Salt Edge Serves Up Open Banking Payment Infrastructure for Testing

Salt Edge Serves Up Open Banking Payment Infrastructure for Testing

Just weeks after announcing a collaboration with smart money app, Yolt, Salt Edge is back with news of another new partnership. Today, the company reported its Open Banking payment infrastructure is now available for testing by third party providers.

The complete payment process can be simulated by TPPs who log into the Salt Edge system, which facilitates one-time payments, scheduled and future-dated payments, and bulk payments. The Open Banking hub is equipped with all four of PSD2-required authorization types: redirect/OAuth, embedded, decoupled, and app2app. PISP (Payment Initiation Service Provider) licensed-TPPs that elect to go live with the technology can begin the integration immediately.

Lisa Terziman-Gutu (Business Development EMEA) and CEO Dmitrii Barbasura (not pictured) during their live demo at FinovateEurope 2018.

Salt Edge provides financial data aggregation APIs, open banking and PSD2 solutions, as well as white label retail banking, and data enrichment services. The company demonstrated its Priora PSD2 and Open Banking solution at FinovateEurope earlier this year. The technology enables small and medium-sized banks to become fully PSD2 and Open Banking compliant in months. It provides a number of key features such as its Connector API and SCA Authenticator, and Salt Edge handles cumbersome TPP management – including communication, verification, and onboarding – for the bank.

“Our primary goal at Finovate was to demonstrate a complete user journey in the PSD2 and Open Banking world,” Salt Edge CEO Dmitrii Barbasura said. Calling the technology “secure, customer friendly, and reliable,” he added: “We believe that our solution covers all the needs and concerns that banks have in the wake of PSD2’s deadline, and goes beyond them by delivering the possibility of added-value services.”

Headquartered in Toronto, Ontario, Canada, Salt Edge was founded in 2013. The ISO 27001 certified company is connected to more than 3,100 banks in 60+ countries. Salt Edge has processed more than one million transactions, and has raised $3 million in funding as of this spring.

Cracking the Fintech Code: Secrets to Success for Start-ups

FinovateFall welcomed over 70 start-ups to demo exciting new products and ideas, and opened the stage to pioneering thought-leaders to discuss the future of finance, technology and how the two come together to solve real world problems. We sat down with leaders of inspiring start-ups to get their insight on what the recipe for success is this often overcrowded space.

Matt Armstead, Executive Director, Founding Member, Board Member, FintechAccel gives his advice to start-ups and explores why getting a great team behind the idea is critical.

Jon Zanoff,  Managing Director, Techstars on knowing when a start-up is re ready to take a next step and join an accelerator.

Pini Yukeul,  CEO of Optimove, on how AI helps with segmentation, prediction and optimization within marketing and how start-ups and established businesses can leverage it.

Finovate Alumni News

On Finovate.com

  • Cracking the Fintech Code: Secrets to Success for Fintech Start-ups.
  • Salt Edge Serves Up Open Banking Payment Infrastructure for Testing.

Around the web

  • Earnix forges strategic alliance with automated machine learning innovator, DataRobot.
  • IdentityMind Global partners with digital currency risk assessment specialist, CipherTrace.
  • HackerOne now accepts Bitcoin and Bitcoin Cash payments for bug bounties courtesy of new partnership with BitPay.
  • Fiserv taps Lee Cameron as new managing director for EMEA.
  • Siam Commercial Bank is the first bank on Ripple’s RippleNet to pioneer multi-hop, a feature that allows payment settlement on behalf of other financial institutions on the network.
  • Danske Bank leverages Featurespace’s ARIC fraud hub to reduce fraud.
  • Risk Ident wins Best eCommerce Technology Innovation at the London eCommerce Awards.
  • Banco Fassil is the first Bolivian company to migrate its ATM network to TranzAxis from Compass Plus.

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.

Gro Solutions Helps Vermont FCU Deliver Better Banking Experiences

Members of Vermont Federal Credit Union have something to look forward to when 2019 rolls around: the $500 million asset institution has signed a deal with Gro Solutions to enhance its digital offerings, including streamlined online deposit and loan account opening.

“Our goal is to create a world-class digital experience for our members with products and services that are fast, consistent, personalized, and user-friendly,” Vermont FCU Director of Business Intelligence, Nicholas D. Gallerani said. He referred to Gro Solutions’ platform as the embodiment of these principles, adding that the technology will provide the credit union with “the tools essential to create … great experiences in the digital realm for our members.”

Vermont FCU plans to introduce the new Gro Solutions-enabled services to its more than 38,000 members in the first quarter of 2019.

