Author: Julie Muhn (@julieschicktanz)

FinovateEurope 2015 Sneak Peek: Part 1

By Julie Muhn (@julieschicktanz) Posted on
Categories: ebankIT, FinovateEurope 2015, FinovateEurope 2015 Sneak Peek, Jumio, SOFORT, TradeRiver Finance, Xignite, Yoyo

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2014 was an exciting year for fintech, and we estimate 2015 to be even bigger, with the ongoing battle for mobile wallet share, growth of alternative lending, and burgeoning VC funding.

At FinovateEurope, our first conference of 2015, we’re hosting more than 70 companies who will showcase their products centered on the newest trends, and some we’ve never seen before. 

For Finovate’s fifth time in London, we’re returning to the Old Billingsgate Market Hall on February 10 & 11. Register now and be the first to see the newest fintech of 2015.

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In the weeks leading up to FinovateEurope, we’re giving you a taste of what will be on stage in our Sneak Peek series. Below are the first six companies in this installment.

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ebankIT is an omnichannel banking software company that provides innovative solutions with centralized management, allowing banks to communicate faster, easier and more efficiently with their customers.

Features

    • Seamless access to financial products and services
    • Allows banks to extend its customers’ network
    • For any device and wearable technology
Why it’s great
Omnichannel & Social banking provides a consistent experience across channels to provide customers with seamless access to financial products and services.

eBankITPresenter1IMG.jpg

Presenters

João Pinto, Board of Directors
Pinto is an administrator with nearly 20 years of solid experience in the financial sector, actively participating in the design and implementation of innovative Omnichannel Solutions.
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Paulo Oliveira, Omnichannel Speacialist
Oliveira is a Project Manager, Omnichannel Specialist and Software Architect in ebankIT. He has been developing solutions in the financial sector for more than 15 years.

JumioLogo.jpg

Jumio’s Netverify turns your customer’s computer/smartphone into an ID scanning terminal that captures customer data and verifies customer ID documents, increasing online account opening rates.

Features

    • Reduces abandonment during digital account opening 
    • Creates fast & intuitive experiences for digital account opening 
    • Helps meet KYC & AML compliance requirements

Why it’s great
Jumio’s Netverify has been developed to meet the challenge of verifying identity in a connected-device environment, decreasing online account opening abandonment by up to 40%.

JumioPresenterIMG1.jpg

Presenters

David Pope, European Marketing Director
Pope is a tech marketing specialist, having helped brands like 192business, Experian & Jumio balance the need for customer convenience with KYC compliance requirements.
LinkedIn

John McIntosh, Sales Engineer EMEAJumioPresenter2.jpg
McIntosh is the EMEA Sales Engineer for Jumio and is responsible for all information about the Jumio Product and Technical Information.
LinkedIn

SOFORT AG, based in Germany, offers Europe-wide,

SOFORTLogo.jpginnovative services for the secure purchase of goods and digital products on the internet.

Features
SOFORT Banking Paycode is an efficient method for purchasing on an account, whether online or offline. The online link contains all relevant transfer information.

Why it’s great
SOFORT Banking Paycode – the faster, smarter and easier way to pay bills online

SofortPresenterIMG.jpg

Presenter
Christian Mangold, Managing Director Sales
At SOFORT, Mangold is in charge of the German market and the sales strategy. He has been on the SOFORT Management Board since late 2012.
LinkedIn

TradeRiverLogo.jpg

TradeRiver Finance is a non-bank online funding solution which finances trade, both cross-border and in the U.K.

Features

    • Online tool and finance for trade buyers
    • Pay global suppliers in cash and in local currency
    • Finance and execute local and cross-border transactions online  

Why it’s great
The TradeRiver platform provides a business funding and transaction execution solution which changes completely the nature and operation of cross-border trade finance.

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Presenters

Toby Lanyon, Chief Operating Officer

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Mike Mumford, Business Development Executive

provides real-time, reference financial data via cloud-based APIs to fintech innovators Wealthfront, Betterment, Personal Capital, Motif Investing, Robinhood, Stocktwits, Yodlee & more.

