Ephesoft Helps Businesses Leverage the Cloud to Meet Demand

Ephesoft Helps Businesses Leverage the Cloud to Meet Demand

When the going gets tough, the tough take to the cloud.

Enterprise content capture and data solution provider Ephesoft unveiled its Ephesoft Cloud HyperExtender today. The new technology enables Ephesoft Transact users to optimize their on-premise solution by more than 10x, bringing processing speeds up to 2,500 pages per minute to satisfy instances of peak demand.

An add-on application, the Cloud Hyperextender combines high-performance cloud image processing with Transact’s supervised machine learning, shifting processing intensive Optical Character Recognition (OCR) operations to the cloud once documents are captured on-premise. After processing, the documents are returned to the on-premise system for classification, extraction, validation, and export.

Click the image above to see a YouTube video of the Cloud HyperExtender in action.

The solution is designed to help companies meet peak demand which “stress(es) the infrastructure for document intelligence,” the company noted in a statement. Retailers experiencing surges in invoices and credit card applications during shopping holidays and tax preparation companies managing heavy processing during tax season are among the examples of how the technology can be deployed.

“Ephesoft’s Cloud HyperExtender is bridging the gap for our customers who want to continue using their existing systems while reaping the benefits of ultra-fast processing in the cloud,” company founder and CEO Ike Kavas said. “This first-to-market offering provides the best of both worlds. As the world’s first hybrid capture microservice, this product maximizes efficiency and profitability for our customers and epitomizes our vision to lead the market to the cloud.”

Above: Scott Lee (Senior Product Manager) and Chris MacWilliams (Lead Solution Engineer) demonstrating the Ephesoft platform at FinovateSpring 2018.

Ephesoft demonstrated its smart document capture and analytics platform at FinovateSpring 2018. The firm has hundreds of customers in more than 50 countries who rely on the company’s technology – including its Ephesoft Insight document analytics and business intelligence solution – to become more productive and efficient, as well as boost ROI.

Earning a finalist spot in the 2019 Cloud Awards Program in the Best Cloud Automation Solution category last month, Ephesoft was named a 2018 Top Workplace by the Orange County Register. Over the summer, Ephesoft was recognized as a Hot Vendor in Document and Contract Analytics, 2018, and launched its Swagger/OpenAPI-web services for Ephesoft Transact. This simplified API makes it easy to integrate Ephesoft’s document capture solutions into openAPI-compliance platforms such as Microsoft Flow.

Ephesoft has raised $15 million in funding, courtesy of a Series A round led by Mercato Partners. Founded in 2010, the company is headquartered in Irvine, California with offices in the U.K., Germany, France, Australia, Singapore, and Italy.

Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking

Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking

Workspaces for Retail Banking is the first offering from digital customer experience specialist Avoka since the company was acquired by fellow Finovate alum Temenos in a $245 million deal in December.

A new module within the Temenos Infinity product, Workspaces gives professionals at retail banks and credit unions a digital review and approval workspace to provide better support and service during customer account opening and onboarding.

The new solution will be especially helpful for financial services professionals when dealing with applications submitted via Straight Through Processing (STP) that can neither be immediately approved or declined. Workspaces is built to improve the efficiency and productivity of the resolution process necessary to manage these pending applications, helping bank staff avoid delays and negative customer engagement.

“Orchestrating a fast, accurate and collaborative decisioning process is a critical aspect of an applicant’s customer journey,” Steve Demchuk, Chief Product Officer for Avoka, a Temenos Company, explained. “We validated this as an important problem to solve for our bank and credit union customers as they look to remove costly delays in account acquisition.”

Demchuk added that making application review and live customer service a part of the digital account opening process – instead of relying on separate systems – was a major innovation with Workspaces. “This is key to providing excellent service to prospective customers,” he said.

A multiple time Finovate Best of Show winner, Avoka demonstrated its digital account opening solution, Transaction Insights, at FinovateEurope 2017. With offices in Denver, Colorado, as well as London, England, and Sydney, Australia, Avoka had digitized more than 100 million transactions for more than 150 clients around the world.

With customers in more than 145 countries, Temenos introduced its Connect Mobile Banking application at FinovateEurope 2015. The company announced a partnership with Credorax earlier this week, helping the payments firm provide SME, merchant acquiring, and cross-border payment services. Also this month, Temenos partnered with Bloomberg to help provide contingency net asset value )NAV) calculations to buy-side institutions.