“More and more of today’s members are going digital for their banking needs,” Gro Solutions CEO David Eads added. “They want that experience to be quick and convenient, regardless of whether it’s in-branch, at home or on their phones.”

Atlanta, Georgia-based Gro Solutions demonstrated its Digital Sales platform at FinovateFall 2017. The company has been on a busy partnership-making pace this year, teaming up with Indiana’s Elements FCU ($1.5 billion in assets) in June, partnering with PeoplesBank ($1.7 billion in assets) in April, and working with Congressional FCU ($900+ million in assets) in March to streamline the credit union’s digital onboarding process.

Gro Solutions has raised $4.3 million in funding and includes TTV Capital, BIP Capital, BLH Venture Partners, and Croft & Bender among its investors.

Bringing Legacy Banks into the 21st Century

FinovateFall brought together fintech innovators from all over the world and representatives from some of the largest banks in the U.S., so naturally there were discussions around forging new partnerships and benefiting from the culture and technology shared between the different sides. We sat down with some of the key speakers to get their insights on how legacy banks and financial institutions can compete or collaborate in this new era.

Jeremy Balkin, Head of Innovation, Retail Banking & Wealth Management, HSBC USA on successful innovation projects and how to get them off the ground.

Mary Jane Ajodah, Vice President, Strategy, BNY Mellon, on how legacy banks can leapfrog start-ups – when they have the right strategy.

Steven Ramirez, CEO at Beyond the Arc, discusses the new trends he’s noticed emerging from the shadows.

Jim Marous, Publisher / Fintech Strategist, The Financial Brand/The Digital Banking Report explores why historical success can be a liability, as well as an asset for a bank.

Finovate Alumni News

On Finovate.com

  • Gro Solutions Helps Vermont FCU Deliver Better Banking Experiences.
  • Bringing Legacy Banks into the 21st Century.

Around the web

  • Forbes features SMRTSVR from Vaultz and Best of Show winner Golden in its look at PFM apps for people over 50.
  • Blockchain technology pioneer, Dr. Stuart Haber, joins Endor’s scientific advisory board.
  • Bpm’online adds enhancements to accelerate sales, marketing, operations, service, and citizen development in its latest update.
  • IDC Financial Insights includes CREALOGIX in its top 100 fintech ranking.
  • Dorsum launches its MyWealth wealth management app at Dubai banking conference.
  • Betterment introduces new Trust Account Opening feature for its Betterment for Advisors platform.
  • Onfido announces partnership with international remittance platform, Remitly.

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.

 

Avoka Enables 40+ App Digitization for First Tech FCU

Avoka Enables 40+ App Digitization for First Tech FCU

First Tech Federal Credit Union, a $12+ billion credit union based in San Jose, California, has leveraged technology from Avoka to deploy an omnichannel digital platform that digitizes account opening for more than 40 offerings. These include deposit accounts, home loans, credit cards, insurance and more. The result is an enhanced, more efficient experience for members and lower application abandon rates for the firm.

Mike Upton, chief digital officer at First Tech FCU, called the launch “transformational,” and the metrics readily support the claim. He noted that the new platform has enabled more than 2,300 applications from all channels to pass through the platform in the first week of operation. In the first few weeks after the launch, overall completion rates had rallied to 65%, well above industry averages which are closer to 20%. Additionally, using Avoka’s Insights analytics capability enabled First Tech to determine that the time required by its members to complete account opening applications had been reduced by nearly 50%.

“The results speak for themselves,” Avoka general manager for North America David Gaydon said. “As far as we can tell, no community bank or credit union in North America has as many product applications available online as First Tech Credit Union.”

Founded in 2002 and headquartered in Denver, Colorado, Avoka demonstrated its Transact Insights offering at FinovateEurope 2017. This summer, the company released its Springboard Deposit Account Opening Solution, an off-the-shelf technology that combines digital KYC, fraud and risk evaluation, and funding to enhance customer acquisition and onboarding. In May, RACQ Bank of Australia announced that it would partner with Avoka, bringing digital account opening to the world’s first automobile club to launch a bank. Also this spring, the company teamed up with Alpine Bank – a Colorado-based FI with more than $3.5 billion in assets, using its Avoka Transact platform to enhance account opening, loan application, and business onboarding processes.

Avoka has raised $28 million in funding, and includes Regal Funds Management, Moelis Australia Asset Management, and individual investor Roger Allen among its investors. Philip Copeland is CEO.

Finovate Alumni News

Around the web

  • OutSystems announces release of version 11 of its low-code development technology to help IT leaders solve legacy system gridlock.
  • Fidelity and Finicity reach customer data sharing agreement.
  • Cameroon’s biggest bank, Afriland First Bank, to deploy Temenos’ T24 core banking platform.

