Author: David Penn

PhonyInvoices Provides Scalable, Robust Technology to Curb Invoice Fraud

By David Penn Posted on
Categories: FinovateFall 2013, Phony Invoices

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This post is part of our live coverage of FinovateFall 2013.

PhonyInvoices is making its way to the Finovate stage now. The company’s solution helps combat phony invoice schemes that cost businesses millions every year.

“PhonyVendorCheck is a data driven SaaS solution that is much more scalable, robust and comprehensive in its ability to curb invoice fraud.
Implementation of our two current products has led to the development of PhonyVendorCheck, a data-driven SaaS solution that is much more scalable, robust, and comprehensive in its ability to curb invoice fraud. We are rolling out this new product right here at FinovateFall 2013:
  • phonyvendorcheck.com – a website for customers to upload their vendor list for immediate verification
  • Financial Software ‘Plug-Ins’ – Quickbooks App for automated vendor check. More accounting software add-ons to follow
  • Payment Processors – through a customized API, financial institutions can access our database to provide their customers a real time safeguard from paying invoice scams
  • Data Companies – API allows other companies to leverage our data”
Product Launch: September 2013
Metrics: Personally funded by Barnett Helzberg & 5 employees
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, & licensed
HQ: Kansas City, Missouri
Founded: January 2012
Twitter: @PhonyInvoices
Presenting David Cacioppo (Founder) and Jonathan Lee (VP Business Development)
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The full demo video will be available at Finovate.com in mid-September.

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MasterCard Worldwide Presents its Dual Value Health Card for POS Payments

By David Penn Posted on
Categories: FinovateFall 2013, MasterCard

This post is part of our live coverage of FinvoateFall 2013.

The final presenter for this session before the afternoon break is MasterCard Worldwide. The company is demoing its Dual Value Heath Card which creates point of sale incentives wherever MasterCard is accepted.
“The Dual Value Health Card combines the MasterCard payment network with InComm’s closed-loop payment system. The Dual Value Health Card can be swiped at the point of sale (POS) and routed to an open-loop or closed-loop processor, allowing the cardholder to offer payment on eligible items while simultaneously receiving targeted incentives, all in real time and right at the POS.”
Product Launched: January 2013
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, & licensed.
HQ: Purchase, NY
Founded: 1966
Twitter: @MasterCardNews
Presenting Beth Griffin (Global Business Leader Healthcare & Insurance Global Products & Solutions, MasterCard) and David Vielehr (VP, Healthcare, InComm)

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The full demo video will be available at Finovate.com in mid-September.

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Financial Guard Delivers Transparent, Actionable Online Investment Advice

By David Penn Posted on
Categories: Financial Guard, FinovateFall 2013

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This post is part of our live coverage of FinovateFall 2013.

As we move toward the end of our first post-lunch session, Financial Guard is making its way to the stage.
“Financial Guard will make investing simple and transparent for the individual investor saving for retirement. Through technology, an investor can quickly receive a holistic view of their entire investment portfolio(s) and receive actionable recommendations based on their investor profile on how to optimize. 
Financial Guard’s action plan provides an easy to understand “Grade” on both the individual investments and overall portfolio and clearly tells the investor what to Buy, Sell, and Hold within their accounts. We then continue to monitor an investor’s portfolio and regularly alert and advise when changes and rebalances need to occur.”
Product Launch: Summer 2013
Product distribution strategy: Direct to Consumer (B2C) & Direct to Business (B2B)
HQ: Salt Lake City, Utah
Founded: January 2010
Presenting Kevin Pohmer (President) and AJ Remlinger (Director, Business Development)
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The full demo video will be available at Finovate.com in mid-September.

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Biometric Signature ID Presents its Software Only Biometric ID Verification Solution

By David Penn Posted on
Categories: Biometric Signature ID, FinovateFall 2013

BioSigIDLogo.jpgThis post is a part of our live coverage of FinovateFall 2013.

Biometric Signature ID is making its way to the stage right now —
“BioSig-ID complies with the new gold standard – multi-factor authentication. BioSig-ID requires NO additional hardware, and measures the unique biometric patterns of a user as they ‘draw’ their password to log in. A user is authenticated against a stored pattern from enrollment and after identity is confirmed, access to the device, files, or accounts is granted.”
Product Launch: March 2011
Metrics: $2.5 raised to date (28 founder, friends, & staff, a 2010-2011 $550,000 investment from State of Texas & $500,000 from Mohegan Biometrics in 2012), $500,000+ in revenues; nearly 1M registered users in more than 53 countries and all 50 states in the U.S., 50+ clients, & 7 employees (including consultants)
Product distribution strategy: Direct to Business (B2B) & through financial institutions
HQ: Lewisville, Texas
Founded: July 2007
Website: biosig-id.com
Presenting Jeff Maynard (CEO & President) and Ron Kerkenaar (Senior Technical Analyst)

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The full demo video will be available at Finovate.com in mid-September.

