Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding

Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding

OutsideIQ_homepage_Mar2016

You say you wanna revolution in due diligence, but would love to see the plan?

OutsideIQ has leveraged its strengths in cognitive computing and natural language processing to deliver an automated due diligence solution, DDIQ. The technology uses web and deep web interrogation to produce individual and corporate due diligence reports quickly, potentially revealing information not readily available through more traditional techniques.

Since the technology was launched last March, Dan Adamson, CEO and founder of OutsideIQ, said from the Finovate stage that more than 30 financial institutions have adopted the technology—”including several leading global banks.” For their Finovate debut, OutsideIQ presented DDIQ for Onboarding. This implementation is designed make the onboarding process faster and less expensive compared to traditional methods. Moreover, in addition to enabling onboarding teams to “go deeper” in their investigations, DDIQ for Onboarding ensures that the process is “completely auditable to satisfy worldwide regulatory demands.”

Company Facts:

  • Founded in January 2010
  • Headquartered in Toronto, Ontario, Canada
  • Dan Adamson is CEO

OutsideIQ_stage_FEU2016

Pictured (left to right): OutsideIQ CEO Dan Adamson and COO Joe Oswald demonstrating DDIQ at FinovateEurope 2016 in London.

Explaining the technological “magic” behind DDIQ, Adamson described “thousands of intelligent crawlers” now analyzing the risk.

They are going through publicly available, open web content such as social media sites, blogs. They are going through deep web content, such as regulatory sites. They are going through premium content, such as watch list providers and PEP (politically-exposed-person) list providers. Combining all that together.

“The more they learn about the risk, the better (able) they are to make a true assessment of that risk,” Adamson said. “The whole key here is efficiency for the researcher.”

———–

DanAdamson_OutsideIQWe spoke with OutsideIQ CEO Dan Adamson briefly during rehearsal day at FinovateEurope. After the conference we followed up with a few questions by email about his company and how DDIQ can help financial institutions and others improve their ability to conduct due diligence.

Finovate: What problem does OutsideIQ solve?

Dan Adamson: DDIQ creates automated due diligence reports with premium, open web and deep web sources using cognitive computing and search algorithms that emulate an investigator. These reports are otherwise expensive and time consuming to produce manually. These report can be used for client onboarding, vendor onboarding, investigations, remediations, account refreshes, and other activities that require research.

 

DDIQ_CompanyProfile_1

Finovate: Who are your primary customers?

Adamson: DDIQ’s primary customers are financial institutions, Fortune 1000 corporate clients, leading consultancies, and insurance companies. These institutions use DDIQ for everything ranging from lighter KYC requirements, clearing alerts, sanctions screenings to deeper enhanced due diligence and investigations.

Finovate: How does DDIQ solve the problem better?

Adamson: Most technologies in this space are simply aggregators of content, while our system thoroughly scans and assesses sources for more accurate due diligence risk reporting. It learns about its subject, much like an investigator does, so it can assess if a piece of content is relevant and not just a keyword match.

DDIQ_PersonProfile_2

Finovate: What in your background gave you the confidence to tackle this challenge?

Adamson: OutsideIQ’s staff of data scientists, big data professionals, and software engineers have developed DDIQ. This system has been trained by some of the world’s leading authorities on regulatory compliance and financial crimes at Exiger, a leading GRC services firm. (Note: Adamson is a former Microsoft search-technology strategist.)

Finovate: Where do you see OutsideIQ a year or two from now?

Adamson: Cutting-edge, automated technology is the only way to keep up with increasingly stringent regulatory requirements in an auditable, cost-efficient manner. We believe DDIQ will become the gold standard for clients’ automated due diligence research.


Check out OutsideIQ’s demo video from FinovateEurope 2016.

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding”
  • “Stephen Ritter Joins Mitek as Chief Technology Officer”
  • “Kreditech Lands $11 Million to Close Series C Round of $103 Million”
  • “Finovate Debuts: Valuto’s Open API Offers Multi-Currency Accounts”

On FinDEVr.com

  • “Destination FinDEVr: A Geography of Architects, Builders, and Engineers”

Around the web

  • CU Anytime to deploy channel management software solution from NCR and INETCO.
  • Let’s Talk Payments features Temenos, Strands, NYMBUS, and Infosys Finacle in a look at banking software companies. See NYMBUS at FinDEVr New York next week.
  • Entrust Datacard and Trend Micro team up to provide businesses with better data encryption and authentication technology.
  • American Banker features StreetShares.
  • Xerox and Tradeshift partner to deliver digital procurement and accounts payable services.

