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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
NBC Chicago hostsBolstr to discuss crowdfunding and SMB growth.
Actiance’sSocialitegets new features for better UX on native websites & more integrations w/ CRM platforms.
FIS’ licensing agreement to make the Visa EMV debit solution available to all NYCE debit network participants.
Truphoneis offering unlimited voice and SMS recording through June.
Misyslaunches new Regulatory Reporting Service to help managers and banks meet EMIR regulations.
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.
Today, San Diego-based ID Analyticslaunched the newest version of its flagship fraud detection platform, ID Score.
This newest release improves the effectiveness of the company’s existing identity fraud detection by:
Providing more insight into consumer behavior
Uncovering the risk level of the user’s device
Finding associations between device usage and fraudulent occurrences
As a part of this effort, it has partnered with device authentication and intelligence providers, including ThreatMetrix, to incorporate their risk assessments into the consumer’s ID score itself.
The end result, ID Score 9.0, is a fraud assessment that is composed of both identity and fraud risk.
ID Analytics demonstratedMy ID Alerts at FinovateSpring 2011 and ThreatMetrix debuted its Fraud Prevention 2.0 at FinovateStartup 2009.
TSYSpartners with Virgin Money to provide consumer credit processing services for UK customers.
Cachet Financial Solutionsappoints Darin McAreavey as EVP and CFO.
Prosperto cross the $1 billion mark in personal loans originated through its platform next week, hosts giveaway.
Tech Zulu interviewsTrustev after the company’s win at SXSW Accelerator.
Jumio to help form Identity Security Network with eight leading Bitcoin exchanges.
InComm’s corporate B2B store enables retailers to streamline management of corporate gift card sales.
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.
The northern hemisphere’s first day of spring last week can mean only one thing: FinovateSpring 2014 is just around the corner. To help you prepare for the upcoming onslaught of innovation, we’ll be dishing up bite-sized pieces of some of the companies you’ll see in San Jose on April 29 and 30.
ChiaraMail offers the first technology to protect your customers from becoming victims of e-mail address spoofing, while providing them unprecedented e-mail privacy without the use of encryption.
Features:
Eliminates spoofing and the resulting identity theft.
Ensures in-transit privacy.
Adds critical functionality such as changing e-mails after sending, and improved mail network efficiency.
Why it’s great:
ChiaraMail technology assures your customers that a message that claims to be from you is actually from you.
Robert Uomini, CEO/President
Uomini is founder of ChiaraMail and inventor/developer of the patented technology behind ChiaraMail. He has been developing disruptive technologies for many years.
Head is a senior marketing and sales executive with more than 20 years of experience in enterprise and start-up companies bringing game-changing technologies to market.
Dealstruck is a web-based peer-to-peer lending company that offers a suite of financing products to small business borrowers designed to progressively graduate them toward conventional financing.
Features:
Real-time access to borrowers and deals
Ability to manipulate data from Dealstruck loan packaging to augment underwriting/yield
Opportunity to participate alongside others or take down full loans
Why its great:
Dealstruck provides the most complete suite of financing options for business borrowers and investment opportunities for lenders.
Ethan Senturia, co-founder and CEO Senturia is Wharton Business School graduate who previously ran Internet marketing for a lead generation startup, Ampush Media, and in distressed credit at Lehman Brothers.
McLoughlin, co-founder and CTO, is a B.S./M.S. who has worked at the Biodefense Knowledge Center at Lawrence Livermore National Laboratory, and at Google Machine Translation and Apple.
Digital Insight’sPromotion Suite for mobile reaches the right customers on their mobile device with the right offers at the moment of truth.
Features:
Brings personalized, relevant cross-sell offers from financial institutions to their customers.
Engages consumers in their moment of need anywhere, anytime and on any device.
Why it’s great:
Provides personalized engagements and enhanced communications to connect financial institutions with their customers like never before.
Karishma Anand
Anand is the director of product management for Digital Insight. She is responsible for driving product strategy, execution for digital banking and payments solutions. LinkedIn
Marshall Yuan
Yuan is a senior product manager at Digital Insight. In this role, he oversees the strategy and go-to-market plan for Android banking applications. LinkedIn
ID.me verifies attributes of a consumer’s identity and ties them to a payment medium
Features:
CRM, Offers, Loyalty and Authentication via a payment medium
Elimination of physical credentials needed at checkout
Fraud prevention for high-value transactions via authentication
Why it’s great:
User-centric digital identity, attribute verification and a mobile device enables the holy grail of marketing: personalization
Blake Hall
Hall is a former Army Ranger and Harvard Business School graduate. Thanks to The Economist, he is the first Google result for “muscly entrepreneur.”
Matthew Thompson Thompson is a former Army Ranger and a decorated combat veteran. He co-founded ID.me while attending Harvard Business School. LinkedIn
LendingRobot automates loan selection and investment in Peer Lending.
