Author: Julie Muhn (@julieschicktanz)

Backbase Powers OmniChannel Digital Services for BGŻ BNP Paribas Bank

Backbase Powers OmniChannel Digital Services for BGŻ BNP Paribas Bank
By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase

BGŻ BNP Paribas Bank, the Polish bank, is going omnichannel with Backbase, as is it aims to enhance its digital services and ability to link up with fintechs, reports Henry Vilar of Finovate’s sister publication, Fintech Futures.

The Backbase Omni-Channel Banking Platform introduced a new digital platform that aims to encourage the use of agile project management in the bank. BGŻ BNP Paribas’ Fast Forward strategy has focused on digitization as it looks to be more agile and more able to quickly respond to market changes. Having grown from a series of mergers, the bank had previously inherited various legacy systems – thus requiring to up its game in terms of flexibility and agility.

“Cooperation with Backbase is a natural consequence of the requirements of our transformation program. Our new strategy is based on five core pillars: simplicity, digitization, quality, growth, and enthusiasm,” said Piotr Marciniak, head of digital and mobile of Bank BGŻ BNP Paribas.

Initially, internet banking will be moved over to the new platform, but plans are to move to a single architecture, and implement Backbase mobile as part of this. BGŻ BNP Paribas Bank is also changing the way it develops and runs projects, with a heavy emphasis on fintechs, digital, and continuous integration continuous development (CICD).

“BGŻ BNP Paribas Bank emphasizes cooperation with sought-after fintechs. We constantly seek out the best, most innovative projects to support our operations, and are glad to implement some of their ideas in our bank,” added Marciniak.

At FinovateEurope earlier this year, Backbase unveiled the Customer OS in a demo that won the Amsterdam-based company Best of Show honors for the fourth time. In July, the company teamed up with Jumio to deliver online ID verification services.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase, Darwinex, SWITCH, Thought Machine, TransferWise, Zopa

On Finovate.com 

  • Backbase Powers OmniChannel Digital Services for BGŻ BNP Paribas Bank.
  • Switch Granted $2 Million in Funding.

Around the web

  • IBM partners with Thought Machine for legacy systems.
  • TransferWise introduces its borderless account – with a debit card – to Ireland.

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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Q2 Acquires Gro Solutions

Q2 Acquires Gro Solutions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Gro Solutions, Mergers & Acquisitions, Q2, Q2 Holdings, Q2ebanking

Digital banking solutions company Q2 Holdings boosted its capabilities this week with the acquisition of account opening technology provider Gro Solutions. This follows Q2’s purchase of Cloud Lending Solutions in August, making it the Austin-based company’s fifth acquisition since it was founded in 2004.Terms of the deal were not disclosed.

“With Q2’s recent acquisitions of Cloud Lending and now Gro—combined with our leading, secure digital banking platform—we are delivering powerful solutions for the financial services vertical to provide exceptional experiences needed to keep pace with the high expectations of today’s account holder,” said Matt Flake, CEO of Q2. “Our acquisition of Gro adds yet another element that helps our customers reduce user friction, increase engagement in the digital channel and expand their offerings.”

Once the acquisition closes, Q2 will benefit from Gro’s omni-channel account opening technology, Gro Checkout, which CEO David Eads launched at FinovateFall 2015. Q2 will also boost its portfolio with Gro’s other solutions, including Gro Funnel, a set of marketing automation and CRM tools; Gro Business, tools for business clients; and Carrier Data Integration, technology that leverages information from a customer’s wireless billing record to auto populate data fields.

“As a combined force, we look forward to providing leading account opening, ecommerce and end-to-end digital financial solutions to banks, credit unions and other financial technology companies,” said Eads. “We are delighted to be joining the Q2 team and look forward to delivering best-in-class in financial digital sales and marketing solutions.”

Gro Solutions most recently demoed an extension of its digital sales platform at FinovateFall 2017. The company had raised $4.3 million since it was founded in 2015. Gro has been named a Fintech Company to Watch by American Banker and was recently awarded the TAG Fintech Advance Award.

Q2 debuted Q2 Biller Direct at FinovateSpring earlier this year. The company had 2017 revenues of $194 million, has 10.4 million end users, and 382 bank and credit union customers. Matt Flake is CEO.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Digital Onboarding, Entersekt, Finicity, Google Cloud Platform, Gro Solutions, Hydrogen, Kony, Ohpen, Q2, Q2 Holdings, Q2ebanking, Sezzle

On Finovate.com

Around the web

  • Finicity CEO Steve Smith honored as a 2018 HousingWire Vanguard.
  • Ohpen launches the Ohpen API Portal (OAP) in beta.
  • PYMNTS talks with Entersekt SVP of Product Niel Bester about consumer trust.
  • Kony teams with PSECU to deliver digital banking technology.
  • Hudson River Financial FCU selects Digital Onboarding to enhance new member experience with updated onboarding

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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Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise

Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise
By Julie Muhn (@julieschicktanz) Posted on
Categories: Moven, Yandex

Moven Enterprise announced this week that it has partnered with mobile wallet company Yandex.Money to power smart banking technology for the Russia-based company.

