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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Germany’s aixigo Forges Strategic Partnership with Synpulse

Germany’s aixigo Forges Strategic Partnership with Synpulse
By David Penn Posted on
Categories: aixigo

A strategic partnership that combines the digital wealth management and investment advisory platform of aixigo and the implementation expertise of Swiss consulting firm Synpulse is the latest big development on the European wealth management scene.

The two companies announced a strategic partnership this week that will provide financial service providers in Switzerland and beyond with a digital API platform that is fast, flexible, and has what the company called “mass suitability.” aixigo’s platform offers more than 100 API-based services, delivering value-added digital services to branches as well as via mobile devices. The solution can provide large volumes of raw data for legacy systems, and then refine the data quickly at scale without regard for the client’s underlying core banking system.

Left to right: Marcus Grundler (Head of Portfolio Management Systems) and Mario Alves (Head of Sales & Partner Management) demonstrating aixigo’s Digital Financial Portfolio Management Back Office solution at FinovateFall 2018.

aixigo CEO Erich Borsch underscored the need for speed when it comes to providing services in wealth management. “(The) attention span of clients in the digital age continues to decline,” he said. “So the goal must be to get at least two minutes of attention a day from the client. And you can only do that if you can offer relevant information extremely quickly, digitally, and attractively.”

Banks are as much a beneficiary of faster, more flexible solutions as customers are, Borsch added. And by meeting customer expectations in the digital realm, he said, it is easier “for the bank to become an integral part of daily digital habits.”

Synpulse Managing Partner Raphael Jung explained the importance of aixigo’s technology in a world of open banking and open APIs. He said, “In order to be able to use this potential for digital offers in asset management and investment advisory as well, a system is needed that records all relevant data at high speed and makes it available again in a redefined form – an API platform.”

Headquartered in Aachen, Germany, and founded in 1999, aixigo demonstrated its Digital Financial Portfolio Management Back Office solution at FinovateFall 2018. The technology enables wealth managers to leverage relatively small staffs to manage hundreds of thousands of investment portfolios quickly and efficiently.

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Finovate Alumni News

By David Penn Posted on
Categories: aixigo, Bento for Business, Biometric Signature ID, Fintech OS, Klarna, Kony, Temenos, Tradeshift, Trunomi, Voleo

On Finovate.com

  • Germany’s aixigo Forges Strategic Partnership with Synpulse.
  • The Rise of AI and the Role of the Customer in Fintech.

Around the web

  • Payment service provider Truevo to deploy front office and core banking solutions from Temenos.
  • Klarna launches global customer authentication platform for multinational businesses.
  • Fintech OS announces new Chief Revenue Officer Leon Stevens.
  • Best of Show winner Voleo takes home the 2019 Best Stock Trading App award in the Investment category of the FinTech Breakthrough Awards.
  • Trunomi unveils new website, branding.
  • Kony teams up with Okta to provide ID management and MFA.
  • FindBiometrics interviews Jeff Maynard, CEO and Founder of Biometric Signature ID.
  • Tradeshift to power supplier solutions for Axfood.

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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Salt Edge Earns Account Information Service Provider License from FCA

Salt Edge Earns Account Information Service Provider License from FCA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Salt Edge

Open banking enabler Salt Edge announced it has received the green light from the U.K.’s Financial Conduct Authority (FCA). Salt Edge’s registration as an Account Information Service Provider (AISP) will allow the company to access financial data in compliance with PSD2 across Europe.

“Receiving an AISP license will help us take better advantage of the Open Banking opportunities on the European landscape as we strive for excellence in everything we do. This process required some serious investment and preparation, but it was worth implementing,” commented Dmitrii Barbasura, Salt Edge CEO.

Salt Edge’s Open Banking API was updated at the beginning of this month to version five. Lenders using the recently updated API will be able to leverage Salt Edge’s AISP license to access consumers’ financial account data (with their consent) to enhance the underwriting process for credit decisioning.

Dmitry Tsap, Head of Infrastructure and Security Department at Salt Edge, said the company underwent “a very strict evaluation process” that assessed the company’s security and data protection measures. “Being approved by the FCA is proof of quality and recognition of our efforts in this direction,” Tsap added.

Salt Edge recently showcased its Open Banking platform at FinovateEurope 2019 in February. Early last month, the Canada-based company teamed up with money management app Emma for account aggregation. Salt Edge was founded in 2013 and connects to 3,100+ banks in 61 countries.

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Checkbook.io Launches InstantPay

Checkbook.io Launches InstantPay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Checkbook.io

Digital check innovator Checkbook.io unveiled Instant Pay today. The new offering streamlines the funds transfer process for businesses that want to send money to individual and business bank accounts.

