Data Fabric or Data Mesh: Can Financial Services Firms Benefit from Both?

This is a sponsored blog post by Saurav Gupta, Sales Engineer, InterSystems Financial services organizations are awash with data, and there’s a clear appetite in the sector to make use of it for a wide variety of initiatives, including analytics on real-time transactional data and reducing customer churn. But doing so requires putting the right data management architecture in place. That is rarely easy. Over the years, organizations have tried different ways to deliver consistent views of enterprise data to support their business needs but rapid changes in the demands of what their IT infrastructure and data environments need to deliver, like the implementation of data lakes and data warehouses, mean that challenges still remain. While data within financial services organizations is often siloed and difficult to access and consume, we are now seeing the emergence of new approaches to data management that can overcome these challenges. Two of the…

Read more →

Women Who Demo: Celebrating the Leading Ladies of FinovateEurope 2023

This week starts the official commemoration of Women's History Month. And with FinovateEurope less than two weeks away, we thought the two occasions provided a great opportunity to showcase some of the women who will take center stage on March 14 at the Intercontinental O2 in London to demo their company's latest fintech innovation. Yas Jaffer, Co-Founder, JJCFinTech Ulyana Shtybel, Co-Founder and CEO, Quoroom Paula Moreno, Product Lead, Openfinance Mariam Malwand, Manager, New Business, Fyndoo Katalin Kauzli, Co-Founder and Business Development Director, Partner HUB Zehra Cataltepe, CEO and Co-Founder, TAZI AI Nicole Sanders, Product Marketing Manager, 10x Banking Gillie Natra, Product Manager, Refine Intelligence Joana Lucas, Sales Development Representative, ebankIT Olena Losifova, CEO, Ender Turing Gerlinde Berghofer, COO and Co-Founder, BehaviorQuant FinovateEurope starts on March 14 and continues through March 15. Tickets are still available - and early-bird savings end this week. So visit our FinovateEurope hub today and save…

Read more →

Modern Treasury Unveils Global ACH Payment Tool

Modern Payments and Silicon Valley Bank partnered to launch a cross-border money movement tool called Global ACH. Global ACH leverages local payment rails to enable mutual clients to send cross-border payments. Global ACH differs from SWIFT in that it is less expensive and works better for fast, one-off transactions. Payment operations platform Modern Treasury has teamed up with Silicon Valley Bank to create a new cross-border payments solution. Global ACH, the new tool, will allow mutual clients to send cross-border payments via local payment rails. The goal of Global ACH is to provide users an option other than the SWIFT network to send payments internationally. Global ACH enables customers to automate international payments using the local payment rails-- equivalent to ACH and RTP-- in each country. Leveraging local rails promotes efficiency and helps to lower the costs associated with cross-border payments. "Payments are in the midst of a massive transformation,…

Read more →

Natural Language Analytics Innovator SESAMm Locks in $37 Million in New Funding

Paris-based natural language analytics data provider SESAMm raised $37 million (€35 million) in Series B2 funding this week. The company will use the investment to grow its workforce and fuel global expansion. A Best of Show winner at FinovateEurope 2022, SESAMm culls billions of web articles and other content to provide organizations and businesses with sentiment and ESG data on public and private companies. Natural language analytics data provider SESAMm has raised $37 million (€35 million) in Series B2 funding. The investment will help accelerate the Paris, France-based company's growth and plans for global expansion. SESAMm also will use the capital to add to its workforce in sustainability, technology, sales, and marketing. "We are happy and grateful to close this €35 million Series B2 round to continue our growth journey and expand to new international markets such as Singapore," SESAMm CEO and co-founder Sylvain Forté said. "Raising a significant amount…

Read more →

FinovateEurope 2023 Sneak Peek: Numeral

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot. Numeral’s banking aggregation platform enables fintechs and financial institutions to connect to EU/U.K. payment schemes by integrating with their preferred sponsor bank. Features Includes easy, fast, and comprehensive access to EU/U.K. payment schemesDelivers reduced time-to-marketProvides future-proof infrastructure with no ongoing maintenance Why it's great Building robust, multi-scheme, pan-European payment workflows with Tier 1 banks is easy, fast and cost-effective with the Numeral banking-aggregation platform. Presenters Edouard Mandon, Co-Founder & CEOPrior to working at Numeral, Mandon worked at iBanFirst and Qonto.LinkedIn Victor Mithouard, VP GrowthLinkedIn

Read more →

FinovateEurope 2023 Sneak Peek: JJCFinTech

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot. JJCFinTech's regulator-grade solution, Cerebro, accelerates compliance with AML obligations using a ready-to-go rules repository to define a company's regulatory obligations and how to meet them. Features Reduces overall cost of complianceOffers ready-to-go regulatory guard rails in a single digital solutionDelivers traceability from regulations and firm policies into workflow and rules systems Why it's great Cost-accessible compliance for clients at all stages of their growth cycle. Presenter Yas Jaffer, Co-FounderJaffer has a wealth of experience developing world-class regtech solutions for the financial services industry. Jaffer was previously an MD at IHS Markit (S&P Global), running a $50M business line.LinkedIn

