Working Lunch: Our Talents Talk Fintech Innovation at FinovateSpring

Working Lunch: Our Talents Talk Fintech Innovation at FinovateSpring
By David Penn Posted on
Categories: FinovateSpring 2019

From walking meetings to working lunches, we know that fintech folks like to stay busy. And with so much to offer during FinovateSpring’s Content Day on Friday, May 10, we thought we’d take advantage of the noon lunch break to bring you even more great analysis and insight from some of fintech’s sharpest observers.

Here’s a peek at our lunch time line up, including one expert briefing panel discussion and a whole slew of special interest, hosted discussions held under Chatham House Rules to promote a free and open conversation.

  • Addressing Financial Wellness & Financial Inclusion. An expert briefing moderated by Theodora Lau, Founder, Unconventional Ventures. Featuring:
    • Monica Brand Engel, Founder, Quona
    • Ashraf Hassan, Global Head of Strategic Partnerships, Google Play
    • Stoyan Kenderov, Head of Product & Design, Lending Club
    • Brad Leimer, Co-founder, Unconventional Ventures
    • Jennifer McHugh, Director of Public Affairs & Financial Education, Royal Credit Union

Here are our special interest discussion tables held under Chatham House Rules:

  • How Incumbents Can Successfully Collaborate with Fintechs to Accelerate Change with John Stecher, Chief Innovation Officer, Barclays Bank
  • The Democratization of Alternative Investments with Ronak Pakzad, Founder, GoodWealth
  • Quantum Computing – The Wave of the Future? with Aleksandr Oysgelt, Director, Technology and Innovation, Deutsche Bank
  • Challenges in the Insurance Industry & How Insurtech Could Solve Them with Quetin Coolen, Co-founder and CEO, Waffle
  • How Challenger Banks are Creating a Seamless Digital Experience with Tyler McIntyre, Founder, Bank Novo
  • How Community Banks Can Harness Fintech with Jill Castilla, President and CEO, Citizens Bank of Edmond
  • Addressing the Security Challenges Facing Financial Institutions with Sean Sposito, Security Analyst, Javelin Strategy

Remember our Content Day on Friday, May 10, will also feature four afternoon content streams dedicated to Community Banking, Digital Payments, Digital Banking, and Digital Lending.

Tickets to FinovateSpring are still available, so visit our registration page today and reserve your spot. We’ll see you in San Francisco!

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Klarna Brings its Alt Payment Options to Brick and Mortar Retail Shoppers

Klarna Brings its Alt Payment Options to Brick and Mortar Retail Shoppers
By David Penn Posted on
Categories: Klarna

E-commerce payments innovator Klarna announced today that its pay later options are now available in-store as well as online.

“Shoppers today want more control over their buying experience,” Klarna U.K. General Manager Luke Griffiths said. “Our mission is to make payments as seamless and stress-free as possible. We’re now bringing more payment flexibility to the in-store environment, so shoppers can move smoothly through the purchase journey, whether they choose to shop online or on the high street.”

The announcement means that Klarna’s alternative payment options will now be available for transactions in retail, brick and mortar stores. The company has three offerings to simplify the transaction experience:

  • the option to pay later, up to 30 days after delivery
  • three equal installment payments collected monthly
  • a six to 36-month consumer financing offering for more expensive items

Consumers can use Klarna via their connected smartphone. First they make their purchase using their smartphone to scan either a QR code at the checkout register or after receiving and clicking on a payment link sent to the customer by email or SMS. Second, the customer adds their information and chooses a Klarna payment option.

The financing decision occurs in real-time, and average completion times run about one minute – ensuring that the in-person shopping experience is as seamless as possible. For the merchant, this means faster checkouts, happier customers, and increased conversions and sales.

Klarna’s news comes just weeks after the company announced it was extending its partnership with Swedish fashion house Acne Studios. “We’ve been impressed with Klarna’s work in Europe – particularly in our home country of Sweden,” Acne Studios CEO Mattias Magnusson said. “(We) are pleased to partner with them in other markets to accelerate our international sales.”

Also in April, Klarna launched its Mindful Money financial management content hub to help Gen Z and Millennials learn more about budgeting and spending. Mindful Money will feature insights and recommendations from personal finance commentators and journalists.

