Author: Julie Muhn (@julieschicktanz)

Visa Acquires Pismo to Become Core Banking Provider

Visa Acquires Pismo to Become Core Banking Provider
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, VISA
  • Visa is acquiring Brazil-based Pismo for $1 billion in an all-cash deal.
  • The purchase will help Visa add core banking capabilities and support banks in connecting to emerging payment rails.
  • Pismo has raised $118 million.

Visa is doubling down on financial infrastructure with its latest acquisition. The company announced today it has purchased payments infrastructure platform Pismo for $1 billion. The all-cash deal is expected to close by the end of this year.

Brazil-based Pismo was founded in 2016 and offers its core banking, payments, and lending solutions across Latin America, Asia Pacific, and Europe. The company has seen an impressive amount of growth since 2020. In total, the company services almost 80 million accounts and 40+ million payment cards for its end customers. Annually, Pismo processes around 50 billion API calls for transactions totaling $40 billion. Among its clients are Citi, Itaú, Revolut, N26, Nubank, and Cora. Prior to today’s acquisition, Pismo had raised $118 million.

Visa anticipates Pismo will help it in providing core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards via cloud native APIs. Visa will also be able to leverage Pismo’s platform to provide banks support and connectivity to emerging payment rails.

“Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers,” said Visa Chief Product and Strategy Officer Jack Forestell.

The Pismo deal marks Visa’s first acquisition in two years. Prior to today’s announcement, Pismo’s most recent acquisitions took place in 2021, when the company bought Currencycloud for $883 million (£700 million) and Tink for $2.15 billion (£1.8 billion).

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What Marqeta’s Survey Data Say about the State of Payments

What Marqeta’s Survey Data Say about the State of Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: List series

Marqeta released its 2023 State of Payments report this month. The firm surveyed 4,000 consumers across the U.S., Australia, and the U.K. to gain an understanding of how consumer behavior is shifting and how financial decisions are made.

The data paints a picture of how consumers interact with new and old payment methods. Here are the three main takeaways we gathered.

Consumer adoption of embedded finance is growing… slowly

It’s no secret that embedded finance is one of the biggest trends in the financial services space at the moment. Consumers, however, aren’t ready to race in on this trend. Of the consumers surveyed, less than half (47%) said that they would consider using financial services from a non-financial services provider.

The growth here has been slow. The percentage of people who said they would consider using financial services from a non-financial services provider last year was 45%, only down 2% from those who shared the sentiment this year.

Mobile wallets become less intimidating

One fintech concept consumers are more positive about is mobile wallets. The concept has been around for more than a decade, and mobile wallets and other non-traditional payment methods have finally found a sweet spot with consumers.

In the past year, 80% of survey respondents said they had made a contactless payment, 77% said that they had made a mobile payment, 67% said they had paid using a mobile wallet, and 50% said that they used BNPL to make a payment.

Of the 67% who had used a mobile wallet to make a transaction in the past year, 93% said that it was convenient to use their mobile device to make a payment. This is up from 87% last year, which indicates that either consumers are becoming more savvy, mobile wallets are more user-friendly, or a combination of the two.

Incumbents maintain their footing

With all of this technology, where do banks stand? It turns out, consumers still rely on traditional banks quite a bit. Of those surveyed, 81% said they still use traditional banks. More than half, 56%, have never changed their primary banking provider and 72% said that they are satisfied with their current provider.

This indicates that traditional banks have been able to keep up with consumer expectations, even as society begins to age into the digital era.

Photo by Marc Mueller

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New from PayPal: Tap to Pay for Venmo and Zettle’s Android-Based Merchants

New from PayPal: Tap to Pay for Venmo and Zettle’s Android-Based Merchants
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, PayPal, Venmo
  • PayPal is launching Tap to Pay on Android for U.S. Venmo and Zettle business users.
  • The new capability will enable merchants to accept contactless payments without additional hardware.
  • All Venmo business users will have access to Tap to Pay in the coming months.

PayPal has been on a quest to improve the checkout experience since its launch in 1998. The California-based company is continuing that journey today by rolling out Tap to Pay on Android for the U.S. business users of two of its subsidiaries– Venmo and Zettle.

The new capability enables merchants to accept contactless payments on their Android mobile devices without additional hardware. After a short onboarding process, Venmo business users can use the Venmo app to manage funds received via both Venmo and card. Regardless of the transaction type, all funds will settle into the business’ Venmo account to facilitate cash flow management.

