Author: Julie Muhn (@julieschicktanz)

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AutoGravity, Diebold, Digital Onboarding, Entersekt, WorldPay

On Finovate.com

  • Equifax Adds Entersekt’s Transakt Technology to Better Secure Online and Mobile Services.
  • AutoGravity Announces Partnership with U.S. Bank.

Around the web

  • Diebold Nixdorf appoints Gerrard Schmid as new CEO.
  • Worldpay launches DataEdge for Financial Institutions.
  • DCU selects Digital Onboarding to simplify the new account activation process.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Avaloq to Power Private Banking for KASIKORNBANK

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avaloq

Switzerland-based Avaloq has cut a deal today with KASIKORNBANK (KBank). The Thailand-based bank has selected the Avaloq Banking Suite to grow its private banking and wealth management offerings.

With $85.8 billion assets under management, KBank is Thailand’s leading provider of banking and wealth services to High Net Worth Individuals (HNWIs). In today’s deal, the bank has tapped Avaloq to upgrade its customer service infrastructure and improve internal processes such as client relationship management and risk management.

Jirawat Supornpaibul, KBank Private Banking Business Group Head, said, “While we have a very strong market position, we do not rest on our laurels. It is very important to invest for growth and partner with best-in-class suppliers that can give us a real competitive edge not just in terms of the customer interface but also fundamentals such as a strong internal risk management framework. This is why we have selected Avaloq to take our private banking business forward.”

This marks Avaloq’s first move into Thailand and is expected to strengthen its ties to the Asia Pacific region. Chris Beukers, head of Asia Pacific at Avaloq said, “With a well-established footprint and multiple customers in Singapore, Hong Kong and Australia, we are very pleased to be expanding to Thailand. As the Thai market continues to both expand and mature, we believe that KBank, which already has a significant market share of the domestic private banking market, will be able to strengthen its position as a market leader.”

Founded in 1985, Avaloq offers a full range of flexible banking software that boasts rapid deployment. The company’s software is currently used to manage $4.30 trillion. The company employs 2,000 people from 66 countries. Jürg Hunziker is CEO.

Avaloq will demo its newest technology at FinovateEurope next month in London. Register by the end of this week to save.

Share this:

Send Post Twitter LinkedIn Facebook

A Look at CUneXus’ Strong Growth in 2017

A Look at CUneXus’ Strong Growth in 2017
By Julie Muhn (@julieschicktanz) Posted on
Categories: CUneXus

Lending automation company CUneXus published some impressive growth stats today. Here’s a quick overview of a few of the California-based company’s success metrics:

  • Grew from 45 FI clients to 72 over the course of one year, from 2016 to 2017, a 60% year-over-year increase
  • Reaches more than 6.5 million potential end consumers across the U.S.
  • Averaging more than $6 million in new loan requests per day
  • Generated more than 140,000 loans totaling more than $2.5 billion with its 1-click borrowing solution

“These extraordinary end of year results reflect the excitement and momentum CUneXus generated in 2017, when we expanded our product line, announced new distribution channels and partnerships, and added dozens of new bank and credit union customers,” said CUneXus CEO Dave Buerger.

Among CUneXus’ clients are Credit Human, First American Bank, Digital Federal Credit Union, Redstone Federal Credit Union, Arizona Federal Credit Union, and CAP COM Federal Credit Union. These and other FI clients have reported that CUneXus has helped contribute to their own success, including:

  • Loan processing times cut in half
  • A 110% increase in pre-approved lending activity
  • A 135% spike in funded loan amounts

According to Buerger, the company has more product announcements, client deals, and partnerships in store. And, he added, “We’re on track to surpass $5 billion in loans by year-end 2018.”

CUneXus, which has been recognized as one of 20 startups to watch in 2017 by American Banker’s Fintech Forward, was launched to help lenders boost their loan volume by delivering a personalized customer experience clients have begun to expect. The company’s cplXpress platform delivers a “perpetual loan approval” that gives users the ability to borrow in a single click.

At FinovateSpring 2016, CUneXus debuted AutoXpress, a solution that enables pre-approved customers to shop car inventories at local dealerships from within their bank or credit union’s mobile app– all at pre-negotiated prices. The shopping experience, which is made possible through a partnership with Edmonds.com, enables users to shop for and submit a purchase request for vehicles remotely, without price haggling or going through a loan application process. Last summer CUneXus announced it teamed up with MeridianLink to power one-click loans for its clients.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avaloq, CUneXus, Guardian Analytics, IdentityMind Global, NuData Security

On Finovate.com

  • A Look at CUneXus’ Strong Growth in 2017.
  • Avaloq to Power Private Banking for KASIKORNBANK.

