Author: David Penn

ACI Worldwide Launches New Money Transfer System

By David Penn Posted on
Categories: ACI Worldwide

Thumbnail image for ACIWorldwide.jpgCalling the latest version a collaborative effort between the company and customers, ACI Worldwide this week announced the release of Money Transfer System 5.0.

MTS 5.0 features include repair reporting, network validation tools, and the addition of global clearing channel such as KASSIP and SAIRE. KASSIP is the Kuwait Automated Settlement System for Inter-Participant Payments. SAIRE is the Saudi Arabian Riyal Interbank Express.

Additionally, the issues that financial institutions face with regard to sanctions checking have been addressed in MTS 5.0. The Enhanced Sanctions Filter provides SDN (Specially Designated Nationals) list storage and enrichment, real-time scanning, exception processing, and other services.

See ACI Worldwide’s most recent Finovate demo here.

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Finovate Alumni News– January 11, 2013

By David Penn Posted on
Categories: Bazaarvoice, Equifax, EZBOB, Fiserv, ImpulseSave, Leadfusion, Lending Club, MiiCard, NICE Systems, Prosper, TradeHero, TSYS, Zopa
  • iOSnoops reviews TradeHero Mobile.
  • Netbanker considers how Prosper, Zopa, and Lending Club have disrupted lending.
  • American Banker reports on NICE Systems’ launch of voice authentication technology. Watch its live demo at FinovateEurope Feb. 12 and 13.
  • P2P Lending News: Zopa CEO talks to BBC Radio.
  • BostInno talks with ImpulseSave CEO on how it can help with all kinds of New Year’s resolutions.
  • Equifax partners with DocuSign for easy e-sign and submission of Transcript of Tax Return form.
  • Fiserv enhances TradeFlow, its post-trade processing solution. Come to FinovateEurope in London to see the live demo of its new technology.
  • ZDNet looks at how miiCard is solving identity verification headaches.
  • Digital Journal reports on EZBOB’s battle with Amazon in the small business financing space.  See them at FinovateEurope in February.
  • Leadfusion collaborates with McCulluy Design Lab to get a new look.
  • Happy birthday, TSYS!  Company celebrates 30th anniversary on Friday.
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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Thomson Reuters Helps FFIs with FATCA Compliance

By David Penn Posted on
Categories: Thomson Reuters

Thumbnail image for Thumbnail image for ThomsonReutersLogo.jpgAre you a FFI (foreign financial institution) worried about the new FATCA regulations that went into effect on the first day of January 2013?

If so, Thomson Reuters has an app for that.

The company has unveiled a FATCA compliance kit to help financial institutions comply with the US Foreign Account Tax Compliance Act, or FATCA. This legislation mandates that FFIs identify individual US tax liability among their customers, and report it to the Internal Revenue Service.

According to the European Banking Federation, FATCA will cost those FFIs with more than 25 million accounts $250 million or more to implement. The Thomson Reuters for FATCA Solution allows banks to take advantage of established regulatory and tax problem-solving technologies to ensure compliance, proper reporting, and documentation.

See Thomson Reuters in their most recent Finovate demo here.

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Finovate Alumni News– January 10, 2013

By David Penn Posted on
Categories: EZBOB, Geezeo, Keynote DeviceAnywhere, Personal Capital, PlayMoolah, Standard Chartered Bank, Temenos, Thomson Reuters, TIBCO Software
  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgIBM developerWorks features Rich Killmar from Keynote DeviceAnywhere.
  • Thomson Reuters unveils FATCA compliance toolkit.
  • Temenos is one of the most significant global banking platform vendors according to Forrester Research.
  • Check out Toshl Finance’s cool infographic on how people around the world earn and spend their money.
  • Money Smart Life blog reviews Personal Capital.
  • TIBCO Software announces partnership with University of Chicago Medicine.
  • Credit Union Journal reports: Congressional FCU Chooses Geezeo.
  • PlayMoolah launches Moolah It, a new iOS App.
  • Central Bank of Myanmar grants license to Standard Chartered Bank.
  • EZBOB to partner with ChannelGrabber.
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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Suncorp Selects FIS for ATM and POS Switching

