NIIT Technologies to Acquire WHISHWORKS IT Consulting

NIIT Technologies to Acquire WHISHWORKS IT Consulting
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, NIIT Technologies

IT solutions organization NIIT Technologies is making a move this week to acquire WHISHWORKS. The IT consulting firm is expected to strengthen NIIT’s digital capabilities and complement the company’s offerings to create a powerful solution in the digital integration space.

Specific terms of the deal, which is subject to regulatory approvals, have not been disclosed. However, NIIT announced it will acquire a 53% stake initially and purchase the remainder of the company over the next two years, with compensation dependent on financial performance. The company will be making the purchase in an all-cash transaction, funded through internal accruals.

“WHISHWORKS fits into our overall digital strategy, enhances our footprint in a high demand space, and is a significant addition to our existing capability spectrum in digital integration. This initiative is in line with our strategy to drive growth and create value over the long term by enhancing capabilities and domain depth, adding new partnerships, and making well-considered acquisitions that complement our existing strengths,” said NIIT Technologies CEO Sudhir Singh.

Founded in 2010, WHISHWORKS specializes in MuleSoft and big data technologies. The company’s 250 employees build around MuleSoft’s AnyPoint platform and its consultants hold over 350+ MuleSoft certifications, making it the largest group of MuleSoft certified experts in the EMEA region.

WHISHWORKS Founder and CEO Sri Arardhi said that the company sees “substantial opportunities and growth potential” with the new deal. Specifically, Arardhi noted that the company is “thrilled” to have NIIT Technologies’ support, presence, and scale in the U.S.

NIIT Technologies was founded in 2004 and is headquartered in Atlanta, Georgia. At FinovateSpring 2016 the company demoed Digital Foresight, a predictive analytics platform that enables a enterprises to develop actionable strategy for marketing, operations, and risk management.

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See Who’s Attending FinovateSpring and Meet the People that Matter

By Tyler Ferst Posted on
Categories: Finovate Marketing, FinovateSpring 2019
FinovateSpring is also making it easier than ever to connect with the attendees that matter to you. We’ve partnered with the Brella networking app that uses a matchmaking algorithm to suggest relevant attendees based on your business needs or offerings. Once you find someone you’d like to meet, Brella will schedule a meeting in our dedicated meeting area or location of your choice.



“I’m expecting to close 2 to 3 deals from these meetings.”
~ Dave Hazan, Versapay


Customer Experience Summit
It has never been more important to identify and meet customer needs today, to implement the products and services they want tomorrow.
LEARN MORE


Artificial Intelligence Summit
Taking a deeper dive into AI, our dedicated summit day brings you case studies of where AI is being used and having an impact.
LEARN MORE

 

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avaloq, Biometric Signature ID, Cinchy, eMoney Advisor, Flywire, Horizn, Interface.ai, Mambu, NetGuardians, NIIT Technologies, Status Money, Trulioo, Trust Science, Turnkey Lender, Worldline

On Finovate.com

  • NIIT Technologies to Acquire WHISHWORKS IT Consulting.
  • How Flywire Uses Machine Learning.

Around the web

  • NetGuardians partners with the University of Applied Sciences and Arts in Western Switzerland to improve ML and AI software for financial fraud detection and prevention.
  • Brewin Dolphin, one of the U.K.’s largest wealth managers, selects Avaloq’s software as a service solution for its back office infrastructure.
  • The Paypers: Worldline rolls out payment solution for online marketplaces.
  • Payjo relaunches as Interface.ai with a new interface, a new brand, and a platform for intelligent virtual assistants.
  • TurnKey Lender receives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
  • Mambu to open a second North American-based office this year.
  • Authority Magazine interviews Ed O’Brien, CEO of eMoney Advisor.

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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Fiserv Helps Hellenic Bank Streamline Payments

Fiserv Helps Hellenic Bank Streamline Payments
By David Penn Posted on
Categories: Fiserv

Fiserv announced a partnership with one of the most innovative banks in the Mediterranean region today. The financial services technology company will help Hellenic Bank pursue its digital transformation by providing the Cypress-based institution with its Dovetail Payments Platform.