Around the web

  • IdentityMind joins DataBroker DAO alliance.
  • NuData Security CEO Michel Giasson Named One of the Top 100 Influencers in Identity by One World Identity.
  • Guardian Analytics Announces AML Evidence Lake 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.

Share this:

Send Post Twitter LinkedIn Facebook

Temenos Agrees to $1.96 Billion Takeover of Fidessa Group

Temenos Agrees to $1.96 Billion Takeover of Fidessa Group
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, Temenos

Swiss banking software technology provider Temenos has agreed to buy its British competitor, Fidessa Group in a deal for $1.96 billion. The transaction, which is subject to conditions, approvals, and regulatory clearances, will close in the first half of 2018.

Andreas Andreades, the Executive Chairman of Temenos, said that under the new agreement, the two firms “will create a global leader across financial services software.” He added, “We truly believe that this powerful combination will accelerate both companies complementary growth strategies in banking and capital markets and will enable us to cross-sell into our existing client bases and capture a greater share of the IT and software spend of banks especially as they move to the cloud.”

With Fidessa under its roof, Temenos plans to increase revenue growth by:

  • Implementing its sales-focused model
  • Broadening Fidessa’s product to cover software solutions from the front to the back office
  • Continuing Fidessa’s strategy of providing software solutions across capital markets
  • Leveraging cross-selling opportunities

The deal is expected to expand Temenos’ relationship with Tier 1 and Tier 2 banks across the globe and deepen the company’s relationships and knowledge in the U.S. and Japan to grow its core banking business. At the same time, Fidessa will benefit from a larger client base. “We are convinced that our combined company will have a unique set of capabilities that when combined with our exceptional people will position us as a core strategic partner to large financial institutions globally looking to upgrade their systems for the digital age,” Andreades said.

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. Late last year, the company teamed up with Latin America’s largest banking group, Itaú Unibanco Holding. Temenos employs 4,600+ people, operating out of 64 offices. The company’s systems serve more than 2,000 clients in over 150 countries. Temenos has a market capitalization of more than $5 billion.

Share this:

Send Post Twitter LinkedIn Facebook

Munnypot to Power Jyske Bank’s Robo Advisor Tools

Munnypot to Power Jyske Bank’s Robo Advisor Tools
By Julie Muhn (@julieschicktanz) Posted on
Categories: Munnypot

Robo advisor technology provider Munnypot inked a deal with Denmark’s Jyske Bank. This marks Munnypot’s first European white label partnership.

As part of the agreement, Munnypot will work with Jyske Bank to give clients a new solution, Jyske Munnypot, that provides online investment advice. The new tool will offer clients regulated investment advice along with monitoring and notifications of their investment performance. The goal-based solution will be available to Jyske Bank clients in the first half of this year.

In a press release CEO and co-founder of Munnypot, Andrew Fay, described the value of the partnership.”We’re delighted to partner with Jyske Bank and bring the Munnypot service to one of the most prestigious banks in Europe,” he said. “We know, first hand, the time and resources required to build a robust online investment advice proposition and that for most firms, partnering is the best and most efficient route to developing an innovative, client-engaging service.”

René Schjøtt Brogaard, Jyske Bank’s Head of Investment Solutions, said that the two partners share a goal to “help people make the right investment decisions by building an innovative, engaging and customer-focused proposition.”

Founded in 2015, Munnypot allows users to begin investing with as little as £25 per month and/or a £250 single payment into an individual savings account (ISA), junior ISA (JISA), general investment account (GIA), or pension fund. The company is headquartered in Crawley, England.

Munnypot is among the dozens of companies that will demo its newest technologies on stage at FinovateMiddleEast next week at the Madinat Jumeirah Conference and Events Centere in Dubai, U.A.E. There’s still time to register so book now to save your seat.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Backbase, Entrust Datacard, Munnypot, NICE Systems, Ping Identity, Temenos

On Finovate.com

  • Backbase Partners with SGBL to Support Digital Transformation.
  • Munnypot to Power Jyske Bank’s Robo Advisor Tools. Come see Munnypot’s demo of its newest technology at FinovateMiddleEast next week.
  • Temenos Agrees to $1.96 Billion Takeover of Fidessa Group.

