ayondo Goes Pro

Social trading company ayondo announced a new professional trading platform this week. A complement to the Singapore-based company’s B2C product, ayondoPRO caters to the needs of professional traders.

Specifically, ayondoPRO clients will be able to trade more than 2,000 instruments with leverage of up to 200 times. Participants can also join a Spread Rebate Program that gives clients part of the spread they have paid back to their trading account. And professional traders don’t need to sacrifice ayondo’s standard benefits such as negative balance protection and free additional insurance that covers each Financial Services Compensation Scheme (FSCS) eligible customer up to $1.3 million in excess of the FSCS standard.

To qualify as a professional for an ayondoPRO account, users must:

  • Have executed significantly sized leverage trades at an average frequency of 10 per quarter over the last four quarters
  • Have a financial instrument portfolio, including cash deposits, exceeding $569,000
  • Currently work or have worked in the financial sector for at least one year in a professional position

“With ayondoPRO, professional and experienced traders will benefit from a combination of excellent service, great trading conditions, and customer protection. We have seen a lot of demand for a platform that provides high-leverage with trading conditions offering tight spreads,” said Raza Perez, Chief Product Officer of ayondo. “The launch of ayondoPRO is part of our commitment to keep improving and investing in our B2C product offering while introducing a PRO White Label facility for B2B clients, at the same time.”

Founded in 2008, ayondo offers a brokerage platform that lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, the company unveiled a new version of its service, its London brokerage, and a trader career training curriculum. The company became the first fintech to list on the Singapore Stock Exchange this March, following a failed reverse takeover deal from Starland Holdings. Earlier this fall, ayondo formed a white-label agreement with Phnom Penh Derivative Exchange to provide its TradeHub to its derivative broker clients in Cambodia.

Finovate Alumni News

On Finovate.com

  • Boku Acquires Mobile ID and Authentication Company Danal

Around the web

  • CU Broadcast interviews Larky CEO Gregg Hammerman on what credit union CEOs are prioritizing for their members’ engagement today.
  • IdentityMind protects FIs with virtual currency risk assessment.
  • 32 fintechs graduate from Envestnet | Yodlee’s incubator.
  • Token brings Open Banking to Mena region.
  • Coinbase continues to explore support for new digital assets.
  • The city of Rye, NY partners with Passport to manage parking.
  • Mortgage Cadence integrates Radian’s mortgage insurance service into its Enterprise Lending Center solution.
  • The CX Show interviews SaleMove co-founder and CEO Dan Michaeli about creating contact center leaders.
  • TechCrunch interviews Transferwise cofounder and CEO Kristo Käärman on growing money transfers despite global turbulence.
  • Pendo Systems partners with Azimuth GRC and Global Comply.

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.

Fighting Financial Crime with Feedzai’s Risk Ledger

Leveraging machine learning and secure, federated data from its customer base and third-party vendors, Feedzai announced this week the release of its latest financial crime prevention solution, Risk Ledger.

Feedzai’s Risk Ledger uses the 30 million transactions processed by its system every day – including more than 100 different payment methods – to deliver a more accurate and comprehensive anti-fraud solution compared to siloed data offerings.  By processing such a wide range and number of data elements (i.e., cards, IPs, merchants, emails) along the full cycle of the customer journey (from onboarding to compliance), Risk Ledger provides anti-fraud and anti-money laundering defense for all members of the payment process from issuers and acquirers to merchants and networks.

“Our goal has always been to make it harder and harder for fraudsters to hide, while making it easier for businesses to serve their loyal customers without friction,” Feedzai Head of Product Saurabh Bajaj explained. “As our customer base across the world continues to grow, the network effect of all of that data will only make Risk Ledger stronger.”

Risk Ledger is the latest solution from Feedzai designed to help fight financial crime. In October, the company unveiled Feedzai Genome, which enables financial fraud investigators to use link analysis graph technology to visualize and identify complex financial crime patterns and take action in real time. Powered by Feedzai’s advanced AI, Feedzai Genome learns over time, keeping pace with evolving AML and fraud typologies.

