
  • Regtech

Fintech 71 is also interested in startups using technologies like data analytics, artificial intelligence/machine learning, and security authentication to build financial services solutions.

Fintech71 continues to build momentum with more and more corporate financial services companies jumping on board to support this statewide initiative. The alignment of the public sector, private sector, and fintech entrepreneurs within Ohio has created a world class fintech hub that is sourcing fintech startups globally to join their inaugural accelerator class. The current corporate Sponsor/Partner list includes a host of companies with a presence in Ohio such as Visa, Key Bank, JPMorganChase, Grange Insurance, Huntington Bank, Silicon Valley Bank, and a host of other corporations.

What is unique about Ohio is that it is the home of one of the largest financial service ecosystems, combined with an incredible millennial talent base and a ton of great universities, centered around Ohio State University. In addition, Ohio enjoys an extremely attractive cost of living and “cost of doing business” environment which is ideal for startups during their early growth years. The state’s attractive business and living environment combined with access to some of the top financial service brands in the world is a recipe for success.

Check out fintech71.com to apply. And remember the deadline to get applications in for consideration is July 17.

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You Know It’s Gonna Be Alright: Revolut Raises $66 Million Series B

You Know It’s Gonna Be Alright: Revolut Raises $66 Million Series B
By David Penn Posted on
Categories: Revolut

In a round led by Index Ventures and featuring participation from existing investors Balderton Capital and Ribbit Capital, Revolut has locked in $66 million in new funding. The investment takes Revolut’s total capital to more than $81 million raised since the London-based company was founded in 2015.

“We will be using the investment raised to take Revolut global, with the aim of establishing ourselves as the number one platform for consumers and businesses to manage their finances,” the company wrote in its announcement of the funding. Asia and North America are the initial destinations of Revolut’s global expansion “whilst growing our community of 700,000 customers across Europe.” To facilitate the company’s expansion in Europe, Revolut has hired a team of “international expansion managers. Switzerland, Germany, and France were name-checked as among the countries where the managers will be deployed. Revolut also announced that it is using a new provider, Google Cloud Platform.

Pictured (left to right): CEO and founder Nikolay Storonsky and CTO Vlad Yatsenko demonstrating Revolut at FinovateEurope 2015.

An alternative to traditional banks, Revolut is a Personal Money Cloud designed especially for traveling millennials. With the Revolut app and multi-currency card, users can make purchases in more than 100 currencies without worrying about exchange rate fees, and save up to 7.5% on international transfers in more than 20 different currencies. Revolut users can send or request money to and from friends via the app, email, or through social networks. The card and app provide push notifications, as well as a blocking feature in case of loss or theft. The app is available on both iOS and Android.

Revolut demonstrated its Personal Money Cloud platform at FinovateEurope 2015. Last month, the company launched business accounts in the U.K. and Europe and was named to both FinTechCity’s FinTech 50 and CB Insights’ Fintech 250 list. In April, Revolut partnered with U.K.-based online mortgage broker, Trussle, to enable homebuyers to begin the application process via mobile device, and in March, the company announced its £4 million crowdfunding investment round and the launch of its new Premium subscription service. Revolut teamed up with P2P lender Lending Works earlier this year, and introduced its customer service chatbot, Rita (“Revolut’s Intelligent Troubleshooting Assistant”) in February.

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Finovate Alumni News

By David Penn Posted on
Categories: Alpha Payments Cloud, Backbase, CashStar, Dream Payments, FICO, Finicity, iSignthis, Revolut, SecureKey, Temenos

On Finovate.com

  • You Know It’s Gonna Be Alright: Revolut Raises $66 Million Series B.
  • Finicity Inks Data Sharing Deal with JPMorgan Chase.
  • Fintech 71 Accelerator Application Deadline Less Than One Week Away.