Headquartered in Geneva, Switzerland, Temenos was founded in 1993.

FinovateEurope Sneak Peek: Fincite & ABN AMRO

FinovateEurope Sneak Peek: Fincite & ABN AMRO

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

Recognized as one of the fastest growing companies in Germany, Fincite provides an investment suite with a 360° customer view, intelligent recommendations, and portfolio management for banks and asset managers

Features

  • Automatically provide an individual investment proposal based on customer and bank restrictions
  • Reduce the effort of an investment advisor to handle a portfolio by 4x
  • Ensure portfolio compliance

Why it’s great
The tool allows investment advisors to quickly give accurate financial advice and optimize portfolios, providing a completely new user experience for advisors and customers.

Presenters

Friedhelm Schmitt, Co-CEO, Fincite
Schmitt is a German technology entrepreneur and founder of Fincite and Fincite Ventures. Fincite is creating solutions to reinvent investment and portfolio management in a digital world.
LinkedIn

 

Maarten Heyboer, Business Developer, Investments, ABN AMRO
Heyboer is a Dutch business developer working for ABN AMRO Private Banking. His drive is to optimize customer satisfaction by developing great investment products using the latest innovations.
LinkedIn

FinovateEurope Sneak Peek: Keepabl

FinovateEurope Sneak Peek: Keepabl

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

How good’s your GDPR answer? Keepabl helps you feel confident about GDPR and gives you a great GDPR answer for the board, investors, and customers in an intuitive, simple SaaS solution.

Features

  • Incredibly simple, user-friendly interface
  • Instant reports, registers, and analysis to help you get the GDPR job done
  • Years of legal expertise baked into the product

Why it’s great
Have a great GDPR answer and unlock investment and revenue blocked by privacy concerns.

Presenter

Robert Baugh, CEO
Baugh founded Keepabl after 13+ years as General Counsel, EVP and Director of VC-backed growth SaaS companies, combining legal and SaaS expertise with the coal-face experience of being the customer.
LinkedIn

 

Andrea Spataro, Privacy Executive
Spataro is a qualified Italian lawyer and Data Protection consultant, combining legal expertise with experience implementing practical and achievable compliance programs in Italy and the U.K.
LinkedIn

FinovateEurope Sneak Peek: Salt Edge

FinovateEurope Sneak Peek: Salt Edge

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

Salt Edge is a leading financial API platform that offers a range of PSD2 and Open Banking solutions. By having a global vision and EU focus, it securely connects to 3,100+ banks in over 60 countries.

Features

  • Verification of payee before the confirmation of payment
  • Built-in payment templates for all instant payment schemes
  • Notifications about banks’ PISP/AISP channels availability

Why it’s great
Salt Edge enables your company to experience the full power of Open Banking. With a single integration, you get access to thousands of banks and dozens of unique services.

Presenters

Lisa Terziman-Gutu, Head of Business Development
Terziman-Gutu has five years working experience in the fintech industry developing Open Banking products. She leads Salt Edge’s business expansion around the world.
LinkedIn

 

Andrei Scutari, Senior Sales Manager
Scutari is a fintech and Open Banking industry expert. He has international experience in product management, sales, and corporate business.
LinkedIn

 

FinovateEurope Sneak Peek: Icefire

FinovateEurope Sneak Peek: Icefire

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

Icefire‘s Modularbank is a true BaaS platform built on decades of industry expertise. It allows banks to run their businesses in real-time and rapidly leverage new business models.

Features

  • Rapidly launch business lines like accounts, payments, and loans on the side of your existing business.
  • Replace your existing systems step-by-step
  • Launch a new credit institution in no time

Why it’s great
Icefire has successfully replaced the heart of numerous established banks. With its API-based banking platform Modularbank, Icefire can now serve its clients with the most aggressive timeline possible.

Presenters

Rivo Uibo, Head of Business
Uibo has been leading and advising many influential and award-winning business cases in the banking and financial services industry. He is one of the driving forces behind Modularbank.
LinkedIn

 

Ove Kreison, Head of R&D
Kreison has extensive banking and financial services experience backed with deep technical know-how. He is one of the founders of Modularbank.
LinkedIn

 

Finovate Alumni News

On Finovate.com

  • Ephesoft Helps Businesses Leverage the Cloud to Meet Demand.
  • Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking.

