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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Paysendannounces its new stablecoin will be available on the Stellar Network in June.
LoanScorecardforges partnership with Calyx Software, merging its SimpleCECL solution with Calyx’s Path LOS.
Digital Onboarding will join Best of Show winners Voleo and Neener Analytics as part of the fourth annual FIS Fintech Accelerator program.
Chartis Research recognizesFICO as a category leader in AI for Financial Services.
Judo Bank of Australia goes live with Temenos’ T24.
Xerolaunches new feature in the Xero Projects iOS app that suggests project time based on geolocation
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.
Everyone, including fintechs, gets by with a little help from their friends. That must be what digital banking solutions provider Kony and financial data expert MX were thinking when they joined forces this week.
Under the agreement, Kony will leverage MX’s PFM expertise to bolster Kony DBX, its digital banking experience product. Specifically, Kony will use MX’s data services for PFM and tap into the company’s solutions for spending categorization and classification.
Explaining the decision to partner, Kony DBX SVP and GM Jeffery Kendall described access to clean, actionable financial data as “critical” for banks and credit unions to meet customer expectations. “We are excited to collaborate with MX to deliver valued-added data services for Personal Financial Management and spending categorization and classification solutions that will give consumers a clear view of their financial health. In addition, banks and credit unions can also gain insight so they can better tailor their digital banking offerings to their customers and members,” said Kendall.
Don Parker, EVP of partnerships at MX added, “Together, and through Kony’s expansive partner network, we will help more banks, credit unions and fintech developers grow faster, reduce costs, and deliver exceptional experiences to their customers.”
The first client of the joint solution is CommonWealth One Federal Credit Union, a 33,000 member credit union with branches in Northern Virginia; Washington, D.C.; and Harrisonburg, VA. “By having access to clean, relevant and categorized data, we will be able to better serve and meet our members’ financial needs, and our members will also be able to aggregate and see all of their accounts in one place, said Larry Flory, CIO of CommonWealth One Federal Credit Union. “Having improved insight into their finances will enable our members to make better financial decisions.”
This is Kony’s second major enhancement this month to the Kony DBX platform. A little over a week ago the company partnered with Micronotes to bring Micronotes’ personalized conversation solution to Kony DBX’s bank customers.
Kony’s CTO Bill Bodin and Product Marketing Manager Antonio Sanchez showcased the company’s digital banking platform at FinovateFall 2017. Kony was founded in 2007 and is headquartered in Austin, TX.
MX was founded in 2010 and is partnered with more than 1,800 financial institutions and 43 of the top 50 digital banking providers. Headquartered in Lehi, Utah, MX is a six-time Finovate Best of Show winner, having most recently presented at FinovateFall 2017, where it demoed Discovered Accounts.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Asia-Pacific
Singapore-based financial supermarket GoBear scoops up $80 million in new funding.
Wiprobuilds prototype for central bank digital currency project in Thailand.
Chinese fintech Pintec Technology opens international headquarters in Singapore.
Sub-Saharan Africa
Chipper Cash, an African cross-border payment startup, raiseded $2.4 million in funding – including a contribution from football Hall of Famer Joe Montana’s Liquid 2 Ventures.
Central Bank of Kenya and the Monetary Authority of Singapore to launch the first Afro-Asia Fintech Festival.
Remoney winsInnovation in Lending award at the Nigerian Fintech Awards.
RightCapital links up with investment research firm Morningstar.
Turbine, the creator of the Lord of the Rings online game, usesXsolla to power in-game storefront
investorID tapsIdentityMind’s compliance and risk management capabilities
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
It’s been great to be back in the city by the bay!
After two days of live fintech demos, the attendees of FinovateSpring here in San Francisco have made their selections as to which fintech products, services, and solutions were interesting, impressive, and innovative enough to earn one of our coveted Best of Show awards.
From solutions to help consumers better access credit to technologies that bolster the fight against fraud to “Is this @#$% real?!” demonstrations of AI-powered agents that sound – and feel – as real as any human, this year’s Best of Show winners are truly in a class of their own.
Arkose Labs for its technology that solves multi-million dollar fraud problems for the world’s most targeted businesses with zero impact to user conversion. Video.
Blytzpay for its text-to-pay solution that makes billing and communication simple, streamlined, and secure, while providing flexibility to pay by card, check, or cash. Video.