Klarna also launched its global customer authentication platform last month, providing global businesses with an easy and secure authentication process. In March, the company unveiled its open banking platform, enabling access to more than 4,300 European banks via a single access to account API.

Headquartered in Stockholm, Sweden, Klarna demonstrated its flagship solution at FinovateEurope 2012. The company has raised more than $774 million in funding, and includes Sequoia Capital, General Atlantic, and Creandum among its investors. Klarna was founded in 2005.

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Refundo to Return Tax Refunds in Bitcoin

Refundo to Return Tax Refunds in Bitcoin
By Julie Muhn (@julieschicktanz) Posted on
Categories: Refundo

Thanks to a recent partnership with BitPay, clients of tax innovator Refundo can now receivetax refunds in bitcoin.

Taxpayers in the U.S. can opt to receive any portion of their federal and state tax refund back in bitcoin (BTC). Crypto refunds are made through CoinRT, Refundo’s new product that leverages Bitpay’s Payouts.


When a taxpayer submits their wallet address, Refundo will issue them unique account and routing numbers to include on their tax return. After the taxpayer passes KYC, Bitpay will transfer the IRS-issued refund to the client’s wallet.

Bitcoin is a good fit for Refundo, whose target market is underbanked populations, because it facilitates fast transaction times with low fees. It also fits well with Refundo’s other product offerings, including refund advances, refund transfers, and the ability to allow clients to pay for their tax preparation services with their refund.

“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,” said Roger Chinchilla, Refundo CEO. “Adding Bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees, and regularly send money internationally. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.”

This isn’t the first crypto tie-up for tax preparers. Earnst & Young and TurboTax both prepare tax claims on clients’ crytocurrency holdings.

Founded in 2011, New Jersey-based Refundo demonstrated its mobile app at FinovateSpring 2013. The app helps independent tax preparers compete with online software by offering a convenient way for clients to submit their tax information.

In addition to today’s partnership with BitPay, Refundo is also teamed up with Stripe for credit card acceptance, and fellow Finovate alum LendUp, which provides short term loans to clients while they wait on their refunds.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AlphaPoint, Envestnet, Fenergo, GreatHorn, Klarna, Kony, Micronotes, NIIT Technologies, Onfido, Refundo, SecureKey

On Finovate.com

  • Refundo to Return Tax Refunds in Bitcoin.
  • Klarna Brings its Alt Payment Options to Brick and Mortar Retail Shoppers.

Around the web

  • Kony and Micronotes team up to bring Micronotes’ personalized conversation solution to banks using Kony DBX.
  • SecureKey’s Verified.Me identity verification solution is now available for consumers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada.
  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • NIIT Technologies’ AdvantageGo launches Underwriting, a solution that consolidates and provides all underwriting functions into a single platform.
  • GreatHorn awarded U.S. patent for new email impersonation detection method.
  • Onfido, Alphapoint earn spots in the inaugural cohort of cross-border regulatory sandbox, Global Financial Innovation Network (GFIN).
  • Envestnet unveils new suite of analytical tools for financial advisors, Envestnet Advisor Analytics.

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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CBANC Acquires Lendwell

CBANC Acquires Lendwell
By Julie Muhn (@julieschicktanz) Posted on
Categories: cbanc Network, Mergers & Acquisitions

CBANC, a professional networking platform for banks, acquired fellow Austin-based fintech Lendwell in a deal this week. Terms of the transaction were not disclosed.

“Our acquisition of Lendwell is the next step in our strategy of unlocking the power of cooperation and the collective purchasing power of thousands of financial institutions within the CBANC Network,” said Bryan Koontz, CBANC CEO. “The Lendwell platform will help our network members reduce the cost of lending operations while improving their ability to serve their customers.”

This is CBANC’s first acquisition, but as the company seeks to add value to its platform and give members more reasons to log on, today’s purchase may not be its last.

Lendwell, a mortgage settlement services company, helps credit unions and community banks with the mortgage settlement process, primarily with refinances, second mortgages, home equity loans, and home equity lines of credit. The company offers a range of products including property condition reports, appraisals, title insurance, closing services, and more to serve as a one-stop shop for loan settlement products.