By David Penn Posted on
Categories: FIS

FISLogo.jpgThe ability to manage both POS and ATM networks on a single platform has won FIS a deal with Australia’s Suncorp bank. In addition to managing the bank’s POS and ATM networks, FIS’s CONNEX will also be used to help the bank’s ongoing EMV rollout efforts.<

CONNEX helps financial institutions facilitate terminal driving, transaction acquiring, switching and authorization. The migration of Suncorp’s ATM transactions is planned for the first half of 2013.

A few interesting facts about Suncorp:

  • The fifth largest bank in Australia with more than $60 billion in assets
  • One of the top 25 companies in the Australian Stock Exchange
  • Has 450 offices and branches in Australia and New Zealand, and 2200 ATM access points

FIS has relationships with more than 14,000 institutions in more than 100 countries. See FIS’s most recent Finovate demos here and here.

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Finovate Alumni News– January 9, 2013

By David Penn Posted on
Categories: Betterment, Cardlytics, Check Point, Comarch, Dwolla, eToro, Experian, FIS, Keynote DeviceAnywhere, Movenbank, NICE Systems, Pageonce, SecondMarket, ShopKeep POS, Simple, Tuition.io, VoiceTrust
  • Gartner highlights Comarch Commission & Incentive in recent report.
  • FIS announces expanded relationship with Modern Woodmen Bank.
  • TomTom uses Keynote DeviceAnywhere for real-time performance monitoring in Paris.
  • The New York Times features Simple’s approach to customer service.
  • Check Point Software Technologies introduces new ZoneAlarm 2013 security product line, integrates Facebook Privacy Scan.
  • MyBankTracker looks at Movenbank’s new site layout. Come see Movenbank’s live demo at FinovateEurope Feb 12 and 13.
  • Daily Tekk interviews Brendon McQueen, CEO of Tuition.io.
  • eToro launches new version of its WebTrader platform.
  • Dwolla introduces new look, allows users to apply for higher transaction limits.
  • Cardlytics opens office in San Fran, appoints new SVP of Marketing. Come see Cardlytics demo at FinovateEurope next month.
  • CNBC interviews Barry Silbert, SecondMarket CEO, to understand why entreprenuers avoid IPOs.
  • Bank Systems & Technology considers how NICE’s newest solution uses voice recognition to prevent fraud. Come see NICE demo its new tech live at FinovateEurope in London February 12 and 13.
  • Biometric Update highlights a year of new customers and pilot projects from VoiceTrust.
  • TechCrunch features a video interview with Betterment CEO and founder, Jon Stein.
  • Experian announces deal to provide address and mortality screening services to Guardian Financial 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.

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CR2 Helps Africa’s Cashless Economy Move Forward

By David Penn Posted on
Categories: CR2

logo-cr2-mediapack.jpgMartin Dolan, CEO of CR2, made a number of interesting observations on mobile banking in a recent interview with AllAfrica.com.

The topic of the conversation was the role CR2 is playing in the Cashless Lagos Project sponsored by the Central Bank of Nigeria. The goal of the project is to reduce the costs of handling cash, and to eliminate fraud in the system.

The following four points on the role of ATMs in countries like Nigeria were especially noteworthy.

  • By putting a “significantly bigger PC” inside the ATM, CR2 increases the ability of ATMs to do transactions more than five-fold.
  • The larger PC also enhances the ATM’s ability to interact with Internet and mobile channels.
  • In providing cardless access to ATMs, CR2 reduces reliance on often expensive-to-produce chip and PIN cards.
  • Maintaining low barriers to entry is important to customers even if KYC (“know your customer”) remains “the biggest problem” for mobile banking.

Dolan also noted that more than 95% of the transactions in Nigeria are via ATM according to the Nigerian Central Bank.  Be sure to check out CR2’s new banking technology at FinovateEurope next month in London!