Features

    • New API offers trusted FactSet fundamental data, including company financials & estimates
    • Covers more than 75,000 publicly listed global companies
    • Easy integration into apps & websites

Why it’s great
The leading fintech innovators use Xignite market data APIs

XignitePresenter1IMG.jpg

Presenter

Stephane Dubois, CEO & Founder
Dubois is a fintech revolutionary in the process of disrupting the financial services industry. He founded Xignite to pioneer market data in the cloud.
LinkedIn

YoyoLogo.jpg

Yoyo is a mobile platform that seamlessly blends payments, loyalty, and discovery – done right.

Features

    • Combines payment, loyalty and discovery
    • Yoyo ‘magic’ button on the till – we integrate into the epos software
    • Ability to link card to mobile and to give and receive social gifts

Why it’s great
Pay fast, get rewarded.

YoYoPresenterIMG.jpg

Presenter

Michael Rolph, Co-founder and CCO
Rolph is ex Barclaycard, First Data and PayPal. He was formerly a Director at Anthemis Group and is currently a Mentor at Seedcamp and advisor to Azimo.
LinkedIn

Check back later this week, when we’ll explore six more presenting companies. To learn about all of the presenting companies, check out our presenter page.

Space is limited; get your FinovateEurope ticket now to reserve your seat.

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PeerTransfer Secures $22 Million in a Round Led by Bain Capital

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, peerTransfer

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PeerTransfer, a company that makes it easier for international students to pay their tuition bills, should now have an easier time paying its own bills, thanks to a new installment of funding. 

Today, the Boston-based company brought in a $22 million Series D round led by Bain Capital. Previous investors Spark Capital, Devonshire Investors, Accel Partners, and QED Investors also contributed.

The new installment, which almost doubles its previous total, brings peerTransfer’s total raised to $43 million. It plans to use the new capital to expand coverage and penetration at schools in Australia, Asia, Canada, the U.K., and U.S. and advance its payment platform.

Matt Harris, Managing Director at Bain Capital, will join peerTransfer’s board.

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PeerTransfer enables students from 200+ countries and territories to pay their tuition and room & board using bank transfers and credit and debit cards on its payment platform. It is partnered with 600 schools across 10 countries.

Since launching in 2009, the company has processed over $1 billion in international payments and is adding 50 new clients per quarter. During the first half of the 2014/15 academic year, it doubled year-on-year revenue and reached profitability. Alex Finkelstein, General Partner at Spark Capital states that peerTransfer is poised for even faster growth and expansion.

As for the rest of the academic year, CEO Mike Massaro states that the company is on track to deliver $1 billion in cross-border payments processed for the full year. 

PeerTransfer recently won the 2014 BostInno’s 50 on Fire Award. It demonstrated its international payment solution at FinovateSpring 2011.

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No Need to Fax: Kofax Launches E-Signature Solution, SignDoc

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

KofaxLogo.jpg

Nobody reacts positively when asked to print a form, sign it, and fax it back. Fax? Fortunately, Kofax, a company that aims to simplify digital customer interactions, is here to help.

Today, the California-based company announced a new set of e-signature solutions, SignDoc, that enables FIs to design, deploy, and manage custom e-signature workflows. The two versions include:

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    • SignDoc Standard, a stand-alone solution for self-service needs
    • SignDoc Enterprise, a solution in which FIs can embed advanced capabilities into the workflow. It is integrated with Kofax TotalAgility, a process automation platform.

Since SignDoc keeps all document interaction in a PDF reader, users have access to a complete audit trail. Institutions can view any document tampering without the need to contact Kofax or access an external site.

SignDoc supports click-to-sign, handwritten signatures, and offers the option to add a higher level of authentication by capturing biometrics at the time of signature.

Kofax took the stage at FinovateSpring 2014 where it demonstrated how its Mobile Capture Platform works with gift cards.