Lendwell’s SaaS loan aggregation offering gives banks access to quality mortgage settlement services at cost savings that add up to 20%. As a result of the acquisition, CBANC’s 8,000 financial institution members will have access to the Lendwell platform at no cost.

Lendwell founders Gabe Flores and Mike DeBonis have joined CBANC as the GM of Lendwell and as SVP of Engineering, respectively.

Founded in 2009, CBANC serves as an online platform where financial institutions can connect to share ideas, get their questions answered, build their brand and reputation, and publish reviews and insights on new products and services.

CBANC’s Founder and former President Myers Dupuy demonstrated the network at FinovateFall 2011 in New York. Earlier this month, the company hired on Mike Snavely as its Chief Commercial Officer. CBANC has raised more than $7 million from Adams Street Partners.

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Feedzai and North American Bancard Partner to Fight Fraud

Feedzai and North American Bancard Partner to Fight Fraud
By David Penn Posted on
Categories: Feedzai

A new partnership between North American Bancard (NAB) and Feedzai will put machine learning to work to help merchants better manage risk and fight fraud. The two companies have collaborated to build a set of customized fraud prevention tools that leverage real-time data insights to identify suspicious patterns and transaction anomalies that often are the tell-tale signs of criminal activity online.

Saurabh Bajaj, Feedzai Head of Product, emphasized the importance of real-time technology in the fight against emergent fraud threats. He pointed out that while consumers and merchants alike have benefitted from the rise of digital technologies in e-commerce, these gains have come at a cost.

“Digital transformation across industries has been great for consumers, but also for increasingly sophisticated fraudsters looking for new ways to commit fraud,” Bajaj said. “That’s why we need a real-time AI engine that can secure transactions, using intelligence across all business channels.”

NAB Chief Risk Officer Jay Nadarajah highlighted the importance of maintaining a quality customer experience while improving the security of that experience. “Facilitating safe, secure, and fast transactions while eliminating friction in the underwriting and risk processes through technological advancements is at the core of what we’re trying to offer to merchants,” Nadarajah said. “These technological advancements drive efficiencies and speed in identifying fraudulent activity.”

Founded in 1992, North American Bancard is a payments technology company with more than 350,000 business customers in the U.S. and Canada. The Troy, Michigan-based firm offers payment processing and acceptance solutions including free EMV and NFC hardware, no long-term contracts, and acceptance of most major credit cards and PayPal at rates starting at 0.29%.

Feedzai demonstrated its Fraud Prevention platform at FinovateEurope 2014. Earlier this month, the company announced a partnership with Raiffeisen Bank International to use advanced machine learning to help the European bank fight fraud. In March, Aite Group named Feedzai Best in Class in the vendor market for fraud and anti-money laundering solutions.

With more than $76 million in funding, Feedzai includes Data Collective (DCVC), Sapphire Ventures, Citi Ventures, and Oak HC/FT among its investors. Nuno Sebastiao is CEO of the company, which is headquartered in San Mateo, California, and was founded in 2011.

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FinovateSpring’s Friday Finale Tackles Fintech’s Toughest Topics

FinovateSpring’s Friday Finale Tackles Fintech’s Toughest Topics
By David Penn Posted on
Categories: FinovateSpring 2019

Have we saved the best part of this year’s FinovateSpring for last? You’ll be the judge on Friday, May 10th when we turn from the entrepreneurs to the experts, analysts, and investors.

Our Content Day begins Friday morning with opening remarks from our chair and an expert insight into the most innovative technologies from our Best of Show Awards, courtesy of Beyond the Arc’s Steven Ramirez.

What follows is a day’s worth of keynotes, roundtables, fireside chats and debates on topics ranging from digital transformation in financial services to the rise and role of new technologies like AI. Friday will also feature four content streams: Community Banking, Digital Lending, Digital Payments, and Digital Banking, with their own addresses and panel discussions that we’ll highlight in an upcoming post.

Tickets are still available. And we’re looking forward to seeing you next month in San Francisco, California. In the meantime, here’s a look at who will be saying what on the final day of FinovateSpring.

