Author: Julie Muhn (@julieschicktanz)

Coinbase Launches Open Source Ethereum Wallet to Promote Financial Inclusion

Coinbase Launches Open Source Ethereum Wallet to Promote Financial Inclusion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase

Screen Shot 2017-04-20 at 3.45.00 PM

Bitcoin and Ethereum wallet company Coinbase has been doing some spring cleaning lately. Earlier this week, the company launched a developer preview of its new tool, Token.

Coinbase describes Token as a combination of a private, secure messaging app, a mobile browser for Ethereum apps, and an Ethereum wallet. The system was created to work like a global, open protocol version of China’s WeChat, India’s PayTM, and Kenya’s mPESA— all apps that drive large volumes of digital payments.

Because the app is made for small value payments, Coinbase opted to build Token for Ethereum, which has lower transaction fees than Bitcoin. In order to let users know who they can trust when it comes to money transfers, Token created a reputation system that allows users to build their trust profile each time they transact with others.

token

The impetus behind the new launch is to promote financial inclusion across the globe. In the blog post announcing Token, Coinbase wrote, “We believe that everyone in the world should have access to financial services, and with smartphones becoming ubiquitous, digital currency can make that happen.” The company has long term goals to “provide financial services to the 2 billion people in the developing world who have a cell phone, but don’t have access to a bank account; make it dramatically easier for people to build and use Ethereum applications; and shift digital currency from being just a speculative investment to being a payment network for useful goods and services.”

Founded in 2012, Coinbase serves as a digital currency wallet and offers tools to help merchants accept digital currencies at physical and digital points-of-sale. At FinovateSpring 2014, the company debuted Instant Exchange, a tool to help merchants avoid currency volatility when accepting digital currencies. Last month, Coinbase was granted approval to extend ether trades in New York and began offering margin trading to allow users to trade up to 3X leveraged orders on Bitcoin, Ethereum and Litecoin order books.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Algomi, BBVA, Bento for Business, Coinbase, Expensify, Featurespace, Icon Solutions, Larky, Mitek, NICE Systems, Ripple, Temenos, Walletron

On Finovate.com

  • Coinbase Launches Open Source Ethereum Wallet to Promote Financial Inclusion.

Around the web

  • Expensify partners with TravelPerk to make business travel easier.
  • Bento for Business welcomes Lou Friedmann as Chief Revenue Officer.
  • Featurespace’s ARIC platform to power fraud prevention for GoHenry.
  • BBVA and Ripple complete blockchain cross-border money transfer pilot.
  •  Larky to power location-based perks platform for Sharetec’s CU clients.
  • Icon Solutions enhances Instant Payments Framework (IPF) to connect to The Clearing House for US Real-Time Payments.
  • Walletron helps Transactis grow its electronic billing and payments service, BillerIQ.
  • NICE Actimize unveils new, cloud-based, fraud analytics optimization technology, ActimizeWatch.
  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.
  • IBS Sales League recognizes Temenos as “number one best-selling digital and channels solution” worldwide.
  • Algomi teams up with OpenFin to deploy software updates faster.

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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Mastercard’s Biometric Payment Card: the Good, the Bad, and the Ugly

Mastercard’s Biometric Payment Card: the Good, the Bad, and the Ugly
By Julie Muhn (@julieschicktanz) Posted on
Categories: MasterCard

cardgifPayments giant Mastercard announced today it is undergoing trials for a new payment card. A first in the industry, the company has embedded a fingerprint scanner inside a Chip and PIN payment card– think of it as Apple Pay for your bank card. Once users insert their card into a chip reader, they set their finger on the embedded sensor, and the card sends the authentication to the bank, which approves the payment.