BlueRush for Individeo, an interactive and personalized video platform for financial institutions to drive online sales success. Video.
Everplans for its solution that helps advisors create better interactions, establish new connections, strengthen relationships, and gain introductions to heirs. Video.
Glia (formerly SaleMove) for its technology that creates digital-first moments that simplify and transform communication between companies and their customers using messaging, video/voice, co-browsing, and AI. Video.
Invest Sou Sou for its smart social banking account designed to help community banks cultivate low-cost deposits and credit-ready borrowers in a secure and cost-efficient way. Video.
Neener Analytics for its regulatory compliant social media analytics platform that delivers specific individual risk outcomes for thin-file, no-file, and credit-challenged consumers. Video.
Voca AI for its smart, human, and empathetic virtual call center agent for financial institutions and service providers. Video.
A thousand thanks to all our demoing companies, our sponsors and partners, and, most importantly, our awesome attendees whose passion and enthusiasm for fintech innovation makes our events all the more engaging and entertaining. We’ll see you next year!
Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The eight companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
Mobile-first payment innovator Twisto closed a Series B funding round this week totaling $15.7 million (€14 million). The investment brings Twisto’s total funding to $38.7 million (€34.5 million), which is comprised of $23.6 million (€21 million) in equity and $16.8 million (€15 million) in debt.
The round was led by Finch Capital and includes support from existing investors UNIQA Ventures and ING Bank, as well as newcomers Velocity Capital Private Equity and ING Ventures.
The company, which is based in the Czech Republic and Poland, will use the funds to expand further into Europe. Twisto aims to have two million app users in the Central and Eastern European region in the next two years.
Founded in 2013, Twisto offers a simple financing solution to European retail banking customers. The company is best known for its Buy Now, Pay Later tool, which gives consumers an online point of sale financing option, offering instant credit that can be activated in a single click.
The company’s payment card features a favorable exchange rate, is compatible with Apple Pay, and offers 5% more cashback than competitors. The app offers a bill-splitting capability and OCR-powered bill payments that allow customers to pay bills by uploading a photo of the paper statement.
Launched in Prague, Twisto expanded to Poland in the first quarter of last year. Today, the company’s app has been used by more than 500,000 customers. The company’s CEO and Founder Michal Smida demoed the Twisto account at FinovateEurope 2018.
For its first partnership in the U.K., Swedish open banking startup Tink inked a deal this week with major U.K. bank NatWest.
NatWest will integrate Tink’s PFM capabilities and Data Enrichment offering, a tool that cleans and syncs data to categorize transactions for data-driven sales and decision-making optimization. These two enhancements will offer NatWest consumers better insight into their personal spending habits.
NatWest, which joins Tink’s other bank customers BNP Paribas Fortis, Nordea, ABN Amro, SEB, and Klarna, will offer the new PFM capabilities to customers starting in the fourth quarter of this year.
“The partnership with NatWest is a great testament to the quality of our technology — and to the dedication to improve the digital offering and customer experience,” said Tink co-founder and CEO Daniel Kjellen. “We believe there are massive opportunities for those who choose to leverage new technology to build greater engagement with their customers. This partnership is proof of just that.”
In addition to its PFM and Data Enrichment products, Tink also offers Account Aggregation, which connects to 2,500+ banks and is live in 10 markets, with coverage across Europe coming by the end of this year. The company also offers Payment Initiation, which allows customers to make payments from a bank’s website or mobile app. In addition to money transfers, Payment Initiation allows customers to transact online and pay bills and invoices.
Tink’s Senior Business Manager, Rudolf Bergslycka and Developer David Frenkel demo the Tink API at FinovateEurope 2019
Founded in 2012, Tink counts more than 500,000 app users and has 150 employees across two offices. The two-time Best of Show-winning company most recently demoed at FinovateEurope 2019 in London.
The final day of FinovateSpring’s four-day fintech fest has arrived. After a Summit Day focused on the customer experience and artificial intelligence, and two days of live fintech demos, Friday is a day of deep dives and insightful discussions into the present and future of fintech innovation.
We’ve provided an overview of what we’ve got in store for you below. Remember that registration opens at 8am on Friday. So be sure to arrive early, grab a little breakfast, and visit with our sponsors and partners in the networking area before we begin.
8:35am Expert Insight: Review of the FinovateSpring Demos – What Do They Tell Us About Fintech’s Cutting Edge
8:50am Keynote Address: The Rise of the Machines – The Artificial Intelligence and the Road to Superintelligence. What Will AI Mean for the Future of Financial Services – And the Future of Work?