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Cachet Financial Launches Co-Branded Option for Select Mobile Money Solution

By Julie Muhn (@julieschicktanz) Posted on
Categories: Cachet Financial Solutions

CachetLogo.jpg

Mobile money technology company, Cachet Financial, is launching a co-branded option for its Select Mobile Money product, a reloadable debit card with a suite of smartphone-accessible account services.

Maryland-based Frederick County Bank is piloting the co-branded version of Select Mobile Money. The institution holds $330 million in assets and is in 5 locations.

The new option is an express version, which means banks receive a pre-configured set up of the prepaid card program, mobile app and cloud services. Additionally, Cachet handles card issuance, processing, and management. This hands-off approach not only lowers overhead costs, but also decreases time-to-market.

Select Mobile Money is aimed at prepaid customers, a typically underserved market. It is available for payroll, travel, student, and unlimited use programs.

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Cachet reports that more than 300 financial institutions use its remote deposit capture technology, and it is hoping to tap into that base to increase adoption of the co-branded Select Mobile Money solution.

Cachet Financial Solutions demonstrated Select Mobile Money at FinovateFall 2014.

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SigFig Starts 2015 with New Mobile Features, Refreshed Look

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

SigFigLogoNew.jpg

If SigFig’s New Year’s resolution was to create a fresh look and new features, the investment portfolio tracker and manager is starting out the year right.

Those familiar with SigFig may first notice that the previous pig logo has been swapped out in favor of a more modern design. Additionally, the web and mobile user interfaces have a simplified, cleaner appearance.

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Aside from aesthetics, the upgrade brings new mobile features to SigFig’s free iOS and Android apps. One of those new features, launching today, is Managed Accounts on mobile.

Previously, the automated investment service was only available on the web interface. Now users can not only track, but also manage their investments and risk tolerances from the SigFig app on their mobile device.

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In addition to managing users’ portfolios, SigFig aims to simplify users’ investing lives by educating them about fees and strategies, as well as offering a single place where they can track all of their investments.

SigFig last demonstrated at FinovateFall 2011.

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How Backbase Engage Upgrades Banks’ Digital Channels

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

BackbaseLogo.jpg

If you attended FinovateFall a few months ago, you likely saw Backbase’s demo where it launched Backbase Engage. This new offering delivers omni-channel digital banking to regional banks and credit unions. The Backbase Open Marketplace bridges the gap that small financial institutions often face between their dated core banking system and newer fintech solutions.

Company facts

Backbase Engage

Customer Experience Platform
 Backbase Engage stems from Backbase’s Customer Experience Platform (CXP) which, originally, was only accessible to large banks. The CXP (see a live demo here) is a widget-based customer portal that enables banks to customize their online banking appearance and function, as well as edit and design targeted offers to create a seamless customer experience across all devices.

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Backbase Engage
Smaller banks with outdated core banking providers can benefit from a one-size fits all solution in order to work with their legacy system. Backbase Engage upgrades institutions’ existing systems by providing a new digital banking solution, working on any device and channel. It runs on the FI’s existing core banking stack, and enables the institution to integrate new functionality from providers in the Open Banking Marketplace. At the same time, it offers full control to the FI to manage the user experience with the integrated CXP features and Visual Editor.

Backbaseomnichannel.jpg

Widgets
The appeal of Backbase Engage stems from its modular and turnkey approach that enables banks to select from a wide variety of widgets.

To enable a high level of customization, the widgets draw from multiple sources and are made possible by APIs. For example, a bank may use Google Maps’ API for an ATM and branch locator. Backbase’s Open Banking Marketplace makes other services available through APIs from an array of fintech companies.

Open Banking Marketplace

The Open Banking Marketplace hosts APIs from Backbase’s fintech partners to give FIs access to their services. Launching partners in the Marketplace include:

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BehavioSec, a behavioral biometrics security solution
Watch its FinDEVr 2014 demo video.

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Cardlytics, a card-linked marketing provider
Watch its FinovateFall 2013 demo video.

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Geezeo, a PFM and small business financial management solutions provider
Watch its FinovateFall 2014 demo.

