Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong

Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong
By David Penn Posted on
Categories: Thought Machine

Standard Chartered has selected Thought Machine to provide core banking capabilities for its new digital bank launching in Hong Kong, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

The new venture, for which Standard Chartered received a virtual banking license from the Hong Kong Monetary Authority (HKMA), will be unveiled later this year.

According to Deniz Güven, CEO of the as-yet unnamed bank, the selection of the right vendors was a crucial part of building out the bank’s capabilities.

He told FinTech Magazine that Thought Machine would be used as the bank’s “powerful product engine.”

The virtual bank is also using payments processor Paymentology, deploying Netsuite from Oracle and working with FICO to build out its credit business.

According to a May blog post from Güven, it has gone from a core team of ten people to more than 100 members of staff.

“We saw our chance to build a bank with a totally new operating model: new, cloud-based technology from the ground up,” wrote the CEO at the time, “a new way of onboarding clients, new anti-money laundering and fraud systems designed from the client’s viewpoint.”

Thought Machine demonstrated its core banking technology, Vault, at FinovateEurope 2018. Headquartered in London, U.K., and founded in 2014, Thought Machine has raised more than $23 million (£18 million) in funding, and includes Lloyds Banking Group and Backed VC among its investors.

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Finovate Alumni News

By David Penn Posted on
Categories: Arkose Labs, Cinchy, Dwolla, inSpirAVE, iProov, Kinetica, nCino, OurCrowd, Ping Identity, Signicat, SplitIt, Thought Machine

On Finovate.com

  • Splitit Secures Partnerships with Shopify, Divido.
  • Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong.
  • OurCrowd Teams Up with Toyota in Search for Tech Talent.
  • Saving for What Matters: A Q&A with INSPIRAVE Founder and CEO Om Kundu.

Around the web

  • FinovateFall Best of Show winner Cinchy earns $500,000 cash prize as one of the winners of the 2019 VentureClash competition.
  • Signicat unveils new capabilities, including a new technical interface and new third party integrations, that extend the reach of its digital identity verification technology.
  • Arkose Labs VP of Marketing and Strategy Vanita Pandey and Senior Producer Hedda Peters win Women in Cybersecurity honors at the Cyber Defense Global Awards sponsored by Cyber Defense Magazine.
  • nCino partners with Seacoast Bank ($8.6 billion in assets).
  • iProov earns a finalist spot in the 2019 Go:Tech Awards.
  • Compliance and risk management firm Middesk brings its business verification tool to the Dwolla Partner Ecosystem.
  • Kinetica opens office in Melbourne, Australia.
  • Ping Identity adds to its North European operations with a new office in Utrecht, Netherlands.

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.

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PayPal Launches Business Loans in Canada

PayPal Launches Business Loans in Canada
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayPal

After making inroads into China at the beginning of this month, PayPal announced another international move today– this time with the U.S.’s friendly neighbors to the north.

The San Francisco-based company has made the PayPal Business Loan for small business owners available in Canada. This isn’t the first time PayPal has launched financing products outside of the U.S. The company also offers loans in the U.K., Australia, Germany, and Mexico.

With this launch, Canada-based small business owners can access from $5,000 to $100,000 in working capital at competitive borrowing rates from terms ranging from 13 to 52 weeks. Businesses can apply online and will receive approval in minutes. Once approved, merchants can receive funds in their business bank account within one to two days.

Before accepting the loan, borrowers can see the transparent cost and fee structure of the loan, including the fixed fee. There are no hidden, origination, late payment, early repayment, or application fees.

“Applying for a traditional loan takes time and isn’t always favorable to small business owners,” said President of PayPal Canada, Paul Parisi. “We’re launching the PayPal Business Loan to offer our merchants easy access to financing, something they desperately need. We look forward to helping more small business owners achieve their dreams to grow locally and globally.”

This news comes almost six years after PayPal began offering business financing solutions. Since that time the company– which was founded in 1998– has provided $10+ billion in funding to nearly a quarter of a million business owners around the world. PayPal reports that historically, the most common uses of the loans include managing cash-flow (44%), purchasing inventory (37%) and investing in marketing (31%).

The loans are currently available to select Canadian business owners by invitation only. PayPal will make the loans available to all Canadian PayPal business account holders next year.

PayPal showcased its Instant Account Creation feature at FinovateFall 2012. The company, which made its 19th acquisition earlier this month, has a market capitalization of $116 billion.

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Daon Partners with Union Systems to Boost Digital Onboarding and Authentication

Daon Partners with Union Systems to Boost Digital Onboarding and Authentication
By David Penn Posted on
Categories: Daon

Nigeria-based Union Systems is the latest company to team up with global biometric identity technology innovator Daon. The African fintech will help bring Daon’s “two-in-one,” cross-channel authentication and digital onboarding technology to financial institutions across the African continent.