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Finovate Alumni News– January 7, 2013

By David Penn Posted on
Categories: ACI Worldwide, Bazaarvoice, Enloop, FIS, GMC Software Technology, Lending Club, Mitek, SaveUp, Simple, SoMoLend, Temenos, TransferWise, Xendpay

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpg

  • ACI Worldwide launches ACI Money Transfer System 5.0.
  • Suncorp Bank chooses FIS to manage ATM and POS transactions
  • 500Friends to integrate LoyaltyPlus platform with Bazaarvoice.
  • Financial Edge Community CU partners with SaveUp.
  • Mitek issued new patent for “Methods for Mobile Image Capture and Processing of Documents”.
  • The Financial Brand checks out the “Simple” way of banking.
  • The New York Times looks at SoMoLend’s take on crowdfunding, seeking out institutions to serve as lenders.
  • New York Times looks at Enloop’s hassle free business plan writing service.
  • The Telegraph highlights TransferWise as a cost-saving option for overseas money transfers.
  • Luxembourg’s Nordea Bank picks Temenos to standardize IT infrastructure.
  • GMC Software Technology helps Gala Bingo move to “third generation” bingo tickets.
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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Credit.com Leverages Experian’s IntelliView

By David Penn Posted on
Categories: Credit.com, Experian

Thumbnail image for ExperianLogoFF12.jpgLate last year, Experian announced that it had developed a web-based searchable database to help plow through consumer credit data. And now, fellow Finovate alum, Credit.com has put the database to use.

IntelliView uses a representative, 10% sample of Experian’s database, which tracks more than 200 million customers in the United States. IntelliView allows searches and queries based on several categories:

  • bank cards
  • retail cards
  • automotive loans
  • first mortgages
  • second mortgages
  • home equity lines of credit
  • personal loans

Credit.com used the web-based query analysis software to create a list of the top 10 states in terms of highest average bank card balance in the third quarter of 2013 (the last quarter for which data was available).

Thumbnail image for credit_Logo.gif

The data for IntelliView is the same as that used by Experian-Oliver Wyman Market Intelligence Reports, which accesses Experian’s aggregated quarterly consumer credit data.  The service is available by subscription from Experian.

See Experian’s latest Finovate demo here.  Credit.com’s most recent demo at Finovate is here.

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New “Paperless Coalition” Includes 3 Finovate Alums

By David Penn Posted on
Categories: Expensify, Manilla, Xero
xero logo

With a battle cry of “save time, money and trees” the Paperless Coalition has launched its campaign to promote a paper-free workplace.

Among the members of the Paperless Coalition are three Finovate Alumni: Xero, Manilla and Expensify. The Coalition is led by HelloFax, and has set-up a website, paperless2013.org where businesses can “take the pledge” to work toward using less paper – and sign up for the coalition’s monthly newsletter.

Thumbnail image for ManillaLogo.jpg

According to Reduce.org, the average office worker consumes more than 10,000 sheets of paper every day. More than three million tons of office paper are used in the United States alone every year.

Also participating in the Coalition is Google via Google Drive.

Thumbnail image for Thumbnail image for Expensify.jpg

To see Xero’s most recent Finovate demonstration, click here. Manilla’s last Finovate demo is here.  Expensify can be seen in action here.

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Finovate Alumni News– January 3, 2013

By David Penn Posted on
Categories: Akamai, Flint Mobile, Klarna, PayPal, planwise, QuantConnect, ShopKeep POS, Tuition.io

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpg

  • Internet Marketing For Small Business likes how Flint leverages the camera for mobile payments.
  • Lithium Knowledge Center shares tips on configuring Klarna.
  • Entrepreneur interviews Jason Richelson, founder of New York-based ShopKeep POS, a cloud-based system.
  • Clover raises $3.3 million from undisclosed investors.
  • Tuition.io exits private beta, aims to make student loan management easier.
  • The Boston Globe takes a look at Tom Leighton, the new CEO at Akamai.
  • Techie Insider looks at how PayPal mobile payments can benefit your church.

