Roostify Enhances Customization with New Adapt Tool

Roostify Enhances Customization with New Adapt Tool
By Julie Muhn (@julieschicktanz) Posted on
Categories: Roostify

Mortgagetech company Roostify announced the launch of Adapt, a tool for mortgage lenders, this week.

Adapt helps lenders who have complex workflows achieve process management without disrupting their primary and secondary digital lending accounts. The feature enhances Roostify’s hierarchy tools, allowing lenders to create child accounts that follow a business unit structure, while at the same time allowing others on the mortgage team to maintain productivity across those business units.

Sarah Boultinghouse, business architect and process improvement manager at Roostify client, Colonial National Mortgage, said that the feature simplifies implementation on one of the mortgage company’s most complex business channels. “In an account structure that supports hundreds of accounts, this enhancement has been a critical factor in our continued implementation success, providing both user and admin friendly functionality to navigate through accounts with ease, further enabling our ability to deliver a superior customer experience,” she explained.

Adapt is available as a part of Roostify’s enterprise lending platform. The tool increases flexibility, helping streamline the lending process increase collaboration, ultimately decreasing costs and time-to-close.

Roostify presented at FinovateSpring 2016 where the company demoed account aggregation capabilities for asset verification, as well as integrations with TurboTax and Equifax. The California-based company started off the year by raising $25 million, bringing its total funding to $33 million.

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Bankjoy, Diebold, LendUp, payworks, Roostify, Telenor banka, Trulioo, Verifone Holdings Inc.

On Finovate.com

  • Payworks to Fuel New Point of Sale Tool for Bambora.
  • Roostify Enhances Customization with New Adapt Tool
  • Check out today’s FinovateFall Sneak Peeks:

Around the web

  • Seasons FCU selects online and mobile banking technology from Bankjoy.
  • Customer experience specialist Truphone partners with Verifone.
  • AlphaPoint taps Sri Manda as its new Chief Information Security Officer.
  • RegTech Supplier Performance Report ranks Trulioo’s GlobalGateway as top ID verification tool for third consecutive year.
  • Telenor pioneers Norwegian Open AI Lab.
  • WSJ features LendUp’s focus on subprime lending.
  • Diebold Nixdorf hires advisers to seek a sale.

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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Holvi Helps Uber Drivers Manage Finances with New Partnership

Holvi Helps Uber Drivers Manage Finances with New Partnership
By Julie Muhn (@julieschicktanz) Posted on
Categories: Holvi

BBVA-owned Holvi announced this week it has teamed up with ridesharing company Uber. The two have joined forces in an effort to help Uber’s drivers manage their finances more efficiently.

Holvi has long been known for supporting workers in the gig economy, and has been referred to as the neobank for the self-employed. The company will enable Uber drivers in Helsinki to quickly open business and checking accounts. “We at Holvi want to support also this new form of entrepreneurship and make it easier for all entrepreneurs to manage their entrepreneurial responsibilities. In the future we will see more examples of platform economy and a decrease in traditional employment – we will develop Holvi to support these new forms of work,” said Antti-Jussi Suominen, Holvi CEO.

Drivers also have access to Holvi’s small business banking tools, such as bookkeeping, expense management, tax reporting, and automatic invoice management. Additionally, Holvi’s accounting services offer drivers access to its partner accountant network.

“Our collaboration with Holvi enables us to simplify entrepreneurs’ routine tasks so that our partner drivers can focus only on driving and serving their customers,” said Joel Järvinen, Uber’s country manager for Finland and Sweden.

Founded in 2011, one of Holvi’s co-founders, Kristoffer Lawson, demoed the company’s small business accounting tools at FinovateEurope 2013. In 2016, and with $4.9 million in funding, Holvi was acquired by BBVA for an undisclosed amount. Later that year, the company appointed Suominen as CEO.

