Blog - Page 231 of 1289

CIBC Bank USA Chooses Velocity Solutions’ Akouba Digital Lending Platform

By David Penn Posted on July 5, 2022
Categories: Alumni News, Daily news, Velocity Solutions

Chicago, Illinois-based CIBC Bank USA has announced a partnership with Finovate newcomer, Velocity Solutions. CIBC will leverage Velocity Solutions' Akouba Digital Lending Platform to lower costs, better manage risk, and increase per-loan profitability. Velocity Solutions made its Finovate debut in the fall of 2021. The company acquired the Akouba platform in 2018.

CIBC Bank USA has chosen Velocity Solutions' Akouba Digital Lending Platform to support its small business banking division. The Chicago, Illinois-based commercial bank, founded in 1989 as The PrivateBank and Trust Company, will leverage Akouba's cloud-based SaaS platform to lower the cost, time, and risk associated with the loan origination process. At the same time, the platform will help boost the profitability of every loan made.

"We've made tremendous progress with the platform since we acquired Akouba in June 2018," Velocity Solutions EVP of Product Management Mike Triggiano said. "We're continually refining the platform and adding new…

Wirex Launches Crypto Line of Credit

By Julie Muhn (@julieschicktanz) Posted on July 5, 2022
Categories: Daily news

Wirex launched a new line of credit, enabling users to borrow stablecoins against their crypto holdings. The new credit offering enables users to access the value of their crypto holdings without needing to sell off their crypto assets. Users can borrow up to $100,000 issued in USDC, USDT and NXUSD in exchange for their BTC and ETH holdings.

Cryptocurrency payments platform Wirex introduced a new line of credit this week.

The new offering, Wirex Credit, enables Wirex's five million customers to instantly borrow up to $100,000 issued in USDC, USDT, and NXUSD. Wirex uses clients' BTC or ETH (with more crypto options launching soon) as collateral with zero origination or setup fees. Users can borrow up to 80% of the value of their crypto holdings and only pay interest once their credit line goes live.

Wirex Credit helps customers access the value of their crypto holdings without having to sell.…

Intelligent Identity Security Innovator Sontiq Urges Customer Engagement to Fight Fraud

By David Penn Posted on July 5, 2022
Categories: Alumni News, Alumni profile, Daily news, Mergers & Acquisitions, Report series, Sontiq

Intelligent identity solution provider Sontiq has issued a new report on security in financial services. The report, 2022 Digital Safety and Security Report for Financial Services, underscores the importance of engaging customers and members in the fight against cyberfraud. Sontiq made its Finovate debut in the fall of 2021 and was acquired a few months later by TransUnion for $638 million.

Intelligent identity security firm Sontiq has warned that the growing sophistication of cybercriminals and increased awareness and concern over the challenge to digital security from the public have created both new challenges and new opportunities for financial institutions. In a new report, the 2022 Digital Safety and Security Report for Financial Services, Sontiq highlights the way cybercriminals have leveraged advanced technologies - including automation and AI - to achieve what Sontiq called a "historic level of data compromise" in 2021.

"Consumers are increasingly anxious about cyber…

Increasing Resiliency and Agility to Anticipate Ongoing Market Volatility

By David Penn Posted on July 5, 2022
Categories: InterSystems, Sponsored

The following is a sponsored post by Tim FitzGerald, EMEA Financial Services Sales Manager, InterSystems.

If the last few years have proven anything, it’s that market volatility will occur with monotonous regularity. Even if we can’t predict the exact nature of the turbulence - whether it’s the impact of geo-political events, pandemics, elections, or disasters - the effects are being felt with increasing frequency. Being able to anticipate and respond to sudden market changes has become increasingly important.

As many organizations look to obtain the capabilities needed to become more agile and resilient in the face of this ongoing volatility, the role of data has become more widely recognized. In particular, in a landscape where things can change very quickly, there is a growing understanding of the importance obtaining fresh data.

