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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
MinervaAI is a simple, integrated AI-driven AML platform delivering effective and affordable Sanctions & Watchlist screening, KYC, KYB, enhanced due diligence and Adverse Media insights in seconds.
Features
A single, simple platform for AML Compliance
Assemble, analyze and assess in seconds for better risk decisions, faster
Zero-day implementation UI or API
Why it’s great
Compliance is mandatory, but it doesn’t have to be complicated. MinervaAI’s simple, integrated AML solution delivers effective Sanctions, KYC, KYB, Adverse Media and enhanced due diligence in seconds.
Presenter
Jennifer Arnold, Co-Founder & CEO Arnold has made it her mission to demystify AML Compliance. With extensive experience in anti-money laundering transformation, she is well acquainted with the challenges MinervaAI’s customers face. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Glean AI’s Strategic Accounts Payable (AP) platform helps companies save money through deep insights and automation.
Features
Identifies hard-to detect trends and uncovers areas of overspending
Saves time by eliminating manual tasks with automated data extraction
Compiles all vendor data in one centralized location
Why it’s great
Glean AI’s algorithms proactively identify areas where money is being misspent (ex: excess licenses, incorrect pricing).
Presenter
Howard Katzenberg, Founder & CEO Howard Katzenberg is a seasoned entrepreneur and early “FinTech” industry pioneer, with expertise in scaling venture-backed businesses through IPO, strategic planning, and financial leadership. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
QuickFi® allows business borrowers to obtain low, fixed-rate business equipment term-loans in minutes, instead of days or weeks. The borrower completes the loan process on a mobile device, 24/7/365.
Features
Includes flexible integrations for global manufacturers, serving direct, dealer & ecommerce sales channels
Uses disclosed, fixed interest rates on borrower-friendly terms, with no hidden fees or costs
Available 24/7
Why it’s great
The QuickFi® platform dramatically improves the business borrower experience by enabling self-service, borrower-friendly, digital financing 24/7/365.
Presenters
Nathan Gibbons, Chief Experience Officer Gibbons is CXO of QuickFi and oversees the platform’s customer experience strategy, leveraging automation and technology to enable dramatic improvements in the borrower experience. LinkedIn
Jillian Munson, Technology Project Manager Munson leads core technology projects at QuickFi. Munson develops seamless user experiences for both internal and external business processes. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Coherent Spark “API-ifies” business logic from Excel – no coding required. Instantly integrate, test, or update any XLS model to achieve ROI in moments, not months.
Features
Innovates products – accelerate speed to market and reduce cost
Empowers teams – business and IT work together more efficiently
Ensures quality – testing, governance, and auditability come standard
Why it’s great
Coherent Spark empowers you to transform your business, without disrupting it, by unlocking value using a tool everyone knows: Excel.
Presenter
Peter Roschke, Chief Technology Officer Peter Roschke is a senior transformation executive with 25+ years of experience navigating changing markets, leading large-scale programs, and delivering technology to achieve business results. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Cloudentity is a leading provider of Financial Grade API Authorization & Consent software, supporting open and embedded finance compliance with current and emerging global regulations.
Features
Fine-grained authorization and consent for Financial Grade APIs
Instant compliance with various global open banking & finance regulations
Available via public SaaS or customer deployment
Why it’s great
Cloudentity is the only platform capable of providing authorization and consent compliant with all current globally recognized open banking regulations.
Presenter
Brook Lovatt, CEO Brook Lovatt is Cloudentity’s CEO and a member of the board. Lovatt has over 20 years of experience in Identity and Access Management as an executive at IBM and security-focused consulting firms. LinkedIn
Square is launching its first integration with ClearPay this week.
Square merchants in the U.K. can now leverage Clearpay (known as Afterpay outside of the U.K.) to offer a BNPL payment option to their customers making purchases both online and in-person.
The integration is the result of an acquisition between Square parent Block and Afterpay in January of this year for $29 billion.
Block’s Square is launching its first integration with ClearPay (also known as Afterpay) in the U.K. this week.
The move will make ClearPay’s buy now, pay later (BNPL) technology available clients making purchases at both in-person and online Square merchants. End customers will have the option to pay in four interest-free installments over the course of six weeks, while merchants will receive payment right away.
There is record demand for BNPL among U.K. consumers. The BNPL model is the region’s fastest growing online payment method. Last year, consumers spent $15 billion using BNPL on e-commerce purchases. This figure is expected to double by 2025.
