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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BlueVine and GovQuote Team Up to Fund SMEs

BlueVine and GovQuote Team Up to Fund SMEs
By David Penn Posted on
Categories: BlueVine

SME online financier BlueVine is collaborating with GovQuote to help small businesses that serve state, local, and education (SLED) government agencies get the working capital they need.

“Our mission is to bring liquidity to the entire government procurement ecosystem, making it efficient and transparent, through the use of technology,” founder and CEO of GovQuote Jeff Rubenstein said. “It’s that simple.”

GovQuote is a free public procurement marketplace that helps connect the 90l000 state, local, and education government agencies that comprise the U.S. SLED market with small business vendors. The company’s platform provides an easy virtual environment where SLED agencies can get quotes from a database of thousands of SMEs competing for their business. Agencies can take advantage of GovQuote’s technology to get quotes in less than 60 seconds and a complete digital record for compliance.

The market for SLED agencies is sizable, but it is often a challenging one for SMEs. The procurement process can be long – with businesses waiting more than 90 days for payment on government-ordered goods and services. By providing funding for inventory, to hire additional staff, or to cover potential cash flow issues, BlueVine’s line of credit and invoice factoring offerings give SMEs options that allow them to compete confidently for SLED clients.

GovQuote’s partnership with BlueVine will be especially helpful for SMEs that have traditionally struggled to secure financing, Rubenstein said. Together, BlueVine and GovQuote will give these entrepreneurs what he called “the power to level the playing field in the government market and quickly get access to tailored funding solutions.”

BlueVine enables small business owners to get up to 95% of their invoice payment immediately, with weekly financing rates as low as 0.25%. Eligible borrowers can get advances of up to $5 million, with no funding minimums, and no cancellation or sign-up fees.

“The government and education market is growing, presenting many growth opportunities to small businesses,” BlueVine CEO and founder Eyal Lifshitz said. Underscoring the cash flow challenges that are a major obstacle for many SMEs that could otherwise compete in this market, he explained how BlueVine’s line of credit and invoice factoring offerings can make a difference.

“By combining the power and simplicity of GovQuote’s platform with on-demand financing options provided by BlueVine, we’re leveling the playing field for small business owners that serve state, local, and education agencies,” Lifshitz said.

BlueVine demonstrated its small business financing platform at FinovateFall 2014. The company made fintech headlines at the beginning of the year with news of its partnership with Bullhorn to help finance staffing companies. Headquartered in Redwood City, California, BlueVine has raised $590 million in funding, and includes Lightspeed Venture Partners, Menlo Ventures, 83 North, Credit Suisse, and M12 among its investors.

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Bpm’online Focuses on Customization and Clean Data in Latest Update

Bpm’online Focuses on Customization and Clean Data in Latest Update
By David Penn Posted on
Categories: Bpm'online

Enhanced customization and better data processing are among the major enhancements business process automation company bpm’online has just added to its platform. The latest version of the firm’s intelligent low code development technology is designed to make it easier for businesses to build new solutions faster by automating and accelerating day-to-day operations.

Bpm’online CEO and Managing Partner Katherine Kostereva credited client feedback for many of the changes added to the platform. “At bpm’online we believe you can’t build lasting customer relationships without powerful business processes and coherent strategy in place,” Kostereva said. “Striving to deliver immense value to our customers, we launched the update that remarkably enriches their experience with our software.”

The enhancements include the greater customization options in bpm’online’s self-service portal, as well as new administrative tools and the ability to automate more functions. Enhanced CRM functionality enables companies to accelerate and grow sales and marketing campaigns with technologies like extended dynamic content for email marketing. The update also includes connectors to enable users to readily integrate with solutions like Zoom and GoToWebinar.

Development and data management tools are also a big part of the update. With regard to data management, the company focused on data cleanliness by offering automation and new tools to help find and remove or merge duplicate data. Developers will benefit from more system customization options, as well as more control over user access during the development process. Bpm’online also highlighted efficiency updates to its mobile app, and the addition of Spanish localization.

Headquartered in Boston, Massachusetts, and founded in 2002, bpm’online demonstrated its technology at FinovateEurope 2018. Forrester recognized the company, with its partner network of more than 400, as a “strong performer” in digital process automation earlier this month. In February the global business software provider announced that it was teaming up with Meritus Business Partners, and had forged an agreement with intelligent green energy systems firm, KTC.

Bpm’online’s Kostereva was named one of the Top Women in Cloud Innovation by CloudNOW at the beginning of the year.

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