Today, the ability to see and work off data in real-time is essential for a financial services firm…

Superapp Bano Taps Currencycloud for FX Converter

By Julie Muhn (@julieschicktanz) Posted on July 1, 2022
Categories: Currency Cloud, Daily news

Australian superapp Bano has selected Currencycloud to facilitate low FX rates. Integrating Currencycloud's API offers Bano users access to Currencycloud’s low FX rates, which makes investing in the U.S. stock market more accessible for Bano users. "Bano is committed to simplifying financial management for Australia’s GenZ and Millennials," said Bano Head of Financial Markets and Treasury Randall Maccan.

Visa-owned Currencycloud announced this week it has been selected by Australia-based superapp Bano. Bano will leverage Currencycloud's FX Converter to facilitate remittances for its Millennial and Gen Z users.

Bano is a digital banking app regulated by ASIC and AUSTRAC. The startup, which is is accessible in over 180 countries, offers physical and virtual Visa debit cards with features such as bill-splitting, fund requests, FX conversions, cashback, rewards, and multi-currency accounts.

Integrating Currencycloud's API offers Bano users access to Currencycloud’s low FX rates and low AUD to USD conversion rates.…

Digital Financing Platform Funding Societies Acquires Payments Solution CardUp

By Julie Muhn (@julieschicktanz) Posted on June 30, 2022
Categories: Daily news, Mergers & Acquisitions

Digital financing platform Funding Societies agreed to acquire payments solutions company CardUp. The announcement comes four months after Funding Societies closed a $294 million Series C investment. Financial terms of the deal were not disclosed.

Digital financing platform Funding Societies has agreed to acquire payments solutions company CardUp for an undisclosed amount. The news comes four months after Funding Societies raised $294 million in Series C funding.

Singapore-based Funding Societies will leverage CardUp's payments products to complement its own lending capabilities. The new tools will empower its SME clients to manage and pay expenses, receive payments, and borrow funds.

CardUp, which is also headquartered in Singapore, offers payment capabilities, such as card payments to non-card accepting recipients, online payments acceptance, invoice automation tools, and licenses and integrations with third-party software to help businesses make and collect payments. The no-code solutions make it easy for companies to improve cash flow management,…

Atomic and Bond Team Up to Offer New Fractional Repayments Solution, Repay

By David Penn Posted on June 30, 2022
Categories: Alumni News, Atomic FI, Daily news

Atomic and Bond Financial have partnered to launch Atomic's Repay solution. The new offering enables users to turn large transactions into a series of smaller, recurring payments. Atomic made its Finovate debut at FinovateFall in September 2021.

Payroll connectivity solution provider Atomic and embedded finance company Bond Financial Technologies have expanded their existing partnership with the launch of Atomic's Repay solution. Repay enables customers to make recurring payments, turning larger transactions such as monthly rent and loans into a series of smaller installments. Repayments come from the customer's wages instead of from their bank account. This helps customers avoid the expense of taking out short-term loans or missing repayment dates.

Atomic will use Bond's embedded finance infrastructure to create and open user bank accounts, as well as manage KYC, transaction monitoring, and compliance. When new users sign up for the service, Repay connects the payroll data while Bond opens a…

Pride or Prejudice? How Transparency Can Help Banks Better Serve LGBTQ+ Communities

By David Penn Posted on June 30, 2022
Categories: Diversity in Fintech, Interview

As Pride Month draws to a close, we wanted to take a look at the impact that banks and other financial services companies have on LGBTQ+ communities.

The issues that face LGBTQ+ communities when it comes to financial services are as varied as these communities themselves are. They range from simply allowing cardholders to determine how they will be identified on their own bank cards, to healthcare-related savings and investment planning, to learning which financial institutions respect LGBTQ+ individuals and their values - as well as those institutions who work against them.

We caught up with Chris Luton, Director of Customer Care with Oakland, California-based Beneficial State Bank, to talk about the relationship between banks - especially community banks - and LGBTQ+ communities. We also discuss Beneficial State Bank's efforts in this regard - as a "values-based bank" - as well as the bank's own development as a community financial…

Mortgagetech Roostify Integrates Indecomm’s IncomeGenius; Appoints New COO Nadia Aziz

By David Penn Posted on June 29, 2022
Categories: Alumni News, Daily news, Roostify

Roostify announced a partnership with Indecomm that will integrate Indecomm's IncomeGenius technology into Roostify's Roostify Beyond platform. The integration will make it easier for Roostify to calculate income for self-employed borrowers. A Finovate alum since 2014, Roostify also announced this week the appointment of Nadia Aziz as its new Chief Operating Officer.