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.

 

CurrencyFair Raises €8 Million; Names New CMO

CurrencyFair Raises €8 Million; Names New CMO

CurrencyFair_homepage_Mar2016

P2P currency exchange CurrencyFair raised €8 million ($8.9 million USD) in a funding round led by Octopus Ventures. That brings the company’s total financing to more than €20 million ($22.3 million USD).

Also participating in the round were Proxy Ventures and Frontline Ventures.  CurrencyFair CEO Brett Meyers said, “Working with them will help us further develop our brand and the industry as something people and businesses can trust to save them money.” Meyers added that P2P currency exchange needed a “more mature voice” and that the new round of funding represented a “validation of the brilliant product and marketplace we have built.”

CurrencyFair_stage_FEU2013

Pictured: CurrencyFair co-founder and CEO Brett Meyers demonstrating his company’s iPhone app at FinovateEurope 2013.

In addition to the funding, CurrencyFair announced the hiring of former Unibet Chief Marketing Officer, Nils AndĂ©n, as its new CMO. As CMO of one of the largest online gambling businesses in Europe, AndĂ©n is credited for the commercial strategy that helped Unibet’s market cap grow from ÂŁ300 million to ÂŁ2 billion from 2010 to 2015.

Speaking about the similarities he sees between the P2P currency exchange market today and the online gambling industry when it was in its infancy a decade ago, AndĂ©n credited “the extortionate rates of the banks” as helping some of CurrencyFair’s rivals “make a lot of noise at the moment.” However, like Meyers, he said the industry is ready for a “more mature approach” as customers become more comfortable with P2P currency exchanges as an alternative to the banks.

“Style gets you noticed, but substance gets you remembered,” AndĂ©n said.

Founded in 2009 and headquartered in Dublin, Ireland, CurrencyFair demonstrated its iPhone app at FinovateEurope 2013 in London. CurrencyFair won Best of Show for its presentation at FinovateAsia 2012.

Finovate Alumni News

On Finovate.com

  • Check out this week’s FinDEVr APIntelligence.
  • “Emailage Receives Strategic Investment from Wipro”
  • “CurrencyFair Raises €8 Million; Names New CMO”

Around the web

  • Xignite to provide free market data for FinTech Sandbox demo participants. Join Xignite in New York for FinDEVr next week.
  • 3dcart merchants gain access to end-to-end payment processing courtesy of Braintree. See Braintree’s presentation at FinDEVr New York.
  • PayPal to enable money transfers to Cuba via its Xoom acquisition.
  • Markit to supply FinTech Sandbox with fixed-income pricing and reference data.

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.

 

StreetShares Raises $4.5 Million in Series A Led by Fenway Summer Ventures

StreetShares Raises $4.5 Million in Series A Led by Fenway Summer Ventures

StreetShares_homepage_Mar2016

The Series A round for online small business lender, StreetShares, is off to a strong start with lead investor Fenway Summer Ventures putting $4.5 million into the company. The funding news comes just days after StreetShares announced that it had earned Regulation A+ approval from the Securities and Exchange Commission (SEC), enabling the company to use public investments to back loans to small businesses.

StreetShares’ total funding stands at more than $8 million. Also participating in the financing round, which remains open, are Endeavor Equity Holdings and Pivot Investments.

StreetShares_stage_FEU2015

Pictured (left to right): StreetShares co-founders Mickey Konson, COO, and Mark Rockefeller, CEO, demonstrating their platform at FinovateEurope 2015 in London.

StreetShares, a P2P lending platform, specializes in connecting investors and small business borrowers from within the same community. For StreetShares, the first community it engaged with its affinity group lending approach were small businesses run by veterans and their families. Loan terms range from 3- to 36-months on amounts from $2,000 to $100,000, and the company charges a one-time origination fee of 3.95% or 4.95% based on loan term, risk, and amount.

An Air Force veteran, StreetShares co-founder and CEO Mark Rockefeller was interviewed by American Legion magazine last fall. The company added former SEC commissioner Troy A. Paredes to its board of advisors in November; in October, StreetShares announced a partnership with online marketplace, FedBid.

Founded in July 2013 and headquartered in Reston, Virginia, StreetShares demonstrated its platform at FinovateEurope 2015.

