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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
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Around the web
Cinchyvoted “Top Pick” for TechCrunch Disrupt SF 2019 and selected as a CIX Top 20 company for 2019. Check out Cinchy’s upcoming demo at FinovateFall later this month!
Epcor partners with data-driven solution provider Segmint to help FIs better leverage payment data.
Dwollateams up with Currencycloud to make international payments easier for businesses.
Luxoft to collaborate with Fenergo as part of the company’s Global Platinum Partner program.
Menigahelps Grupo Crédito Agrícola launch its new banking app, moey!.
Nomis Solutionsexpands presence in the Midwest with the opening of a Center of Excellence in Cleveland, Ohio.
WePaylaunches same-day deposits to Chase bank accounts for free.
Blackhawk Networkappoints Harel Kodesh as chief technology officer.
Lendio Southwest Michigan franchise opens to offer funding to local businesses.
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.
Turns out that President Trump isn’t the only one with Alabama on his mind these days. Cloud-based omnichannel sales solution provider Terafina announced this week that it is teaming up with Alabama-based Listerhill CU to power the 90,000+ member FI’s sales strategy as it continues its digital transformation.
“Terafina’s partnership allows us to deepen our existing member relationships and develop new ones, while also helping us to be proactive in meeting our members’ diverse financial needs,” Listerhill CEO Brad Green said. “Moreover, as we continue to expand our reach into new markets, we are excited about this partnership helping us meet and exceed our growth objectives for 2020 and beyond.”
With more than $841 million in assets, Listerhill Credit Union has embarked upon an effort to boost member engagement with a new, omnichannel experience. The goal is to make it easier for members to learn about, choose, and deploy new products and services to meet their financial needs. Named one of America’s Best Credit Unions in Alabama by Forbes and market research company Statista, Listerhill Credit Union was founded in 1952 and serves members in 13 counties in northwestern Alabama and Tennessee.
“Our entire team is delighted to help Listerhill grow organically and provide top notch services to its membership,” Terafina CEO Meheriar Hasan said. “We believe in the great value that Listerhill provides its communities and feel privileged to be a part of its rising story.”
Terafina demonstrated its omnichannel sales platform at FinovateSpring 2019. The technology delivers a seamless experience that aligns branches, call centers, and digital channels to help banks and credit unions improve customer engagement and increase sales. The company notes that its platform is core-agnostic and that it has built more than 30 connectors to core banking, loan origination, KYC, and CRM systems, as well as to data aggregation and data prefill providers.
Earlier this year, Terafina announced that it was partnering with PlainsCapital Bank to help the Texas-based institution fast track small business onboarding. PlainsCapital Bank is the fifth largest bank in Texas with $9.7 billion in total assets. In April, Terafina teamed up with Washington state’s Gesa Credit Union ($2+ billion in assets and more than 150,000 members), and in March, the company announced its collaboration with Silicon Valley-area credit union KeyPoint CU ($1.3 billion in assets; 63,000 members).
Founded in 2014, Terafina is headquartered in Fremont, California.
BNP Paribas has formed a partnership with Kantox, a fintech firm specializing in FX risk management solutions, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).
The agreement enables BNP Paribas and Kantox to jointly offer Kantox’s Dynamic Hedging solution to BNP Paribas’ clients across EMEA.
Dynamic Hedging is a software solution developed by Kantox, which allows corporate treasurers to fully automate and streamline FX workflows. The solution will complement the product suite available on Centric, BNP Paribas’ leading digital banking platform.
Philippe Gelis, CEO and co-founder at Kantox, said: “We believe that our offering, combined with the financial strength of BNP Paribas as a banking partner, is an attractive value proposition for their existing corporate client base.”
Xavier Gallant, co-head of corporate rates, FX and local markets sales EMEA at BNP Paribas, said: “When it comes to managing foreign currency risk, we are seeing a real need for our corporate clients to improve efficiency in forecasting their future cash flows, formalizing hedging practices and optimizing execution through automation. BNP Paribas’ partnership with Kantox will offer corporate treasurers in EMEA the opportunity to access a fully automated hedging solution and ultimately improve their treasury processes. We look forward to a successful partnership.”