Around the web

  • Forrester names Backbase a leader in digital banking solutions.
  • Alpha Payments Cloud earns Fin5ive Payments Award at BankTech Asia.
  • Let’s Talk Payments interviews SecureKey CIO Andre Boysen.
  • Finland-based Aktia goes live with T24 core banking system from Temenos.
  • FICO enables identification of fourth party risks with new Security Score upgrade.
  • iSignthis subsidiary iSignthis eMoney teams up with Worldline to provide Paydentity services in EU.
  • CashStar adds real-time card activation, improved security, and streamlined ordering in new platform upgrade.
  • Dream Payments opens Centre of Excellence in Moncton, New Brunswick.

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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Summit View: What Drives Innovation in Regtech & Insurtech?

Summit View: What Drives Innovation in Regtech & Insurtech?
By David Penn Posted on
Categories: FinovateFall 2017, FinovateFall 2017 Summit Series

To prepare for our expanded FinovateFall conference on September 11 through 14, we’re taking a look at each of the six summit discussions that will take place on days three and four of the conference. Today, we’re previewing trends in regtech and insurtech.

Summit #4: Regtech and Insurtech

Regtech and insurtech have benefitted from the same technology innovations that have turned fintech into a booming industry for consumers, businesses, and investors. According to CB Insights, regtech startups have raised more than $3 billion in funding between 2012 and 2016 (102 in 2016 alone). And what compliance-enabling technologies are attracting the most regtech investment? Capital Confirmation, which provides secure document transfer and transmission for auditing purposes raked in $60 million. Vendor risk management innovator, Prevalent, also raised $60 million in funding last year.

Regtech is a broad category, with solutions that are applicable to almost every aspect of financial technology. Consider, for example, the RegTech Top 100 Power list compiled by Planet Compliance this spring. Looking at Finovate alums alone, we see a surprising diversity in the types of companies aggregated under the “regtech” rubric. ID verification and anti-fraud companies like Trulioo and NetGuardians shared the spotlight with data analytics specialists like Ayasdi, document processing innovators like Mitek, and even banking systems providers like Temenos and nCino.

The application of technology to the field of insurance is another area of fintech that seems like a no-brainer now that so many entrepreneurs and startups have embraced it. And while there is some debate as to whether or not insurtech is a part of fintech or an industry all to its own, there is no denying that many of the concerns that have propelled technological innovation in fintech are also at work driving disruption in insurtech. Big Data analysis and risk modeling, document transmission and storage, customer experience improvements that leverage mobile and other technologies to make it easier to shop for insurance products, are all components of the insurtech revolution. And this adds to companies like Finovate alum Insuritas that have simply leveraged technology to make it easier for community banks and similar FIs to offer insurance products to their customers.

CB Insights reports $1.7 billion raised by insurtech firms in 2016 for a total of 173 deals. Among some of the companies picking up funding in 2016 were Clover ($160 million, with another $130 million in May 2017), Bright Health ($80 million, with another $160 million in June 2017), and Cyence ($40 million). The unique health care system in the United States certainly creates ample opportunity for innovation in this space, as analysts have pointed out. But the rise in the number of insurtech startups in places like the U.K. and Europe is a reminder that there are plenty of insurance services beyond healthcare financing that technology can help provide.

Startups and Sandboxes, Challengers and Incumbents

What is in store for regtech in 2017 and beyond? One interesting prediction from Michael Meyer, Vice Chair International RegTech Association, is the rise of sandboxes as a way to incubate “dedicated testing spaces” for companies working on specific regtech challenges. “In this environment we will see companies with solutions around risk data aggregation; modeling, scenario analysis, and forecasting as required for stress testing; and, alternative approaches to AML/KYC/BSA to name a few,” Meyer wrote. “As with other domains in the fintech space, regulatory buy-in for regTech solutions will be imperative. Sandboxes can provide a means to that end.” Meyer also is optimistic on partnerships playing as much or more of a role than disruption when it comes to the relationship between startups and incumbents in the space. The role of sandboxes in the development of regtech startups will be one of the key focuses of the Regtech & Insurtech track at FinovateFall in September.