Finovate Alumni News

On Finovate.com

  • “StreetShares Raises $4.5 Million in Series A Led by Fenway Summer Ventures”
  • “CEO Interview: Aire.io’s Aneesh Varma”

On FinDEVr.com

  • “Financial Information Services Provider Markit Merges with IHS”

Around the web

  • USAA to enable Coinbase accounts alongside USAA accounts and services in late March; mobile app upgrade.
  • Temenos and TransUnion forge strategic partnership to bring CreditVision recovery model to credit unions and financial institutions.
  • Let’s Talk Payments lists Akamai Technologies, SnoopWall, and Entrust in its roundup of the hottest mobile security companies.

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.

 

Intuit Developer Group Drops Financial Data APIs, Partners with Finicity to Ease Transition

IntuitDeveloperGroup_homepage_Mar2016

Intuit Developer Group has decided to discontinue its Financial Services APIs (CAD), which provide financial account aggregation services to a number of third parties. Writing at Intuit’s developer page, Head of Financial Data Services Emily Silberstein explained that the service “no longer fits with our core growth strategy.”

“As of today (March 15, 2016), no new direct financial data API (CAD) developers will be allowed to move into production,” she wrote. The API will be maintained until November 15 to accommodate developers currently in production. Silberstein added that Intuit was partnering with Finicity which “will provide a façade API interface that translates Intuit-structured API calls into Finicity-structured API calls.”

IntuitDeveloperGroup_stage_FinDEVr2015

Pictured: Intuit Developer Group’s Head of Financial Data Services, Emily Silberstein, during her presentation at FinDEVr 2015 in San Francisco.

Over at Finicity, the company has already rolled out the welcome mat. Finicity assures newcomers that its APIs “have the same origins and Intuit’s” and that “our teams are doing all the hard work to make sure our new ‘Façade’ API is a true replica of Intuit’s API, so you don’t have to do another integration.” Developers can sign up to test drive the API at Finicity’s developer portal. The company is also offering two months of free service for developers who migrate to the Intuit façade API or Finicity’s API before July 15.

FinicityIntuit_migration

Making its Finovate debut at FinovateSpring 2015 in San Jose, Finicity was founded in 1999 and is headquartered in Salt Lake City, Utah. A provider of API services for account aggregation, cash-flow verification, and account-ownership verification, Finicity is the maker of the TxPUSH API for Fintech Apps, which makes it easier for developers to use the Finicity API platform to receive account and transaction data instantly.

Intuit Developer Group demonstrated its Transactions and Identification APIs at FinDEVr 2015 in San Francisco last fall. In January, the company tapped Vinay Pai to be head of the developer team, and in February, the Group celebrated the 15th anniversary of the launch of the Intuit Developer Network and the release of the first QuickBooks API.

The decision by Intuit Developer Group leaves Finicity, Envestnet | Yodlee, and FinDEVr alum, Plaid, as the remaining few major firms providing financial account-aggregation services in the United States. Yodlee, acquired by Envestnet last August, released a simplified, more intuitive RESTful API architecture in February. The Redwood City, California-based company presented its financial data platform and rapid development kit at FinDEVr 2015.

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: InvestGlass Built a Robo-Adviser for Advisers”
  • “Intuit Developer Group Drops Financial Data APIs; Partners with Finicity to Ease Transition”
  • “Qumram Raises $2.5 Million to Bring Website Recording to North America & U.K.”

Around the web

  • Ripple opens new office in London.
  • Markit and IHS announce $13 billion merger agreement.
  • Quantopian to launch in Australia.
  • Vibrant Credit Union converts to DNA account-processing platform from Fiserv.
  • Finextra interviews James Redfern, eWise’s global head of sales.
  • PayPal’s Dan Schulman travels to Cuba to see how it can work with the country’s small businesses.
  • Kony updates Kony Visualizer 7.0, releases free starter edition.
  • StreetShares announces SEC approval for Regulation A+ deal.
  • The Evening Show with Simon Rose interviews Trustly’s Chief Commercial Officer.
  • Blackhawk Network’s CEO Talbott Roche receives PYMNTS Innovator Award for “Women Driving Innovation in Payments.”
  • VICE’s Motherboard features ZeroDB. See them live at FinDEVr 2016 on March 29 and 30.
  • Jumio sells assets to Facebook co-founder and early backer, Eduardo Saverin.
  • The Paypers interviews Nuno Sebastiao of Feedzai.