“The integration across platforms furthers our goal to give sellers of all sizes omnichannel tools that help them to grow by meeting consumer shopping habits, whatever and wherever they are,” said Head of Square Alyssa Henry. “Clearpay provides our ecosystem with a new tool beyond an alternative payment method; it enables an omnichannel commerce solution that can offer true value to our sellers.”
Today’s news comes after Square’s parent company Block acquired Afterpay for $29 billion in January of this year. Outside of the U.K., Square has already seen positive results from its integration with Afterpay. The company reported that in the U.S. and Australia, the average transaction size among customers using Afterpay is three times greater than non-BNPL purchases. Across the globe, Square noted a 180% increase in new customers using Afterpay offered by Square sellers between February and March of this year.
Founded in 2009, Square is a fintech pioneer. The company was among the first to offer mobile point-of-sale payments. Today, Square offers a holistic merchant services platform and competes with some of the largest traditional players in the space, as well as newcomers including Stripe and PayPal. Earlier this year, Square teamed up with Apple to launch Tap to Pay on iPhone. The new service will offer sellers a solution to accept contactless payments with no additional hardware.
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
3forge’s Full Stack Enterprise platform has been in production across Tier 1 banks since 2014 with a focus on performance, flexibility and scale.
Features
Data agnostic, suitable for any industry
Delivers workflow solutions quickly and reduces developer time by 90%
World’s fastest real-time grids and visualizations
Why it’s great
Quickly build customized business critical web solutions with a focus on workflows, real-time visualizations and data discovery.
Presenter
Robert Cooke, CTO & Founder Robert Cooke is a software engineer with a life dedicated to the study of human/data interactions. After his tenure within the financial industry, he directed his efforts to create 3forge. LinkedIn
Fraud detection and prevention specialist Rippleshot announced a partnership with risk intelligence company Flashpoint to help fight payment card fraud.
The partnership will combine Rippleshot’s network of more than 4,500 FIs with Flashpoint’s fraud mitigation technology to help firms detect data breaches and fraudulent activity faster.
A 2022 Finovate Awards finalist, Rippleshot is based in Chicago, Illinois. The company made its Finovate debut in 2014.
Fraud detection and prevention solution provider Rippleshot has teamed up with risk intelligence firm Flashpoint to help financial institutions take more proactive steps to fight payment card fraud.
Rippleshot’s technology relies on a data consortium of more than 4,500 financial institutions – as well as AI/ML, automation, and data-driven strategies – to quickly detect data breaches and determine when and where the breach occurred. Combining Rippleshot’s compromised and high-risk merchant data and insights with Flashpoint’s payment and credit card fraud mitigation solution will enable financial institutions to upgrade their fraud prevention strategies.
“Flashpoint is a market leader in delivering intelligence that provides a detailed view into what cyber criminals in illicit communities are seeing,” Rippleshot CEO and co-founder Canh Tran said. “By pairing that with Rippleshot’s compromised and high-risk merchant data, this partnership will equip the industry with unparalleled financial intelligence to react much more quickly to instances of verified card fraud and proactively stop further damage from fraudsters.”
A Finovate alum since its debut at FinovateSpring in 2014, Rippleshot was named a finalist in the Best Back-Office/Core Services Solution category of the 2022 Finovate Awards for its collaboration with fellow Finovate alum Fiserv. The international financial services technology company embraced Rippleshot’s Card Risk Office Fraud Warning product, an early breach detection solution that enables FIs to spot potentially fraudulent activity 30 to 60 days before network alerts.
“Card fraud is a complex and ever-changing problem that demands a collaborative and proactive approach to tackle it effectively, so that cardholders can feel secure about the financial information they are using, storing, or transacting with,” Tran said when the partnership was announced. “We are excited to partner with Fiserv, a fintech leader that shares our passion and expertise when it comes to fraud-fighting technologies.”
Founded in 2013 and headquartered in Chicago, Illinois, Rippleshot has raised $7.3 million in funding according to Crunchbase. The company includes Method Capital , CMFG Ventures, and Wintrust Ventures among its investors.
How to power rapid approvals and accelerate your SME lending processes
Forty-four percent of SMEs look to funding to meet operating expenses, with this number expected to grow considerably during times of economic uncertainty. Fifty-six percent of SMEs seek funds to expand business operations or to pursue new market opportunities. But waiting months or even weeks for credit approval and funding can mean the difference between innovation and business closure.
Traditional financial services organizations may find lending to SMEs difficult, but fintechs are rising to the challenge. Simplified application processes, rapid approvals, and access to funds quickly makes working with digital lenders an obviously attractive choice.