  • The Rise of the Machines – The AI Revolution and the Road to Superintelligence – What will AI Mean for the Future of Financial Services and the Future of Work? A keynote address from Tim Urban, Founder, Wait But Why.
  • Which Artificial Intelligence Technologies Will Really Change Financial Services? A power panel featuring:
    • Emil Matsakh, former Chief Analytics Officer, Commonwealth Bank of Australia
    • Jon Zanoff, Managing Director, Techstars
    • Ankit Bhatt, SVP of Omnichannel Experience, U.S. Bank
    • Karen Gordon Mills, Former member of President Obama’s cabinet and Senior Fellow, Harvard Business Schoo
  • Improving the Financial Health of America’s 100 Million Credit Underserved Consumers. A fireside chat featuring Alex Lintner, Group President, Consumer Information Services, North America
  • How Can Financial Institutions Capture the Fintech Opportunity and Collaborate with New Players to Transform Customer Experience? A C-Suite digital change leaders debate featuring:
    • Vaduvur Bharghavan, CEO, Ondot Systems
    • Peggy Mangot, Senior Vice President, Wells Fargo
    • Dave Mooney, President and CEO, Alliant Credit Union
    • Jeff Winner, Managing Director, Marcus by Goldman Sachs
    • Edward J. Achtner, Head of Digital Banking & Strategic Change, U.S, Commercial Bank (CMB), HSBC Bank USA
    • Steven Ramirez, CEO, Beyond the Arc
  • Simplifying and Securing Digital Commerce through Tokenization. A special address from Jessica Turner, Executive Vice President, North American Digital Payments and Labs and Global Issuer Engagement.
  • How are Regulators Approaching Cryptocurrencies? A fireside chat featuring Andrea Seidt, Ohio Securities Commissioner, Ohio Department of Commerce, and Valentina Isakina, Managing Director, Jobs Ohio
  • The Evolving Role of Cybersecurity – Are Banking Treating Technology Risk as Extensions of Their Businesses? A strategy roundtable featuring:
    • Bindu Sundaresan, Cybersecurity Leader, AT&T
    • Rahul Pangam, VP, Risk Strategy, Simility
    • Nipun Gupta, Vice President, Technology, Deutsche Bank
    • Sean Sposito, Cybersecurity Analyst, Javelin Strategy & Research.
  • Where Is the Smart VC Money Investing in Fintech? An investors debate featuring:
    • Mike Sigal, Partner, 500 Startups
    • Michelle Arbov, Vice President, Mergers & Acquisitions, IAC
    • Ramneek Gupta, Co-head of Venture Investing & Managing Director, Citi Ventures
    • Mike Parker, Partner, AGC Partners
    • Patricia Kemp – Co-founder & General Partner, Oak HC/FT
  • Finovate Finale! The Accelerators Showcase featuring:
    • Jon Zanoff – Managing Director, Techstars
    • Nami Baral – Founder & CEO, Harvest Platform
    • Quetin Coolen – CEO & Co-founder, Waffle Labs
    • Sunny Parikh – Vice President, Partnership Fund for New York City
    • Jason Briggs – COO, Diffeo
    • Tadas Jucikas – Founder and CEO, Genus AI
    • Brittany Lockard – Principal, Financial Services, Accenture Ventures
    • Mary Cay Cousart – Senior Vice President, Cutover
    • Marcia Chong Rosado – Manager, Financial Innovation Practice, Village Capital

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FinovateSpring Sneak Peek: Faraday

FinovateSpring Sneak Peek: Faraday
By Julie Muhn (@julieschicktanz) Posted on
Categories: Faraday, FinovateSpring 2019, FinovateSpring 2019 Sneak Peek

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Faraday is the end-to-end machine learning platform for the B2C tech stack. Data, integrations, algorithms – it’s all built in and ready to power your systems in six to eight weeks.

Features

  • End-to-end AI, everything built in
  • Actionable insights and predictions
  • Supported by Faraday data scientists

Why it’s great
Operationalize real, actionable AI in six to eight weeks, at less than the cost of hiring a data scientist.