“This partnership with Daon puts us at the forefront of the efforts by the regulatory authorities to combat financial crimes,” Union Systems CEO Chuks Onyebuchi said. “Daon’s technology is cutting-edge, and will redefine authentication and digital onboarding as we know it.”

Daon’s IdentityX platform enables new users to leverage credentials established during the onboarding process for ongoing authentication. This “two-in-one” approach removes friction and accelerates time to revenue by activating customers faster. The platform provides the highest level of security via mobile, web, and call center authentication, and is FIDO certified.

“Working collaboratively with Union Systems Limited, we will make our leading identity technology available to an ever-growing wave of African innovators, particularly those in financial services who want to reach more customers and differentiate themselves with a secure and seamless experience,” Daon CEO Tom Grissen said. “We are excited to bring our authentication and digital onboarding capabilities to Union Systems customers and expand our product offering throughout the African market.”

Daon demonstrated its universal mobile biometric authentication platform at FinovateFall 2016. The solution leverages device binding, geolocation, liveness detection, and other technologies to provide a seamless, inherently multi-factor, authentication experience. Earlier this year, Daon unveiled a suite of new features for its onboarding solution, including browser-based onboarding, third-party identity checks, automated decisioning, and optional human review.

Last month, Daon announced that John Sanders, co-founder of Reveal Imaging Technologies (acquired by SAIC), would join the company as President of Emerging Markets. Sanders will be tasked with helping lead the company through its next phase of growth into new verticals, and will also be a member of Daon’s board of directors.

The Reston, Virginia-based company announced a pair of partnerships over the summer. In July, Daon collaborated with digital onboarding and anti-fraud specialist CTMS in a partnership that will make Daon’s biometric security technology available to FIs and businesses in France. The same month, Daon and North African technology firm GEMADEC announced they had successfully set up a mobile application for the Moroccan Interprofessional Pension Fund (CIMR). The app uses facial recognition as part of a life certificate digitalization that establishes proof-of-life.

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Risk Tolerance Specialist Tolerisk Integrates with SS&C’s Black Diamond

Risk Tolerance Specialist Tolerisk Integrates with SS&C’s Black Diamond
By David Penn Posted on
Categories: Tolerisk

According to Tolerisk founder and CEO Mark Friedenthal, the newly-announced integration between his company and SS&C’s Black Diamond Wealth Platform will make it easier for advisors to help clients reach their financial goals. The integration will bring sophisticated risk assessment technology to the portfolio management platform, and provide advisors with the ability to more objectively and more comprehensively measure client risk appetites.

“Our focus on providing the best analytical solutions for advisors includes seamless delivery that comes from integrations with leading providers of financial planning, portfolio reporting, portfolio analytics, and CRM technologies,” Friedenthal said.

Specific features of the integration include the ability to post custom notes directly to the Black Diamond Relationship Timeline, as well as client import and mapping functionality to help advisors generate risk assessments and send them to clients quickly and more efficiently. Customers using both systems will be able to leverage additional compatibilities, such as the ability to import client account balances into Tolerisk for faster updating and less manual input.

“Our integration with Tolerisk makes it easy to leverage the power of both tools in a unified way,” Head of Partnerships and Integrations for Black Diamond at SS&Cs Justin Wayne said. “Together, we are empowering advisors to have more meaningful conversations with their clients, which deepens the advisor-investor relationship and provides a competitive advantage.”

Founded in 2014 and headquartered in New Jersey, Tolerisk demonstrated its Tolerisk 401(k) solution at FinovateFall 2018. The feature leverages Tolerisk’s deep analytics and two-dimensional risk tolerance assessment capabilities to offer customized financial planning advice to customers. The company’s technology not only helps identify a client’s risk profile with its Tolerisk Score feature, it also provides critical Probability of Running Out of Money reports to ensure a client’s withdrawal strategy does not diminish available savings at too rapid a rate.

Tolerisk’s Friedenthal was featured this spring in the New York Times article “When Gambling Seems Like a Good Investment Strategy.” Tolerisk began the year with big partnership news, inking deals with Orion Advisor Tech in February and CircleBlack in January.

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Fintonic Becomes Latest Challenger Bank to Receive Banking License

Fintonic Becomes Latest Challenger Bank to Receive Banking License
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fintonic

After receiving its banking license from the Bank of Spain last week, personal finance platform Fintonic has become Spain’s newest challenger bank. Having passed all of the certifications, Fintonic is now a payment initiation service provider (PISP) and PSD2 compliant account aggregation service provider (AISP).

