Finovate Alumni News– August 6, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgVirtual Piggy adds security service for parental consent of website use.
  • Cincinnati.com reports how SoMoLend helped a local business receive funding.
  • CU Times examines how Northwest FCU is using Digital Mailer’s web-based deposit box solution. Come see Digital Mailer at FinovateFall.
  • Barron’s looks at TradeKing’s post-merger plan.
  • Huffington Post examines how BillGuard uses crowdsourcing.
  • Fins Technology interviews Dwolla CEO, Ben Milne.
  • CU Times reports: Kasasa Bids to Go Nationwide.
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.

Monitise Partners with U.K.-based Associated Newspapers

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Yesterday, mobile money specialist Monitise announced it has partnered with U.K.-based Associated Newspapers.

As part of the partnership, Monitise’s technology will power mobile transactions on an app used to make purchases from Associated Newspapers’ publicationsThe Daily Mail and The Mail on Sunday.

Monitise also disclosed its mobile payments figures:

    • Over one billion transactions processed per year
    • More than £9.5 billion in payments and transfers processed weekly

Monitise presented at Finovate 2007. Check out the demo here.

Finovate Alumni News– August 3, 2012

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  • National Standard Bank goes live with TranzWare from Compass Plus. Come to FinovateFall to see Compass Plus demo.
  • Directions Credit Union selects Andera oFlows for account opening and lending.
  • Monitise partners with U.K.-based Associated Newspapers.
  • ReadyForZero commends the Yodlee team and platform.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

US Bank Adds Debit Card Section to Online Banking

imageUS Bank, which has been busy building new online features of late, recently (note 1) added a debit card section to its online banking site. The new Check Cards & ATM Cards section is displayed on the default Your Accounts main page (see first screenshot). 

Clicking on the debit card name takes users to an info page which outlines debit card withdrawal and purchase limits along with the accounts accessible through the card. I’ve banked there for 20 years and today is the first time I’ve ever known my daily limits.

The bank included embedded “help” bubbles around some of the key terms. But there are no direct links that explain the options or how to alter them (e.g., request an increase to my daily limit). 

Bottom line: Treating debit cards like their own “product” makes good strategic sense. Users benefit from the added transparency, and it helps position the card as a value-add, something that could even support fees for premium options (e.g., a higher withdrawal limit, rewards, multi-account access, etc.). 

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US Bank’s main online banking view now includes a debit card section (2 Aug 2012)

US Bank online banking features a debit card section

Users can click through to see the specific limits associated with the debit card
Note: On the right, the bank upsells Visa Money Transfer, a $1.95 per transaction P2P payment option

US Bank debit card info box

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Note:
1. I’m not sure when it was added, but today was the first time I noticed it.

MoneyDesktop Acquires MoneyReef

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PFM MoneyDesktop announced this morning that it has acquired MoneyReef, a financial mobile app development company. This is MoneyDesktop’s second acquisition in 8 months.

As part of the acquisition, the MoneyReef design will be incorporated into MoneyDesktop’s PFM platform, which will enhance the mobile experience for the clients of its 300+ financial institutions. In addition, the MoneyReef team will be joining MoneyDesktop.

The terms of the deal were undisclosed.

MoneyDesktop also noted that the iPad app it demoed at FinovateSpring will be available in the next month or so.

To learn more about MoneyDesktop, watch its FinovateSpring 2012 demo and come to FinovateFall next month to check out their new demo.

Finovate Alumni News– August 2, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBanno’s new solution eases cross-channel headaches for FIs.
  • Virtual Piggy’s kid-friendly online payment platform.
  • ID Theft 911 partners with Cincinnati Insurance Company.
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.

Virtual Piggy’s Kid-Friendly Online Payment Platform

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At FinovateSpring this year, Virtual Piggy took the stage to demo its online payments platform made for consumers under the age of 18. We wanted to check it out, so we signed up for an account.