Presenters

Cory Albert, Account Executive
Albert has a strong background in strategic software and marketing technologies. At Faraday, he helps clients implement custom AI capabilities to exceed their goals.
LinkedIn

Riley Dickie, Account Executive
Dickie has worked with Faraday’s consumer finance clients for the past three years, helping them take full advantage of their customer data with AI.
LinkedIn

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FinovateSpring Sneak Peek: Fortress Identity

FinovateSpring Sneak Peek: Fortress Identity
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2019, FinovateSpring 2019 Sneak Peek, Fortress Identity

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Fortress Identity’s Multi-Factor Authentication enables you to wrap entry, access, assets, and transactions in flexible layers of active and passive biometric security.

Features

  • Specify whatever biometric factors you wish to deploy
  • Implement with minimal code
  • Give users a frictionless experience

Why it’s great
The Fortress Identity Multi-factor Authentication SDK provides facial, fingerprint, voice, and behavior biometric protection all in one package to quickly step up security as your needs evolve.

Presenter

Alessandro Chiarini, Founder and CEO
For 11 years, Chiarini has advised financial institutions in North and South America on securing themselves against cybercrime.
LinkedIn

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FinovateSpring Sneak Peek: ID R&D

FinovateSpring Sneak Peek: ID R&D
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2019, FinovateSpring 2019 Sneak Peek, ID R&D

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

ID R&D’s SafeChat delivers the world’s first zero-effort authentication for mobile and web banking apps, providing the best possible user experience with higher security.

Features

  • No effort for users to authenticate; simply use the app normally
  • Multi-modal biometrics provide strong confirmation of identity
  • Authentication occurs on each transaction, increasing security

Why it’s great
Low effort, biometric-based authentication will become the standard for all banking apps.

Presenters

Alexey Khitrov, President
Khitrov’s recognition of user frustration and weak security in current authentication processes led him to use his deep experience in biometrics to found ID R&D.
LinkedIn

John Amein, VP of Sales
Amein has many years of experience in biometrics, contact centers, and telecommunications. He has helped several tech companies grow rapidly.
LinkedIn

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FinovateSpring Sneak Peek: ClickSWITCH

FinovateSpring Sneak Peek: ClickSWITCH
By Julie Muhn (@julieschicktanz) Posted on
Categories: ClickSWITCH, FinovateSpring 2019, FinovateSpring 2019 Sneak Peek

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

ClickSWITCH is an account acquisition technology for financial institutions and fintechs that automates the process of switching direct deposits and automatic payments.

Features

  • Automated switch solution for direct deposits and automatic payments
  • Ability to drive deposits and increase primary account holders
  • API capability enables you to build and design your own user interface

Why it’s great
There’s a war for deposits in financial services. FIs are fighting to be the primary financial provider for their customers. ClickSWITCH can solve these problems by driving deposits and increasing efficiency.

Presenters

Cale Johnston, Founder & CEO
Johnston is an entrepreneur who believes banking should be easy. He oversees global business strategy with a focus on innovation, growth, and investor and customer relations.
LinkedIn

Adam Pearl, Regional Vice President of Sales
Pearl is an experienced, results-driven sales leader specializing in bank technology. He is working out of Chicago with a focus on relationship management and national customer growth.
LinkedIn

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, cbanc Network, ClickSWITCH, Faraday, Featurespace, Feedzai, Fortress Identity, ID R&D, Jack Henry, Mint, Salt Edge, WorldPay, Yoyo

On Finovate.com

  • Feedzai and North American Bancard Partner to Fight Fraud.
  • FinovateSpring’s Friday Finale Tackles Fintech’s Toughest Topics.

Around the web

  • Aite Group’s 2019 report on fraud and AML machine learning platform vendors recognizes Featurespace as Best-in-Class.
  • Salt Edge releases 60+ PSD2 API sandboxes.
  • ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
  • Jack Henry & Associates unveils its digital account opening solution, JHA OpenAnywhere.
  • Worldpay to release FraudSight machine learning-powered fraud solution.
  • PAUL UK selects Yoyo to introduce a combined mobile payments and personalized loyalty app to its customers.
  • Mint rolls out a new app experience for Android users

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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