“Tap to Pay is the last milestone in the democratization of in-person card payments, where users can start taking card payments with no setup cost in a matter of minutes,” said PayPal Head of Product, Microbusiness Ed Hallett. “We’re unlocking access to this capability for the millions of businesses using Venmo and PayPal Zettle, helping them drive sales with frictionless payment options.”

All Venmo business users will have access to Tap to Pay in the coming months, but the new capability is also currently available by request.

PayPal-owned Zettle first launched Tap to Pay on Android for Zettle users in the U.K., Sweden, and the Netherlands last May, and has since rolled out the technology for Zettle users in more regions– including in the U.S.

While Apple unveiled Tap to Pay on iPhone last April, Stripe was the first company to bring the technology to merchants with Android devices. The payment service provider launched Tap to Pay in February of this year for merchants in the U.S., Canada, the U.K., New Zealand, Australia, and Singapore.

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Socure Makes $70 Million Acquisition

Socure Makes $70 Million Acquisition
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Socure
  • Socure is acquiring automated identity verification solution provider Berbix for $70 million.
  • Socure has used Berbix’s technology to launch its Predictive Document Verification (DocV) 3.0 solution.
  • The new acquisition will also help Socure accelerate its international expansion.

Digital identity verification company Socure has acquired automated identity verification solution Berbix for $70 million. The deal marks the first-ever acquisition for Nevada-based Socure.

Founded in 2018, Berbix launched a document verification solution with a forensics engine that detects spoofed IDs – including AI-generated fake IDs. Socure will leverage this technology to accelerate its international expansion by providing global coverage of ICAO-compliant travel documents, passports, and national ID cards. 

“I’m extremely proud of what we built at Berbix to advance state-of-the-art document verification,” said Berbix CEO and co-founder Eric Levine. “Moving forward with Socure, we are able to multiply our impact on day one by leveraging our technology with Socure’s substantial customer base, reach, and reputation. Combining our independent investments in document verification is yielding stunning results – and we’re just getting started.”

Socure has already integrated Berbix’s technology into its own to launch its Predictive Document Verification (DocV) 3.0 solution. The new tool combines Berbix’s forensics engine and data extraction with Socure’s image capture app. The company has found that DocV 3.0 has been able to increase first-attempt auto approvals of good consumers by 26% and increase fraudulent document capture by 27%.

While DocV 3.0 is used within Socure’s integrated identity platform, it is also available as a standalone solution.

“DocV 3.0 represents a significant departure from legacy providers whose document verification models rely on simple template checks and rules to determine if a document is legitimate,” said Socure Founder and CEO Johnny Ayers. “Without running sophisticated fraud models on related personally identifiable information (PII), or pairing the documentary check with rich device, phone ownership, geolocation, and behavioral data, customers see far less accurate decisions, resulting in higher fraud and lower customer acceptance. This prohibits companies from using document verification solutions for high-risk onboarding, authentication, or transactions. It’s a real gap in how ID document verification can be used.”

Socure has more than 1,800+ customers across a range of industries. The company serves four of the top five banks, 13 of the top 15 card issuers, over 400 of the largest fintechs, and more. Among Socure’s customers are Chime, SoFi, Robinhood, Gusto, Poshmark, and the State of California. Since it was founded in 2012, the company has raised $742 million from the likes of Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Synchrony, and others.

Photo by Jeswin Thomas

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Novobanco Taps Feedzai for Risk-Ops platform

Novobanco Taps Feedzai for Risk-Ops platform
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Feedzai
Novobanco Taps Feedzai for Risk-Ops platform
  • Feedzai has partnered with Novobanco to offer the bank’s clients protection from financial crime.
  • Novobanco wil leverage the Digital Trust (DT) and Transaction Fraud for Banking (TFB) solutions within Feedzai’s Risk-Ops.
  • Novobanco anticipates the new technology will enhance trust, optimize customer engagement, and ultimately boost customer satisfaction.

Feedzai inked a partnership with Portuguese bank Novobanco this week. The risk management and fraud prevention company has agreed to protect the bank’s clients from financial crimes while not detracting from the customer experience.

Specifically, Novobanco will leverage the Digital Trust (DT) and Transaction Fraud for Banking (TFB) solutions within Feedzai’s Risk-Ops, a platform that helps firms protect users from financial crime. The tool is embedded into firms’ existing workflows to help uncover hidden criminal activity while not disrupting the customer experience.