Around the web

  • Onfido forges partnership with PensionBee.
  • Portugal’s Banco CTT to leverage technology from Fiserv to fight money laundering.
  • Lendio announces providing more than 5,000 Kiva loans to support women-owned businesses.
  • NCR unveils its EMV-integrated Equinox Luxe devices for NCR Connected Payments, giving a secure payment route for retailers.
  • Hooyu to provide online verification for mobile egaming operator, Small Screen Casinos.

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.

CuneXus Starts New Year Signing its 100th Customer 

CuneXus Starts New Year Signing its 100th Customer 

Lending and marketing automation platform CuneXus announced signing its 100th customer today. The partnership news shows the Santa Rosa, California-based company continuing the momentum in 2019 after a year that featured major new partnerships, new product features and platform integrations, and a handful of industry awards.

“Since the launch of CuneXus, we have relentlessly pursued the idea that all consumers deserve an easier, more transparent lending experience,” CuneXus CEO Dave Buerger said. “Our achievements in 2018 advanced that goal significantly. I am incredibly proud of the team’s accomplishments last year and our current high growth trajectory.”

Above: CuneXus co-founders John Reich (CTO) and Dave Buerger (CEO) demonstrating cplXpress at FinovateSpring 2018.

CuneXus’ latest client adds to the 27 new partners the company signed last year. These partners now represent more than $175 billion in combined assets and more than 10 million U.S. consumers. The company also noted that its platform averaged more than $8 million in daily loan requests in 2018, with more than $5 billion in total approved loan requests by year’s end.

New clients for CuneXus include community FIs like Redwood CU, Suncoast CU, Community Choice CU, Commonwealth CU of Kentucky, and Nassau Educators FCU. The firm noted that one partner in particular leveraged CuneXus’ technology to lower average processing time for personal loans by 60% and its auto loan time by 80%. Another partner reported an increase of nearly 36% in overall response rates to its loan officers, with more than 10% of the credit union’s members activating offers via CuneXus’ technology.

“We are excited to build on the momentum of 2018 with a brand-new software release that delivers the ability to integrate with partner products from Kasasa, Rollick, and GrooveCar,” Buerger added. “Our outlook for 2019 is strong and we predict another year of growth, robust engagement, and product innovation.”

Founded in 2011, CuneXus demonstrated its cplXpress lending and marketing automation technology at FinovateSpring 2018. The presentation introduced a redesigned and rebuilt platform with improvements to UI, new features, faster processing speeds, deeper campaign analytics, and turn-key integration into dozens of partner systems.

Last fall, the company partnered with fellow alum and Best of Show winner Kasasa, making the its Kasasa Loans product available via CuneXus’ cplXpress platform. Over the summer, CuneXus’ technology was recognized at the 2018 Marketing Association of Credit Unions (MAC) awards, earning top honors in the Electronic Marketing category.

With $6.7 million in funding, CuneXus includes CMFG Ventures among its investors.

Save up to £400 if you register for FinovateEurope before Friday!



David Birch
Global Ambassadaor
Consult Hyperion

David will be the chairman of Day 3 at FinovateEurope 2019. He is an internationally-recognised thought leader in digital identity and digital money; was named one of the global top 15 favourite sources of business information by Wired magazine and one of the top ten most influential voices in banking by Financial Brand; created one of the top 25 “must read” financial IT blogs; was found by PR Daily to be one of the top ten Twitter accounts followed by innovators, along with Bill Gates and Richard Branson and was rated Europe’s most influential commentator on emerging payments by Total Payments.
LEARN MORE


Russell Pert
UK Head of Industry
Facebook

Russell will discuss how technology is augmenting relationships between brands and customers and why the future of loyalty is centered around relevant and meaningful one to one interactions, at scale.
LEARN MORE


Tan Le
Founder & CEO
Emotiv

As one of Fast Company’s Most Influential Women in Technology and Forbes’ 50 Names You Need to Know, Tan will show you how automation is an opportunity rather than a threat, as humans and machines become increasingly integrated.
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Credorax Partners with Temenos to Enhance Payment Services

Credorax Partners with Temenos to Enhance Payment Services

Credorax, a payments company, has selected Temenos T24 Transact, deployed on the cloud, to provide SME, merchant acquiring and cross-border payment services, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The firm has created an API-centric technology ecosystem with the Temenos open banking platform running on Microsoft Azure.