Read more →

FinovateEurope 2023 Sneak Peek: NayaOne

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot. NayaOne accelerates a company's digital transformation with single-key access to 200+ fintechs to discover, evaluate, and scale new solutions to production. Features Execute POCs 10x faster with results in 4-6 weeks instead of 12-24 months Includes secure sandbox environment with 2.5 billion data points to support evaluation Reduces cost by 80% Why it's great NayaOne provides the fastest way to execute on digital transformation projects using fintech solutions to innovate, remain competitive, increase revenue, and stay ahead of customer expectations. Presenters Karan Jain, CEO & FounderJain is the former CIO of a multinational bank and a highly regarded technologist and practitioner, now solving a problem in the market he experienced firsthand. LinkedIn Oli Platt, Product & Marketplace ManagerPlatt is a data-led product manager with a data science background leading NayaOne’s tech…

Read more →

The Five People You’ll Meet at FinovateEurope

It's the first day of March, which means FinovateEurope is officially taking place this month on March 14 through 15 at the Intercontinental O2 in London (there's still time to register). As you preview the agenda and prepare your notes on must-see company demos, you're probably also filling your schedule with meetings and after parties. Because, let's face it-- sometimes the networking is just as good as the on-stage content. After 12 years of attending Finovate events, I've seen some unique attendees on the networking floor-- including a dog and a baby. But who can you expect to see this year? Our audience is generally comprised of financial institution executives, startup representatives, industry analysts, and venture capitalists. However, everyone has a unique "conference personality." Below, I've broken down these personalities into five categories. The Front Row Fiend This is the person that arrives extra early to secure their seat in…

Read more →

BankProv Partners with Intelligent Cash Management Platform MaxMyInterest

Massachusetts-based BankProv has inked a partnership with cash management platform MaxMyInterest to offer BankProv Max Savings, a new high-interest savings account.No minimum balance is required to open the account, which is available exclusively on the MaxMyInterest platform.MaxMyInterest users can earn up to 4.55% APY on their cash deposits compared to the national savings average of 0.35%. Future-ready commercial bank BankProv has teamed up with intelligent cash management platform MaxMyInterest. The partnership will give customers and clients of both companies access to a new, high-interest savings account, BankProv Max Savings. The new account will be offered exclusively on the MaxMyInterest platform. No minimum balance will be required to open the account. "From quickly opening an account to maximizing returns on deposit balances, the BankProv Max Savings account on the MaxMyInterest platform will further enhance the banking experience for our clients," BankProv co-CEO Joe Reilly said. "We believe our partnership with Max…

Read more →

Wise Launches Two New Products, Undergoes Rebrand

Wise is unveiling a new look and feel, as well as two new products.The company anticipates its "visual makeover" will create a more consistent user experience.The two new products include the Wise Business Card and a money transfer link. It can be tough for a legacy fintech to make noise among the onslaught of new competing digital tools released on a weekly basis. Despite the challenge, cross-border money transfer product Wise is finding a way. The U.K.-based company has swapped its color scheme from blue to green. But that's not all that has changed. As Wise described in a press announcement, "The complete visual makeover features a fresh green palette and a bold new font, and draws from global currencies, languages, alphabets and places around the world." Interestingly, Wise changed its name from Transferwise two years ago in an effort to broaden its image from a money transfer company to…

Read more →

Klarna Reports Loss But Plans to Return to Profitability by Summer

Klarna reported a $1 billion operating loss in 2022, up from a $680 million operating loss in 2021.Despite the loss, Klarna plans to return to profitability by this summer.Klarna last reported a full year profitability in 2018. Consumer payment services company Klarna is inching toward profitability, but is still in the red. The Swedish company released its operating figures this week, reporting an operating loss of $1 billion for 2022 (10.5 billion crowns). The negative side of the news is that Klarna's operating loss increased-- the company reported a loss of $680 million in 2021. But the positive spin is that Klarna plans to return to profitability by summer. Last week, the buy now, pay later (BNPL) player reported it has seen a large amount of growth in its U.S. market. The region generated a 71% year-over-year increase in gross merchandise volume, while improving credit loss rates by 37%. As…

Read more →

CoreLogic Acquires Digital Mortgage Platform Roostify

Almost a decade after the company made its Finovate debut at FinovateSpring, digital mortgage platform Roostify has agreed to be acquired by property information, analytics, and data-enabled solutions provider CoreLogic. Terms of the deal were not disclosed. "We believe that this is an important transaction for the industry," Roostify co-founder and CEO Rajesh Bhat said. "From inception, Roostify's mission has been to accelerate and streamline the home lending journey. Bringing together the power of CoreLogic's data and analytics suite with the Roostify digital lending platform allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform." The integration of the two technologies will help clients secure key data about both borrowers and properties at the beginning of the lending process. This not only saves time and money, but the transparency also helps ensure that lenders receive the information they need as early as…

Read more →