The good

  • Scanning their fingerprint eliminates the need for a user to enter (and remember) their PIN
  • Bystanders can’t steal your fingerprint as easily as they can peek at your PIN
  • The card defaults to a PIN or signature in the event the user’s finger is too sweaty or greasy to read
  • Users can add up to two fingerprints
  • Merchants can use their existing EMV card readers; no software upgrades are required

Screen Shot 2017-04-20 at 2.08.33 PM

The bad

  • Mobile biometric readers have proven to be spoofable
  • The fingerprint scanner will not work on magstripe-only readers
  • The card does not currently support contactless payment functionality popular in Europe

The ugly

  • In order to use the fingerprint sensor on the card consumers have to register their fingerprint by visiting a brick-and-mortar bank branch or enrollment center.
  • There is no information on what the card will cost, but it’s not going to be cheap. Whether the financial institution chooses to pay for the new card or if they decide to charge consumers for it (more likely), someone will need to foot the bill.

This new concept card has undergone trials in South Africa and will be tested in Europe and Asia Pacific in the next few months. A full rollout is expected later this year. Absa Bank, a subsidiary of Barclays Africa, was the pilot behind the South Africa trials. There’s no word yet on which bank partnerships Mastercard has in place for the full rollout.

This is not the company’s first foray into biometrics. In October 2016 Mastercard launched Selfie Pay, an app that enables users to authenticate by taking a photo of their face. Mastercard last demoed at FinovateFall 2014 and showed off its Developer Zone at FinDEVr San Francisco 2014.

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Robo Advisor Wealthfront Launches Line of Credit to Make Users More Liquid

Robo Advisor Wealthfront Launches Line of Credit to Make Users More Liquid
By Julie Muhn (@julieschicktanz) Posted on
Categories: Wealthfront

Screen Shot 2017-04-19 at 1.49.41 PM

Robo advisor pioneer Wealthfront must know that opposites attract: in this case, it’s saving and investing. Today, the company launched a securities-based lending option– a line of credit that allows its users borrow against their own savings accounts.

Through the new Portfolio Line of Credit program, the Redwood City, California-based company will enable users with taxable accounts of over $100,000 to access cash from their portfolio without disrupting their investment strategy. There is no application process or credit check to access the funds, which can amount to up to 30% of the user’s account total and can be accessed within one business day. Because the loan is backed by the borrower’s existing savings, the company is offering rates ranging from 3.25% to 4.50%– much lower than the industry standard.

Wealthfront offers a range of savings accounts, including trust accounts; joint accounts; traditional, SEP, and Roth IRAs; 401(k) rollovers; and a 529 college savings account. In addition to managing these account types, the company offers Selling Plan, a program to help employees diversify their concentrated holdings of company stock.

Founded in 2008 as kaChing, Wealthfront is managing $6 billion for 115,000 clients. The company debuted at FinovateSpring 2009. Earlier this year, Nerdwallet named Wealthfront a Top Pick, placing the company among the best robo advisors overall.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, FICO, FinDEVr APIntelligence, i-exceed, Kabbage, Kofax, Outsystems, PayPal, TD Bank, Xero

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York last month; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • Xero sees $26.4 Million investment

Alumni updates

  • Money management app, TD MySpend from TD Bank, closes in on one million users.
  • ACI Worldwide broadens its relationship with Ant Financial Services mobile payment provider, Alipay.
  • PayPal teams with Android to launch a new way to pay.
  • i-exceed earns Gartner Magic Quadrant recognition as notable vendor in Asia Pacific for mobile app development platforms.
  • Former Kabbage CTO Amala Duggirala joins Regions Bank as its new CIO.
  • FICO announces partnership with economic empowerment non-profit, Operation HOPE.
  • Forrester names Kofax a leader in ECM transactional content services.
  • OutSystems launches global partner program, connecting integrators, resellers, and consultants to its low-code development platform.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

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FinovateSpring Sneak Peek: NCR Corporation

FinovateSpring Sneak Peek: NCR Corporation
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2017, FinovateSpring 2017 Sneak Peek, NCR Corporation

Screen Shot 2017-04-17 at 2.24.21 PM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

NCR Corporation, a global leader in omni-channel solutions, will demonstrate a fully immersive virtual reality ATM experience with real-time remote collaboration using an NCR SelfServ 80 Series ATM.