“The Digital Trust and Transaction Fraud for Banking solutions which are part of our RiskOps platform will empower Novobanco to further enhance its fantastic service whilst providing the highest level of financial security for its customers,” said Feedzai Global Head of Sales Nuno Pires.

With 1.5 million clients and $47.8 billion (€43.8 billion) in assets, Novobank is the 4th largest bank in its domestic market. The bank maintains a customer-centric culture by offering an omnichannel customer experience and transparent, simple products.

Novobanco anticipates that DT and TFB will enhance trust, optimize customer engagement, and ultimately boost customer satisfaction. Combined, the two solutions will help Novobank analyze and understand customer behavior, flag security threats, and block fraud attempts in real time.

Also based in Portugal, Feedzai was founded in 2011. The company’s solutions help fight fraud in more than 190 countries. In 2021, Feedzai was valued at more than one billion dollars after receiving a $200 million funding round that boosted its total funding to $277 million. There is no word on an updated valuation.

Photo by JESHOOTS.COM on Unsplash

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What Banks Can Learn from Toast’s 99 Cent Fee

What Banks Can Learn from Toast’s 99 Cent Fee
By Julie Muhn (@julieschicktanz) Posted on
Categories: Julie's Column, Thought Leadership

Point-of-sale (POS) and restaurant management platform Toast unveiled recently that it is rolling out a new fee. At only $0.99, the new fee doesn’t sound particularly problematic initially. Many of the technology provider’s customers, however, are not happy. And looking deeper into the issue, it’s easy to see why.

The fee

Toast is imposing the new fee to the end customers who make purchases of $10 or more on online Toast POS systems. The charge will appear under the “taxes and fees” line item. According to the Boston Globe, if a consumer clicks to see more information, they will see the charge listed as an “order processing fee” that Toast explains is “Set by Toast to help provide affordable digital ordering services for local restaurants.”

Circumventing their merchant client and charging the end consumer directly not only places strain on a restaurant’s business relationship with Toast, but it is also likely to strain the end customer’s relationship with the restaurant. Many have had to increase menu prices over the past few years because of inflation, and they have had to work hard to pay their workforce a competitive wage while not driving away customers with higher meal prices. Toast’s move is certain to exacerbate this.

There has already been much insight into why publicly listed Toast is doing this from a business perspective. The company has yet to become profitable and it’s stock price is down 61% since its 2021 IPO. With 85,000 merchants, Toast is sure to benefit financially from the new fee. Whether it will be enough to turn the company profitable is yet to be seen.

The fee doesn’t take effect nationwide until July 10, so the fallout is yet to be seen. So what can banks learn from this?

The lesson

Banks need to maintain tight control of the customer experience. With the “as-a-service” model taking off in banking, it makes sense that banks are leveraging third party technologies to create efficiencies and focus on their core product. There’s nothing wrong with using third party providers to help create a better user experience, build out a product set, or create a more secure environment. However, if there is a flaw that is the fault of the third party provider, it is ultimately the bank’s reputation that is on the line– not that of the third party.

Prevention

Preventing the fallout of a rogue fintech partnership comes down to vetting the third party. It’s important that banks do their research by talking with other customers of the third party to garner feedback or run through customer scenarios to ensure optimal outcomes in all cases. Banks should also protect themselves by not locking themselves into a rigorous or limited contract.

Ultimately, banks are in business to serve the customer, and if a third party is ruining that relationship, it’s time for the bank to look elsewhere to suit their needs instead of sacrificing the customer experience.

Looking at Toast’s move, it’s difficult to say how (or if) the move will impact user behavior. When asked about potential customer reactions, Dustin Magaziner, CEO of PayBright, said, “I actually don’t think this will impact sales or customer relationships much. Many customers are accustomed to paying additional fees these days. However, I do think the angle to review this from is the lost revenue for the business owner. If a merchant runs 1000 online sales per month, it’s $1,000 the merchant is essentially not earning.”

Photo by cottonbro studio

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Robinhood Acquires Credit Card Upstart X1 for $95 Million

Robinhood Acquires Credit Card Upstart X1 for $95 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Robinhood has acquired credit card company X1 for $95 million.
  • X1 launched an in-app stock purchasing capability late last year.
  • Robinhood CEO and co-founder Vlad Tenev said that the acquisition will bring his company closer to serving the entirety of customers’ critical financial needs.