“Hellenic Bank is leveraging advanced payments technology to ensure that they are well positioned to meet the needs of their customers in a rapidly changing digital landscape,” Fiserv President of Enterprise Payment Solutions Jan Kruger said.

The technology will give Hellenic Bank a single platform from which to manage all payment types and clearing schemes, enabling the bank to move away from multiple siloed payment systems, streamline its payments architecture, and support process automation.

In a statement, Hellenic Bank COO Phivos Leontiou highlighted this aspect of the Dovetail platform. He pointed out that the diverse needs of the bank’s customers have traditionally been met with “a variety of payment systems.” With Dovetail providing a centralized payment platform, Leontiou explained, “we have been able to streamline our payments operations while offering the payment options customers expect. We’re also able to easily add capabilities, such as support for new real-time payment schemes.”

One of the largest banks in Cyprus, Hellenic Bank opened for business in 1976. The firm has 180 retail branches; ten business, corporate, and shipping centers; three international business centers, and 2,600 employees. In 2018, the bank acquired “certain assets and liabilities” of the Cyprus Cooperative Bank which helped establish Hellenic Bank as the island’s leading retail and SME bank.

Fiserv demonstrated its Commercial Center: Security platform at FinovateFall 2017. The technology protects Fiserv’s business banking and cash management application, Commercial Center, as well as other online banking apps such as lockboxes, business billpay, and remote deposit. Commercial Center: Security also offers data reporting, electronic payment, and file transfer processing, and features cash management functionality that is optimized for digital channels.

Last year at FinovateSpring, the company partnered with Samsung SDS to present the integration of the company’s SDS biometric authentication with its Commercial Center platform.

More recently Fiserv announced that it was working with NationalLink to support the use of smart safes in supply chain management. The company has been busy forging partnerships with banks and credit unions in 2019, inking deals with HealthCare First CU and Portland Local 8 FCU in March, and partnering with Kazakhstan’s Halyk Bank, Kentucky’s Forcht Bank, and New York Community Bancorp in February.

In January, Fiserv launched a new mortgagetech solution, Mortgage Momentum, that leverages workflow automation to streamline the loan origination process.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv began the year with an announcement that it was merging with payments giant First Data Corporation in a deal valued at $22 billion.

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Kabbage Pulls in $700 Million in Debt Funding

Kabbage Pulls in $700 Million in Debt Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Kabbage

Alternative financing startup Kabbage closed a $700 million asset backed securitization this week. The amount of funding is record-breaking, marking the largest asset-backed securitization by a small business online lending platform to date.

The new transaction, which saw contributions from new and existing investors, brings Kabbage’s total combined debt and equity funding to $2.3 billion and raises its total debt funding to $940 million. The company plans to use the funds to pay down one of its existing asset-backed securitization transactions.

The company’s CFO Scott Rosenberg said, “The new transaction positions the company for continued milestone growth as small businesses accessed more than $2 billion through Kabbage last year and more than $600 million already in the first quarter of 2019.”

Kabbage was founded in 2009 and has since extended more than $6.5 billion in loans to 170,000+ small businesses in the U.S. The company underwrites the loans using non-traditional data, such as shipping records, to originate loans and monitor the business’ improvement to extend more credit, if needed.

In 2018, Kabbage acquired lending platform Orchard to enhance its data analytics capabilities. At FinovateFall 2018, I spoke with Orchard Cofounder David Snitkof, who now serves as Kabbage’s head of data integration and insights, about the integration of the two companies.

Kabbage most recently demoed at FinovateSpring 2015 where it launched the Kabbage Card. The Kabbage Card allows users to withdraw from their line of credit at any point-of-sale where VISA is accepted. Earlier this year, Kabbage announced plans to offer its Pay Later financing program to Alibaba.com’s buyers.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo, Capsilon, Eurobits Technologies, FIS, Fiserv, Flywire, identitii, InComm, Kabbage, NICE Systems, On Deck Capital, SocietyOne, Trustly

On Finovate.com

  • Kabbage Pulls in $700 Million in Debt Funding.
  • Fiserv Helps Hellenic Bank Streamline Payments.