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iPay, an online payment gateway for global ecommerce businesses
iPay demonstrated its Small Business Suite at Finovate 2009.

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miiCard, an online identity verification service
Watch miiCard’s FinovateFall 2013 demo.

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MX, an online money management and PFM tool
MX last demonstrated at FinovateFall 2014 where it won Best of Show.

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Strands, a PFM solutions provider
Strands will demo at the upcoming FinovateEurope 2015 conference in London.

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Other partners:

    • Ensenta, cloud-based imaging technology for mobile RDC risk mitigation
    • Payveris, a digital money movement solution provider

Since FinovateFall, Backbase has added partners (who are confidential at this point) and is looking for more. While most fit in the security, PFM, and loyalty categories, Backbase is not necessarily looking for partners in specific verticals. Rather, it wants to connect best of breed providers that deliver quality solutions to FIs across the globe.

Though this post focuses on retail banking, Backbase Engage also works for small business (commercial) banking, insurance, and wealth management verticals.

Growth and 2015

Since launching in 2003, Backbase has experienced rapid growth across the globe, including signing major banks in North America, the European Union, and Asia Pacific regions. It has also opened offices in the largest financial hubs around the world. In 2014, Backbase’s revenue grew 40% and it projects the same growth trajectory in 2015.

Backbase most recently demoed at FinovateFall 2014 and will showcase its newest offering at FinovateEurope 2015 in London.

 

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Ukraine-Based Settle Launches Restaurant Pre-Order App in San Francisco

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

SettleLogo.jpg

Ukraine-based Settle aims to minimize the time consumers spend waiting in line for their food or beverage. Its mobile pre-order app enables customers to reserve a table at a restaurant, pre-order, and pre-pay, so that after the meal they walk away without waiting for the check.

Today the company announced that it is launching in San Francisco later this month.

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Settle is working from its foundation in Kiev, Ukraine and Moscow, Russia. Since launching late last year, users have made 3,500 transactions at 20 restaurants.

We detailed the user experience for Settle customers and merchants last October in our Finovate Debuts series. Aside from a pre-order service for customers, Settle also offers a point of sale system for merchants, as well as a loyalty program to acquire and maintain their customer base.

To see a live demo of Settle, check out its FinovateFall 2014 video.

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Looking Back at the 28 Best of Show Winners of 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Best of Show

There’s no doubt 2014 has been a big year for fintech. The amount of venture capital funding, along with a handful of successful IPOs, have brought a spotlight to a once-dark space.

It has been a banner year at Finovate, as well. Over the course of our four conferences in 2014, we’ve seen:

    • 251 demos
    • 29 hours of demos
    • 28 “time’s up” gongs
    • 36 hours of high-intensity networking

Also, our 4,000+ attendees awarded 28 Best of Show awards to participating companies. Here’s a look back at the best of 2014:

 

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Held February 11 & 12 in London
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  • Backbase, with its out-of-the-box tool for mobile account origination and enrollment
    demo video
  • BehavioSec, with its behavioral biometrics solution created specifically for a mobile environment
    demo video
  • Luxoft, for its iStockTrack, an app that gives users a single place to connect with their investment life
    demo video
  • Tink, for its mobile PFM that helps users stay connected with their finances
    demo video
  • Momentum (FKA YourWealth) for its MoneyHub technology that gives users total control of their entire financial life
    demo video

 

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Held April 29 & 30 in San Jose
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  • EyeVerify, for its Eyeprint Verification technology that enables mobile biometric authentication
    demo video
  • Loop, for its smart mobile wallet system accepted at virtually every retail POS terminal without making changes to the existing POS system
    demo video
  • Motif Investing, for its Advisor Platform that streamlines the way advisors build, monitor, and rebalance investment portfolios
    demo video
  • Ondot Systems, for its CardControl technology that allows users to remotely control their credit and debit cards via their smartphones
    demo video
  • SaveUp, for its Gen Y/Millennial-oriented solution that combines gamification with personal finance
    demo video
  • Stockpile, for its “give the gift of stock” solution that helps people invest in the brands they love
    demo video