If greater cooperation between industry participants is likely to characterize regtech innovation, will insurtech be a better place to look for true disruption? In their look at top insurtech trends for 2017, Roger Peverelli and Reggy de Feniks argue that here too, incumbents and challengers will find value in working together. “Relationships between insurers and insurtechs will become much more intense,” the two wrote, pointing out that incumbents are benefitting both the specific capabilities of startups as well as “the culture at insurtechs and the way of working.” This was echoed by KPMG Insurance Partner, Murray Raisbeck, whose review of the insurtech/insurer relationship at the beginning of the year noted a “cross-pollination of leadership talent between insurtech and the traditional insurance sector during 2017.” Raisbeck suggested that the 2016 trend that saw a number of insurers creating Chief Data Officer, Chief Digital Officer, and CTO positions for the first time was likely to “accelerate” into this year. Additionally, Raisbeck sees insurers competing with each other to partner with or incubate the best insurtech startups. The winners among the insurers will be those best able to work with startups on their own terms, ensure connectivity between legacy systems and API technology, continued investment in quality data, and, not unlike in the regtech space “an acceleration of ‘proof of concept’ and pilot programmes” to speed development and eventual integration. Conversations on this relationship between insurtech startups and incumbents, as well as the prospects for disruption, will be a topic during the regtech & insurtech track at FinovateFall.

Just after the demo sessions at FinovateFall, our discussion days on the 13th and 14th present a great opportunity for deep dives and expanded discussions on critical issues in fintech. Join our live panel discussions with industry thought leaders, bank executives, and fintech professionals. Register today and save your spot.

Here’s a peek at a few of the planning conversations for the Regtech & Insurtech track at the Digital Banking Summit.

  • RegTech USA: Innovating Regulatory Compliance
  • Sandboxes and Start-ups: Supporting the development of an ecosystem
  • InsurTech Conversations: Meeting the challenge of digital disruption
  • Key trends in insurtech

This is the fourth of our six-part FinovateFall Summit Series. Stayed tuned for more on Thursday when we look at the different Digital Markets fintech is serving in 2017 and beyond.

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Expensify Brings Auto Expensing to Lyft Business Riders

Expensify Brings Auto Expensing to Lyft Business Riders
By David Penn Posted on
Categories: Expensify

In the latest piece of not Schadenfreude-related good news for ridesharing innovator Lyft, Expensify has made it easier for Lyft business riders to expense the cost of work-related travel.

“Our goal is to make expense management something that happens behind-the-scenes, so our customers can focus on their business and not on keeping track of receipts,” Expensify CEO and founder David Barrett said. The new automatic expensing feature is available to individual Lyft riders who set up a Lyft Business Profile and choose “Expensify” in settings. Additionally, a Lyft for Business account option enables administrators to set up auto expensing for entire teams or departments. The new integration is a part of Expensify’s ReceiptBurner platform, which the company debuted a year ago this month, and means Lyft riders will no longer have to forward their receipts to Expensify by email for tracking and reimbursement.

“It’s always a pleasure to partner with one of our customers,” Barrett added, “especially in this case – Lyft rides are one of the five most commonly expensed items in Expensify!”

Founded in 2012, Lyft is available in 300 cities in the U.S. and supplies more than 18 million rides a month. With a valuation of $7.5 billion and $2.6 billion in funding, the ride sharing startup is often compared with rival, Uber (570 cities worldwide, valuation of more than $50 billion, $11.5 billion in total funding), which was founded three years earlier. Lyft is headquartered in San Francisco, California, and reported revenues of more than $700 million in 2016.

Founded in 2008 and also based in San Francisco, Expensify demonstrated its invoicing technology at FinovateSpring 2013. The company is also an alum of our developer’s conference in Silicon Valley last fall, at which Barrett presented “Bedrock – Expensify’s Open-Sourced Infrastructure Secret Weapon.” Last month, Expensify announced exceeding the 35,000 customer mark and in May, the company partnered with fellow Finovate/FinDEVr alum Xero, which will use Expensify’s expense management technology in-house at all 21 of its offices around the world.