9:30am Power Panel: Which Artificial Intelligence Technologies Will Really Change Financial Services?
10:00am Morning Coffee & Networking
10:30am Fireside Chat: Improving the Financial Health of America’s 100 Million Credit Underserved Consumers
10:45am C-Suite Digital Change Leaders Debate: How Can Financial Institutions Capture the Fintech Opportunity & Collaborate with New Players to Transform Customer Experience
11:20am Special Address: Simplifying & Securing Digital Commerce through Tokenization
11:35am Fireside Chat: How Are Regulators Approaching Cryptocurrencies?
11:50am Strategy Roundtable: The Evolving Role of Cybersecurity – Are Banks Treating Technology Risks as Extensions of Their Businesses?
Analyst Insight: Next Generation Banking – What is the Next Phase of the Digital Banking Revolution
Fireside Chat: Open Banking is Coming! How Will it Change Banking Forever?
Leaders Debate: How New Players, New Platforms, and New Technologies Will Transform Digital Banking. Is There a Role for the Branch in the Digital World?
Cornèr and NDGITpartner to provide direct access to third-party service providers under PSD2 regulation.
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.
After yesterday’s demos we’re ready for four more today. The day begins with one of our favorite sessions, Analyst All Stars, and concludes with a crowd-favorite, the crowning of the Best of Show winners.
Registration opens at 8 a.m. and the first session begins at 9 a.m. Come early for some pre-show networking or catch up on email with a hot cup of coffee before the show.
Here’s an overview of what the agenda looks like today:
Global payments platform Flywire is extending its agreement with China’s UnionPay, the Massachusetts-based company announced today.
The two are re-launching a program that discounts foreign exchange rates on cross-border tuition and healthcare transactions. The initiative, which first launched last spring, is available to all UnionPay cardholders making payments originating in China. The rate on foreign exchange payments made to participating education and healthcare facilities will be the same as a local bank transfer.
“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” said Ryan Frere, vice president of global payments for Flywire. “For Chinese students and patients making cross-border payments, UnionPay is the most preferred and trusted brand. We’re pleased to expand this program and bring valuable savings to more payers and institutions.”
UnionPay is a smart partner pick for Flywire. The bank’s home country is the number one origination of students studying abroad. More than 662,000 Chinese citizens studied abroad last year, a figure up 9% from 2017. Medical tourism is also popular among Chinese citizens; more than 630,000 Chinese patients traveled abroad for medical care in 2018.
Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.
In addition to its Boston headquarters, the company has offices in Chicago, London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, and Sydney.
Bahrain’s Electronic Network for Financial Transactions (Benefit) is designing and implementing a Know Your Customer (KYC) utility that incorporates blockchain technology, in partnership with Fenergo, a provider of digital Client Lifecycle Management (CLM) solutions, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
The utility platform will support sectors including retail and corporate banking and asset management, as well as insurance and telecommunications in the future. Fenergo says it deployed the first phase of the eKYC implementation project in four weeks.
Financial institutions that subscribe to Benefit can instantly complete KYC and anti-money laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo’s eKYC hub and rules engine utilising blockchain.
The centralisation of customer data removes the need for duplicate requests for information, while the elimination of manual processes reduces costs and improves operational efficiencies.
The Fenergo API-first solution enables financial institutions to verify customer identity via biometric identity and verification (ID&V) technology, which links to Bahrain national identity card data before instantly connecting to the eKYC hub.
This will prompt Fenergo’s rules engine to determine the required KYC and AML data and documentation for customer due diligence (CDD) as subscribed by Central Bank of Bahrain. Once the customer is quickly and successfully onboarded, Fenergo will write data attestations to the blockchain for reuse by other financial institutions within the Bahrain ecosystem.
Fenergo CEO Marc Murphy said, “Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience and help drive regulatory certainty. In a digital economy, where open banking and customer choice are at the forefront, making the KYC process digital is a huge enabler for any digital transformation initiative.”
Fenergo is developing the cloud-based utility as part of an initiative mandated by the Central Bank of Bahrain (CBB) to enable financial institutions to seamlessly perform CDD checks for enhanced customer experiences and regulatory certainty. The initiative is part of a wider government scheme, Economic Vision 2030, to improve the kingdom’s economy.