Features:
Fully automates investment in LendingClub and Prosper
Submits orders within one second after new loans appear
Automated definition of investment strategies
Why it’s great: LendingRobot makes investing in Peer Lending simple and efficient, and allows individuals to compete with institutional investors.
Gilad Golan, CEO
Golan shipped almost every product he ever built (and he built a lot of them). LinkedIn
Emmanuel Marot, President
Marot uniquely mixes backgrounds in both user experience design and quantitative finance.
Verde International’sVerde Aurora is a next-gen automated loan-underwriting optimization engine satisfying customers, shareholders, regulators, dealers, and other stakeholders, instantly.
Features:
The best possible decisions and counteroffers, delivered in seconds
Loss models that outperform industry leading models by fourfold
Scalable deployment that any financial institution can afford
Why it’s great: Verde Aurora obsoletes today’s decision systems by integrating behavioral models, DCF analysis and MPP-driven optimization for perfect instant offers, pleasing customers and shareholders alike.
Patrick Reily, CEO and Co-Founder Verde International
Reily’s multidisciplinary approach to strategic planning and business development is the result of 25 years of experience in banking and financial services.
The team at SmartAsset, a company that aims to answer consumers’ complex financial questions, has been busy lately. Not only are they preparing their 7-minute demo for FinovateSpring next month, they also recently launched a retirement planning tool, and this week announced they just closed on $5.2 million.
The Series A financing round was led by Javelin Venture Partners. Denis Grosz, SV Angel and Brendan Wallace, founder of Identified, also contributed.
SmartAsset plans to use the round to grow its New York-based team by around a dozen new employees and expand its platform’s capability to give users more control of their financial future.
In an era when the Internet of Things is becoming wildly popular, POS financing provider Financeit has opened up a communications channel in the analog world of print.
The Canadian-based company announced today that its users now have the option to order printed materials, such as:
Brochures detailing Financeit and its benefit to customers
Price tags that help highlight monthly prices
Posters and window displays
Stickers for front window and cash register
These printed materials not only let shoppers know that instant financing is available in the store, but also help to educate them about the merchant’s payment plan options through Financeit.
Users can order these items in the Library section of their account.
Players in the crowdfunding space have a lot of headaches in order to maintain compliance, especially since the SEC requires that parties who invest in offerings on crowdfunding platforms must be fully accredited. That is, they must meet one of the following two requirements:
1) Have earned $200,000/ year in both of the past two years (or $300,000 with spouse) and expect to earn the same next year
2) Have a net worth of $1 million (excluding primary residence)
BancBox, a company known for its money-moving APIs, is seeking to remove this barrier for players in the crowdfunding industry with its new API that will verify the accreditation of investors.
The API is a part of the BancBox Invest service. It will enable crowdfunding platforms to determine if their investors are accredited and legally allowed to invest in the platform. In order to comply with the SEC’s 506(c) standard, the new API will:
1) Verify income. This includes a review of the investor’s IRS documents (W-2s, 1099s, K-1s, 1040s) for the past two years and an additional confirmation that they expect to qualify in the current year.
2) Have a third party verify income (releasing in April): Third party verification must be received from a CPA, attorney, broker dealer, SEC-registered investment advisor or an equivalent entity.
3) Verify assets (releasing in May): An investor must have a net worth of at least one million dollars, excluding the value of their primary residence.
Combined with other features that the Invest service offers, the API will give private placement and equity/debt-based crowdfunding platform owners a full suite of solutions.
Narrative Sciencelaunches free app to turn data into readable documents.
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.
PaymentsSource: Virtual Piggy’sOinkpartners with European Games Group.
App Shopper featuresBudgetTracker’s iOS mobile app.
Realty Mogul crowdfunders top $100 million worth of real estate investment.
VentureBeat takes a look at mobile payment success stories including PaySimple, Braintree, and PayPal.
TD Bank enhances online money movement services with addition of Popmoney and TransferNow from Fiserv.
DoubleBeampowers new mobile app for Foodland Super Market.
Nostrum Groupreports revenue gains of more than 80% to Ā£7 million. for FY 2013.
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.
SmartAsset, which originally launched as a tool for home buying, is making its platform more robust this week with the launch of its retirement planning tool.
The New York-based company, which has a user base that’s growing by 40% month-over-month, aims to bring transparency to retirement by giving users personalized answers to their questions about implications of taxes and social security.
What’s most notable about the launch is the partnership with eTrade, which provides resources and tools for SmartAsset users.
CBS News featuresDynamics‘ Hidden card, interviews CEO Jeff Mullen.
Yale microfinance program to deployMambu platform.
FPPad Bits and Bytes <a featuresGuide Financial in its latest video review.
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.
NBC Chicago hosts Bolstr to discuss crowdfunding and SMB growth.
