TESOBE’s Open Bank Project Powers API for Banking Startup

TESOBE’s Open Bank Project Powers API for Banking Startup

The Open Bank Project, an open source API solution, announced this week it will power an API for a London-based banking startup.

This week, the bank, who requested to be unnamed, released the first version of its API to give developers access to its infrastructure. This allows developers to take advantage of the bank’s compliance, risk management, and customer service offerings. The bank currently has 24 new apps eligible for its internal app store.

Thanks to the Open Bank Project, the bank’s API is PSD2 compliant– a key to taking advantage of financial services opportunities in Europe.

Headquartered in Germany, the Open Bank Project was founded in 2005. The company’s CEO Simon Redfern, along with COO Ismail Chaib, demoed the API engine at FinovateEurope a few weeks ago in London. In late January, The Open Bank Project announced it was powering Santander’s first hackathon and in May of last year, the company partnered with Societe Generale to launch the bank’s internal hackathon.

Finovate Alumni News

On Finovate.com

  • TESOBE’s Open Bank Project Powers API for Forty Seven Bank.
  • TD Bank to Deploy nCino’s Bank Operating System.
  • Malauzai to Power Mobile Banking Tech for Axiom.
  • Endor Raises $45 Million in ICO.

Around the web

  • ayondo celebrates being the first fintech to list in Singapore.
  • TD Bank leverages nCino’s Bank Operating System across corporate and commercial lending divisions.
  • CustomerXPs‘ Clari5 to power real-time AML solution for Bank of Ceylon.
  • PayActiv appoints COO.

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.

FinovateMiddleEast Demo Videos Now Live

FinovateMiddleEast Demo Videos Now Live

Just a few weeks after returning from FinovateMiddleEast in Dubai, we’re ready to reveal the demo videos from the 14 presenting companies at the inaugural event in the Middle East region.

So if you are looking to re-live the action from your experience at the show, or see what you missed out on, now is a great opportunity to check out the demos to see what’s hot in fintech in the Middle East.

To get started, here’s a look at the demos from the three Best of Show winners from the event.

APPICS


Electronic IDentification


Ondot Systems


And, because FinovateMiddleEast was more than just demoes, check out this as bonus content of Jim Marous’ keynote presentation at the event:

As always, thanks to all the companies that demonstrated their technologies live on stage at FinovateMiddleEast 2018. We’ll see you next year!

Bankjoy Signs Credit Union of Ohio

Bankjoy Signs Credit Union of Ohio

Digital banking services company Bankjoy may bring a bit of joy this week to the members of Credit Union of Ohio. That’s because Credit Union of Ohio is now leveraging the Michigan-based startup’s online and mobile banking technology to bring its members a new, omnichannel banking experience.

The move is strategic for Credit Union of Ohio. The credit union’s VP of Marketing & Strategic Planning Jill Gerschutz said that the implementation is an “ideal way” to retain members because it shows that Credit Union of Ohio is adapting and evolving with new trends. Gerschutz also hopes the move will boost the number of members who use the credit union’s mobile app. “We see the importance of constant movement to enhance our services – especially when it comes to technology and their online banking needs,” Gerschutz said.

After Credit Union of Ohio’s previous online banking provider announced it was discontinuing its product and would no longer provide updates, the credit union reached out to Bankjoy. “With an ever-changing technology environment,” Gerschutz said, “we knew this was crucial to finding a new product.” And since Bankjoy has already worked with all of Credit Union of Ohio’s third-party vendors, the transition will be an easier one. Other factors swaying Credit Union of Ohio toward Bankjoy include the number of customization options, as well as the startup’s innovative nature, such as offering facial recognition and TouchID login options.

At FinovateFall 2016, Bankjoy Founder and CEO Mike Duncan showcased the company’s API. It is a REST API that offers real-time transaction data and features such as card management, check deposit, money transfer, bill payment features, and loan applications. It has been a busy deal-making season for Bankjoy. The Y-Combinator alum inked a deal with SafeAmerica Credit Union last month to provide the credit union’s 35,000+ members a better online and mobile banking experience.

Finovate Alumni News

On the web

  • Bankjoy Signs Credit Union of Ohio.

Around the web

  • Digital Signage Pulse interviews Neustar’s Kathleen Dundas about the company’s expansion to the digital-out-of-home (DOOH) market.
  • Lendio franchise announced in Seattle Central region.
  • PYMNTS talks to Modo CEO Bruce Parker about payments in the cloud.

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.

NICE Actimize Launches AI-Powered Financial Crime Investigation System

NICE Actimize Launches AI-Powered Financial Crime Investigation System

Data analytics and insights company NICE announced the launch of an AI-enabled investigation management system today.

The new tool, Actimize ACTone, is an alert and case management platform for financial services. The overall aim of the new offering is to provide financial services companies with one platform (hence the name ACTone) to manage alerts and cases from a wide ecosystem of financial crime solutions.

ACTone leverages AI combined with analytics and automation to aid in financial crime detection, investigations, and operations process. This approach relies on NICE’s Autonomous Financial Crime Management product, which enables financial services companies to deploy robots to collaborate with human investigators to more efficiently tackle financial crime investigations.