Stock brokerage app Robinhood signed an agreement this week to acquire six-year-old credit card startup X1. The deal is expected to close in the third quarter of this year for $95 million in cash.

Prior to the acquisition, X1 had raised $62 million. The company, which was founded in 2017 by Deepak Rao and Siddharth Batra, refers to its credit card as “the smartest card ever made.” The no-fee Visa credit card has many features that customers have come to expect of a modern card. It offers competitive rewards, instant payment notifications via a tandem mobile app, a virtual card number, and it allows customers to turn the card on and off within the app.

There are a handful of features that set the card apart, however. The first is the physical card itself– it is made of 17 grams of stainless steel. The card also allows users to create a single-use card number that is automatically cancelled after one use, which can come in handy for subscriptions users don’t want to forget to cancel. Users can also create a card number for free trials that is cancelled after 24 hours.

Robinhood CEO and co-founder Vlad Tenev explained the reasoning behind today’s buy. “This acquisition will bring us closer towards our goal of serving the entirety of our customers’ critical financial needs. Together with X1, Robinhood will now be able to offer our customers access to credit,” he said.

The acquisition aligns with X1’s direction, as well. The company launched an in-app stock purchasing capability that enables cardholders to buy stocks in the X1 app using their rewards points. X1 guides investors by recommending stocks based on the cardholder’s spending habits, risk preferences, investment goals, income, and time horizon.

Logistically the X1 team will join the Robinhood team. Rao and Batra will oversee Robinhood’s new card business. Rao will serve as GM of Credit Cards and will report to Tenev.

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A Look into Why and How Wade Arnold Built Moov

A Look into Why and How Wade Arnold Built Moov
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2023, Speaker series

At FinovateSpring last month, Moov CEO Wade Arnold talked to us about how and why he built his company, what his greatest hurdles have been, and what he is looking forward to next.

For those unfamiliar with Moov, it is a fintech that provides a payment orchestration API that allows customers to accept, store, send, and spend money. The all-in-one experience offers customers direct connection with card brands, The Clearing House, and the Federal Reserve.

And if you’re unfamiliar with Wade Arnold, you’re missing out! He’s always the smartest guy in the room, and he’s humble enough to share his knowledge with anyone who will listen. Here are the highlights of our conversation with him at FinovateSpring.

What was the impetus to build Moov?

I was inspired to build Moov because, through three different startup companies inside of the financial service space, we spent a lot of time dealing with legacy infrastructure rather than building the product that we wanted to take to market. And so, rather than building another abstraction, I decided to take on the job of building straight to the payment that works.

How many times did you pivot?

I think [we’re] pivoting daily, but for us the biggest pivot was doing payment rails linearly. I definitely wanted to go do everything all at once but thankful that we started with ACH, started with our wallets, then to card acquiring, and just building out each component as our customers needed.

What were the biggest hurdles you faced early on?

The biggest challenge for Moov was getting the Federal Reserve, the Clearing House, and four card brands to say, “yes” to a brand new startup wanting to build directly onto the backbone of their payment infrastructure. So once we were able to overcome that, we were able to start writing code and developing the platform.

If you could repeat the process and start over, what would you do differently?

I’d slow down on sales, and focus on customers. So there’s always a drive to create revenue faster and faster, and that’s an area that I think you have to wait until the company’s ready to go very fast and invest into that opportunity to grow your market.

What’s the biggest lesson you’ve learned from VCs during the funding process?

Interacting with VCs is kind of funny for me. I didn’t really do a market analysis. I just said, “This is broken, I’ve dealt with this my entire life, and want to go build something to fix it.” It was fascinating interacting with VCs, but coming from the opposite angle. As a builder, that’s kind of a bottoms up approach. And they were coming from a market dynamics [perspective]. Both of us landed in the same place.

Where do you see Moov in 10 years?

The vision for the business in 10 years is to really just keep on focusing on customers. You know, a delighted customer is the best reference possible. So we’ll keep on doing that. My long-term aspirations are that we’re a legacy incumbent someday, which just means that, for a period of time, we were the best thing that people could build on top of and that would be an incredible privilege.