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.

Uber, Green Dot Partner to Help Drivers Get Paid Promptly

Uber, Green Dot Partner to Help Drivers Get Paid Promptly

GreenDot_homepage_Mar2016

Uber is famous for making payment easy for riders. Now Green Dot is making it just as easy for Uber drivers to get paid.

Courtesy of a new partnership between Uber and Green Dot, Uber Checking by GoBank is a new business checking account that will be available to Uber drivers. Part of Uber’s Instant Pay program kicking off in San Francisco, the new debit card is designed to give drivers more flexibility on when they get paid. Drivers will be able to use the card to cash out their earnings instantly at any time, without having to pay transaction fees or maintain a minimum deposit. The card can be used in stores or to withdraw cash free of charge from 42,000 ATMs around the country.

GreenDot_GoBank_stage_FS2013

Pictured (left to right): Green Dot Chief Product Officer Alok Deshpande, and CEO Steve Streit, founder,  demonstrated GoBank at FinovateSpring 2013 in San Francisco.

David Richter, VP of strategic initiatives for Uber, said the goal was to provide drivers with greater flexibility. “Drivers say that having the flexibility to drive when and where they want is a top reason they choose Uber. Drivers often tell us that they’d like to have the flexibility to decide when to get paid, too.”

Steve Streit, founder and CEO of Green Dot, added, “The partnership marries technology, banking, and payments in an innovative way to give Uber driver-partners the flexibility to receive their pay instantly, and also provides an alternative to traditional banking.”

Founded in 1999, Green Dot launched GoBank in beta in January 2013, and demonstrated the technology at FinovateSpring 2013. The company’s products and services are available through its “branchless bank” distribution network of more than 100,000 retailers, financial service centers, and tax-preparation services throughout the United States, including through app stores and online tax-prep providers. Green Dot is headquartered in Pasadena, California.

Finovate Alumni News

On Finovate.com

  • “Uber, Green Dot Partner to Help Drivers Get Paid Promptly”

On FinDEVr.com

  • “Symbiont and Ipreo Team Up to Accelerate the Loan Settlement Process”

Around the web

  • Western Independent Bankers (WIB) picks Bizfi as its exclusive premier alternative finance solution provider.
  • Coinbase adds stop orders to its Coinbase Exchange platform.
  • Markit unveils new tax utility service.
  • Eris Industries chooses Ledger as its blockchain hardware security partner.
  • Medium.com features Klarna and Qapital in a look at building a startup “the Swedish way.”
  • SuiteBox listed among fintechs that are developing tools to help superannuation funds.
  • Envestnet wins the 2016 Technology Innovation Award from the Bank Insurance and Securities Association (BISA).
  • Pakistan’s Soneri Bank selects T24 core banking system from Temenos.

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.

Finovate Debuts: SuiteBox Introduces Virtual Meeting Rooms for Financial Professionals

Finovate Debuts: SuiteBox Introduces Virtual Meeting Rooms for Financial Professionals

SuiteBox_homepage_Mar2016

SuiteBox provides professionals in financial services and other fields with the kind of multi-channel, interactive experience we’ve always wanted from the internet. With just a smartphone, tablet, or laptop, professionals can build and manage secure, virtual meeting rooms and use these private, virtual spaces for conference calls, document collaboration, screen sharing, embedded web forms, e-signatures and more. Everything in the session can be recorded in full or in part for future reference. The technology is available as both a standalone solution or via a fully integrated white-label API.

“SuiteBox does everything that you can do in a physical meeting and more,” said Ian Dunbar, country manager for SuiteBox Australia.

Company facts:

  • Founded in March 2013
  • Headquartered in Auckland, New Zealand
  • Richard Mannell is CEO

SuiteBox_stage_FEU2016

SuiteBox Australia Country Manager Ian Dunbar demonstrated his company’s technology at FinovateEurope 2016 in London.

In his demonstration at FinovateEurope, Dunbar and his team showed a fully white-labeled virtual meeting space. He demonstrated a sample insurance transaction showing off the platform’s mutually accessible web forms, video conferencing, session recording, and e-signatures. “Importantly,” Dunbar added, “this virtual meeting room is now open and available to be used at any time. They can come back in. They can have a meeting. They could drop documents off for each other to have a look at. They could even leave a video message or a chat message.”

“Effectively that gives you a meeting space that can be used on an ongoing basis,” Dunbar explained. “You don’t have to be back actually having a physical meeting.”