Around the web

  • Entrust Datacard receives the Blue Shield Technology Innovation Award for Security and Anti-Counterfeiting Technology.
  • ACI Worldwide recognized as fraud innovation firm of the year by Finance Monthly.
  • Ping Identity wins gold in the Identity Management category by the Cybersecurity Excellence Awards.
  • NICE Actimize introduces its next generation Suspicious Activity Monitoring solution.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Kony to Power Digital Initiative for Partners FCU

Kony to Power Digital Initiative for Partners FCU
By Julie Muhn (@julieschicktanz) Posted on
Categories: Kony

Enterprise app company Kony announced it has teamed up with Partners Federal Credit Union to accelerate the credit union’s new digital banking services.

Specifically, Kony will fuel Partners FCU’s Digital 2x initiative which focuses on accelerating the delivery of new digital banking services and enhancing the digital user experience. Partners FCU, which is the credit union for employees of the Walt Disney Company, hopes that its Digital 2x initiative will offer its 150,000 members a seamless, universal experience across all of its digital services.

The aim of Kony’s involvement in the initiative is two-fold. Partners FCU is planning for it “to deliver new digital banking services and capabilities” while at the same time “fostering an agile work environment to empower teams to quickly adapt to change.”

To chronicle the success of the partnership, the California-based credit union is creating a five-part documentary series highlighting key milestones in the credit union’s digital evolution. Check out the series overview video below:

In describing why his firm selected Kony, Partners FCU President and CEO John Janclaes said, “We wanted to work with the industry’s best digital master, so we selected Kony to be our trusted partner to help us on this digital journey. Our objective is to ensure we deliver innovative banking services seamlessly across both our digital and physical channels, and not only meet but exceed the expectations of our cast members today and in the future.”

Founded in 2007, Kony is a cloud-based application solutions company that seeks to help financial institutions of all sizes quickly bring their app ideas to market. The company specializes in omni-channel banking applications that offer an excellent user experience.

Kony’s CTO, Bill Bodin and Product Marketing Manager, Antonio Sanchez, recently showcased its Digital Banking Platform at FinovateFall 2017. In August of 2017, the company unveiled the Kony AppPlatform V8 that aims to help professional developers meet demand for apps and help organizations simplify the app development and deployment processes. And in October of last year, the company launched a new digital banking solution that leverages Daon’s biometric tools. Kony is headquartered in Austin, Texas and has raised more than $115 million.

Share this:

Send Post Twitter LinkedIn Facebook

Onfido to Power Digital ID Verification for Bitstamp

Onfido to Power Digital ID Verification for Bitstamp
By Julie Muhn (@julieschicktanz) Posted on
Categories: Onfido

Digital identity verification company Onfido has been selected by bitcoin exchange Bitstamp to power identity verification during onboarding to meet KYC and other regulations implemented by governments across the globe.

The partnership aims to help Bitstamp scale onboarding efforts and clear its backlog of customer signup requests spurred by a spike in digital currency interest. In fact, in December 2017, Bitstamp saw 100,000 customer signups on one day alone. And, with bitcoin topping above $10,000 again yesterday, Bitstamp will likely have even higher signup volume and trading requests to process going forward.

“Onfido’s powerful machine learning technology has allowed us to automate our new customer identity verification process, and still maintain our high standards when it comes to KYC,” said Bitstamp CEO, Nejc Kodrič. “We’re already seeing positive results when it comes to speeding up our verification process.”

In a press release, Onfido CEO and co-founder Husayn Kassai said the company is quickly becoming the “go-to” provider for KYC technology. “We now work with over 30 cryptocurrency companies, allowing them to scale customer onboarding smoothly, and be more vigilant as the digital currency industry faces more scrutiny and regulation,” he added.

London-based Onfido leverages machine learning to automate identity verification for more than 1,500 businesses worldwide. To confirm their identities during the onboarding process, clients simply upload a selfie and a photo of their identity document with their smartphone. To insure the validity of the documents, Onfido cross-references identities from 192 countries against international credit and watchlist databases.