The new investigation manager tool suite includes:

  • Entity Insights: Offers visual relationships across entities and helps uncover risks and reveal deeper insights
  • Virtual Workforce: Eliminates manual data gathering and reduces costs and errors with robotics process automation
  • Entity Risk: Assigns a dynamic risk score to every entity using machine learning to make faster decisions
  • Activity Center: Provides instant notifications on changes made to cases or work items
  • Visual Storytelling and Modern User Experience: Offers intuitive navigation with graphical data representations to provide instant insights.

In the press release, Joe Friscia, President of NICE Actimize said, “In an autonomous world, instead of machines assisting humans to complete work, humans will assist the machines. With financial criminals getting smarter every day, it’s time for us to do the same. This is why we are so committed to our vision of Autonomous Financial Crime management which provides these benefits and more as we attack all aspects of financial crime.”

Actimize ACTone will be included in NICE Actimize’s Suspicious Activity Monitoring (SAM) anti-money laundering solution, as well as within its enterprise fraud and financial markets compliance solutions.

Founded in 1986, the company serves 25,000 customers, 85% of which are Fortune 100 companies. Among NICE’s clients are Alliance Data, Walgreens, and Capital One. At FinovateEurope 2015, the company showcased Real-Time Authentication, a passive, phone-based authentication offering that leverages voice biometrics. Earlier this year, Gartner recognized NICE in the Leaders quadrant of the Gartner Magic Quadrant for Workforce Engagement ‎Management for the second year in a row.

Finovate Alumni News

On Finovate.com

  • LendingTree Launches Free Credit Monitoring.
  • eToro Raises $100 Million in Series E.
  • NICE Actimize Launches AI-Powered Financial Crime Investigation System.

Around the web

  • Hyperwallet tackles payments for staffing and recruiting platform tilr.
  • Compass Plus offers active-active database clustering on TranzAxis.
  • Steward Bank selects NetGuardians to help fight against fraud.
  • Kasasa named one of “2018 Best Places to Work in Financial Technology” by American Banker
  • CardFlight announces that over 80% of SwipeSimple merchants have been upgraded to EMV quick chip payment acceptance.
  • Revolut launches disposable virtual cards for online payments.
  • ACI Worldwide teams up with Shanghai-based UnionPay International.
  • IdentityMind Global announces GDPR-readiness ahead of the EU’s May 25th deadline.
  • MaxMyInterest adds former TD Ameritrade executive Tom Bradley to Advisory Board.
  • NICE Actimize unveils new AI-powered financial crime management solution, Actimize ACTone.

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.

LendingTree Launches Free Credit Monitoring

LendingTree Launches Free Credit Monitoring

Online loan marketplace LendingTree is expanding its horizons today. The North Carolina-based company introduced a free credit monitoring service for members of My LendingTree, a financial intelligence platform launched in 2014.

Through a partnership with TransUnion, LendingTree monitors credit profiles of My LendingTree’s 7 million enrolled users on a daily basis and notifies them of any changes within 30 minutes of the report activity. Users with the LendingTree mobile app will be alerted of changes via a push notification. Upon receiving a credit notification, users can confirm or dispute the activity within the My LendingTree platform.

“LendingTree empowers consumers with the information they need to feel more confident in their financial decision making,” said Charles Battle, LendingTree’s Senior Director of Product Management. “By adding free credit monitoring to My LendingTree, we’re making it even easier for consumers to manage their credit and monitor their financial health.”

This new offering falls outside of LendingTree’s core competency as a loan match-maker. However, it helps create a relationship with consumers who may not be shopping for a loan but may be looking to borrow in the future.

Since it was founded in 1998, LendingTree has facilitated more than 65 million loan requests. The company went public on the NASDAQ in 2000 and was acquired by InterActiveCorp (IAC) in 2003. At FinovateSpring 2015 the company debuted My LendingTree, a personalization platform with a dashboard to view all credit-related accounts.

Currencycloud Helps Businesses Extend Global Reach

Currencycloud Helps Businesses Extend Global Reach

International payments platform Currencycloud is empowering businesses to tap into the global economy with its new offering, Global Collections, a multi-currency accounts receivable product.

With Global Collections, banks and payment companies can offer their clients a low-fee cross-border payment acceptance tool that is faster and has less friction than traditional offerings. The new capability allows businesses in the U.S. or E.U. to generate international bank account numbers (IBANs) and Virtual Account Numbers (VANs) so they can receive U.S. dollars or Euros without incurring fees. In other words, businesses can get paid in foreign currencies as if they were operating their business locally.

Neil Ambiker, CEO of payments company B2B Pay, said, “[Global Collections] does so much more than streamline account receivables. It has empowered us to provide customers a frictionless experience, foster trust in our brand and most importantly, grow at an international level.”

While Currencycloud has always offered the ability to send funds, the collections capability is new. Todd Latham, Currencycloud CMO and Head of Product described the move as a “natural next step.” He added, “This launch is a revolution in collections and provides the infrastructure needed to fast track B2B innovation, allowing companies to go global while acting local.”