 

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Held September 23 & 24 in New York
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  • AnchorID, for its new way to log into websites and apps. One universal username logs you in with unique security.
    demo video
  • blooom, for its simple
    tool built to fix the millions of mis-invested 401(k) allocations for individual clients
    demo video
  • CrowdFlower, for its leading data-enrichment platform to help data scientists, analysts, and engineers collect, clean, and label data to make it useful
    demo video
  • Loyal3, for its use of social technologies to democratize the markets, making investing in IPOs and stocks easy and affordable for everyone
    demo video
  • MX (formerly MoneyDesktop), for its WideNet Technology to help FIs expand their market reach, and its Helios cross-platform digital banking app
    demo video
  • NICE Systems, for its real-time authentication that strengthens and streamlines the authentication process in real-time, while customers converse with an agent
    demo video
  • Toopher, for its multi-factor authentication platform that uses the location awareness of your smartphone to automate authentication for logins and critical actions
    demo video

 

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Held September 30 & October 1 in San Francisco
FinDEVrBoSWinners2.jpg
  • Avoka, for its engagement platform that enables omni-channel account opening in 60 seconds
    demo video
  • BehavioSec, for its mature identification system that uses behaviour analytics to provide real-time security
    demo video
  • Yodlee, for its Interactive APIs that provide authorized access to real-time data for customer accounts
    demo video

Check out photos from FinDEVr San Francisco 2014 on Flickr

 

 

The Full History

Here’s the Best of Show history that spans back to the inception of Finovate in 2007:

Finovate 2007
Held October 2, 2007

Held April 29, 2008
  • First ROI (now BancVue), for its CheckingFinder services aimed at community financial institutions
    demo video
  • Jwaala, for its software solutions to help financial institutions compete
    demo video
Held October 14, 2008
  • Credit Karma, for its a free and easy way for consumers to understand, monitor and monetize their credit profile
    demo video
  • Neosaej (now closed), for its MoneyAisle platform where banks compete in live auctions for an individual consumer’s business
    demo video
Held April 28, 2009
  • BillShrink (now Truaxis), for its free cost-savings tool that saves consumers money on everyday bills
    demo video
  • Silver Tail Systems (acquired by EMC in October 2012), a predictive analytics to prevent fraud abuse
    demo video
  • SimpliFi (now closed), a web service that allows anyone to create and update their own financial plan
    demo video
Held September 29, 2009
  • Credit.com, for its free interactive tools, education, and unbiased comparisons of quality financial products and services
    demo video
  • Silver Tail Systems (acquired by EMC in October 2012), an online fraud-detection service
    demo video
  • Yodlee, for its personalized financial solutions for financial institutions
    demo video
Held May 11, 2010
  • oFlows (Purchased by Andera in 2011), a multichannel, paperless solutions for financial institution account opening
    demo video
Held October 4 & 5, 2010
  • oFlows (Purchased by Andera in 2011), a multichannel paperless solution for account openings
    demo video
Held February 1, 2011
Held May 10 & 11, 2011
  • BancVue, for its MoneyIsland financial education game aimed at community financial institutions
    demo video
  • BankOns, for its mobile app that offers consumers real-time savings at local merchants
    demo video
  • oFlows (Purchased by Andera in 2011), a multichannel, paperless solution for account opening
    demo video
Held September 20 & 21, 2011
  • FeeFighters (acquired by GroupOn in 2012), a platform that simplifies the process of choosing a merchant account provider
    demo video
  • Offermatic (closed in June 2013), a targeted online-offers provider
    demo video
  • oFlows (Purchased by Andera in 2011), a multichannel, paperless solution for account openings
    demo video
Held February 7, 2012
  • Nutmeg, an online investment manager that democratizes saving and investing
    demo video
Held May 8 & 9, 2012
  • BehavioSec, for its security layer based on user typing/swiping and other behavioral patterns
    demo video
  • Dwolla, for its FISync service to enable banks to originate real-time, P2P payments
    demo video
Held September 12 & 13, 2012
  • Credit Sesame, for its Financial Fitness Indicator that gives users a comprehensive view of their financial situation
    demo video
  • Dashlane, a password- and account-management platform that has instant login and checkout features
    demo video
  • Dynamics, for its Triple Interface card, allowing for tap, swipe, or EMV payments
    demo video
Held November 6, 2012
  • Finantix, for launching Sharp digital banking platform to improve sales and service interaction
    demo video
  • SocietyOne, for its ClearMatch technology used to streamline the loan-application process
    demo video
  • Ubank, for launching its peer-spending comparison tool, People like U, along with National Australian Bank (NAB)
    demo video
Held February 12 & 13, 2013
  • Meniga, for its PFM platform, including “buy” and “not buy” features
    demo video
  • Virtual Piggy (now Oink), for its kids’ payment system with parental controls
    demo video
Held May 14 & 15, 2013
  • LendUp, for its LendUp Ladder loan platform that helps the underbanked build credit
    demo video
  • TipRanks, for its solution that brings transparency to individual investors, helping them decide who to trust
    demo video
FinovateFall 2013
Held September 10 & 11, 2013
  • Motif, for its platform that lets you invest in ideas in one click
    demo video
  • TipRanks, for its solution that brings transparency to individual investors, helping them decide who to trust
    demo video
  • Yodlee, for its debut of TANDEM that helps groups manage and discuss shared finances
    demo video
Held November 14, 2013
  • IND Group, for its Essence mobile-banking app, with detailed financial management tools
    demo video
  • Kofax, for its omni-channel solution that accelerates and enhances the underwriting process
    demo video
  • Yodlee, for the international debut of TANDEM, an app that helps groups manage and discuss shared finances
    demo video
Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The companies with the highest percentage of submitted ballots were named Best of Show.
5. FinDEVr Award Winners were selected from presenters only on the second day.

