Author: Julie Muhn (@julieschicktanz)

Pendo Systems Ships New Release of Pendo Machine Learning Platform

Pendo Systems Ships New Release of Pendo Machine Learning Platform
By Julie Muhn (@julieschicktanz) Posted on
Categories: Pendo Systems

Data insight company Pendo Systems launched the latest release of the Pendo Machine Learning Platform (PMLP) this week.

The new iteration, version 4, of PMLP balances improving productivity while keeping user requirements convenient. New features in this latest release are:

  • Improved machine learning toolset that accelerates time to implementation and solves complex processing challenges
  • Ability to create and train models against training data
  • New connectivity options with Content Management Interoperability Services support
  • New plugins that integrate with other systems to provide access to a range of machine learning algorithms

In the press release, Phillip Dodds, Pendo Systems CTO said that this release is a “significant step forward” for Pendo because it is designed with the business user in mind. “By enabling onsite training of models that are less IT-dependent means our clients can now use their own data to train Machine Learning algorithms in an agile and cost-effective way, irrespective of whether it is behind their own firewall or in a secure cloud environment,” Dodds added.

Pam Pecs Cytron, CEO at Pendo Systems, who described the release as a demonstration of the company’s “ruthless commitment” to product innovation, said that empowering the business user is an essential component of Pendo’s strategy.

Founded in 2007, and with headquarters in New Jersey, Pendo converts unstructured data into AI-ready datasets and improves on natural language processing libraries by applying real-world, customer training data. With this approach, the company helps improve accuracy to over 95%. At FinovateAsia 2012, the company debuted BasisPoint to offer multi-jurisdictional processing for capital markets firms. Earlier this month, the company announced its intention to target the insurance sector.

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Dream Payments Speeds Up Insurance Payouts with Mastercard Partnership

Dream Payments Speeds Up Insurance Payouts with Mastercard Partnership
By Julie Muhn (@julieschicktanz) Posted on
Categories: Dream Payments, MasterCard

Cloud-based payments platform Dream Payments is teaming up with Mastercard this week. The two payments players will leverage Mastercard Send to help insurance policyholders receive payments faster into any account.

Mastercard Send, a global push payments platform, facilitates local and cross-border money delivery in near real-time. Integrating with the Dream Payments Hub will create a scalable way to digitize and automate the disbursement of insurance claims. By removing the need to sort and mail physical checks, the integration ultimately increases the speed and efficiency of digital payouts into the customer’s preferred debit card account.

Piloting this is Northbridge Financial, which will be the first insurance provider in Canada to use the Mastercard Send platform through the Dream Payments Hub. “Our claims experience is the moment of truth when it comes to the promise we make to our customers,” said George Halkiotis, EVP of Claims for Northbridge Financial. “We know that waiting for and depositing checks are key pain points and we’re excited be able to deliver a better, faster claims experience that helps make things right for our customers as quickly as possible.”

“Mastercard and Dream Payments are helping to digitize payments for insurance providers of all sizes,” added Brent Ho-Young, chief executive officer, Dream Payments. “Insurance customers deserve to receive their claims payments quickly, electronically, and into the financial accounts of their choice, whether it be a bank account, debit card, prepaid card, or mobile wallet.”

With operations in Stamford, Connecticut, Dream Payments helps small businesses accept all payment types. In addition to ties with Quickbooks and First Data, the company also counts TD Merchant Solutions and Chase Paymentech in its partnership ecosystem. At FinovateSpring 2015, Dream Payments debuted its mobile POS device. Dream Payments was founded in 2014 and has raised $14.9 million. Brent Ho-Young is CEO.

Founded in 1966, Mastercard demoed its Cash Pick-Up ATM solution at FinovateFall 2017. Cash Pick-Up allows the sender to disburse cash to banked and unbanked consumers without a card at an ATM. Last fall, the company announced it has tested and validated its blockchain and will be opening access to it via a set of three APIs published on the Mastercard Developers website. At FinovateEurope next week, Mastercard, alongside Vipera, will demo SME-Pay, a solution that enables small business owners to make and receive payments anywhere and view and control staff spending on their Mastercard cards.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Baker Hill, Dream Payments, InComm, MasterCard, NCR Corporation, Sberbank

On Finovate.com

  • Dream Payments Speeds Up Insurance Payouts with Mastercard Partnership.

Around the web

  • NCR Launches Omni-Commerce Payment Solution for European Retailers and Restaurants.
  • InComm Partners with Kapsch TrafficCom on RiverLink.
  • Sberbank hires robot Anna to answer calls about location of ATMs and Sberbank offices.
  • Baker Hill releases the latest developments for Baker Hill NextGen.

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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Bazaarvoice Acquires AddStructure

Bazaarvoice Acquires AddStructure
By Julie Muhn (@julieschicktanz) Posted on
Categories: Bazaarvoice, Mergers & Acquisitions

Bazaarvoice, a startup that helps retailers find and reach consumers, has agreed to acquire Addstructure, a company that offers search and discovery apps for e-commerce merchants. The terms of the deal were undisclosed.

Addstructure’s platform, which leverages machine learning and natural language processing (NLP) to analyze customer sentiment and product reviews, helps consumers search for and discover products faster. The addition of this capability to Bazaarvoice’s offerings will strengthen consumer-generated content and bolster shopper profiles across its network. Among Addstructure’s clients are Target and Best Buy, which use the company’s technology to analyze online reviews and customer questions that influence purchase decisions.

AddStructure’s employees will join Bazaarvoice’s team. The new team members will work out of offices in New York City and Chicago, where AddStructure was founded.

In a press release, Gene Austin, CEO of Bazaarvoice said, “As consumer behavior continues to evolve, brands and retailers must keep pace with new shopping trends and technologies to deliver engaging and consumer-friendly shopping experiences.” He added that AddStructure’s NLP and machine learning capabilities are an “incredible addition” to the company’s portfolio.

Founded in 2005 and headquartered in Austin, Texas, Bazaarvoice has offices in Chicago, London, Munich, New York, Paris, San Francisco, Singapore, and Sydney. The company debuted Bazaarvoice Conversations at FinovateSpring 2012. The Conversations solution allows brands to capture, moderate, analyze, and display customer word-of-mouth in digital and mobile experiences. In November of last year, Bazaarvoice agreed to be acquired by Marlin Equity Partners, which will acquire each share of outstanding common stock of Bazaarvoice in exchange for $5.50 for a total value of approximately $521 million.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bazaarvoice, Fiserv, Insuritas, Ledger, Ripple

On Finovate.com

Around the web

  • Bank2 hires Insuritas to launch bank-owned digital insurance agency platform.
  • Kawartha Credit Union selects Fiserv to enhance the banking experience.
  • Ripple added to deVere Group’s crypto trading app.
  • TechCrunch: Ledger is working on new native apps for its cryptocurrency hardware wallet.

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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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.

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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.

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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.

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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.

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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.

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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.

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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.

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