“Fraud patterns are getting more complex as criminals continue to get more sophisticated to avoid detection,” Feedzai CTO and co-founder Paulo Marques said when the technology was introduced. “Feedzai Genome gives our customers a full picture of financial crime so that they can fight it more effectively.”

With $5 billion in transactions scored daily, Feedzai serves ten of the largest 25 banks in the world, protecting 200 million people against cyberfraud. The company has raised $82 million in funding and includes Data Collective DCVC, Sapphire Ventures, Citi Ventures, and Oak HC/FT among its investors.

Earlier this year, Feedzai introduced its AutoML technology, leveraging machine learning to automate many of the most time-consuming processes for data scientists fighting cybercrime. In July, the company teamed up with Credorax, an e-commerce focused commercial bank, to help merchants better defend themselves against fraud.

Named to the Inc. 5,000 Europe roster for 2018 this summer and honored with a spot on the Forbes Fintech 50 at the beginning of the year, Feedzai demonstrated its fraud prevention technology at FinovateEurope 2014. The company was founded in 2008 and is based in San Mateo, California.

Finicity Automates Asset Verification for Princeton Mortgage’s SnapApp

Princeton Mortgage will leverage Finicity’s Verification of Assets solution to improve the loan origination experience for lenders and borrowers. The asset verification technology will be integrated into Princeton Mortgage’s digital mortgage platform, SnapApp, automating the asset verification process, reducing mortgage fraud, and speeding time to close.

“We’re thrilled to work with Princeton Mortgage and provide its customers with an innovative, paper-free and hassle-free experience,” Finicity CEO Steve Smith said. “As the leading financial data aggregator in the mortgage lending industry, we are always looking for partners who share our goal of transforming outdated loan origination processes into seamless digital experiences.”

Finicity demonstrated its credit decisioning solutions, including both its Verification of Income (VoI) and Verification of Assets (VoA) reports, at FinovateFall 2017. The Verification of Assets solution enables lenders to leverage bank validated insights to identify underwriting factors that can shave as many as six days off the mortgage origination process. VoA and VoI are part of the company’s innovations to help digitize the lending experience and bring the quality of information available via real-time bank data to the mortgage industry.

Princeton Mortgage’s SnapApp enables borrowers to apply, verify income and assets, access their credit information, run an automated approval and generate a pre-approval letter at any time, according to the company’s Sales Enablement Manager Nicole Gordon. “Borrowers want an effortless mortgage experience, and with our new SnapApp they get just that,” she said.

Headquartered in Salt Lake City, Utah, and founded in 1999, Finicity partnered with fellow Finovate alums Experian and FICO to launch the new UltraFICO credit score earlier this fall. The new solution is designed to help provide financing to borrowers with credit scores in the so-called gray area of the upper 500s and lower 600s. UltraFICO leverages the account aggregation capabilities of Finicity and Experian’s consumer credit data to give lenders a broader view of a borrower’s financial behavior – especially for those new to credit or with limited credit history.

Finicity has been busy making friends and forging partnerships this year. The company teamed up with Freddie Mac in October, Fidelity Investments and Capsilon in September, Capital One in August, and both SimpleNexus and Cre8tech Labs’ Lender Price in July. The deals ranged from credit decisioning integrations to secure data exchange and customer data security agreements.

Avaloq and Cyber Infrastructure Firm Metaco Team Up with Gazprombank

Banking technology supplier Avaloq and crypto infrastructure firm Metaco have partnered with Gazprombank, a Swiss bank, to implement their integrated crypto asset solution, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The aim of this project is to provide banks and wealth managers with a solution for the management of client portfolios across all asset classes including cryptocurrencies.

Gazprombank, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.

The solution will integrate SILO, Metaco’s crypto-wallet management solution, within the Avaloq Banking Suite. The two firms are already familiar with each other as Avaloq has a 10% stake in Metaco.

It will also allow banking and wealth management clients to buy, sell and transfer crypto assets and currencies, without any need for a crypto-wallet or private key management.

Adrien Treccani, founder and CEO of Metaco, said: “We know that security and secure custody are of paramount importance and Metaco’s multi-signature support will make the solution fully capable for institutional use.”

Metaco’s HSM (hardware security module) ensures a “military security” solution for storing private keys and managing wallets and operations. The new solution will support a multi-signature system for transaction approval.