Currencycloud will roll out Global Collections later this month.

Founded in 2012 and headquartered in London, Currencycloud most recently presented at FinovateFall 2016 where it debuted its Payment Engine. Earlier this month, the company was named an “outstanding place to work,” and last June was listed in CB Insights’ Fintech 250.

Your Sneak Peek into FinovateSpring Begins Next Week

Your Sneak Peek into FinovateSpring Begins Next Week

Spring is officially here and it’s time for a fresh look at the dozens of companies that will take the stage at FinovateSpring at the Santa Clara Convention Center on May 8 through 11. New this year, we’ve expanded the show to four to include discussions and analyses of a range of fintech topics.

If you haven’t registered yet, there’s still time to save on your ticket.

Your sneak peek into the demos

Finovate’s demo-only format will take center stage on the first two days, highlighting a range of fintech startups who will demo their newest offerings.

To get ready for what’s to come, we’re featuring a series of sneak peeks of some of the demoing companies. Stay tuned on the blog throughout the next few weeks as we reveal what each company is working on and why it’s worth paying attention to. As FinovateSpring draws near, we’ll also highlight notable speakers and keynote addresses that will take place later on in the conference.

For more of what to expect, check out the agenda, view the list of demoing companies, and plan your visit.

Hyperwallet’s Partnership with Lyric Brings Advance Royalty Payments to Artists

Hyperwallet’s Partnership with Lyric Brings Advance Royalty Payments to Artists

Mass payout platform Hyperwallet has teamed up with Lyric Financial, a financial services provider specializing in royalty advances and loans for musical artists.

In the press release, Hyperwallet CEO Brent Warrington explained that recording artists face a struggle of income unpredictability. “Our job as a global payout platform is to help change the way these folks get paid, ultimately ensuring financially vulnerable workers have quick, efficient, and secure access to their earnings, whenever and wherever they need them,” he added.

Hyperwallet’s payout solution is scalable and allows users to get paid in real-time. This is valuable to Lyric clients, who will benefit from faster, more efficient royalty payment advances that help smooth out irregular and delayed payouts for their work. “Powering our royalty payment disbursement platform with Hyperwallet has not just improved the speed of distribution, but has also further increased visibility into the process for our payees,” said Eli Ball, Lyric Financial CEO.

Since Hyperwallet facilitates low-cost bank transfers across almost a dozen countries, including India, Russia, Brazil, and Indonesia, the partnership will also help Lyric support its growing roster of global clients. Ball added, “It’s reassuring knowing that the Hyperwallet network can easily enable us to expand our local payouts across 100+ countries quickly and easily.”

Hyperwallet most recently presented at FinDEVr Silicon Valley 2016, where Bill Crowley, Chief Product Officer, and Blair Olynyk, Software Architect, gave a presentation titled, Pay the Planet: Implementing Frictionless Global Payout Distribution. Last December, Hyperwallet began supporting payouts from Amazon’s Australia marketplace. Hyperwallet was founded in 2000 and is headquartered in Austin, Texas.

SumUp Facilitates Cashless Donations for the Church of England

SumUp Facilitates Cashless Donations for the Church of England

Mobile payments company SumUp is making it easier for church congregations to donate thanks to a partnership with the Church of England. The Ireland-based company’s mobile point of sale (mPOS) technology will be available for congregations to make contributions at weddings, funerals, christenings, and other church events such as concerts. This follows a successful trial of contactless payments in around 40 churches last summer.

Specifically, SumUp will facilitate contactless, virtual terminal, and mobile SMS donations for the church, which regularly receives more than $800 million (£580 million) in donations per year. This is expected to not only make payments faster and easier but also to adapt to a younger congregation demographic in an increasingly cashless society.

All of the Church of England’s 16,000 churches will have access to a portable SumUp Air card reader. These terminals accept contactless payments, Apple Pay, and Google Pay, as well as chip & PIN and can process 500 transactions on a single charge.

If you’re worried the biblical parable of the widow’s offering will be less relevant, do not fear– the terminals will not be used to accept regular tithes and offerings from the church pews. There is still too much friction involved, since each transaction must be entered into the terminal by a church deacon or other representative, and because a card transaction still takes more time than simply dropping cash into the collection plate.

In a press release, National Stewardship Officer of The Church of England John Preston said, “How we pay for things is changing fast, especially for younger church-goers, who no longer carry cash, and we want all generations to be able to make the most of their place of worship. Installing this technology does mean that one-off fees can be done via card, as can making one-off donations. The vast bulk of regular giving will continue to be done by standing order as we continue our trial with various technologies.”

SumUp was founded in 2011 and was recently named Europe’s fastest-growing company in the Inc. 5000 rankings. That achievement is difficult to contest– SumUp onboards more than 2,000 new companies each day, processes more than 100,000 global transactions every day, and exceeded $98 million (£70 million) in annual revenue last year. The company’s clients include DHL, black cab drivers, Tupperware, and Bosch. SumUp demonstrated its mPOS system at FinovateEurope 2013 in London. The company has raised $44 million from investors including American Express, BBVA, Groupon, and Holtzbrinck Ventures.