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Online Payments Startup Spreedly Introduces its Credit Card Vault in the Cloud

By David Penn Posted on
Categories: FinovateFall 2013, Spreedly

Spreedlylogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Spreedly is our next presenter. They are making their way to the stage right now to debut their “credit card vault in the cloud.”
“In the world of online payments much is made of the fees that are charged by payment gateway providers. Very little is known about the relative performance of payment gateways. Lost transactions based on time outs/false declines/overly aggressive fraud filters can cripple a business. Spreedly sits at a unique juncture where we can share what we see across a range of gateways.”
Product Launch: September 2013
Metrics: Raised $420,000 in seed funding, 5 employees, 100 paying customers, & 30% month over month transaction growth
Product distribution strategy: Direct to Business (B2B)
HQ: Durham, North Carolina
Founded: January 2008
Website: spreedly.com
Twitter: @spreedly
Presenting Justin Benson (CEO)

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The full demo video will be available at Finovate.com in mid-September.

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Socure’s Social Biometrics Provides Real-Time Protection Against Fraudsters and Bots

By David Penn Posted on
Categories: FinovateFall 2013, Socure

Thumbnail image for Socurelogo.jpgOur next presenter is Socure. The company specializes in real-time, online identity verification solutions.

“Socure’s Social Biometrics utilizes a patent pending artificial intelligence system and proprietary machine learning algorithms along with social behavior pattern analysis to detect if an online ID is authentic, a fraudster or a bot. 
Socure’s Social Biometrics solution showcases its ability to capture non-authentic (fake) online identities as a way to guard against identity theft and account takeover fraud. Our demonstration also shows the ability to de-risk each side of a peer-to-peer payment.”
Product Launch: August 2013
Metrics: $1.6M raised & 12 employees
Product distribution strategy: Socure is partnering with industry leading MSPs, social sign-on providers, and traditional identity databases to leverage their existing distribution channels. Socure is also selling into businesses directly with an internal sales team.
HQ: New York City, New York
Founded: August 2012
Website: socure.com
Presenting Sunil Madhu (CEO) and Johnny Ayers (Director, Business Development)

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The full demo video will be available at Finovate.com in mid-September.

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mBank and Accenture Present Their Redesigned, Bank 3.0 Online Platform

By David Penn Posted on
Categories: FinovateFall 2013, mBank & Accenture

mBankAccenturelogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Next to the stage is a demo from mBank and Accenture, working together to present their next generation, online banking platform.
“mBank is the first established European bank to undergo a comprehensive, mass-scale, ‘Bank 3.0’ revolution of its direct channels by introducing re-designed Internet and mobile banking fully leveraging modern technologies to deliver state of the art, end-to-end, customer experience and unparalleled sales effectiveness for the bank. New online banking platform includes modern UI/UX, PFM, video banking, real-time marketing, social channels, and gamification.”
Product Launched: June 2013
Metrics: (mBank) ~6,000 FTEs & 4.1M customers in Poland, Czech Republic & Slovakia; (Accenture) 266,000 FTEs operating in 120+ countries, net revenues of $27.9B USD
Product distribution strategy: Direct to Consumer (B2C) & Direct to Business (B2B)
HQ: Lodz, Poland (mBank) & Warsaw, Poland (Accenture)
Founded: November 2000 (mBank) & 1950 (Accenture)
Twitter: @mBankpl & @Accenture
Presenting Michal Panowicz (Managing Director, New mBank Project) and Maciej Jopyk (Senior Manager, Accenture)
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The full demo video will be available at Finovate.com in mid-September.

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Toopher Launches its Business-Boosting Authentication Suite for FIs

By David Penn Posted on
Categories: FinovateFall 2013, Toopher

This post is part of our live coverage of FinovateFall 2013.

Coming to the stage now are representatives from our next presenter, Toopher.

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“Toopher’s authentication suite accelerate business top-line and bottom-line growth by creating greater user confidence and productivity. Toopher enables business to tap into new markets and to seize competitive differentiation within existing markets. 
Toopher uses the location awareness of user’s mobile device to create invisible, strong, out-of-band, two-factor authentication. 
As such, Toopher applies the same technology, infrastructure, and IP to optimize and secure the payment authorization process. As a result, Toopher can be paired with credit/debit accounts and mobile payments to reduce fraud, while simultaneously increasing UX.”
Product Launch: September 2013
Metrics: 17 employees
Product distribution strategy: Direct to Business (B2B), Channel Partnerships, and Licensing
HQ: Austin, Texas
Founded: September 2011
Website: Toopher.com
Twitter: @toopher
Presenting Josh Alexander (CEO) and Evan Grim (CTO)

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The full demo video will be available at Finovate.com in mid-September.