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.

Welcome to the Post-FinovateFall Summit Day

Welcome to the Post-FinovateFall Summit Day

FinovateFall may have ended yesterday, but we’re not ready for the fun (or the fintech!) to stop. New this year, we’ve implemented an exclusive, post-event day of summit sessions focusing on the two hottest topics in fintech– AI and the blockchain.

If you’re interested in attending, you can register online or stop by the front desk this morning to sign up. Registration (located on the 5th floor of the Marriott Marquis Times Square) opens at 8 am and the first session begins just before 9 am.

For those who are already on the list, check out the agenda on our website or get a quick glance of what to expect below:

  • 8:00 to 8:50 Registration, Breakfast, and Networking
  • 9:00 to 10:30 Keynotes, Panels, Case Studies
  • 10:30 to 11:10 Blockchain Morning Networking Break
  • 10:30 to 11:00 AI Morning Networking Break
  • 11:00 to 12:30 AI Case studies, Debates, and Panels
  • 11:10 to 12:30 Blockchain Case studies, Debates, and Panels
  • 12:30 to 1:30 Lunch
  • 1:30 to 3:00 Keynotes, Debates, and Showcases
  • 3:00 Closing remarks

We’re looking forward to a day packed full of content! Free coat check is available on the 5th floor of the Marriott Marquis.

If you have any questions about the event, stop by the registration desk or see our contact page for email addresses and phone numbers of our event staff.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World 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 South Asia

  • InstaREM reports facilitating no-fee money transfers of almost $2 million to the flood-stricken southern Indian state of Kerala.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
  • Qbera of Bengaluru, India raises $3 million in funding from Essel Group.

Latin America and the Caribbean

  • Uruguay’s Prisma Campaigns partners with Tyfone to bring new personalized, automated marketing solutions to banks and credit unions.
  • Brazil’s biggest independent brokerage, Grupo X, to offer a platform exchange for Bitcoin and Ethereum.
  • Forbes profiles Brazilian online payments startup, EBANX.

Asia-Pacific

  • Taiwan to begin testing of its first regulatory sandbox in December.
  • SBI Ripple Asia wins license to launch blockchain-based payments app in Japan.
  • Hong Kong goes live with Faster Payment System (FPS).
  • Indonesia’s Bank Central Asia goes live on iGTB’s digital transaction banking platform.
  • Coinbase teams up with Hong Kong-based crypto trading and risk management platform Caspian to promote institutional use of cryptocurrencies.

Sub-Saharan Africa

  • Ugandan Orient Bank to deploy Acumen from Profile Software to manage treasury operations.
  • Bourse Régionale des Valeurs Mobilières (BRVM), a stock exchange based in the Ivory Coast, encourages West African fintech startups to join its innovation lab.
  • MTN Uganda teams up with MasterCard and United Bank for Africa (UBA) launch new mobile money service.

Central and Eastern Europe

  • Tinkoff Bank offers access to more than 10,000 global securities via its Tinkoff Investments Premium solution.
  • Braintri awarded the Polish Innovation Award 2018 for its creation of Jiffee, a bluetooth-based mobile payment and loyalty technology, and Biffee, a core banking system offloading engine.
  • ING Bank Romania to abandon physical cash desks this fall in favor of ATMs and its mobile banking app.
  • Slovenian fintech Eligma launches cryptocurrency payment app.

Middle East and Northern Africa

  • Commercial Bank of Dubai inks agreement with PwC to assist in its digital transformation.
  • Abu Dhabi Global Market (ADGM) signs strategic Memorandum of Understanding with Abu Dhabi Smart Solutions and Services Authority (ADSSSA).
  • Central Bank of Kuwait pledges major investment in big data and AI.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • FinovateFall 2018 Best of Show Winners Announced.

Around the web

  • Prisma Campaigns partners with Tyfone to bring new personalized, automated marketing solutions to banks and credit unions.
  • CFCU Community Credit Union to deploy solutions from Fiserv to enhance its mobile, online, and in-branch customer experience.
  • CREALOGIX reports record sales in 2017-2018 fiscal year.
  • Bpm’online earns recognition from Gartner for its accomplishments in CRM Lead Management.
  • Indonesia’s Bank Central Asia goes live on iGTB’s digital transaction banking platform.
  • Tinkoff Bank offers access to more than 10,000 global securities via its Tinkoff Investments Premium solution.

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.

 

Welcome to the Discussion Day at FinovateFall

Welcome to the Discussion Day at FinovateFall

The past two days were all about the demos. Today at FinovateFall, however, we’re shifting our focus to examine some of the trends, themes, ideas, and regulations that are prompting some of that innovation.