Features

  • Multiple people at different locations can look inside an ATM
  • Enables ATM training and servicing via a remote expert
  • Faster resolution of technical problems via real-time collaboration

Why it’s great
Real-time remote collaboration is a highly effective method of showcasing technology and developing expertise. NCR is a leader in this kind of innovative product development.

Presenters

Suzan Szollar, Senior Product Manager, NCR Corporation
LinkedIn

Shuki Licht, Chief Architect, Head of NCR Innovation Lab, NCR Corporation
LinkedIn

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FinovateSpring Sneak Peek: GoodData

FinovateSpring Sneak Peek: GoodData
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2017, FinovateSpring 2017 Sneak Peek, GoodData

Screen Shot 2017-04-17 at 2.39.07 PM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

GoodData will demonstrate how to leverage machine learning as part of a complete Enterprise Insights Platform to deliver prescriptive insights to users at the point-of-work.

Features

  • Boost profits and productivity via machine learning
  • Radical personalization for users at their point-of-work
  • Data enrichment as a precondition for better models

Why it’s great
GoodData’s platform is designed to seamlessly integrate into financial customers’ existing systems and applications, dramatically enhancing and automating decision making processes for business users.Screen Shot 2017-04-17 at 2.50.07 PM

Presenters

Bill Creekbaum, VP of Products
Creekbaum has been in product management and product marketing for nearly 20 years and for the past 10 has been focused on successfully delivering SaaS and Cloud Applications to the market.
LinkedIn

Screen Shot 2017-04-17 at 2.50.21 PMGrant Salisbury, Head of Sales Engineering
As Head of Sales Engineering, Salisbury helps global companies create collaborative data products and smart business applications that drive innovation across their business ecosystems.
LinkedIn

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FinovateSpring Sneak Peek: Finicity

FinovateSpring Sneak Peek: Finicity
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finicity, FinovateSpring 2017, FinovateSpring 2017 Sneak Peek

Screen Shot 2017-04-17 at 3.06.01 PM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

Finicity is leading the charge to speed up credit decisioning by digitizing key elements, including the burdensome and paper-laden verification of assets and income process.

Features

  • Freeing up resources, improving accuracy and reducing fraud for lenders.
  • Giving borrowers a paper-free, hassle-free experience.
  • Shortening the time to loan

Why it’s great
Finicity believes that owner-permissioned transaction data is going to revolutionize credit decisioning. Verification of assets and income is just the beginning.Screen Shot 2017-04-17 at 3.28.36 PM

Presenters

Nick Thomas, EVP and Co-founder
Thomas heads up data services at Finicity. He’s inspired by changing industry and consumer experiences through data aggregation and focuses on ways to constantly improve data access and quality.
LinkedIn

Jessie Morris, Director of EngineeringScreen Shot 2017-04-17 at 3.28.51 PM
Morris is a problem solver by nature and a master software engineer and developer by trade. He plays a major role in designing and reimagining the Finicity data aggregation platform.
LinkedIn

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FinovateSpring Sneak Peek: Divy

FinovateSpring Sneak Peek: Divy
By Julie Muhn (@julieschicktanz) Posted on
Categories: Divy, FinovateSpring 2017, FinovateSpring 2017 Sneak Peek

Screen Shot 2017-04-18 at 11.11.23 AM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

Divy transforms investing. Finding stocks is simple and engaging. Buying them takes one tap, $10 and no commission. Divy – The Market is Now Open.

Features

  • Discover: Find stocks based on everyday thoughts and ideas
  • Invest: Buy stocks with as little as $10
  • Save: No AUM. Commissions starting at zero

Why it’s great
Investing has never been more approachable, accessible or engaging. Divy meets the promise made but rarely fulfilled – investing accessible and affordable to all!