Around the web

  • Eurobits Technologies and Trustly partner to help form European Third Party Suppliers Association (ETPPA), a non-profit that strengthensThird Party Suppliers (TPP) around PSD2.
  • Flywire adds machine learning capabilities to its payment platform.
  • Altfi: SocietyOne plans to triple peer-to-peer market share despite Australian ‘challenges.’
  • OnDeck offers same day funding for small business.
  • Cardtronics integrates FIS’ Cardless Cash into ATMs.
  • Identitii partners with Trace Financial Limited to enable the conversion from MT to MX message formats without data truncation or loss of payment message information.
  • Azimo earns license from Dutch Central Bank.
  • InComm named 2018 Vendor of the Year by 7-Eleven.
  • Varo Money chooses NICE Actimize as its AML technology vendor.
  • Capsilon partners with Home Point Financial to launch its new underwriting solution, Capsilon Digital Underwriter.

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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Endor Protocol Brings Big Data Prediction Power to the People

Endor Protocol Brings Big Data Prediction Power to the People
By David Penn Posted on
Categories: Endor

Predictive analytics platform Endor announced the launch of its Endor Protocol this week. Powered by MIT’s Social Physics technology, the solution empowers organizations and individuals to analyze and query sizable data sets and produce AI-generated business predictions. The technology enables observers to identify patterns in customer behavior that can be used to tailor services and offerings in multiple use cases – including fintech.

One big advantage of Endor’s use of Social Physics technology is that it enables users to work on encrypted data streams. This means that businesses can leverage data for insights and predictions without jeopardizing user privacy.

“We are extremely excited to officially launch the first version of the Endor Protocol,” company CEO and co-founder Dr. Yaniv Altshuler said. “Our vision from the company’s inception was to enable anyone, regardless of size and budget, to benefit from advanced AI and predictive analytics at an affordable price.”

Raw ERC-20 and Ethereum blockchain data will be the first data available during the Protocol’s launch, and will be unlocked via the EDR utility token. Altshuler has extended the invitation to potential data partners to join Endor in what he called “the AI revolution,” and assures customers that all future partners will be reviewed to “ensure the highest quality of data.”

Endor demonstrated its “Google for predictive analytics” platform at FinovateFall 2017. With partners including Coca-Cola and fellow Finovate alum Mastercard, Endor made headlines last December when CEO Altshuler was named to Silicon Republic’s 15 trailblazing entrepreneurs to watch in 2019 roster.

Earlier this year, the company added Cardano CEO and co-founder of Ethereum, Charles Hoskinson, as senior advisor. Hoskinson, whose firm is developing a smart contract platform that leverages open source blockchain technology, called the launch of Endor’s platform “an important step towards democratizing access to AI and data science.”

Endor was founded in 2014, and is headquartered in Tel Aviv, Israel. The company has raised $50 million in funding, and includes Innovation Endeavors among its investors.

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Gusto Teams with Trainual to Automate Job Role Training

Gusto Teams with Trainual to Automate Job Role Training
By Julie Muhn (@julieschicktanz) Posted on
Categories: Gusto

Payroll, benefits, and HR platform Gusto is improving its offerings by teaming up with Trainual, a cloud-based training manual software company.

The collaboration will help Gusto’s business clients automate the process of onboarding new employees by giving them resources to train them in their new role. Igor Khayet, head of business development at Gusto, referred to training and onboarding as “pain points for small businesses.” He added, “[O]ur partnership with Trainual provides an easy and efficient way to serve a business’ team so they can do their best work.”

When a Gusto client adds a new employee, the new hire will automatically be added to Trainual and receive the training they need for their job. The integration with Trainual will allow Gusto’s small business clients to document processes and policies,
customize operations manuals, assign training and test sessions, and monitor completion rates.

“We’re particularly excited about this partnership because it streamlines one of the most commonly missed, but critical steps when a new hire is brought into an organization: equipping them with the right training from the start,” said Trainual founder and CEO Chris Ronzio. “Business owners can now easily connect critical aspects of their business, bringing a new level of operational efficiency to the onboarding process so they can continue to focus on what matters most –– growth.”

With offices in San Francisco and Denver, Gusto processes tens of billions of dollars in payroll for more than 60,000 businesses in the U.S. The company also offers an easier way for small businesses to offer their employees benefits such as health insurance, 401(k) retirement plans, and 529 college savings plans.