Because if you aren’t making it easy for SMEs to get the credit they need, your competitors will.
Catch up on this panel discussion with industry experts, in collaboration with Provenir, and discover how to: • Power faster, simplified application processes • Make smarter, faster decisions and get to market faster • Future-proof your decision technology to keep up as market trends/demands evolve • Use advanced, predictive analytics like AI to keep risk in check
Featuring Corinne Llelti, Commercial Sales Director, EMEA, Provenir; Alex Daly Chief Finance and Risk Officer, Ask Inclusive Finance Group; and Julie Muhn, Senior Research Analyst, Finovate.
Greg Palmer’s Finovate Podcast continues to be the source of many of fintech’s most compelling conversations.
From discussions with innovation experts to deep dives with veterans of the VC world, the Finovate Podcast is a great way to learn about the trends that fintech enthusiasts are most enthusiastic about.
Here’s a rundown of recent episodes you might have missed over the summer.
Michael Butler, President and CEO, Grasshopper Bank
Finovate Podcast host Greg Palmer talks with Grasshopper Bank President and CEO Michael Butler on surviving and thriving as a neobank, and lessons for the broader fintech ecosystem. Episode 142.
“(Grasshopper) is a company that is focused on providing digital financial solutions to the business and innovation economy, mainly SMBs that are focused on technology and are technophiles by nature. We think there’s a big demand pull that has been coming for some time in the business side, and we think it’s the next great place for disruption from a digital banking perspective.”
Tony Ulwick, Creator, the Outcome-Driven Innovation Process
Greg Palmer introduces Tony Ulwick, founder and CEO of Strategn and creator of the Outcome Driven Innovation process, to Finovate audiences in this podcast conversation. Ulwick explains the importance of focusing on innovation that matters and successfully bringing new ideas to the market. Episode 141.
“I thought: if we just knew the metrics they were going to use to judge the value of our product a year and a half ago when we started developing it, we could just design the product to meet those metrics and we’d win in the marketplace. It sounds simple enough. But the (next) thought was: what are those metrics? How can we capture them? Do they exist?”
Tiffani Montez, Principal Analyst, Insider Intelligence
Podcast host Greg Palmer talks with Tiffani Montez, Principal Analyst with Insider Intelligence. In their conversation, Montez discusses strategies for keeping customers happy in times of economic uncertainty – and finding opportunity in challenging times. Episode 140.
“How do you safeguard consumer trust? We know that digital trust is the confidence that consumers place in their bank’s digital channels. And they have a prime opportunity to build this up as a commodity. We know over the last year the largest U.S. banks have come to aid in a time of pandemic related crisis. And customers have repaid that flexibility with greater trust in their primary financial institutions.”
“I would be remiss not to say that I struggle with startup nomenclature like this (neobank). These organisms evolve so quickly. Terms like “neobank” – at first they seem grandiose, way beyond what the businesses actually are. And then, before you know it, the end up feeling overly narrow and constricting.”
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Pidgin makes faster payments possible across different use cases – whether it’s paying a friend back for dinner, accepting payments from customers, paying employees or paying vendor invoices.
Features
Pidgin supports:
Sending and receiving faster payments
Routing payments directly from one financial institution to another
Flexibility when routing payments across different networks
Why it’s great
Pidgin allows financial institutions and their account holders to securely send and receive faster payments with lower fees.
Presenter
Abhishek Veeraghanta, Head of Pidgin Abhishek Veeraghanta is head of Pidgin and Senior Vice President at VSoft, where he is responsible for overseeing the company’s growth strategies. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
The PayQuickerPayouts OS platform intelligently determines and facilitates the quickest and most cost-effective way for clients to send payouts to businesses and consumers globally.
Features
Turnkey integration with single REST API that plugs into multiple banks & global payment rails
Pay to 200+ countries, 40+ currencies
Routing intelligence based on client’s desired payout parameters
Why it’s great
Payouts OS is rooted in PayQuicker’s time-tested technology, designed to deliver global payouts faster and with more flexibility, increasing efficiency for HR, technology and treasury teams.
Presenters
Charles Rosenblatt, President A seasoned innovator in the payments industry, Charles Rosenblatt has held executive leadership positions at major global banks and prominent FinTech organizations and is now President of PayQuicker. LinkedIn
James Legan, Chief Technology Officer With over 20 years of experience in start-up and enterprise SaaS companies, James Legan leads the PayQuicker technology team to implement optimal technological solutions to complex business problems. LinkedIn
