Author: David Penn

Second Largest Credit Union in Canada Chooses Temenos T24

By David Penn Posted on
Categories: Temenos

Thumbnail image for TemenosLogo.jpgCoast Capital Savings Credit Union announced that it will go live with Temenos T24, deploying the new core banking system in a bid to better serve the company’s 450,000 daily transactions.

Temenos T24 is among the best-selling core banking software systems in the world over the past 14 years, according to IBS Intelligence. The software has been a perennial winner of Banking Technology magazine’s annual “Best Core Banking Product” Readers’ Choice Award.

The second largest credit union in Canada, Coast Capital Savings Credit Union has enjoyed asset base growth of more than 100% over the past ten years (now at more than $13 billion dollars as of the end of 2011). Credit union membership stands at 475,000, with more than 50 branches in the greater Vancouver area of British Columbia.

Temenos was among the companies to participate in FinovateEurope 2013 last month in London. Video of their presentation will be available soon.

Learn more about Temenos from our “Live Blog” post from their FinovateEurope demo here.

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Finovate Alumni News– February 27, 2013

By David Penn Posted on
Categories: Actiance, Bolstr, BrightScope, Cortera, DeviceFidelity, FutureAdvisor, LearnVest, Lighter Capital, MasterCard, Monitise, Pageonce, Personal Capital, Prepaid Resources, SaveUp
  • Thumbnail image for Finovate-F-Logo.jpgappPicker reviews Pageonce – Money & Bills app.
  • BrightScope announces top finance, insurance companies with the best 401(k) plans.
  • Device Fidelity announces Incipio partnership, new line of NFC enabled cases for iPhone.
  • NerdWallet interviews Bolstr co-founders, Larry Baker and Charlie Tribbett.
  • The Monitise-powered mobile wallet from Blackberry, BBM Money, launches pilot in Indonesia.
  • Cortera Pulse wins Gold Stevie Award for new version of business intelligence solution.
  • Lighter Capital appoints Molly Greg as VP.
  • SaveUp’s CEO & Co-founder Priya Haji awarded a Social Innovation Leadership Award by the World CSR Congress.
  • US News Money looks at LearnVest, FutureAdvisor, and Personal Capital.
  • Forbes speaks with Actiance CEO to learn how Socialite helps companies overcome challenges using social media.
  • Prepaid Resources adds FraudGuard security services to their BenefitsDirect Direct Deposit management solution.
  • MasterCard wins Mobile Money Innovation award at the GSMA World Congress in Barcelona, along with partners Etisalat and Oberthur Technologies.

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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Never Mind the Dongles, PayPal’s British Invasion Scheduled for Summer

By David Penn Posted on
Categories: PayPal

Thumbnail image for Thumbnail image for PayPalLogo.jpgLong a staple of alternative payment options in the U.S., PayPal will be making its British debut this summer.

PayPal Here includes a handheld, chip & PIN reading device. This will allow the company to take advantage of the swipe-free, chip & PIN dominated markets of the UK and Europe. The device will be made available to a few British merchants this spring before the official product launch later in the year.

So why did the PayPal cross the Atlantic? Here are a few clues worth keeping in mind:

  • The mobile payments market in the UK is estimated at 18 million customers
  • The UK represents PayPal’s second largest market beyond the U.S.
  • The UK has smartphone penetration of 61%, among the highest in Europe

PayPal_Here_UK.jpg

Take a look at how PayPal Here will work for British merchants and their customers in this video.

With plans to expand beyond the UK to the continent (including, perhaps, to France, home country of PayPal president David Marcus, as noted by TechCrunch‘s Ingrid Lunden), PayPal Here is currently available in Canada, Australia, Hong Kong, and Japan.

PayPal last demoed for Finovate at FinovateEurope 2012. See its presentation here.

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Finovate Alumni News– February 26, 2013

By David Penn Posted on
Categories: Banno, Bazaarvoice, Expensify, Liqpay.com, Monitise, Pockets United, ProfitStars, Simple, Temenos, ThreatMetrix, TradeKing, TSYS