Instant Pay works by circumventing the need for payment recipients to go through a sign up process to receive their funds. Instead, Instant Pay requests information directly from the recipient’s Mastercard or Visa branded debit card. This eliminates the requirement of other sensitive information such as their personal details, account number, or routing number.

The technology works because Checkbook.io doesn’t use the antiquated ACH infrastructure, which requires recipient onboarding and takes three to five business days to move funds from one account to another. Instead of running the payment on ACH rails, the funds are transferred using VISA Direct rails, enabling the recipient to see the money in their account within 18 seconds (though the company discloses that the process could take up to 15 minutes).

Businesses can integrate the solution using Checkbook.io’s RESTful API. Along with Checkbook.io’s other tools, the API is publicly available and can easily be integrated into a business’ existing payment process. The company charges a flat, $1 fee per transaction, regardless of the check amount, and allows a maximum of $10,000 per transaction.

Checkbook.io most recently presented at FinovateSpring 2017, where company CEO and founder PJ Gupta showcased the company’s Digital Checks solution. Founded in 2015, Checkbook.io has raised an undisclosed amount of funds from investors such as Tim Draper, AngelList, and more. For more on Checkbook.io, check out our recent feature of the company’s accomplishments.

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Onfido Raises $50 Million in New Capital

Onfido Raises $50 Million in New Capital
By David Penn Posted on
Categories: Funding, Onfido

A new round of funding led by SBI Investment and Salesforce Ventures has driven identity verification specialist Onfido’s total capital to more than $100 million.

“With this new funding, we can protect more businesses, in more countries – and in more ways – from the effects of fraud,” Onfido co-founder and CEO Husayn Kassai said. “We’ll also be able to expand the reach of our technology, so that people without a credit history can finally access the online services they badly need.”

This week’s $50 million financing, which featured participation from M12 (formerly Microsoft Ventures), FinVC, and other investors, will help Onfido fulfill its goal of leveraging AI to standardize how businesses verify identity. In a statement, the company said the funding would also help it “consolidate its core market in the U.S.” as well as support growth in areas like Europe and Southeast Asia.

As part of the investment, former Chief Sales Officer and Vice Chairman of Salesforce Frank van Veenendaal (pictured right with Onfido CEO Kassai) will join Onfido’s board of directors. “There has never been a more important time for companies to build trust with their customers by showing they are one step ahead of fraudsters,” Veenendaal said.

“I believe Onfido has the unique opportunity to transform the digital identity market and deliver robust and scalable authentication-as-a-service,” he added, “similar to how Salesforce transformed customer relationship management.”

Onfido demonstrated its Facial Check with Video solution at FinovateFall 2018. The technology offers enhanced security during new user onboarding by having users video themselves performing specific actions such as repeating random numbers to ensure liveness. Onfido’s solution then leverages machine learning to compare the facial image in the video to the image on the user’s identity document.

Appointed to the FIDO Alliance Board of Directors in March, Onfido also last month announced a project to help train officials at INTERPOL to better identify fraudulent ID documents. The company has made a number a partnerships in the first few months of the year including teaming up with PensionBee, collaborating with P2P RV rental firm, RVshare, and providing verification services for extended stay marketplace, 2nd Address.

Most recently, Onfido partnered with IDValidation to fight the growing problem synthetic identity fraud in which only a single element of an individual’s identity – rather than the users’s complete identity – is stolen and used to make transactions.

With more than 1,500 customers around the world – including industry leaders like DraftKings, Remitly, and Zipcar – Onfido was founded in 2012. The company is headquartered in London, U.K.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Capsilon, Checkbook.io, EVRY, Insuritas, NestReady, Onfido, PayPal, ProfitStars, Salt Edge, SocietyOne, Tinkoff Bank, Tyfone

On Finovate.com

  • Onfido Raises $50 Million in New Capital.
  • Salt Edge Earns Account Information Service Provider License from FCA.

Around the web

  • Tinkoff Group of Russia builds supercomputer dubbed the most powerful in financial sector.
  • PayPal joins Series A round for Cambridge Blockchain.
  • EVRY partners with ACI Worldwide to enhance its mobile payment service in the Nordics and Europe.
  • ProfitStars wins 2019 FinTech Breakthrough Award for Best Business Lending Platform
  • Capsilon expands executive team, forms new product organization to drive mortgage innovation. Check out Capsilon’s newest tech at FinovateSpring in May.
  • SocietyOne launches new investor trust.
  • Portland Business Journal: Tyfone brings credit unions the digital tools members want.
  • Insuritas partners with Nymeo FCU to launch digital insurance agency.
  • NestReady to power integrated homebuying experience for Resource Financial Services.

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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