Temenos was the first banking software provider to launch a cloud offering running on Azure and since 2011, T24 Transact has been available as a managed service on the Temenos Cloud.

T24 Transact is part of Temenos’ new batch of products announced earlier this month.

Now, Credorax is a fully-fledged European commercial licensed bank via the Malta Financial Services Authority, and offers a suite of services, including fraud detection and local processing.

Steen Jensen, managing director – Europe, Temenos said: “With T24 Transact, Credorax can capitalize on real-time flexible technology today, as well as have a foundation for future growth.”

“We want to provide the scalability necessary to dominate the financial services industry and couple that with versatile and innovative cloud services,” added Moshe Selfin, COO of Credorax.

Credorax’s move into cloud-based banking was motivated by the introduction of PSD2, according to the firm.

Founded in 1993 and headquartered in Geneva, Switzerland, Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. More than 3,000 companies around the world, including 41 of the top 50 banks, leverage Temenos’ technology to support the transactions of more than 500 million bank customers.

Finovate Alumni News

On Finovate.com

  • CuneXus Starts New Year Signing its 100 Customer.
  • Credorax Partners with Temenos to Enhance Payment Services.

Around the web

  • Zurich Topas Life, part of Zurich Group, selects Vymo as its sales productivity solution.
  • Modo powers new loyalty solution from FIS, Pointopia.
  • Baker Hill announces major 2018 milestones.

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.

Competing with Neo-Banks on Customer Value

Competing with Neo-Banks on Customer Value

As if disruption in the global banking sector was not already confusing enough, traditional institutions must now deal with the rise of neo-banks banks.  This new breed of competition are organizations that are purely digital. They don’t require the licensing, nor do they incur the regulatory burden of traditional banks. They exist without brick and mortar and provide fast, simple, easy to use, highly personalized services that are entirely done via mobile device.

Their rapid growth and success is a result of both a lower cost structure and a regulatory environment aimed at increasing competition and consumer choice. Additionally, they don’t try to be everything to everybody. They excel by offering a limited range of digital products like checking, savings, and a subset of consumer lending products, while deferring things like credit card and mortgage services to more traditional institutions. This results in a lower regulatory burden and reduced overhead which is passed on to the consumer via lower fees.

Their agility and speed is due to the absence of the burden of legacy technology. They are true digital natives — whereas most traditional banks offer a digital front end built on top of outdated and monolithic legacy system-based banking applications.

“These banks don’t carry the weight of legacy technology, so they can leapfrog over traditional infrastructure and disrupt the status quo.”

Judd Caplain, Head of Global Banking & Capital Markets, KPMG International

Neo-banks target millennials who are more receptive to change. With each passing year the influence of Gen Y changes the shape of the delivery of banking products and services – and that is the long-term bet Neo-banks are making today.

The disruption being driven by this demographic shift has not gone unnoticed by traditional banks. Not only is it forcing banks to accelerate plans to modernize their legacy IT systems and infrastructure, but also to discover new ways of delivering customer value.

The good news is that traditional banks have several advantages over the neo-banks including:

  • Well established and recognizable brands
  • Long histories and well-established customer relationships
  • Massive amounts of content and data on their customers
  • Deep insights into customer saving and spending habits

And although traditional banks are starting from a position of competitive advantage, in order to retain and extend that advantage in the digital age, they need to quickly learn how to

  • modernize and extend the same customer value that digital-based neo-banks deliver;
  • shift the mindset and the culture from business transactions to providing experiences; and
  • focus on helping people with their financial lives, not simply selling products.

No one wakes up in the morning and wonders what the next product offering from their bank is going to be. To that end, traditional banks need to extend and grow the value of the customer relationship beyond increasing products per household and focus on increasing value through improving digitized customer experiences.

To learn how one of the top 15 banks in the world partnered with Nuxeo to extend customer value, join us at Finovate Europe on February 14th at 11:15am for “The ticking time bomb of data: Making sense of legacy data in different systems.presented by Norman Wren, former Director of Technology and Operations for Santander.