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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2012 Funding for Finovate Alumni– More than $450 Million Raised

By David Penn Posted on
Categories: ActivePath, Affinity Solutions, Arroweye Solutions, Banno, Bazaarvoice, Betterment, Boku, Braintree, Capital Access Network, Cartera Commerce, CashStar, Continuity Control, Controlabill, Credit Sesame, Currensee, DemystData, DoughMain, Dwolla, edo Interactive, eToro, Finsphere, FreeMonee, FutureAdvisor, Fuze Network, HelloWallet, Jemstep, Jingit, Kabbage, Kony Solutions, Lending Club, MiiCard, Nutmeg, Pindrop Security, planwise, SaveUp, SecureKey, ShopKeep POS, SoMoLend, The Currency Cloud, ThreatMetrix, Waspit, Xero, Yodlee, Zopa

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgHere is a list of all the funding Finovate alumni received over the course of 2012.  

After an impressive 2011, where more than $423 million was raised, 2012 was even better, with more than $450 raised.
A few stand-out metrics for the year:
  • A total of 44 companies received funding, some more than once in 2012
  • Combined, more than $450 million was raised
  • The best quarter for raising capital was the first quarter when more than $150 was raised
  • The biggest funding month this year was March, with more than $68 million raised by three companies
Here is a month-by-month breakdown of funding received.
January — $25 million raised by 3 companies
Currensee: $2 million — blog post
Finsphere: $11.3 million — blog post
HelloWallet: $12 million — blog post
February — $57 million raised by 5 companies
Capital Access Network: $30 million — blog post
Dwolla: $5 million — blog post
Jemstep: $6 million — blog post
Kabbage: undisclosed — blog post
Xero: $16.6 million — blog post
March — $68 million raised by 3 companies
Boku: $35 million — blog post
eToro: $15 million — blog post
ThreatMetrix: $18 million — blog post
April — $2.5 million raised by 1 company
miiCard: $2.5 million — blog post
May — $55.5 million raised by 5 companies
Kony: $15 million – blog post
Pindrop Security: $1 million — blog post
SecureKey: $30 million — blog post
SoMoLend: $1.17 million — blog post
Yodlee: $8.3 million — blog post
June — More than $62 million raised by 8 companies
Affinity Solutions: $14.5 million — blog post
Arroweye Solutions: $3 million — blog post
Cartera Commerce: $12.2 million — blog post
Credit Sesame: $12 million — blog post
Doughmain: undisclosed — blog post
Lending Club: $15 million — blog post
Nutmeg: $5.3 million — blog post
Planwise: $200,000 — blog post
July — $6 million raised by 2 companies
Continuity Control: $1 million — press release
SaveUp: $5 million — blog post
August — More than $49 million raised by 6 companies*
DemystData: undisclosed — blog post
FutureAdvisor: $5 million — blog post
FreeMonee: $34 million — blog post
The Currency Cloud: $3.1 million — blog post
CashStar: $5 million — blog post
Continuity Control: $2.25 million — blog post
September — More than $59 million raised by 5 companies
Banno: $2 million — press release
Betterment: $10 million — press release
Edo Interactive: $15 million — press release
Fuze Network: $2.5 million — press release
Kabbage: $30 million — blog post
October — $37 million raised by 2 companies
The Currency Cloud: $1.9 million — blog post
Braintree: $35 million — blog post
November — More than $23 raised by 4 com
panies
ActivePath: $10 million — blog post
Jingit: $7 million — blog post
Bazaarvoice: $6.7 million — blog post
Xero: $49 million — blog post
December — More than $16 million raised by 4 companies
Waspit: $3 million — blog post
Controlabill: $570,000 (A$600,000) — blog post
Zopa: undisclosed — blog post
ShopKeep POS: $10 million – blog post
Clover Networks: $3.3 million – blog post
*In addition to the companies listed for August, On Deck Capital raised $100 million in credit facility commitments.
Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? E-mail us at [email protected] or [email protected].

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