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Walmart to Distribute GreenDot Prepaid Products in 2015

By Julie Muhn (@julieschicktanz) Posted on
Categories: GoBank, Green Dot

GoBank_Logo_small.jpgIf your new year’s resolution is to better manage your money, you can pick up a tool to help you accomplish it at Walmart.

Prepaid card company, GreenDot has extended its contract with retail giant, Walmart. Through the agreement, Walmart will distribute the California-based company’s prepaid products through 2015, including GreenDot’s GoBank, which was debuted at FinovateSpring 2013.

Since Walmart accounted for 53% of GreenDot’s revenue in Q3 of 2014, this is good news for GreenDot, though the two have yet to reach a multi-year agreement.
GoBankScreenshot.jpg
GoBank is a mobile and online-only account aimed at the un- and underbanked. Its mobile-first UI offers users free cash deposit and direct deposit services, mobile RDC, free ATM usage, online billpay, and a P2P payments platform.

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Alumni News– December 22, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arroweye Solutions, Bluefin Payment Systems, Digital Retail Apps, Feedzai, FutureAdvisor, iQuantifi, Kensho, Motif Investing, Personal Capital, Strands, Tuition.io, Wealthfront
  • Finovate-F-Logo.jpgDeutsche Bank launches FinanzPlaner powered by Strands PFM. Check out Strands’ newest tech at FinovateEurope.
  • Arroweye Solutions increases its payment card security.
  • SF Gate considers how Personal Capital brings a human touch to robo-advising.
  • Bluefin Payment Systems partners with 3Delta Systems to provide Bluefin’s Decryptx Point-to-Point Encryption Solution to 3Delta clients.
  • Financial Post takes a look at how innovations like SelfPay from Digital Retail Apps are helping small businesses.
  • Feedzai wins Silver Stevie Award in Most Innovative Company of the Year category in the 12th Annual American Business Awards.
  • FTSE Global Markets looks at how Kensho, Motif Investing, FutureAdvisor, and Wealthfront are leveraging big data and big computing.
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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Crealogix and Meniga Create Digital Bank and PFM Solution for BNP’s Consors Bank

By Julie Muhn (@julieschicktanz) Posted on
Categories: Cortal Consors, CREALOGIX, Meniga

CrealogixLogo.jpg

Cortal Consors demonstrated at FinovateEurope 2011, when it was an online brokerage and investment company under BNP Paribas. It has since become Consors Bank, a German-based subsidiary bank of BNP Paribas.