A new partnership with intelligent automation solutions company Indecomm will bring automated income calculation technology to Roostify's data intelligence solution Roostify Beyond. A Finovate alum since its debut at FinovateSpring 2014, Roostify will integrate Indecomm's IncomeGenius solution, which will add to its current income calculation capabilities - especially when it comes to income calculations for self-employed borrowers.

"Improving loan assembly and processing costs, and timeframes is an imperative for all lenders in today's environment," Roostify co-founder and CEO Rajesh Bhat said. "Roostify Beyond already incorporates income calculation and analysis for the most common employment scenarios. With the…

FIS Launches Guaranteed Payments Solution for Protection Against Chargebacks

By Julie Muhn (@julieschicktanz) Posted on June 29, 2022
Categories: Alumni News, Daily news, FIS, Signifyd

FIS is launching its Guaranteed Payments solution this week that boosts merchants' ecommerce transaction approval rates and guarantees protection against chargebacks. FIS is partnering with ecommerce fraud prevention company Signifyd to reduce merchant chargebacks. "With this solution, customer retention works hand in hand with fraud elimination to unlock incredible revenue growth opportunities," said Signifyd CEO and Co-founder Raj Ramanand.

Core banking expert FIS is launching a Guaranteed Payments solution this week. The new tool guarantees merchants increased ecommerce transaction approval rates and eliminates the financial liability of chargebacks resulting from fraudulent purchases.

Guaranteed Payments, which is available across the Signifyd Commerce Network and integrated into FIS' Worldpay platform, facilitates increased merchant approval rates and provides guaranteed chargeback protection. The new technology combines machine learning and transaction intelligence to analyze aspects of a consumer's purchase, including email address and payment credentials. Leveraging that information, Guaranteed Payments can instantly distinguish legitimate orders…

Best of Show: The Finovate Podcast’s Greg Palmer Chats with the Faves from FinovateSpring

By David Penn Posted on June 29, 2022
Categories: Array, Best of Show, FinGoal, FinovateSpring 2022, Horizn, Keep Financial Technology, Podcasting, QuickFi, Spave

Join Finovate VP and Host of the Finovate Podcast Greg Palmer as he shares his video conversations with companies that earned Best of Show honors at FinovateSpring in May.

Greg Palmer talks with Rob Frohwein, co-founder of Keep Financial, which won Best of Show honors at FinovateSpring 2022. Demo video.

"What Keep does is it enables employers to implement what we call 'investing cash plans' which is a new compensation technique that enables an employer to issue what's essentially a retention bonus, but that cash is provided on the front end of some period of time ... There's an ongoing obligation of the employee to stick around the company for whatever the vesting period is and, once they hit that vesting period or vesting periods along the way, that portion, or all of the debt that they owe for getting that retention bonus up front, disappears."

Greg Palmer…

PayPal Adds New Business Credit Card

By Julie Muhn (@julieschicktanz) Posted on June 28, 2022
Categories: Alumni News, Alumni profile, PayPal

PayPal launched a small business credit card this week. The PayPal Business Cashback Mastercard is PayPal's first business credit card. PayPal also offers a range of other tools for small businesses, including working capital tools, business loans, risk management support, and more.

Small businesses in the U.S. have gained yet another credit card option this week with PayPal's launch of its its first commercial credit card.

The PayPal Business Cashback Mastercard, which is issued by WebBank, has no annual fee and offers cardholders 2% cashback on all purchases. The rewards are not subject to earning caps nor do they expire. Additionally, the card comes with free employee cards, does not charge a foreign transaction fee, and integrates with PayPal's merchant platform to facilitate access to transactions, balances, available credit, and rewards.

Once a business is approved for the card, it can immediately begin spending via a virtual card that…