Avaloq demonstrated its double marketplace at FinovateAsia 2018 last month. The double marketplace is a new feature of the company’s ecosystem that brings the app store concept to banking. Headquartered in Zurich, Switzerland, Avaloq was founded in 1985.

Finovate Alumni News

On Finovate.com

  • Fighting Financial Crime with Feedzai’s Risk Ledger.
  • Finicity Automates Asset Verification for Princeton Mortgage’s SnapApp.

Around the web

  • Sberbank joins BC Region and NSD in three-way repo deal using blockchain technology.
  • Avoka accepted into Symitar Vendor Integration Program, will integrate its Transact platform with Symitar Episys.
  • Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
  • Avaloq and cyber infrastucture firm Metaco team up with Gazprombank.
  • thinkmoney leverages Outsystems’ low-code platform to deliver new applications and features for its innovative current account offering.
  • Finastra opens new offices in Romania.

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.

Top Three Action Items for FI’s from 2018

With FinovateAfrica officially in the books, Finovate’s 2018 calendar of events is now complete. While the next event (FinovateEurope, February 12-14 in London) is right around the corner, it’s worth taking the time to pause and assess what we learned over the 2018 shows. It’s never easy to condense one show down into a handful of concrete takeaways, let alone the full cohort of six. There are more angles and storylines than I could possibly do justice to here.

But over the course of our shows in Europe, America, the Middle East, Asia, and Africa, there were a few common threads that should shape every financial institution’s thinking for 2019. Here are my top three action items for banks and financial institutions based on the 2018 Finovate series:

  1. Focus on your customers. Over the past 12 months, we saw more companies win best of show with customer-experience applications than any other, which is a strong indicator that both innovators and financial institutions recognize the value of creating and maintaining positive customer interactions. Users’ expectations have been raised by tech giants and web retailers across the globe, and those expectations absolutely extend to the financial arena. Quality online account opening is a must, as is customer care, mobile money management, and customer-friendly payments. Fintech innovators have been working in this space for many years, but the industry as a whole took a big leap forward in 2018. The difference between leaders and followers in this area will be increasingly visible as the next year unfolds.
  2. Demand more from your core providers. One of the recurring themes over the past year has been the way that new fintech innovations are making themselves accessible to traditional technology stacks through the use of APIs or other easy-integration solutions. In fact, a new class of fintechs is emerging whose sole focus is around taking innovations and bringing them into the real world. As more and more innovators are taking real steps to make sure their products play nicely with others, it’s vital that every bank pushes on their existing technology providers to make sure they are ready to integrate well with new technologies. If your core providers can’t smoothly accommodate the new tech you’d like to offer, it’s time to put pressure on them. You may not know exactly what you want to update yet, but you already know you’ll want the flexibility to move quickly when you see something new that you like.
  3. Broaden your horizons. Fintech is breaking down barriers all over the world, and financial institutions who think big will reap the rewards. Fintechs are focusing on making services available to unbanked and underbanked populations in a wide variety of geographies, and for banks who feel like they have tapped out their potential customer bases, this should be a breath of fresh air. Opportunities exist all over the world, but don’t overlook what’s happening in your own back yard. It’s likely there are underserved demographics that you can target more efficiently and effectively than you currently are no matter where you are in the world. It can be scary to extend beyond your comfort zone, but if you don’t use technology to reach out for your share of the next generation of banking customers, it’s a sure bet that someone else will.

2018 has been an transformative year for fintech (and for Finovate), and I’m genuinely excited to see what 2019 has in store for us. Here’s to another great year of fintech innovation!

To get involved in any of our events as an attendee, presenter, speaker, or sponsor, reach out us at info@finovate.com

TIBCO Acquires Orchestra Networks

It’s the second acquisition this year for TIBCO. The integration and analytics software company announced this week that it purchased Orchestra Networks for an undisclosed amount.

“This is a very important acquisition for us, supporting our mission to create the world’s leading platform for digital business. Orchestra Networks will allow TIBCO to address our customers’ simple and complex master data and data asset management needs quickly and easily,” said Matt Quinn, chief operating officer, TIBCO.