In a similar deal earlier this month, Onfido agreed to power KYC for Arro Money. Among the company’s other clients are ZipCar, Couchsurfing, Revolut, and Square. Onfido has raised more than $60 million in funding from investors including Microsoft Ventures, Salesforce Ventures, and Crunchfund. Come see Onfido’s live demo on stage at FinovateEurope next month. Register today to be a part of the audience.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bluefin Payment Systems, eToro, Gusto, Onfido

On Finovate.com

  • Onfido to Power Digital ID Verification for Bitstamp.

Around the web

  • eToro adds XLM to cryptocurrency offering for users to buy & sell Stellar Lumens on its platform.
  • Bluefin Payments teams up with Datacap Systems and Monetary to provide encryption to POS merchants.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Roostify Lands $25 Million to Disrupt the Mortgage Industry

Roostify Lands $25 Million to Disrupt the Mortgage Industry
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Roostify

Mortgagetech startup Roostify raised $25 million to further its quest to improve the mortgage industry today. The Series B round comes from new investors Cota Capital, Point72 Ventures, and Santander Innoventures, and existing investors JPMorgan Chase, Colchis Capital, and a subsidiary of USAA.

The funding brings Roostify’s total raised to $33 million. The California-based company will use the funds to deepen its presence in the enterprise space, implement product enhancements, and expand into new markets.

Rajesh Bhat, co-founder and CEO of Roostify said that when the company launched four years ago, having a digital strategy was simply an ambition for lenders. Today, digitizing the mortgage process has evolved into a business imperative. “Lenders now realize the value of providing consumers with a transparent, mobile, and seamless experience to obtain a loan without needless stress-inducing delays and red tape. We have developed a solution that allows lenders of all sizes to give their teams a tool to digitally engage with clients and to bring the loan origination experience to the consumer,” Bhat added.

Originally launched as a way to create efficiencies by digitizing the traditionally paper-bound processes, Roostify has evolved into an enterprise scale platform aimed to help U.S. lenders accelerate, simplify, and reduce costs associated with the mortgage origination process. Leveraging its cloud-based API solution, lenders help clients with the entire mortgage process– from searching for the loan to close– via a fully-digital, branded experience. Bobby Yazdani, Cota Capital’s Managing Partner, said his team was “immensely impressed with what Roostify has accomplished in the last four years,” He added,“Roostify has evolved not only their own offering and product focus, but the market as a whole, helping the lending industry transform itself for the digital age.”

Roostify presented at FinovateSpring 2016 where the company demoed account aggregation capabilities for asset verification, as well as integrations with TurboTax and Equifax. Since then, the company has teamed up with Chase to power the bank’s self-service mortgage application process. Last month, Roostify launched an integration with LendingTree that blends LendingTree’s aggregation technology with Roostify’s mortgage digitization. For more on the mortgagetech sector, check out our industry overview.

Share this:

Send Post Twitter LinkedIn Facebook

Coinbase Launches Crypto eCommerce Acceptance

Coinbase Launches Crypto eCommerce Acceptance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase

Digital currency wallet Coinbase is expanding its horizons– and its potential client base– this week with the launch of Coinbase Commerce.

The new offering aims to enable merchants across the globe to accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin payments and deposit the funds directly into their personal wallets. Coinbase Commerce gives merchants full control of their own digital currency, since it is not a hosted service.

To sign up, merchants just need an email address and a smartphone and can directly integrate Coinbase Commerce into their existing checkout flow or add it as a payment option on an e-commerce platform. Coinbase Commerce already integrates with Shopify, which serves 500,000 merchants. The company is actively adding new integrations to facilitate payment acceptance.

Coinbase also provides a merchant dashboard, where business owners can manage payments and monitor earnings from a single place.

The Coinbase Commerce merchant dashboard

Merchants that leverage Coinbase Commerce will join the list of other large businesses that currently accept cryptocurrencies, including Overstock.com, Newegg, Dish, Gyft, Expedia, and Microsoft. That said, the volatility of cryptocurrencies, combined with the fact that most people hold cryptocurrencies as a speculation tool and are hesitant to spend it, means that there might be slow adoption for cryptocurrency merchant acceptance.

Founded in 2012, Coinbase demoed Instant Exchange at FinovateSpring 2014. In August of 2017, the company became a fintech unicorn after it closed a $100 million round of Series D funding. At that point, Pitchbook estimated Coinbase’s value to be $1.6 billion. Last month, the company acquired talent from Memo.AI to bolster its engineering team during the bitcoin boom.

Share this:

Send Post Twitter LinkedIn Facebook