Doors open once again at 8am this morning, and we’ll have breakfast and networking until 9am, when the general session begins. Free coat check is available on the south side of registration.

Visit our website for a full, interactive agenda, or check out a quick preview below:

8:00 to 8:55 Registration and Continental Breakfast

8:55 Opening Remarks

9:00 to 9:40 Analyst All Stars

  • Julie Muhn – Senior Research Analyst, Finovate
  • Jacob Jegher – Senior Vice President, Banking and Head of Strategy, Javelin Strategy & Research
  • Alyson Clarke – Principal Analyst, Forrester
  • Daniel Latimore – Senior Vice President, Banking Group, Celent
  • Thad Peterson – Senior Analyst, Aite Group

9:40 to 10:30 Kick Off Keynote: Calling the Shots in the Crypto World

  • Alex Tapscott – Author, Advisor, Blockchain & Cryptocurrency, Co-Author Blockchain Revolution

10:30 to 10:45 Connected Experiences and The Third Era of Commerce

  • Kurt Bilafer – General Manager, Americas, Amazon Pay

10:45 to 11:15 Refreshments and Networking Break

11:15 to 11:30 Short & Sharp Dueling Debate: The Future of Digital Financial Services?

  • Jeremy Balkin – Head of Innovation, HSBC
  • Julia C. Carreon – Managing Director of Digital and Fiduciary Operations, Wells Fargo
  • Nicolas Kopp – US CEO, N26

11:30 to 11:45 Short & Sharp Dueling Debate: The Future of Digital Financial Services? Digital vs Physical Payment Methods

  • Sonia Wedrychowicz – Managing Director, Head of Technology Transformation Consumer and Community Bank, JPMorgan Chase
  • Vaduvur Bharghavan – CEO, Ondot Systems
  • Seth Harvey – President, Travelex

11:45 to 12:00 Quick & Bold Panel Discussion: Digital Transformation

  • Jo Ann Barefoot – CEO, Barefoot Innovation Group
  • Nischal Piratla – Director, Deutsche Bank Innovation Labs
  • Valentina Isakina – Managing Director of Financial Institutions, JobsOhio
  • Luvleen Sidhu – Co-Founder, President, & Chief Strategy Officer, BankMobile

12:00 to 12:30 Moderated discussion –An in-depth Look at World of Cyber Security and Risk Management

  • Sean Sposito – Analyst Cybersecurity, Javelin Strategy & Research
  • Cris Thomas – Global Strategy Lead, IBM X-Force Red, White Hat Hacker
  • Kedar Samant – Co-Founder and Chief Technology Officer, Simility
  • Gabrielle Haddad – Co-Founder & Chief Operating Officer, Sigma Ratings, Inc.
  • Michael Leary – SVP – Risk Strategy, Bureau, and Third Party Execution Director, US Bank

12:30 to 1:30 Lunch and Networking

1:30 to 3:30 Summit Sessions

  • Banking & Payments
  • Digital Lending
  • Emerging Technologies
  • Wealth Management & Investing

3:30 to 4:00 Refreshments and Networking Break

4:00 to 4:50 Breaking Banks Power Hour Chat: It’s Happening! Live Podcast

  • JP Nicols – Managing Director, Fintech Forge
  • Brett King – CEO and Founder, Moven
  • Greg Palmer – VP, Strategy, Finovate

4:50 to 5:30 The Finovate Finale! Accelerator/Incubator/Lab Showcase

  • Greg Palmer – VP, Strategy, Finovate
  • Jon Zanoff – Managing Director, Techstars – Barclays Accelerator
  • Laura Spiekerman – Co-founder & CRO, Alloy
  • Perrin Quarshie – Founder & CEO, RealBlocks
  • Sunny Parikh – Senior Director, Partnership Fund for NYC, FinTech Innovation Lab
  • Liz Maida – Co-Founder & CEO, Uplevel Security
  • Benjamin Cohen – CEO & Founder, T-REX
  • Matt Armstead – Managing Director, FintechAccel
  • Travis Holoway – CEO & Co-Founder, SoLo Funds
  • Paris Benson – CEO & Founder, Wizely Finance
  • Mahati Sridhar – Investment Associate, Queen City Fintech
  • Christian Zimmerman – Co-founder & CEO, Qoins
  • Andrew Gowasack – Co-founder, Trust Stamp

Thanks to all of you for helping to make this year’s event a success! We’ll see you at FinovateFall next year, or come see us at any of our shows in between:

If you’re registered for our exclusive AI and Blockchain Summits tomorrow, the excitement continues at 8:50 tomorrow morning. If you’re interested in attending, please visit the registration desk today to add your name to the list and participate in the discussions.