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  • TSYS reaches long-term deal with MLS Direct Network.
  • Ad Age takes a look at Bazaarvoice’s Media Labs project.
  • ProfitStars launches Gladiator Managed IT Services.
  • Expensify now available for BlackBerry 10 and the BlackBerry PlayBook.
  • Bank Innovation reports: New Banno President Charles E. Potts says Grip Will Triple User Base in 2013.
  • MyBankTracker lists Expensify as 1 of 3 finance apps that is way better than Mint.
  • ThreatMetrix introduces Behavioral Analysis in the ThreatMetrix Cybercrime Defender Platform.
  • Monitise triples value of payments and transfers over its technology platform from $10bn to $31bn.
  • Segodnya.ua features Liqpay in its review of the advantages and disadvantages of electronic money.
  • Coast Capital Savings Credit Union in Canada to deploy Temenos T24 core banking app.
  • Pockets United among the startups presenting at TechCrunch Mobile Barcelona this week.
  • Xconomy’s “Innovations in Financial Technology” features TradeKing.
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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MasterCard Enables Enhanced Shopping Techniques with MasterPass

By David Penn Posted on
Categories: MasterCard

Making shopping easier and more efficient is the goal of MasterPass, the new technology unveiled today by MasterCard.

Building on its PayPass Wallet service, the new functionality of MasterPass will allow shoppers to do things like scanning bar codes and making purchases while avoiding the checkout queue.

Masterpass_screen.jpgMasterPass also will take advantage of securely stored payment information to enable consumers to pay for items and have them shipped to a default address with a single touch.

For the merchant, the ability to create their own branded digital wallet may be one of the more enduring appeals of MasterPass. These wallets will be open, allowing consumers to store any debit or credit card, including non-MasterCard cards, on the app.

MasterPass will support both barcode scans and NFC, as well as QR codes, tags, and mobile devices. The service will be available in Canada and Australia initially, and is expected to arrive in the UK by late spring, and the United States by summer.

MasterCard was last on the Finovate stage in the fall of 2011. See its demo here. 

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Virtual Piggy Now an Option for Gaia Online’s Under-18 Members

By David Penn Posted on
Categories: Virtual Piggy

Thumbnail image for Thumbnail image for VirtualPiggyLogo1.jpg

Paying for everything from virtual furniture for your Gaia House to virtual auto parts for your Gaia Car just got easier for the under-18 set on Gaia Online.

Virtual Piggy announced today that its payment system could now be used to make purchases within Gaia Online, one of the world’s largest online communities. Now members will be able to use Virtual Piggy to buy Gaia Cash, the coin of the realm in this Internet community that claims more than 26 million registered users.

A few facts about Gaia Online:

  • Gaia Online was founded in 2003
  • Over one million posts are made to Gaia Online daily
  • Gaia Online has 7 million unique users each month
  • The company was awarded the Mashable Best User Experience Award in 2010

Founded in 2008, Virtual Piggy presented at FinovateEurope 2013 in February, earning a “Best in Show” award. Video of Virtual Piggy’s award-winning demo will be available soon.

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Finovate Alumni News– February 25, 2013

By David Penn Posted on
Categories: Azimo, Banno, BillGuard, Continuity Control, Kantox, Kony Solutions, MasterCard, SafetyPay, Service2Media, TrustedID, TSYS, Xero
  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMasterCard announces MasterPass, enabling one-touch transactions with payment cards and devices.
  • Service2Media launches new version of App Lifecycle Platform, M2Active 4.0.
  • TSYS extends payment processing contract with Green Dot.
  • lovemoney.com features Azimo’s money transfer service.
  • Continuity Control releases regulatory compliance management system for small- to mid-size credit unions.
  • Kantox adds spot transactions to FX to offer a full range of FX services to corporate clients.
  • Kony opens EMEA office, enhances mobile CRM product.
  • Market Consensus reviews BillGuard.
  • New Zealand-based bank, ASB, supports automagic bank feeds into Xero.
  • Next Advisor compares TrustedID with competitor.
  • Des Moines Register reports: Open atmosphere, passion for product help Cedar Falls’ Banno grow.
  • SafetyPay to power Computop’s Paygate payment 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.

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DeviceFidelity Receives $1 Million in Debt Financing

By David Penn Posted on
Categories: DeviceFidelity

DeviceFidelityLogo.jpg

NFC plug-and-play technology firm DeviceFidelity has raised $1 million in debt financing.

Investors in the financing were not disclosed. However, six unspecified investors contributed to the financing starting on January 31st, according to a SEC filing.

The company’s leading innovations are in the field of mobile wallets. DeviceFidelity’s moneto (demoed at FinovateSpring 2012) uses microSD with an NFC chip to enable secure contactless transactions for both the iPhone and Android smartphones.

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TSYS Announces $1.4 Billion Acquisition of NetSpend

By David Penn Posted on
Categories: TSYS

Thumbnail image for TSYSLogo.jpg

This week, TSYS announced that it is buying the second largest prepaid debit card company, NetSpend, for $1.4 billion. The purchase, expected to be complete by summer, will give TSYS access to the growing market for prepaid debit cards.