Yandex.Money will leverage Moven Enterprise’s open APIs to embed new features and functionality into its mobile app, pushing new product offers that extend beyond the company’s flagship mobile wallet. The partnership will give Yandex.Money’s mobile wallet offering a boost by giving its 46 million mobile wallet customers access to real-time personalized financial management tools.

“Yandex.Money is no longer just an electronic wallet, as we offer options familiar to banking clients such as money transfers, card issuance, cashback, payment for various goods and services,” Ivan Glazachev, Yandex.Money CEO explained. “We also offer users the opportunity to choose the app design theme, make investments, and now effectively control their funds.” The new features will also encourage users to adopt existing mobile wallet offerings.

Moven CEO, Marek Forysiak, said, “Moven is excited to bring our AI-driven, smart banking solutions into Yandex’s existing app by leveraging our open APIs to create a customized user experience. Their robust initiative adds a new level of sophistication and capabilities including personalized advice and financial wellness capabilities to help their customers spend, save and live smarter.”

Launched at FinovateFall 2016, Moven Enterprise takes a software-as-a-service approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers, and drive revenue through their mobile channel.

At FinovateAsia 2017, Moven Enterprise demonstrated a new credit offering, chatbot functionality, and an expansion of its wish list feature that leverages behavioral gamification. Last month, the company announced it will bring its digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe.

A joint venture between Yandex and Sberbank, Yandex.Money is the largest online payment service in Russia. At FinovateSpring 2013 Yandex.Money launched Twym, an application that allows users to instantly transfer money in Rubles via Twitter.

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UNPay Expands QR Code Payments

UNPay Expands QR Code Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: UNPay

Electronic payment technology provider UNPay made a move that banks on QR code technology in Asia. The Singapore-based fintech announced it is supporting the Singapore government’s effort to promote more cashless payments with a slew of efforts to promote the use of QR code payments among retailers.

UNPay is initiating the effort by providing its merchant clients with Chinese QR code payment capabilities and will include Chinese QR code payment providers by the second half of 2019. To support the influx of Chinese tourists in Singapore, a group which spent $3.08 billion on tourism expenditures last year, UNPay has acquired more merchant clients in the hospitality and food and beverage sectors and will supply them with popular QR code payment methods such as Alipay and WeChat Pay. As a second step in its QR Code expansion, UNPay will acquire foreign e-wallets to provide even more payment options for tourists around the world.

Zhang Zhenghua, UNPay CEO and founder said, “Through our active acquisition of merchants, we hope to drive the use of QR code payment in Singapore, keeping in line with the rollout of SGQR code in September. We are confident that with our expertise and technology, we will be able to bring greater benefits to our merchants via our integrated payment platform, while providing a more seamless and convenient way for consumers to pay.”

UNPay Country Manager Ernest Lo and HR Director Jenny Zhao demo UN Smart Cashier at FinovateAsia 2018

UNPay, which demoed its UN Smart Cashier at FinovateAsia earlier this year, connects to more than 500 online payment methods covering more than 200 countries and regions. The company’s solutions span industries including travel, education, e-commerce, and digital entertainment.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase, FamZoo, Jumio, Moven, Temenos, UNPay, Yandex

On Finovate.com

  • Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise.

Around the web

  • Jumio won gold award for Security Software Enterprise Product of the Year at the 2018 Best in Biz Awards
  • FamZoo redesigns card to make it more teen friendly.
  • Coindesk reports: Coinbase Quietly Opened Its OTC Crypto Trading Desk This Month.

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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BlackRock to Acquire Equity Stake in Envestnet

BlackRock to Acquire Equity Stake in Envestnet
By Julie Muhn (@julieschicktanz) Posted on
Categories: Envestnet, Mergers & Acquisitions

Wealthtech companies Envestnet and BlackRock have entered into a strategic partnership agreement in which Envestnet will integrate BlackRock’s Digital Wealth technologies into its platform. On the financial side of the deal, BlackRock will take a 4.9% equity stake in Envestnet in a stock transaction totaling $123 million.

“Envestnet is uniquely positioned to create the premier financial wellness network. Integrating BlackRock Digital Wealth offerings into the Envestnet platform represents an industry milestone, advancing advisors’ ability to help investors meet their financial goals,” said Bill Crager, president of Envestnet.

BlackRock launched its Digital Wealth services last October to merge its wealthtech offerings. The services iRetire, BlackRock Advisor Center and FutureAdvisor, which BlackRock acquired in 2015, will all be integrated into the Envestnet platform. Venu Krishnamurthy, global head of digital wealth for BlackRock, said that BlackRock will deliver its Digital Wealth solutions to Envestnet in a “modern, highly integrated way.” The new technologies will help advisors “scale their business and build better portfolios,” he added.

In addition to the stock transaction, Envestnet will offer BlackRock the option to purchase 470,000 shares of Envestnet common stock at $65.16 per share for up to four years from the date of issue. The agreement is expected to close before the end of this year.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. In September, Envestnet unveiled a new developer experience that delivers enhanced data that spans 18,000 global sources, as well as updated tools that aim to speed up the developer experience. Adding to that effort, the company recruited Sebastien Taveau, former chief developer evangelist for Mastercard, as its vice president of Developer Experience.

Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $2.52 billion.

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BBVA Brings on Onur Genç as New CEO

BBVA Brings on Onur Genç as New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: BBVA

BBVA appointed a new CEO this week, hiring Onur Genç (pictured below) to take the place of Carlos Torres Vila who served as BBVA Group CEO since May of 2015. Torres Vila’s tenure at BBVA extends back 10 years, beginning in 2008 when he first worked as the Group’s head of strategy and corporate development. He will transition as BBVA’s Chairman after stepping down from his role as CEO.

Genç will be coming to the company from Birmingham, Alabama-based BBVA Compass where he was CEO and U.S. country manager. He will begin his new role on December 31, 2018.

“Onur has had an extremely positive impact in our operations in the U.S. and in Turkey, and now that contribution will be extended to the whole Group,” Torres Vila said. “The Board has selected Onur as he is the ideal CEO to continue pushing forward our strategy and boosting our transformation throughout all our franchises, generating value for all our stakeholders: shareholders, employees, customers and the overall society.”

Previous to his role at BBVA Compass, Genç worked for Garanti Payment Systems for six years– first as EVP of retail banking and then as deputy CEO.

BBVA demoed its market sentiment analysis tool at Finovate Europe 2013 in London and presented its initial APIs to an audience of developers at FinDEVr Silicon Valley 2016. Earlier this month, the bank launched a new venture called Upturn that aims to simplify the credit report error dispute process.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BBVA, Check Point, Ellie Mae, Envestnet, Mambu, Payfone, Revolut

On Finovate.com

  • BlackRock to Acquire Equity Stake in Envestnet.
  • BBVA Brings on Onur Genç as New CEO.

Around the web

  • Check Point Software integrates with New Amazon Web Services Security Hub.
  • Revolut to launch in Singapore and Japan.
  • Payfone to extend Anti-SIM Swap fraud technology to 35 markets in 2019.
  • Mambu now powering Lendico Switzerland.
  • Dan Madden to join Ellie Mae as Executive Vice President and Chief Financial Officer.

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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Roostify Powers TD Bank’s Digital Mortgage Experience

Roostify Powers TD Bank’s Digital Mortgage Experience
By Julie Muhn (@julieschicktanz) Posted on
Categories: Roostify

The mortgagetech sector saw another large partnership this week, as TD Bank partnered with Roostify to offer customers a digital mortgage lending experience.

“By leveraging Roostify for TD’s Digital Mortgage, we’re able to provide borrowers with online capabilities in addition to face-to-face guidance and support. This is the game changer for today’s buyers – digital when they want to handle it on their own, and human when they need the help,” said Rick Bechtel, head of mortgage banking at TD Bank.

Through the partnership, TD Bank is leveraging Roostify’s DecisionBuilder lead tool to allow customers to explore which loan products they qualify for and shop for the one the suits their needs. After finding a suitable loan option, they can apply for the loan in minutes. The entire process– from application to the closing of the loan– is completely digital.

To amplify the human element and further personalize the borrowing experience, TD Bank is leveraging Roostify’s bi-directional integration with its CRM application. The movement of data helps TD Bank’s loan officers better manage their leads and process applications to close, spending more time connecting with borrowers.

“The new TD Bank Digital Mortgage improves the lending process for both consumers buying a home, and loan officers managing their clients,” said Rajesh Bhat, CEO and co-founder of Roostify. “Since the experience is built on Roostify’s API-based platform, it provides the flexibility to meet TD Bank’s business needs right now and in the future.”

Roostify presented at FinovateSpring 2016 where the company demoed account aggregation capabilities for asset verification, as well as integrations with TurboTax and Equifax. Last month, the company partnered with Ellie Mae to launch a bi-directional integration with the mortgage expert, enabling the seamless passage of information between the two platforms.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bill.com, Bitbond, Gro Solutions, InComm, Insuritas, iQuantifi, Kony, Lighter Capital, Modo Payments, MX, Roostify, Sezzle, Signicat, Trustly

On Finovate.com

  • Roostify Powers TD Bank’s Digital Mortgage Experience.

Around the web

  • iQuantifi launches RoboPlanner roboadvisory tool for millennials.
  • Nummo selects MX to power user account aggregation.
  • Signicat digitizes in-store signing of credit agreements for Resurs Bank retail partners.
  • Kony helps PSECU deliver an updated digital banking application to enhance the digital user experience.
  • InComm partners with Japanese pharmacy chain Welcia to launch four mobile barcode payment solutions in its stores.
  • Sezzle adds ShipStation as client.
  • Ocurrency interviews Radoslav Albrecht, Founder & CEO of Bitbond.
  • Insuritas partners with Sound Community Bank to launch bank-owned digital insurance agency platform.
  • Bill.com partners with First National Bank of Omaha (FNBO) to offer enhanced digital business payments solutions.
  • Lighter Capital’s investment in Springboard Retail reaches $1.1 million.
  • Provident Bank chooses Gro Solutions to boost mobile-first user-experience and drive account growth.

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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