Kantox demonstrated its Peer FX, its peer-to-peer foreign exchange platform, at FinovateEurope 2013. The technology cuts out the middle man – the brokers and the banks – in the process by directly connecting two parties in an FX exchange. Earlier this year, the company announced that it had raised $5.7 million in a debt financing round.
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
Noonum solves information overload by summarizing and contextualizing unstructured data, powered by the connected intelligence of a continually evolving semantic knowledge graph generated using artificial intelligence and natural language processing.
Features
News intelligence and concept exposure
Value chain
Bring your own data
Why it’s great Get ambient and hidden intelligence to know what you don’t know. Combine external insights with internal data with bring your own data. Complete business and market research faster.
Presenters
Shankar Vaidyanathan Vaidyanathan has more than 20 years of experience at Microsoft as an engineering leader driving the success of cloud, data, and machine learning products. He holds more than a dozen patents. LinkedIn
Darian Parrish Parrish has a background in engineering and an MBA in finance. Most recently he ran a systematic hedge fund. He enjoys working for agile startups and solving challenging problems for customers. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
Finzly (formerly SwapsTech) is focused on enabling digital banking transformation for banks of all sizes. The company is dedicated to freeing banks from the limitations of their core systems and vendors.
Features
Open, hyper-scalable, flexible bank operating system
App store ecosystem with a range of valuable banking applications on a single platform
Modern, omni-channel digital user experience
Why it’s great Finzly BankOS makes it easy for banks to modernize their customer offerings and take advantage of the latest cutting edge technology with open, API-driven, digital online banking.
Presenters
Brian Anderson, Vice President, Sales and Marketing Anderson has over 25 years of experience helping financial institutions discover, implement, and profit from the latest in fintech. LinkedIn
Terry Howell, Chief Technology Officer Howell is a technology leader with 20 years of experience guiding brilliant engineering teams to deliver innovative, valuable solutions to customers. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
BreachRx’s platform provides automation across the enterprise, enabling organizations to respond to cyber incidents efficiently and in compliance with relevant regulations, policies, and contracts.
Features
Incident response that is automatically tailored and up-to-date
One platform for all business silos that are responsible for incident response
One system of record for audit and regulators
Why it’s great BreachRx will change data breach response from a crisis to a routine business process.
Presenter
Andy Lunsford, CEO Lunsford is a privacy law expert with a decade of experience in large-scale commercial litigation. He first began working on data security issues when his firm represented ChoicePoint in 2004. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
In a complex, post-pension world, Kindur’s signature retirement paycheck helps modern retirees simplify managing retirement income and helps make their savings last longer.
Features
Analyze customers’ financial pictures
Use proprietary technology to build a personalized retirement paycheck
Sequence retirement income withdrawals to lower taxes
Why it’s great Based on your retirement needs and goals, Kindur builds you a retirement paycheck- the ultimate simplification of managing retirement income- so your savings last longer.
Presenter
Rhian Horgan, CEO Horgan is the CEO of Kindur and a financial industry veteran. She is on a mission to eliminate modern retirees’ number one fear– running out of money. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
Meniga is a global leader in digital banking solutions working with some of the largest banks in the world to improve customer engagement and develop new business models.
Features
SaaS banking data consolidation, enrichment, and categorization
Personalized rewards and offers for banking customers
Social responsibility by helping the planet
Why it’s great Banking data can help save the planet.
Presenters
Ólafur Óskar Egilsson, VP of Product Egilsson has been instrumental in leading Meniga’s product team for three years. He has extensive experience in working in fintech and banking. LinkedIn
Isabel Moratiel, Business Development Manager Moratiel has experience in diverse areas of fintech, SME lending, international credit scoring, and digital banking. She has been at Meniga for over three years working in business development. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
Owl.co is a customer insight engine bringing external attributes for better decision making. In just one year, Owl is working with 10 of the largest financial institutions in North America.