Expensify has raised more than $27 million in total funding, including a $17 million Series C round in 2015. The company counts OpenView, Barracuda Networks, and Redpoint among its investors.

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CASHOFF Earns Spot in Inaugural Innotribe Startup Challenge Russia

CASHOFF Earns Spot in Inaugural Innotribe Startup Challenge Russia
By David Penn Posted on
Categories: CASHOFF

And now for some news out of Russia that includes nary a mention of Messrs Trump and Putin.

Just a few weeks after their debut at our developers conference in London, CASHOFF has won a place in the first ever Innotribe Startup Challenge Russia. The company, which specializes in collecting and analyzing financial data for use in credit scoring, loyalty programs, and PFM solutions, will join nine other startups in St. Petersburg, Russia to pitch their technologies during the Bank of Russia’s International Financial Congress.

“Innotribe Russian finalists present original, prospective, and ready-to-use products, which proves that (the) Russian fintech industry has overgrown the stage of following trends and ideas from developed markets and is ready for global fintech competition,” Bank of Russia deputy governor Olga Skorobogatova said. Companies participating in the challenge will get complimentary mentoring sessions – both in groups and individually – ahead of their pitches at the Congress. Audience members will select the three best startup pitches and those companies will be invited to participate at SWIFT’s annual global financial services conference, SIBOS. Those top three companies will also earn a $10,000 cash award.

Pictured: CASHOFF CEO Dmitry Gorkov during his presentation “Collecting and Analyzing Financial Data” at FinDEVr London 2017.

Kevin Johnson, Head of Innotribe Innovation Programmes at SWIFT underscored the opportunity of startups to gain “expert mentoring” and “exposure to financial institutions.” SWIFT’s Head of Russia, CIS, and Mongolia praised the “buoyant Russian fintech environment,” and called the collaboration between SWIFT, the Bank of Russia and Rosswift “very intense and very enriching.” Joining CASHOFF in St. Petersburg will be:

  • BankEx
  • Emotions Tech
  • Evotor
  • Iocus-soft
  • Moneycare
  • Oz Forensics
  • SCORISTA
  • TalkBank
  • VentureClub

Founded in 2013 and with offices in Limassol, Cyprus and London, U.K. CASHOFF discussed strategies for collecting and analyzing financial data at FinDEVr London 2017. The company’s technology enables users to see their complete financial picture from payment cards to checking deposits to loans. Available as a mobile app for both iOS and Android –  CASHOFF automatically imports data from the user’s bank, e-wallets, and mobile network operators, categorizes transactions and generates budgets automatically, and provides detailed expense reports and recommendations for ways to save money and grow income.

“CASHOFF is a perfect title for a service dealing with the internalization of monetary transactions,” Gorkov wrote in an article for Entrepreneur Handbook earlier this year. “The system really helps to save money by searching optimal ways of planning (a) budget.” He added that the company plans to “develop a partner network, implement interesting events, special propositions, and bonus programs” in the near future.

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Finovate Alumni News

By David Penn Posted on
Categories: AutoGravity, Boku, CASHOFF, Klarna, Xero

On Finovate.com

  • Volkswagen Finance Arm Invests in AutoGravity
  • CASHOFF Earns Spot in Inaugural Innotribe Startup Challenge Russia

Around the web

  • Xero launches new e-invoicing solution for SMEs, Xero Connect.
  • Boku extends direct carrier billing relationship with Microsoft.
  • American Banker looks at Klarna and the rise of “high-tech, low-effort” online lending.
  • Xero rolls out automated Stripe reconciliation to match transactions to the Stripe statement line.