Photo by Ivan Samkov

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StockRepublic Raises $2.81 Million for Social Trading Platform

StockRepublic Raises $2.81 Million for Social Trading Platform
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, StockRepublic
  • StockRepublic has raised $2.81 million (SEK 30 million).
  • The round was led by Avanza subsidiary Placera Media, which contributed $1.4 million (SEK 15 million).
  • The relationship between Placera Media and StockRepublic began at the start of this year when StockRepublic helped Placera Media operate and modernize its stock forum.

B2B social trading platform StockRepublic has raised $2.81 million (SEK 30 million) this week. The new investment is more than double the company’s existing funding and brings its total to $5.2 million (SEK 55.6 million).

Leading the round is Avanza’s subsidiary Placera Media, which contributed $1.4 million (SEK 15 million). The remaining $1.4 million (SEK 15 million) comes from existing investors and business angels.

Founded in 1999, Avanza is one of Sweden’s largest financial websites. The firm’s media subsidiary, Placera Media, covers news and updates on equities, funds, and savings. The company publishes articles, produces podcasts, and launches several TV segments each week.

StockRepublic’s partnership with Placera Media began earlier this year. The social trading company operated and modernized Placera Media’s stock forum. Today’s strategic partnership between the two will help StockRepublic ramp up hiring, further develop its service offering, and continue its expansion.

“We are very proud to have Sweden’s leading savings platform on board, both as customers and investors,” said StockRepublic CEO Fabian Grapengiesser. “StockRepublic has previously raised capital from customers, so it is a proven and successful model for us. This collaboration brings Avanza closer to us in a very positive way and allows us to continue to develop Avanza’s platform with exciting new services.”

Sweden-based StockRepublic was founded in 2018 and demoed its technology at FinovateEurope earlier this year.. The company’s platform offers customized apps and APIs to help banks and financial services providers increase customer engagement. Specifically, StockRepublic’s technology allows investors to leverage the experience and knowledge of other investors and, in turn, share their success. The company’s platform is currently available in six markets. Commerzbank is among its clients.

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Baker Hill Acquired by Private Equity Firm

Baker Hill Acquired by Private Equity Firm
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Baker Hill, Daily news, Mergers & Acquisitions
  • Baker Hill is being acquired by private equity firm Flexpoint Ford.
  • Financial terms of the deal were not disclosed.
  • Company President and CEO John M. Deignan will continue to lead the business.

Lending-as-a-Service provider Baker Hill has agreed to be acquired by private equity firm Flexpoint Ford. Riverside-owned Baker Hill has not released financial terms of the deal, which is expected to close upon the receipt of regulatory approvals.

Baker Hill will tap into the Flexpoint team’s experience and fintech knowledge and will be able to leverage the private equity firm’s capital to fund product developments and acquisitions. The Indiana-based company will also be able to benefit from Flexpoint’s insight into the needs of bank and credit union clients. As Vilas Nair, Flexpoint Principal explained, the firm can “support Baker Hill’s mission of helping banks and credit unions foster more profitable relationships with their customers and drive economic development in their communities.”

“Baker Hill has a long-standing reputation for being a trusted provider of differentiated loan origination and risk management software, which has helped fuel our consistent growth each year. This ongoing market validation is a source of inspiration for our team and by partnering with Flexpoint we can continue to elevate the lending experience for our bank and credit union clients,” said Baker Hill President and CEO John M. Deignan. “Our team is confident this partnership will provide new opportunities to deliver more value for our clients and the communities they serve.”

Deignan, along with the company’s existing leadership team, will continue to lead the business and remain shareholders.

With $7.5 billion of regulatory assets under management, Flexpoint Ford’s portfolio is comprised of companies in the financial services and healthcare industries. The firm has invested in more than 40 companies since 2005.

Founded in 1983, Baker Hill offers banks and credit unions a SaaS solution for commercial, small business, and consumer loan origination, as well as risk management tools. The company, which most recently demoed at FinovateFall 2021, has received numerous awards in recent years. The IndyStar selected it as a top workplace in Central Indiana, Aite-Novarica recognized Baker Hill NextGen as best in class product, and, most recently, the company received a Product Innovation of the Year Mira Award nomination.