SuiteBox_Ian_Dunbar2We spoke with Ian Dunbar (circle photo), country manager, Australia, during rehearsal day at FinovateEurope. We followed up with a few questions about SuiteBox and how entrepreneurs and businesses can take advantage of the technology.

Finovate: What problem does SuiteBox solve?

Ian Dunbar: SuiteBox is solving one of the biggest challenges of professional services globally. How do you maintain and grow your client relationships, manage and close business and increase efficiency and profitability into your business. All when we are faced with time-poor clients, congested cities, and the need manage paper, post, scanning and signing of documents.

SuiteBox solves all of this by delivering everything you can do in a physical meeting and more, including video meetings, document sharing and collaboration, electronic signing and selective recording.

This is all delivered through the SuiteBox MeetingSpace, a secure private collaboration space that remains permanently open and accessible throughout the relationship life of the professional and their client.

Finovate: Who are your primary customers?

Dunbar: Financial advisers, insurance providers, banks, mortgage brokers, stock brokers, educators; legal, pension fund, and real estate professionals.

SuiteBox_image1

Finovate: How does SuiteBox solve the problem better?

Dunbar: SuiteBox is the only tool globally that combines all the tools to close business and get the job done. SuiteBox eliminates the need to juggle video tools, e-signature tools and emails. SuiteBox is also the only tool that delivers a permanently open MeetingSpace, that allows the participants to enter and leave the space at their convenience, share and transact documents, and only meet via video when needed.

Finovate: Tell us about your favorite implementation of SuiteBox.

Dunbar: SuiteBox has launched a highly integrated solution with Midwinter Financial Services’s AdviceOS adviser desktop in Australia. In this implementation, the Adviser has a seamless experience that allows:

  • the Adviser to schedule virtual meetings and launch SuiteBox from the AdviceOS desktop
  • the Adviser to white label SuiteBox to their own branded MeetingSpace
  • documents to be sourced from AdviceOS and saved directly back to the client record in AdviceOS
  • video records to be stored for future reference, and be easily accessible from the client record within AdviceOS.

Finovate: What in your background gave you the confidence to tackle this challenge?

Dunbar: SuiteBox’s founder and creative director is a world leader in data visualization and founder of several successful interactive media businesses including Terabyte Interactive, now recognized as the oldest multimedia company in the world.

Craig is expert at developing technology strategies to address opportunities. He pioneered the first online real-time 3D graphics for the America’s Cup as co-founder of Virtual Spectator. More recently, Craig established Futuretech that gave rise to One Room, the World’s leading funeral-streaming service.

SuiteBox_image2

Finovate: What are some upcoming initiatives from your company that we can look forward to over the next few months?

Dunbar: We will be integrating with a number of CRM systems, Advice Platforms and Wealth Platforms globally.

We will also be releasing enhancements to the secure MeetingSpace, that will allow participants to utilize the space completely autonomously of being in a meeting. Such as allowing a party to drop off a document, leave a video or chat message, and manage business at any time convenient to them.

Finovate: Where do you see your company a year or two from now?

Dunbar: SuiteBox has recently expanded into the South African market, opening an office in Johannesburg. Throughout 2016, we will expand into the United Kingdom, Europe and North America.


Check out the demo video from SuiteBox from FinovateEurope 2016.

Finovate Alumni News

On Finovate.com

  • “Ledger Launches Blockchain Open Ledger Operating System”
  • “Finovate Debuts: VoicePIN Offers an Easy Biometric Login Solution”
  • “Finovate Debuts: SuiteBox Introduces its Virtual Meeting Rooms for Financial Professionals”

On FinDEVr.com

  • Avalara teams up with WooCommerce to help online merchants manage sales taxes.

Around the web

  • OnDeck partners with Innovate Finance to debut Transatlantic Policy Working Group.
  • LandlordReferencing.co.uk to use Netverify from Jumio to comply with the U.K.’s new Right to Rent law.
  • The United Bank of Egypt upgrades to latest Misys core banking solutions as part of major modernization of retail, SME, and corporate businesses.
  • Top Image Systems launches next generation, automated accounts payable solution, eFLOW AP.
  • Zopa’s new lender products are live.
  • Golden West CU processes 15 new applications for insurance products in first 30 days of deploying Larky.
  • Coinbase introduces stop orders on Coinbase exchange.

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.