Founded in 2000, Orchestra Networks specializes in master data management and data access management solutions, including EBX a solution that helps clients manage, govern, and share all master data, reference data, and metadata assets. The addition of the Paris-based company to TIBCO’s portfolio will help it expand its Connected Intelligence platform with data assets for operational and analytics processes.

“EBX, an industry-leading master data management solution, will be further amplified as part of the TIBCO Connected Intelligence Cloud. EBX customers will gain instant access to our leading integration and analytics capabilities for their data assets. Orchestra Networks brings an exceptional team that, with TIBCO, will continue to support their customers and partners,” said Quinn.

In the press release, Christophe Barriolade, co-founder and CEO of Orchestra Networks mentioned how the acquisition will boost EBX, saying that the company will support it on a “larger, more global scale while offering complementary API-led integration and AI-driven analytics capabilities” to Orchestra Network’s customers.

This is TIBCO’s 23rd acquisition since it was founded in 1997. TIBCO itself was acquired by Vista Equity Partners in 2014.

The company demoed at FinovateAsia 2013, showcasing how banks can leverage their clients’ transactional data to gain insight into customer behavior. At the beginning of this year, TIBCO made two C-level appointments, transitioning Matt Quinn to a new role as TIBCO’s COO and hiring Nelson Petracek as its new CTO.

Pindrop Advances into Smart Devices with $90 Million in Funding

Phone-based fraud prevention company Pindrop closed a Series D funding round today valued at $90 million, bringing the Atlanta-based company’s total funding to almost $213 million. Pindrop is not disclosing its valuation, but did say that it is “much higher” than the $600 million it was valued at after its $75 million funding round in 2016.

Vitruvian Partners led the round. Strategic investors Allegion Ventures, Cross Creek, Dimension Data, Singapore-based EDBI, and Goldman Sachs also participated, along with existing investors, including CapitalG, IVP, Andreessen Horowitz, GV and Citi Ventures.

According to Vijay Balasubramaniyan, co-founder, CEO, and CTO of Pindrop, the company will use the investment to advance in consumer IoT and voice technology while strengthening its existing solutions. Specifically, the company outlined plans to boost its presence in Europe and Asia, citing investments from U.K.-based Vitruvian Partners, Singapore-based EDBI, and Japan-based Dimension Data.

“One of our key goals is to help leading high-growth companies like Pindrop grow in Europe and internationally,” said David Nahama, senior partner at Vitruvian Partners. “We are confident that Pindrop is poised for massive expansion given the company’s depth of engineering expertise, pioneering efforts in machine learning technology and patent portfolio.”

Pindrop will also use the funds to support research and development efforts into providing security solutions for voice-controlled smart devices, including Google Home, smart locks, and connected cars. “Voice is fast emerging as the next generation human user interface with wide consumer and commercial applications, yet security remains a major concern,” said Chu Swee Yeok, chief executive and president of EDBI. “Pindrop’s world class AI voice security technology will be a significant enabler for wider voice UI adoption, beyond call centers.”

Founded in 2011, Pindrop debuted its Phoneprinting technology at FinovateFall 2012 in New York. The technology detects 80% of fraudulent calls into call centers and protects “hundreds of millions” of calls annually. Pindrop is working with eight of 10 of the largest banks as well as the five of the seven largest insurance companies in the U.S. Overall, the company protects more than 200 million consumer accounts and has stopped more than $350 million in voice-based fraud attacks this year.

Finovate Alumni News

On Finovate.com

  • Pindrop Advances into Smart Devices with $90 Million in Funding.

Around the web

  • iSignThis begins accepting customer deposits to its own issued International Bank Account Numbers (IBANs).
  • Personal Capital moves headquarters to Redwood Shores.
  • Signifyd opens EMEA headquarters in London to support its ecommerce fraud protection business in Europe.
  • Juvo expands across Asia with regional headquarters in Singapore.
  • Ondot announces new digital card services platform to support U.K. banks.
  • Lighter Capital provides NinjaCat $1.1 million.
  • R3’s new Corda App supports Ripple’s XRP.
  • Upserve (formerly Swipely) releases newest point-of-sale device, Upserve POS, now available for Android.

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.