Gusto launched in 2012 under the name ZenPayroll and showcased its flagship payroll solution at FinovateSpring 2014. Last year, the company unveiled Flexible Pay, a solution that allows employees to get paid on a different schedule than their employer’s payroll schedule. The company has raised $316 million. Joshua Reeves is CEO.

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Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA

By David Penn Posted on
Categories: Asseco, Finn.ai, Finovate Global, NF Innova, Ripple, Tinkoff Bank, Token

Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • NF Innova to power “Customer-First” experience for APS Bank.
  • Tinkoff Group of Russia builds supercomputer dubbed the most powerful in financial sector.
  • Raiffeisen Bank Serbia picks Asseco SEE as its strategic vendor.

Middle East and Northern Africa

  • Khaleeji Commercial Bank of Bahrain partners with Token.io.
  • AI chatbot maker Kasisto and UAE-based digital bank Liv partner to launch new conversational chatbot, Olivia.
  • Smart Dubai gives the nod to blockchain platform developed by Du, formerly known as the Emirates Integrated Telecommunications Company.

Central and South Asia

  • Indian point-of-sale terminal developer Mswipe raised $30 million in new funding.
  • Fintech startups are among those looking for capital from the new $20 million fund launched by China’s Gobi Partners and Pakistan’s Fatima Ventures.
  • India’s Federal Bank turns to Ripple to power cross-border remittances.

Latin America and the Caribbean

  • The Paypers interviews allpago Founder and CEO, Philipp Bock, on ecommerce in Latin America.
  • HSBC Uruguay announces partnership with Spanish biometric authentication firm, FacePhi.
  • Latin American payments processor EBANX initiates local operations in Brazil.

Asia-Pacific

  • Hong Kong-based SME lender Qupital raises $15 million to fuel expansion to mainland China.
  • Krungthai Bank, EVX Holdings, and Shwe Rural and Urban Development Bank agree to launch the first blockchain-powered, cross- border money transfer service between Thailand and Myanmar.
  • UnionBank of the Philippines introduces the first cryptocurrency ATM in the country.

Sub-Saharan Africa

  • Finn AI Brings Conversational Banking to South Africa’s TymeBank.
  • Korepay helps Nigerian migrant workers in 12 U.S. states send money back home.
  • Xente, a fintech that enables Ugandan merchants to offer pay by installment, announces expansion to Nigeria.

Top image designed by Freepik

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Aire, Bpm'online, Finn.ai, Green Dot, Gusto, IBM, Kofax, PayNearMe, Revolut, Ripple, SumUp, Token, Top Image Systems, Tradeshift, Trustly, Zopa

On Finovate.com

  • Gusto Teams with Trainual to Automate Job Role Training.
  • Finovate Global: Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA.

Around the web

  • Green Dot helps Walmart customers move more than $2 billion through the program’s virtual Vault savings program.
  • Top Image Systems shareholders approve acquisition by Kofax.
  • BuyerQuest joins the Tradeshift platform as an app partner.
  • American Banker highlights how PayNearMe helps marginalized cash users partake in ecommerce.
  • Trustly grows to 300 employees.
  • Silicon Canals features SumUp, Aire, Revolut, and Zopa in its list of top fintech companies to work for in London.
  • Ripple, IBM, SWIFT and nearly 100 other organizations launch the International Association of Trusted Blockchain Applications (INATBA).
  • Forrester Research recognizes bpm’online as a “strong performer” in digital process automation for wide deployments in Q1 of this year.

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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Bento for Business Partners with Visa

Bento for Business Partners with Visa
By Julie Muhn (@julieschicktanz) Posted on
Categories: Bento for Business

B2B payment solutions provider Bento for Business inked a deal with Visa this week. The deal includes Visa as an additional payment card in the Bento for Business platform that aims to help small businesses manage their cash and employee expenses. The Visa card offering is being added to the company’s Mastercard prepaid commercial card product originally launched in 2015.

As part of the partnership, joint customers of Visa and the Bento platform can benefit from Bento’s businesses management tools such as budgeting, capital management, employee card controls, and bookkeeping. And it notably makes Visa’s millions of business debit cardholders into potential Bento clients.