Overview

    • Headquartered in Hermosa Beach, CA
    • Founded in 2008
    • Publicly traded company (VPIG)

Merchants

Over 35 merchants have signed on with the Virtual Piggy platform, including:

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Product Highlights

1. Account dashboards
The parent’s homepage displays 5 categories:

  • Payment Accounts
  • Child Profiles
  • Guest list
  • Merchant list
  • Reports

There is also an Alerts section highlighting items that need attention.

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The child’s homepage is much simpler, and displays a dashboard that details:

    • Spending
    • Saving
    • Giving
    • Wishlist
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2. Child settings
Parents customize an account for each child and select details, such as:

  1. Limits on transaction dollar amount
  2. Allowed merchants
  3. Parent approval requirement
  4. Savings requirements

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3. Making a Purchase
When a child adds an item to the cart and is ready to checkout, they simply select the Virtual Piggy icon.

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Next, the child is prompted to enter their username and password to login, then confirm the purchase. Since the parent already entered payment and shipping information, shipping is automatically calculated.

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What’s New

Since demoing at FinovateSpring, Virtual Piggy began supporting monthly subscription payments. With this update, teens and tweens can purchase subscriptions within games and other online digital media services by using their Virtual Piggy accounts.

To learn more about Virtual Piggy, watch its FinovateSpring 2012 demo.

Klarna Teams Up with We Do Commerce

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European payment solutions company Klarna announced today that it teamed up with We Do Commerce, a Pennsylvania-based e-commerce development firm.

The two will join forces to bring Klarna’s solutions to We Do Commerce’s North American customers who do business with countries where Klarna operates.

Because most of We Do Commerce’s clients are on Demandware and Magento ecommerce platforms, Klarna built integrations into both platforms to facilitate merchant adoption.

To learn more about Klarna, watch its FinovateSpring 2012 demo.

Banno’s New Solution Eases Cross-Channel Headaches for FIs

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Today, mobile app and website provider,Banno (formerly T8 Webware), announced that all websites it develops will be optimized for any type of device, regardless of screen size.

Its new, responsive design format offers a single URL that reacts to screen sizes of online, mobile, and tablet devices. This device agnostic approach will help FIs prepare for multi-channel banking.

The new websites also save time on updates:

“Furthermore, the websites now have a live data feed that updates rates based on predetermined formulas, assuring that accurate rates are published across channels instantaneously without the man hours of monitoring and making adjustments previously required.”

Banno also introduced dynamic website content. With this feature, the content that users see will change depending on the user’s historical searches, clicks and preferences.

To learn more about Banno, watch its FinovateFall 2011 demo and come to FinovateFall next month to check out its new tech.

Finovate Alumni News– August 1, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgInc. Mag features ReadyForZero & Tuition.io as tackling the student debt crisis. Check out Tuition.io at FinovateFall.
  •  Orlando Sentinel reports Kony Solutions is on cutting edge of app development.
  • The Chicago Tribune reports Braintree to add 150 jobs.
  • Check out Q2 funding for Finovate alumni: over $120 mil raised.
  • ReadyForZero begins Smart Money Debate series.
  • Netbanker reports: Bank Simple Innovations #1 & #2: Demo Mode After Login.
  • MiiCard names RBS tech veteran Stephen Brannan chairman.
  • BostInno features LearnVest. Come see LearnVest’s new fintech at FinovateFall in NYC next month.
  • Beloit Daily News looks at how 2 local businesses are using ShopKeep POS.
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.

Second Quarter 2012 Funding for Finovate Alumni: Over $120 Million Raised

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This quarter’s funding of over $120 million closely matches quarter 2 of last year, when Finovate alumni raised approximately $124 million.

Meanwhile, compared to last quarter’s $150 million, Finovate alums pulled in around $30 million less this quarter.

Here’s the quarter 2 summary for 2012:

April — $2.5 million raised by 1 company

May — $55.5 million raised by 5 companies

June — Over $62 million raised by 8 companies

Note: Funding that companies received before they demonstrated at Finovate was not counted. If you know of any funding that is not on this list and should be, please send the name of the company along with a link to the funding information to [email protected] and we will add it.