“We are very pleased to be pioneers in receiving this license, because it supports our value proposition to always be next to our users helping them with total transparency,” said Lupina Iturriaga, founder and co-CEO of Fintonic.

By becoming a PISP and AISP, the company anticipates it will be able to launch products and services that offer its 800,000 users a better way to manage their money. “Our ambition is to offer an ideal financial service with a platform that integrates different entities while maintaining the standards of independence and transparency promoted by Fintonic,” added Iturriaga.

Fintonic’s flagship offerings include financial management tools, insurance, and lending, which allows customers to take out loans of up to $45,000 (€40,000). The company recently revealed other plans in the works– including account-to-account transfers that happen in near-real time. By the end of this year, Fintonic’s goal is to amass one million users.

At FinovateSpring 2016, Fintonic debuted its alerts and inbox system to help users act in a timely manner on their financial needs and recommendations. The company, which recently received a $21.4 million investment, has $51 million in total funding and, earlier this year, was valued at $180 million.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daon, eMoney Advisor, Fintonic, Flywire, Infosys, Ledger, MasterCard, PayPal, Revolut, Terafina, Tolerisk

On Finovate.com

  • Fintonic Becomes Latest Challenger Bank to Receive Banking License.
  • Risk Tolerance Specialist Tolerisk Integrates with SS&C’s Black Diamond.
  • PayPal Launches Business Loans in Canada.
  • DaonPartners with Union Systems to Boost Digital Onboarding and Authentication.

Around the web

  • eMoney Advisor launches mobile budgeting app called Project Avocado and unveils developer API store.
  • Flywire announces the general availability of a new offering for adventure travel.
  • Mastercard and Revolut partner to launch Revolut cards in the U.S. by the end of the year.
  • The Ledger Nano X receives CSPN certification issued by the National Agency for Information Systems Security.
  • Bank of Hawaii taps Terafina for new digital account opening platform.
  • Biz2Credit and Infosys announce partnership.

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.

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IdentityMind Teams Up with Acuant to Boost Identity Proofing

IdentityMind Teams Up with Acuant to Boost Identity Proofing
By David Penn Posted on
Categories: IdentityMind Global

A new partnership between trusted digital identities innovator IdentityMind and identity verification specialist Acuant will make the latter’s Acuant AssureID identity solution available via the IdentityMind platform. The technology leverages AI and human assisted machine learning to identify more than 6,000 ID types in real-time to provide superior data verification and risk scoring.

“Acuant and IdentityMind share a common belief that identity is the new currency in today’s digital economy, and it must be protected,” Acuant President and CEO Yossi Zekri said. “Our strength in identity proofing during the onboarding and account origination process is the perfect combination to IdentityMind’s ability to build a digital identity and continue to monitor its use through the lifetime of the user. This partnership enables trusted transactions helping companies to reduce fraud, comply with AML/KYC regulations, and provide better customer experiences.”

The company’s flagship document authentication and identity verification software, Acuant AssureID, pulls biometric and alphanumeric data from identity documents and subjects it to more than 50 forensic document-specific tests in real time. The technology can be used for address and age verification, as well as a check against Politically Exposed Persons (PEP) and Office of Foreign Assets Control (OFAC) watch lists. AssureID features components such as Acuant Face, a seamless multi-factor authentication solution, as well as Acuant Review, an expert-driven, manual review of identity documents.

“As part of our goal to create the most agnostic and accurate platform for trusted digital identities addressing compliance and risk, we have built an expansive technology ecosystem that pre-integrates the best of breed solutions across a variety of use cases and geographies,” IdentityMind CEO Garrett Gafke said. “Acuant has an outstanding track record in identity verification as a white label solution for many industry leading partners globally. We are excited to be able to offer their solution to our customer base.”

IdentityMind demonstrated its GDPR-ready, KYC Plug-in at FinovateSpring 2018. The pre-configured, customizable technology helps financial services companies meet global KYC requirements while simplifying GDPR compliance. The solution provides critical reports that auditors and examiners rely on to evaluate both the firm’s regulatory processes as well as its customer PII protection functionality.

Last month, IdentityMind announced that it promoted Cynthia Tham to Vice President of Engineering after more than six years at the company. In August, the company reported that it had been awarded a new patent for digital identity-based automated policy review that will help it better evaluate “risky” data and better protect financial transactions. Over the summer, IdentityMind announced partnerships with a variety of firms including South Korea-based wire transfer company Wirebarley, Latin American crypto-to-fiat exchange platform BITPoint, and U.S. blockchain trading platform Bittrex.