“The SMB segment is a priority for Visa and we continue to be an advocate for the 30 million SMBs in the United States,” said David Simon, Global Head of Small and Medium Enterprises at Visa. “The Bento solution will evolve how Visa Business cardholders and merchants manage expenses and gain insights into their cash flow and financial management activities.”

Plans for Bento business users have a range of options, starting with two cards for free, and extending to unlimited cards and administrators for $149 per month.

Founded in 2014, Bento demoed its platform at FinovateSpring 2015. As for the company’s next plans, Bento CEO Farhan Ahmad said, “In 2019 and beyond, we will continue to expand our financial controls and cashless workflows for SMBs with a vision to deliver an all-in-one working capital management solution.”

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The Rise of AI and the Role of the Customer in Fintech

The Rise of AI and the Role of the Customer in Fintech
By David Penn Posted on
Categories: FinovateSpring 2019

This year, FinovateSpring will feature a special day dedicated to two critical issues in fintech: the rise of AI and the importance of the customer journey.

On May 7th, the day before the conference begins, we’ll host an AI Summit and a Customer Experience Summit that will provide both a broad overview and a deep dive into both timely topics.

Join us Tuesday morning at the Hilton San Francisco Union Square for a day of insightful keynote addresses, fireside chats, strategy roundtables, case studies, and debates.

AI  Summit

In addition to opening and closing remarks from our chair, Ron Shevlin, Head of Research, Cornerstone Advisors, here’s a look at the sessions available in our AI Summit:

  • What Can Artificial Intelligence Do for Your Business? – read more
  • Making AI Walk the Talk – It’s All About the Data – read more
  • Transforming Legacy Businesses with AI – Machine Learning is King Now, But Image, Voice, and Natural Language Processing are Coming Up Fast. What are the Internal Challenges? The Ethical Challenges? And the Business Opportunities? – read more
  • The Rise of Natural Language Processing & How it is Reshaping
    Financial Services – read more
  • AI for Fraud Detection and Risk Management – read more
  • Let’s Chat About Chatbots – read more
  • Six Business Applications Within Investing, Compliance, Credit Scoring, Marketing, and Customer Support – read more
  • Oxygen for AI, How Data Management and Data Governance Can Make or Break Your AI Journey – read more
  • Using AI to Transform Customer Experience – read more
  • Building a Cognitive Bank from the Inside Out – read more
  • AI to Streamline Operational Processes – read more
  • Fintechs and Financial Institutions on the Journey Towards a Productive Partnership in AI – read more

Customer Experience

With opening and closing remarks from Beyond the Arc CEO Steven Ramirez, who will serve as Chair, here’s a look at the sessions being offered in our Customer Experience Summit.

  • The Evolution of Innovation: Build, Buy or Partner? – read more
  • Return on CX – 80% of the Potential ROI is Typically Left Untapped – read more
  • How Can Financial Institutions Transform Customer Experience through Deep Customer Insights? Why Powerful Data Analytics Will Be Critical for Success – read more
  • How to Innovate on Behalf of the Customer and Build a Business Around Customer Needs to Drive Loyalty and Sustained Growth – read more
  • Bridging the Gap Between the Customer Experience Promise and the Customer Experience Reality to Deliver Outstanding CX at Scale – read more
  • How to Align Your Whole Organization to a Common Customer. Purpose and Harness Future Technology to Redraw the Customer Experience Landscape – read more
  • Creating a Seamless Digital Customer Experience – read more
  • How We Are Creating a Seamless Customer Experience – read more
  • Harnessing Disruptive Technologies to Maximize Customer Experience and Loyalty – read more
  • Delivering Outstanding Customer Experience by Harnessing Open APIs – read more
  • Transforming the B2B Customer Experience – read more
  • Fintechs and Financial Institutions On the Journey Towards a Productive Partnership in CX – read more

Tickets to FinovateSpring are available now. Visit our registration page today and save your spot.

Note that registration for Tuesday’s Summit’s is separate from registration to attend the main, three-day FinovateSpring conference beginning on Wednesday, May 8.

Take advantage of our special discount when purchasing your ticket before April 26, or when packaging a Summit Day registration with a registration for the main conference.

Questions about FinovateSpring? Send us an email for more information.

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