Launching a bank comes with a long to-do list– one thatMenigaLogo.jpgincludes providing financial planning tools for your customers– so Consors Bank has partnered with Meniga and Crealogix. Respectively, these fintech providers power spending and saving management tools, as well as a digital banking portal.

The combined solutions offer Consors Bank customers an engaging user experience that fits with the bank’s slogan, “mobile, just like you.”

Here’s a look at some of the aspects of Meniga’s PFM on Consors Bank’s web portal:

  • Monthly spending comparison:

ConsorsMonthlyComparison.jpg

  • Spending category overview:

MenigaConsorsCategoryOverview.jpgIceland-based Meniga launched in 2009 and has since brought its white-label PFM platform to 25 banks across the globe. Meniga last demonstrated at FinovateEurope 2014 and will return to London next February for FinovateEurope 2015.

Crealogix appeared on stage at FinovateSpring 2014 in San Jose and will also demo its new technology at FinovateEurope 2015 in London.

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Finovate Debuts: EyeLock’s Myris Device Authenticates Using Iris Identification

By Julie Muhn (@julieschicktanz) Posted on
Categories: EyeLock, Finovate Debuts

The Finovate Debuts series introduces new Finovate alums. Today’s feature is EyeLock, which demonstrated its myris eye scanning device at FinovateFall 2014.

EyeLockLogo.jpg

EyeLock links a user’s password to their iris template, enabling them to log into their computer, websites, and applications by scanning their iris on the myris device.

MyrisScreenLogin.jpg

Stats

    • Headquartered in New York, NY
    • Founded 2006
    • Device cost: $280
    • Chance of a false iris match is 1 in 1.5 million

The device
myris is an iris-scanning device that plugs into the USB port on a user’s computer and authenticates them by taking a video of their iris. EyeLock associates the iris template with a long and complex password.

Upon first setting up their account on the device, users generate their unique iris ID, then select operating systems, websites, and applications they’d like to log into using myris. From then on, all they need to do to log into those sites is glance at the myris device.

EyeLockmyris3.jpg

EyeLock sells myris through different channels:

    • Directly to consumers (see Best Buy screenshot below)
    • To businesses for commercial use

MyrisBestBuy.jpg

Use cases
With the myris application on their computer, combined with the hand-held device, users manage login permissions for myris, as well as multiple users for a single account.

  • Sites, applications, and operating system

With the Sites tab, users scan their iris to log in automatically to websites such as Facebook and PayPal. The Applications tab enables users to securely log into applications such as Skype and Spotify, while the Operating System tab lets users opt to log into their computer using myris. EyeLock supports Windows, Linux, and Mac operating systems.

Applications.jpg

  • Startup and settings

With the Startup tab, the user selects which sites and applications to launch automatically upon turning on their computer. This Autolaunch feature lets users select any number of sites they would like to open simultaneously after authenticating themselves with myris.

The Settings tab is exactly what it sounds like. Users download system updates, add and manage multiple user permissions for shared accounts, and view their account login history.

Settings.jpg

Benefits
Since the user’s iris is always with them and is exclusively theirs, myris eliminates the risk associated with lost, stolen or shared login credentials and ID cards. Additionally, scanning an iris is faster than typing in a username and password.

In addition to the digital realm, eyeLock has products that authenticate users on a commercial level to allow access into physical barriers, such as restricted buildings or conference rooms. Check out Eyeswipe-Nano, Eyeswipe-Nano TS, nano NXT and HBOX. 

EyeLock demonstrated its myris authentication device at FinovateFall 2014.

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