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Here’s a closer look at what TSYS is adding to their portfolio including a few facts about the prepaid debit card market:

    • The market for prepaid debit cards is estimated at 68 million potential consumers
    • NetSpend’s customer list includes more than 2.4 million accounts
    • More than 45% of NetSpend’s accounts are direct deposit
    • NetSpend prepaid debit cards are available at more than 62,000 locations
TSYS anticipates a 20% growth in the prepaid debit card market by 2018. 
TSYS first demoed with Finovate in 2010 as part of FinovateSpring.  They were also among the 64 companies that demoed at FinovateEurope in February. Videos of the FinovateEurope presentations will be available soon.

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iPay Solutions Tops 1.8 Million Payments in First Half of Fiscal 2013

By David Penn Posted on
Categories: ProfitStars

Thumbnail image for ProfitStarsLogo.jpg

iPay Solutions, the person-to-person payment service from ProfitStars has processed more than 1.8 million payments from July 1 through December 31, 2012. The payment value was more than $1.2 billion.

The company also announced a year-over-year increase for the second quarter of fiscal 2013 (October through December) of more than 38% in P2P users, and more than 37% in payments. The average amount per transaction was $719.

P2P payments have long been a mainstay of the iPay Solutions service, with the company offering a separate person-to-person solution in 2010. Now iPay Solutions is used for P2P payments by more than 2,700 financial institutions.

ProfitStars is a division of Jack Henry & Associates. The company has more than 11,000 clients globally, and was recognized by Celent as number #1 in Remote Deposit Capture and Branch Image Capture. They last demoed at FinovateSpring 2012. See their Budget Manager in action here.

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Finovate Alumni News — February 19, 2013

By David Penn Posted on
Categories: Acculynk, Arroweye Solutions, Azimo, Bill.com, Billhighway, Braintree, Compass Plus, EZBOB, FIS, Fiserv, Fuze Network, Hidden Levers, Pageonce, planwise, Prosper, Q2ebanking, SecondMarket, SoMoLend, Tradeshift, TransferWise, Yodlee
  • Thumbnail image for Finovate-F-Logo.jpgRescuecom highlights TransferWise as low cost, currency conversion option.
  • Acculynk‘s Payzur brings person-to-person payments to consumers on PULSE debit/ATM network.
  • Compass Plus helps Russian-based FI SwitchMaster reach processing benchmark.
  • ekmPowershop announces partnership with EZBOB.
  • American Banker reports: Planwise to Participate in Yodlee’s Incubator Program.
  • BillHighway hires new CFO.
  • Arroweye Solutions reports 40% growth due to 175% uptick in open loop card production, added 27 new clients in 2012.
  • Bill.com to provide Frantopia with accounting services.
  • Prosper unveils new protection for lenders.
  • The Next Web reports: Tradeshift adds support for accounting services Sage and Kashflow, helping businesses get paid.
  • Forbes considers how SoMoLend provides capital to small businesses.
  • VentureBeat reports SecondMarket is partnering with CircleUp to allow investors to invest in up-and-coming consumer product businesses.
  • Thomaston Savings Bank selects Q2ebanking’s full suite of ebanking solutions.
  • HiddenLevers launches portfolio stress testing app to help advisors generate leads.
  • Fiserv awarded Best-in-Class rating in 2012 Anti-Money Laundering Technology Review.
  • Gifting app Wrapp selects Braintree to power payments.
  • Pageonce adds person-to-person payment functionality to mobile app.
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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Pageonce Goes Person-to-Person with Pay Anyone

By David Penn Posted on
Categories: Pageonce

Thumbnail image for PageonceLogo.jpgPageonce’s drive to create a mobile checkbook on your smartphone just reached a new gear.

The new service, Pay Anyone, gives smartphone users the ability to make the sort of frequent, informal payments typically reserved for checks. Rather than write a check to the landlord or the babysitter or the repairman, users will simply be able to make the payment as part of a person-to-person transaction using their Android or iOS device.

PayAnyone.jpg
The new app is designed to deepen Pageonce’s presence in the local payments market, where checks written to small businesses and individuals represent trillions in purchase value. Here’s a closer look at what’s on the table:
  • Consumers write 11 billion checks a year to small businesses and individuals
  • Pageonce currently processes more than $1 million in bill payments daily
  • More than 50% of consumers do not use or rarely carry a checkbook, according to 2013 study
  • Pageonce has $23 million in funding; 6,000 billers; more than 7.5 million users
Pageonce demoed its Personal Assistant and Bill Assistant at FinovateSpring 2010. A look at Pay Anyone is available here.

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