Screen Shot 2017-04-18 at 11.15.00 AMPresenters

Marc Teren, Founder and CEO
Whether it’s Disney, Washington Post, or high-profile startups like Cars.com, Teren has led the transformation of industries at the intersection of technological disruption and enablement.
LinkedIn

Screen Shot 2017-04-18 at 11.15.10 AMReichart Von Wolfsheild, Chief Software Architect, CTO
Von Wolfsheild is an award winning technologist, cognitive computing expert, History’s “Invention USA” host, and developer of 120+ cutting edge consumer products for the Fortune 500.
LinkedIn

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FinovateSpring Sneak Peek: IBM Trusteer

FinovateSpring Sneak Peek: IBM Trusteer
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2017, FinovateSpring 2017 Sneak Peek, IBM

Screen Shot 2017-04-18 at 11.30.34 AM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

IBM Trusteer helps protect digital banking applications as well as personal devices from financial cyber threats, such as advanced malware and phishing attacks.

Features

  • Behavioral biometrics distinguishes between legit users and fraud
  • Rapid phishing protection using patented machine learning and advanced analytics
  • Threat intelligence service adapts to new attacks

Why it’s great
IBM Trusteer, a leading provider of advanced financial fraud solutions, delivers a holistic cybercrime prevention platform with a cognitive approach to help reduce fraud and create a seamless customer experience.

Screen Shot 2017-04-18 at 11.33.45 AMPresenters

Shaked Vax, Trusteer Products Strategist
Vax serves as an IBM Security Trusteer Strategist and is a senior member of the Trusteer Product Management team. He has expertise in online banking, online fraud, ID verification, and theft prevention
LinkedIn

Screen Shot 2017-04-18 at 11.33.55 AMAyelet Avni, Product Manager – IBM Security
Avni is a security expert working currently as a Trusteer product manager for IBM Security.
LinkedIn

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FinovateSpring Sneak Peek: Newchip

FinovateSpring Sneak Peek: Newchip
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2017, FinovateSpring 2017 Sneak Peek, Newchip

Screen Shot 2017-04-18 at 11.37.50 AM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

Newchip is a startup investment marketplace targeted at the 18 to 35 year old demographic, using machine learning to connect 200 million new U.S. investors to personalized investment opportunities.

Features

  • SmartMatch learning algorithm discovers opportunities for investors
  • Newchip codes allow users to discover new startups in the real world and invest on the spot
  • Millennials are its primary focus

Why it’s great
The company’s machine learning algorithm discovers investor preferences and sorts all active equity crowdfunding deal flow based on what an individual is most likely to invest in.

Presenter

Travis Brodeen, Co-Founder & CTOScreen Shot 2017-04-18 at 11.45.14 AM
Brodeen believes crowdfunding is the future of investing and that millennials will lead the revolution. He leads the development of Newchip, the startup marketplace for equity crowdfunding.
LinkedIn

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FinovateSpring Sneak Peek: CallVU

FinovateSpring Sneak Peek: CallVU
By Julie Muhn (@julieschicktanz) Posted on
Categories: CallVU, FinovateSpring 2017, FinovateSpring 2017 Sneak Peek

Screen Shot 2017-04-17 at 3.35.17 PM

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

CallVU offers an omni-channel hub, enabling customers to use their channel of choice – mobile, web, voice or messaging, with digital self-service and a branch-like experience when human touch is needed.

Features

  • Increase mobile adoption
  • Divert callers to digital
  • Offer a virtual branch

Why it’s great
Breaking the glass ceiling of mobile adoption, CallVU migrates callers into a digital, self-service experience.Screen Shot 2017-04-17 at 3.40.24 PM

Amitai Ratzon, VP Global Sales
Ratzon brings to CallVU over 15 years of financial services expertise, coupled with vast enterprise software sales experience. Previously, Amitai was VP Sales at Earnix.
LinkedIn

Screen Shot 2017-04-17 at 3.40.35 PMAssaf Frenkel, VP Product & Marketing
A pioneer of mobile engagement, Mr. Frenkel was the founder and manager of the Mobile Engagement business unit at NICE. Mr. Frenkel was co-founder and CEO of mybitat, an IoT analytics company.
LinkedIn

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