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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Nostrum Group Acquired by Equiniti Group

Nostrum Group Acquired by Equiniti Group
By David Penn Posted on
Categories: Mergers & Acquisitions, Nostrum Group

Just a few days after Vantiv and Worldpay made merger and acquisitions headlines in the payments world, here come Equiniti and Nostrum Group with some M&A news of their own in the lending space. Announced today, Equiniti has agreed to acquire Nostrum Group in a deal that will boost Equiniti’s ability to provide technology-enabled lending solutions. Equiniti CEO Guy Wakeley said “The integration of Nostrum will provide greater depth, scale and capability in a dynamic growth market, whilst also providing the platform for a range of new products and services.”

Calling the acquisition “the next chapter in the development of our businesses,” Nostrum Group CEO Richard Carter described the combined entity as a blend of “Equiniti’s rich feature set and Nostrum’s agility.” Carter will stay on as Managing Director of the newly-formed Equiniti Credit Services brand.

Pictured: Nostrum Group CEO Richard Carter demonstrating the company’s Digital Lending Platform at FinovateEurope 2016.

Nostrum Group specializes in automated digital loan management software for banks and finance companies. The company’s technology provides solutions for every step of the process from originations (including application capture, processing, documentation, underwriting, and completion), servicing (including payment processing, document management, and reporting), and collections (including profiling and segmentation; payment and arrangements; work prioritization and automation; and third party management). More than focusing on acquiring new customers, Nostrum Group also offers tools lenders can use to retain their existing customers, as well. As Carter explained from the Finovate stage last year, Nostrum Group offers lenders the technology “to facilitate the production of appropriate offers that are tailored to those customers and then delivered to them.”

Headquartered in Harrogate, North Yorkshire, U.K. and founded in 2001, Nostrum Gr0up demonstrated its Digital Lending Platform at FinovateEurope 2016. Later that year, the company’s CTO Alex Stephen, Head of PMO Tom Martin, and Head of Software Development Simon Quin presented the “Nostrum Loan Engine API” at our developer’s conference in New York. This year, CEO Carter was named to the Maserati 100, a roster of top British entrepreneurs from high-end carmaker, Maserati, and The Sunday Times.

Technology services provider Equiniti was founded in 2009. Many of the largest pension schemes in the U.K., and 70% of the FTSE 100, use Equiniti services to manage share registration and related investors services. The company is listed on the London Stock Exchange under the symbol, “EQN,” and has a market capitalization of £750 million ($972 million).

 

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Logical Glue Locks in Investment from New Look Founder, Tom Singh

Logical Glue Locks in Investment from New Look Founder, Tom Singh
By David Penn Posted on
Categories: Funding, Logical Glue

Terms of the investment were not disclosed, but London-based predictive analysis specialist Logical Glue has secured funding from Tom Singh, founder of U.K.-based fashion retailer, New Look. The investment will support the continued development of Logical Glue’s machine learning and statistical modeling platform, including its white box, decision-making engine and data visualization technology.

Singh highlighted the platform’s effectiveness in a range of verticals. “Fast, accurate and automated decisions based on data have a place within many industries, from retail through to finance,” he said, crediting Logical Glue for “(bridging) the gap between data science and the boardroom.” Logical Glue co-founder Daniel McPherson called the company’s technology “the machine learning platform of the future,” and added that FSOs would be among the big beneficiaries of a solution that was “delivering better, faster decisions and providing the consumer with the best customer experience.”

Pictured (left to right): Robert De Caux (Chief Product Officer) and Jon Rimmer (UX Architect) demonstrating Logical Glue Ensemble at FinovateEurope 2016.

Logical Glue has developed a cloud-based platform that enables companies to use data to solve “prediction problems.” As the company’s Chief Product Officer Robert De Caux explained during his FinovateEurope demo last year, questions like:  “Will a customer repay their loan? Will they buy my product?” “Is this transaction fraudulent?” are answerable by applying the right predictive analytic tools to data that lenders and banks already have. More importantly, Logical Glue enables lenders and banks to use these tools without having to hire data scientists and coders to build and run them. During the company’s demonstration of its platform, Ensemble, De Caux and UX Architect Jon Rimmer showed the automatic categorization feature during the data input process, and the feature selection tool which helps ensure that only the most historically valuable and predictive features in the data are included during the model building process.