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Think Finance Presents Elastic: Line of Credit, Payroll-Linked Lending

By David Penn Posted on
Categories: FinovateFall 2013, Think Finance

Thumbnail image for ThinkFinancehighreslogo.jpgThis post is part of our live coverage of FinovateFall 2013.


Think Finance is about to present their technology next.
“Elastic is new a line of credit product for employees that is linked to payroll systems. The software-driven solution seamlessly integrates with payroll software platforms, reducing the cost and risk of providing cash advances. 
The savings are passed on to employees in the form of lower costs as compared to overdraft fees and alternative emergency cash products. Once an employer signs up, the employee manages the rest of the process online. Elastic provides flexible and affordable payment options and loans can be repaid via direct deposit using the payroll system.”
Product Launch: September 2013
Metrics: Money raised to date, $60M; number of employees, 564; revenues, $500M in 2012; customers served, 1.5M; credit issued $3.5B; consumer savings, $1B
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), & through financial institutions
HQ: Fort Worth, Texas
Founded: August 2011
Twitter: @thinkfinance
Presenting Ken Rees (President & CEO), Kathy Boden Holland (EVP, Corporate Development), and Elio Mariani (Product Director)
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The full demo video will be available in mid-September.

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Market IQ Terminal Provides Market Sentiment, Fundamental Insights, and Actionable Signals for RIAs

By David Penn Posted on
Categories: FinovateFall 2013, Market IQ

marketiqlogo.jpgThis post is part of our live coverage of FinovateFall 2013.

MarketIQ is our next presenter. The company will be debuting their Market IQ Terminal for portfolio managers, analysts, and investment firms.
“Market IQ Terminal provides:
  • Real-time sentiment and actionable fundamental insights based on Market IQ’s patented algorithms to provide deeper insights into a company’s strengths and weaknesses.
  • Better discoverability with Market IQ Search and natural language processing algorithms (applied to over 40 sources of unstructured data), allowing managers to ingest relevant insights from more sources at a glance, making ‘big data’ actionable.
  • Developed in collaboration with top investment management firms and market participants, Market IQ is modeled after broad portfolio management principles.
The intuitive and customizable workflow is designed to allow subscribers to tailor Market IQ to their investment process.”
Product Launch: September 2013
Metrics: $700,000 in revenues; 9,000 registered users, & 14 employees
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, & licensed.
HQ: Seattle, Washington & Toronto, Ontario, Canada
Founded: 2011
Twitter: @themarketiq
Presenting Fahad Kamir (Founder) and David Middleton (COO)

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The full demo video will be available at Finovate.com in mid-September

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Finect is Compliant Social Media for Financial Institutions Made Simple

By David Penn Posted on
Categories: Finect, FinovateFall 2013

finectlogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Our next presenter is the team from Finect. The company’s solution provides for an easy-to-use compliant social media with a pair of new features:
“Global Library – The financial industry’s broadest, smartest, and yet simplest library provides for the first truly open exchange of content without boundaries. This library will help advisors, asset managers and others:
  • Share, upload, and access content for client meetings, education, investment updates, and more
  • Share content with clients and prospects in their own groups or ‘rooms’
  • Follow and get instant library editions without worry
Pros on Products – Investment products can now be followed on Finect, with a single location for reviewing peer opinions, real-time news, and Twitter comments.”

Product Launch: September 2013

Product distribution strategy: Direct to Business (B2B), & through financial institutions
HQ: New York City, New York
Founded: 2012
Website: finect.com
Twitter: @finectcom
Presenting Nicolas Oriol (CEO & Founder) and Jennifer Openshaw (President)

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The full demo video will be available in mid-September.

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PayWith Presents mCARDS: A Dynamic Virtual Credit Card

By David Penn Posted on
Categories: FinovateFall 2013, PayWith

paywithlogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Wrapping this up with the final presentation of Day One of FinovateFall is PayWith, demonstrating their Mobile Rewards Cards.
“Introducing mCARDS (Mobile Rewards Cards). What does the “m” stand for? Money, Mobile, Merchant, Marketer, MasterCard, Monetize. 
In fact, mCARDS incorporate all of the above into every single 1-time use mobile card. mCARDS were invented by PayWith to enable a ubiquitous solution for merchants to process mobile payments using their existing hardware and POS equipment. The PayWith team cam up with the idea of creating a “virtual credit card” that could be dynamically created for every transaction by the consumer.”
Product Launch: Beta launched January 2012
Metrics: $2.5M raised to date, 12FT & 2 PT employees, closed beta of 2,000 registered users & 50 participating merchants, average consumer transaction value: $17.47, & average consumer annual spending through PayWith: $437.00
Product distribution strategy: Direct to Consumer (B2C), Direct to Business *B2B), through other fintech companies and platforms, & licensed.
HQ: Vancouver, British Columbia, Canada
Founded: November 2011
Website: paywith.com
Presenting David Strebinger (CEO) and Aaron Park (Senior Developer)

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The full demo video will be available at Finovate.com in mid-September.

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