Features
Derives customer insight from thousands of databases in real time
Takes a fully modular approach to fit within enterprise processes
Surpasses regulation requirements with end-to-end encryption
Why it’s great Owl.co offers enhanced personalized onboarding, enhanced customer due diligence, and fraud detection. All of this is available on a zero-knowledge platform where nobody but the intended party can see the data.
Presenter Vahid Mirjalili, Co-founder and COO Formerly at BCG, Mirjalili led a multi-million dollar digital transformation of financial institutions in Canada and the U.S. LinkedIn
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
VeriTran’sLow-Code Platform streamlines the creation, development ,and roll-out of digital business applications in record time with a visual and intuitive model and drag-and-drop interface. Creating an app with its Low-Code Platform is simple and does not require technical expertise in programming, security, graphic design, or UX to put world-class apps at an end user’s fingertips.
Why it’s great Clients can execute in months what often takes years. A project that takes upwards of twenty-four months can be created with VeriTran in just six months.
Omar Arab, VP Corporate Business Development – U.S. Market Arab combines advisory, creative, and technological capabilities with an innovation culture and specialist knowledge of the financial sector. LinkedIn
Greynier Fuentes, Solutions Manager Fuentes has 15 plus years of achievement leading areas of solutions development for financial services. He is entrepreneurial and innovative by nature. LinkedIn
Klarnadeepens ties with H&M to enable customers to shop now and pay later using the H&M app.
NICE’s AML and fraud SaaS solutions to power financial crime strategy for both anti-money laundering compliance and enterprise fraud protections.
Terafinato power Listerhill Credit Union’s omnichannel sales strategy and continue its digital transformation to increase member satisfaction and deepen relationships.
OurCrowdexpands U.S. operations, opens office in Chicago.
ID R&D’sIDLive Face to power remote customer account openings and digital ID verification for Innov8tif’s EMAS eKYC.
ndgit and Synpulse launch international fintech marketplace in Switzerland.
Onfidoreports strong revenue growth momentum for Q2 2019; earns recognition from The Sunday Times as one of the fastest growing private companies in the U.K.
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.
Revolut has withdrawn its application for an e-banking license in the grand duchy in a shift towards Ireland, according to The Telegraph on Sunday, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).
The news outlet notes that Revolut stopped its Luxembourg application after questions about its compliance systems were raised in the Chamber of Deputies by the MP Laurent Mosar (CSV) in April, which Revolut has refuted.
Without citing any company names, Moser stated in a parliamentary question to the finance minister, Pierre Gramegna (DP), that: “Fintech companies are subject to a host of national and international rules. However, it would seem that these rules are not always respected by fintech companies, so that some of them get their approval, even though they do not meet financial and banking regulatory requirements. According to my information, at least one major company that has recently applied for approval, would be flagged in its country of origin for non-compliance with existing regulations as well as for non-transparency.”
Mosar asked Gramegna what the finance ministry was doing to ensure compliance with fintech rules. Gramegna responded that the Financial Sector Supervisory Commission (CSSF) and not the finance ministry oversaw regulating financial institutions.
The Telegraph reported that the CSSF began conducting spot checks on financial technology firms headquartered in the country earlier this year to verify that board and staff members were truly located in the grand duchy.
The neobank needs regulatory approval from one of the EU27 in order to maintain its access to the single European market after Brexit.
Revolut told news outlets that it did not withdrawal its application due to questions about its compliance technology. Rather it took a “strategic decision” to focus on its license application in Ireland. A spokesman said the firm “had a very positive and open dialogue” with the CSSF, as well as the promotion body Luxembourg for Finance.
Founded in 2013, Revolut demonstrated its technology at FinovateEurope 2015. Nikolay Storonsky is CEO.