“You’ll find if you have hundreds or thousands of predictive variables that you want to assess, it’s often that if you remove some of them, you can improve your model performance,” De Caux explained. “At a time when companies are drowning in a sea of data from multiple sources they don’t properly understand,” he said, “it’s a great way to reduce costs and improve insight.” In addition to the data input and model building stages, the team from Logical Glue demonstrated how the models can be customized to the company’s specific business preferences, and then easily deployed in the cloud.

Logical Glue gives users three different predictive models to choose from: one geared toward the best statistical technique, one based on the best machine learning technique, and another De Caux called “the best for insight, which allows you to see why a decision has been made.” The company says its technology helps improve acceptance rates for lenders by 40% and grow profits by between 5-20%. Logical Glue adds that the platform also decreases default rates by 15%, boosts recovery collection rates for debt collectors by 18% and reduces manual interventions for underwriters “20-fold.”

Founded in 2012, Logical Glue demonstrated its technology at FinovateEurope 2016.  The company’s partners include fellow Finovate alums Experian, miiCard and Equifax.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, CASHOFF, Infosys, Insuritas, Logical Glue, Malauzai, MicroStrategy, Nostrum Group, Ohpen

On Finovate.com

  • Summit View: Changes in the Wealth Management and Investing Scene
  • Logical Glue Locks in Investment from New Look Founder, Tom Singh
  • Ohpen Garners $17 Million Investment
  • Nostrum Group Acquired by Equiniti Group

Around the web

  • ACI Worldwide partners with Planet Payment to enable Union Pay card acceptance online.
  • Infosys to open Technology and Innovation Hub in North Carolina, employing 2,000.
  • CASHOFF wins spot in inaugural Innotribe Startup Challenge Russia.
  • FIS and Cardtronics to expand Cardless Cash at ATMs Across the United States.
  • Malauzai reports monthly increase of 3% to 5% in RDC usage, now processes more than 200k transactions per month.
  • MicroStrategy Unveils MicroStrategy 10.8.

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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Holy Transatlantic Transactions! Vantiv to Merge with Worldpay in $10 Billion Deal

Holy Transatlantic Transactions! Vantiv to Merge with Worldpay in $10 Billion Deal
By David Penn Posted on
Categories: Vantiv, WorldPay

Smack dab in the middle of an otherwise sleepy fintech summer is the blockbuster news that U.S. credit card processor  Vantiv has agreed to merge with fellow Finovate/FinDEVr alum, Worldpay. The deal is valued at $9.9 billion, and Vantiv reportedly edged out J.P. Morgan in the pursuit of the U.K. payments company. J.P. Morgan is Worldpay’s corporate brokerage firm.

The terms of the deal call for Vantiv to pay 385 pence per share: 55 pence in cash – 0.0672 of a new Vantiv share – and a 5 pence cash dividend per Worldpay share. The amount represents a premium of nearly 19% on the $4.8 billion company’s Monday closing share price.  The new company will be led by Vantiv’s Charles Drucker and Worldpay’s Philip Jansen.

Reuters quotes analysts at Cowen and at Berenberg suggesting that Worldpay’s e-commerce business is the chief prize in the merger. Cowen analysts pointed out the lack of non-North American exposure for Vantiv, as well as its “excessive exposure to the offline U.S. market.” Worldpay supports more than 400,000 merchants in 126 currencies in 146 countries and is a major player in the payment processing market in the U.K. Vantiv is America’s biggest merchant acquirer by transaction volume. Combined, the new company’s reach extends from the U.K. and the U.S. to Europe, South America, and the Asia-Pacific region.