Headquartered in Palo Alto, California, IdentityMind has raised more than $21 million in funding. The company includes Eastern Link Capital, Benhamou Global Ventures, and Lakewood & Company among its investors.

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OnDeck’s ODX to Power Digital Loan Origination for Investors Bank

OnDeck’s ODX to Power Digital Loan Origination for Investors Bank
By Julie Muhn (@julieschicktanz) Posted on
Categories: On Deck Capital

Alternative lending platform OnDeck landed a new client for ODX, its digital loan origination platform. Investors Bank, with $27 billion in assets and 147 branches in New York and New Jersey, has become ODX’s newest partner.

ODX, an OnDeck subsidiary, is a platform-as-a-service that leverages software, insights, and human input to enable banks to automate small business lending. The offering, which launched a year ago, is as much about supporting banks to reach small business clients as it is about helping small businesses interact with their bank. ODX bank clients can offer small businesses a fully digital loan application and underwriting process that provides funding within 24 hours.

“As a leading small business [loan originations] platform, ODX provides proven technology and professional services that enables bank clients like Investors to offer credit to small businesses faster and more efficiently,” said Brian Geary, President of ODX. “That combination is mutually advantageous for the bank lender and the small business owner.”

Investors Bank joins PNC Bank and others as ODX clients. One of ODX’s original bank partners, JP Morgan Chase, made fintech headlines this summer when the bank announced plans to rescind the partnership.

OnDeck was founded in 2007 and has loaned more than $12 billion to small businesses in 700 different industries across the United States, Canada, and Australia since launch. The company demoed at FinovateSpring 2012 and is listed on the New York Stock Exchange with a market capitalization of $280 million.

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Low Code Innovator OutSystems Inks Partnership with Yorkshire Building Society

Low Code Innovator OutSystems Inks Partnership with Yorkshire Building Society
By David Penn Posted on
Categories: Outsystems

U.K.-based Yorkshire Building Society has selected OutSystems and its integrated development environment for customer-facing e-commerce and mobile applications, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

The project will involve what OutSystems is calling a “significant update” to Yorkshire Building Society’s back office systems.

According to the vendor, a newly installed digital platform will provide a more immersive customer experience, and “vastly” increase security. It estimates that the building society will save £600,000 a year as a result.

“We were looking to address a range of specific requirements when we started working with OutSystems, chiefly how we could better service our customers with additional functionality through our e-commerce platform, which was approaching end-of-life,” said Ant Warrington, director of digital and innovation at Yorkshire Building Society.

“We also wanted to streamline our employees’ internal workflows and processes to improve overall efficiency throughout the business.”

Garry Larner, regional director, financial services and insurance at OutSystems, added: “Extending the self-serve capabilities of Yorkshire Building Society’s technology to alleviate the load on its branches and call centres was a key KPI for the organization.”

“We’re happy to help the society take that digital step forward, helping them to remain a leader in an extremely competitive market.”

Yorkshire Building Society is the third-largest building society in the UK with three million members and 143 branches across the country. It holds assets of £43.3 billion.

OutSystems participated in our developers conference, FinDEVr New York 2017, discussing the digital transformation of a European retail bank in its presentation: “Low-Code, The Next Evolution in App Dev Platforms (Oh, and 5X Faster).” Founded in 2001, the company announced earlier this month that it has forged a partnership with Workato and fellow Finovate alum Persistent Systems to help businesses take more advantage of automated business processing solutions including app connectors.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Finicity, Interactions, On Deck Capital, Outsystems, PayNearMe, Roostify, Xero

On Finovate.com

  • Low Code Innovator OutSystems Inks Partnership with Yorkshire Building Society.
  • OnDeck’s ODX to Power Digital Loan Origination for Investors Bank.
  • IdentityMind Teams Up with Acuant to Boost Identity Proofing.

Around the web

  • Columbus, Ohio partners with PayNearMe to enable cash payment for multi-modal transportation.
  • RSM Australia moves its tax and compliance work onto the Xero platform.
  • Finicity announces collaboration with American Financial Resources to streamline the asset and income verification process during loan origination.

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.

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Finovate eMagazine: Going the Extra Mile

Finovate eMagazine: Going the Extra Mile
By Charlie Burgess Posted on
Categories: Finovate eMagazine

The focus on the customer and their experiences has dominated the conversation within financial services over the past few years, but seems to have become especially pertinent in 2019. In our latest eMagazine, we examine the fintechs and institutions leading the way with excellent service and products that delight customers, both locally and globally.

This eMagazine features exclusive session recordings from the stage of FinovateFall– including insight and analysis on APIs, consumer lending platforms, and content and communication management. Over the course of reading you’ll find new ways of thinking about becoming truly customer-centric.

Read the full eMagazine now

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