Photo by Sora Shimazaki

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Thought Machine to Power Jordan Ahli Bank’s Social Payment App

Thought Machine to Power Jordan Ahli Bank’s Social Payment App
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Thought Machine
  • Jordan Ahli Bank has tapped Thought Machine to launch its new social payments app.
  • Qawn, the new app, is built on Thought Machine’s Vault Core cloud-native core banking platform.
  • Using Vault Core’s Universal Product Engine, Jordan Ahli Bank was able to tailor the new app to its diverse customer base.

Core banking technology provider Thought Machine is helping Jordan Ahli Bank launch Qawn, its new social payments app.

Powering Qawn is Thought Machine’s Vault Core cloud-native core banking platform. The banking technology provider’s Universal Product Engine enabled Jordan Ahli Bank to customize the tool based on its customers’ needs.

“Our aim is to help people prosper by creating a social financial experience that addresses real-life problems with cutting-edge technology,” said Jordan Ahli Bank Chief Innovation Officer Nidal Khalifeh. “Money is inherently social, and we want to reinvent digital money with a social aspect. Our app is designed to be secure, user-friendly, and to offer guidance with a focus on technology.”

With Qawn, Jordan Ahli Bank is helping a diverse group of users to send and receive money, request payments through chat, or scan a QR code for hassle-free money management. The app, which supports both Arabic and English languages, is also aimed at commercial banking users and can function as a payment acceptance tool.

Thought Machine was founded in 2014 and has since raised $563 million in funding. The U.K.-based company offers two main products: Vault Core, a tool that leverages smart contracts to help organizations design and build new financial products; and Vault Payments, a payments processing platform that enables banks to run all payment types for different payment methods, schemes, and regions across the globe. 

“Bringing Qawn to the market is just the start – we look forward to expanding our partnership with Jordan Ahli Bank to bring further innovative financial solutions to Jordan, and elsewhere in the MENA region,” said Thought Machine CEO and Founder Paul Taylor.

Photo by Ketut Subiyanto

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Glia Taps Illuma Labs to Bring Voice Authentication to its Customer Service Platform

Glia Taps Illuma Labs to Bring Voice Authentication to its Customer Service Platform
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Glia, Illuma Labs

Digital customer service provider Glia is enhancing its Glia Interaction Platform with a partnership with voice authentication provider Illuma Labs. Glia has integrated Illuma’s voice authentication technology into its customer service platform to help organizations streamline voice authentication for customer service interactions.

Glia anticipates the new addition will not only prevent fraud, but also enhance the customer experience and improve operational efficiency. “Illuma Shield fits seamlessly with the Glia Interaction Platform, adding more efficiency by making voice authentication effortless,” explained Illuma CEO and Founder Milind Borkar. “Our joint customers are experiencing the real value that the Glia and Illuma partnership delivers.”

Illuma Shield is Illuma’s flagship voice biometrics product that integrates signal processing, AI, and machine learning. The technology works in the background to authenticate customers during an interaction and prevent account takeover. Meanwhile, the customer service representative doesn’t need to make unnecessary clicks or spend time on data entry during or after the call. And because the user interface shows up on the agent’s existing screen, they don’t have to open up a different window.

The Glia Interaction platform is comprised of digital, phone, and self-service customer service options. The range of solutions not only provides customers a variety of options when seeking out customer service, but it also offers end users a seamless, omni-channel experience in the event they need to change communication channels.

“Authentication, particularly for phone banking, has traditionally been cumbersome and a major source of friction,” said Glia SVP of Alliances Steve Kaish. “By verifying enrolled customers in the first few seconds of natural conversation with the Illuma Shield software, Glia quickly enables an authenticated interaction, reducing fraud and letting customers focus on their immediate need, be it an account balance, mortgage inquiry or loan origination.”

Glia was founded in 2012 as SaleMove. The New York-based company offers digital communication environments, on-screen collaboration, and AI-enabled assistance tools for clients who need to support end customers online, over the phone, in home office environments, and via video. In total, Glia has facilitated more than 10 billion customer interactions. The company has raised $152 million and counts Envestnet, Deutsche Bank, and United Healthcare among its clients.  Glia has taken home 10 Finovate Best of Show awards for its live demos and most recently showcased its tools at FinovateSpring 2021. 

Founded in 2016, Illuma seeks to help credit unions boost their brand reputation with a modern and seamless member experience and better security. The Texas-based company has raised $2.5 million. Illuma appeared on the FinovateSpring stage last month in San Francisco with a demo of how it brings passive voice authentication to Glia’s customer service interactions.

Photo by MART PRODUCTION

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