Vantiv demonstrated TriPOS, a next generation payment integration payment solution at FinovateFall 2014. Headquartered in Cincinnati, Ohio, Vantiv partnered with fellow Finovate alums, Malauzai Software and OnDot to help launch a PFM solution, Family Manager, SmartKid Control, in May. Also this year, Vantiv acquired B2B workflow automation specialist, Paymetric. Vantiv is a veteran of our developer’s conference, having presented “The Evergreen Developer Solution – triPOS Cloud” at FinDEVr New York this spring. Publicly traded on the NYSE under the ticker “VNTV” since the spring of 2012, Vantiv has a market capitalization of more than $11 billion.

Worldpay presented “It’s Not Just About Getting Paid, It’s About the Payment Journey” at our developer’s conference in Silicon Valley last fall. Founded in 1991 and based in London, U.K., the company went public in the fall of 2015, trading on the London Stock Exchange. Last month, Worldpay announced that it was testing payments in the virtual reality space, and in January, the company partnered with UnionPay for bumper Chinese New Year.

 

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TSYS and Featurespace to Provide New Fraud Fighting Solution, Foresight Score

TSYS and Featurespace to Provide New Fraud Fighting Solution, Foresight Score
By David Penn Posted on
Categories: Featurespace, TSYS

 

Courtesy of its partnership with Featurespace, TSYS had added new fraud prevention capabilities to its suite of risk and fraud offerings. The new solution, TSYS Foresight Score, leverages Featurespace’s machine learning technology and adaptive behavioral analytics platform, ARIC, to better fight fraud and reduce false positives. The tool is the product of an agreement to work together the companies announced more than a year ago.

Featurespace CEO Martina King pointed to ARIC’s particular effectiveness against transactional card fraud, adding that the combination of Featurespace’s technology and TSYS’ “industry experience and robust client base” would give TSYS Foresight Score “tremendous potential in the fight against fraud.” TSYS president and COO Pam Joseph said the tool would also help “increase revenue and improve operational efficiency. In the press release accompanying the announcement, TSYS cited a Nilson Report that put total fraud losses by FIs and merchants on payment cards at more than $21 billion in 2015 and on track to reach $31 billion by 2020.

TSYS Foresight Score pledges a 20% increase in overall fraud detection ability, a 35% increase in CNP (card not present) fraud detection, and a 79% gain in high-ticket transaction fraud detection. What makes the tool unique is its self-learning technology, which enables it to become better and more precise in detecting and stopping fraudulent transactions with increased use, and its ability to anticipate and score customer behavior in real-time. With Featurespace’s Bayesian-based statistical modeling, TSYS Foresight Score provides a strong compliment to traditional, consortium-based, anti-fraud approaches such as FICO scores and even TSYS’s own fraud detection solution, Falcon. ForeSight Score will be available to TSYS customers via the TSYS CardGuard ecosystem.

Featurespace Commercial Director Matt Mills demonstrated ARIC Fraud Manager at FinovateFall 2016. Headquartered in Cambridgeshire, U.K., the company was named to FinTechCity’s FinTech50 for 2017. This spring, Featurespace teamed up with digital family banking platform, goHenry, and partnered with merchant payment solution specialist, CashFlows. Featurespace has raised more than $16 million in funding, including a venture round in June. The company includes TTV Capital, Nesta Ventures, Imperial Innovations, Cambridge Capital Group, and Cambridge Angels Group among its investors. Martina King is CEO.

TSYS demonstrated its Authorization Controls at FinovateAsia 2013. Founded in 1983 and headquartered in Columbus, Georgia, TSYS announced an extension of its partnership with Tesco Bank last month and in May, enabled tokenization across its commercial card platforms in North America. TSYS began the year with news that both Avanzia Bank and BBVA were renewing their card and payments agreements with the company. Trading on the NYSE under the ticker, “TSS,” TSYS has a total market capitalization of more than $10 billion.

 

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