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Moneyhub Expands Platform with Payment Initiation Services

Moneyhub Expands Platform with Payment Initiation Services
By David Penn Posted on
Categories: Moneyhub

When the going gets tough, the tough add payment initiation services to their offering in order to make it easier for users to initiate payments from multiple accounts with a single platform.

That’s the plan of account aggregation specialist Moneyhub, which announced today that it has secured PISP authorization from the Financial Conduct Authority (FCA). This will enable the Bristol, U.K.-based firm to more readily integrate with its bank partners – including new partners Starling and Monzo – and to support payment initiation from bank accounts via the Moneyhub platform. The company is currently linking to additional bank APIs and has launched an API gateway to support data sharing and product development with third party firms.

“The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realized,” Moneyhub CEO Samantha Seaton said. “The end of tedious financial administration on the journey to ever increasing financial wellbeing starts here.”

Already operating as an Account Information Services Provider (AISP), Moneyhub aggregates data from multiple accounts and makes the data available in a single location. This makes it easier for consumers to get a holistic view of their finances – from current accounts and credit cards to loans and pensions. PISP authorization adds direct payment functionality to the platform, leading Seaton to announce “frictionless finance has arrived.”

Moneyhub demonstrated its Moneyhub Enterprise SmartAssist solution at FinovateEurope 2017. SmartAssist is an AI-powered, proactive intelligent messenger that helps consumers manage their finances through personalized savings, investment, and borrowing recommendations. Founded in 2009, Moneyhub was acquired by South African insurance company, MMI Holdings in 2014.

Earlier this year, Moneyhub announced an integration with Intelliflo, enabling two-way sharing between financial advisors and their clients. Also this year, the company was shortlisted for the Best Fintech Health and Well Being Innovation Award from the Corporate Advisor Awards 2018.

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Identitii to Raise $11 Million in ASX’s Latest Blockchain IPO

Identitii to Raise $11 Million in ASX’s Latest Blockchain IPO
By David Penn Posted on
Categories: identitii

Digital identity management innovator identitii is innovating in another way this week. The company joins fellow Finovate alum Kyckr as the second blockchain company to launch an IPO on the Australian Stock Exchange.

Kyckr, which demonstrated its corporate identity blockchain technology at our developers conference, FinDEVr Silicon Valley 2016, raised $5.2 million in its blockchain IPO in 2016. This week, we learned that identitii will seek to raise $11 million in advance of an ASX listing in September.

The goal of the IPO is to sell 14.6 million shares at 75c. The $11 million raised will be used in part to support further development and marketing of identitii’s Serra solution, which leverages blockchain technology to help FIs better fight money laundering. A comparable amount will be kept as working capital with smaller amounts dedicated to areas such as R&D and IPO expenses.

Identitii’s IPO is being facilitated via the Equitise equity crowdfunding platform. Read more information about the offering, including minimum and maximum bidding amounts.

Founded in 2014 and headquartered in Sydney, Australia, identitii demonstrated its Serra solution at FinovateFall 2017. Serra combines the best features of distributed ledger technology, and relational and graph databases to enable secure and auditable data exchange between FIs. The technology helps lower compliance costs, accelerate payment processing, and generate potential revenue opportunities for banks. By making rich payment information on each transaction more readily available between parties, Serra helps move FIs from simple, KYC, customer-level data to what identitii calls “Know Your Transaction” information – the unique identity of the transaction.

Named to the Medici Top 21 of RegTech innovators in July, identitii partnered with robot automation specialist Blue Prism in May. Together the companies will develop solutions to help FIs better fight fraud via secure, digitized automated corporate payment and trade transaction processes. Identitii’s SaaS solution went live on the Microsoft Azure cloud last October. Nick Armstrong is co-founder and CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Crypterium, Envestnet, Holvi, identitii, Lendio, Moneyhub, Prosper, Temenos, Xero

On Finovate.com

  • Moneyhub Expands Platform with Payment Initiation Services.
  • Holvi Helps Uber Drivers Manage Finances with New Partnership.
  • Identitii to Raise $11 Million in ASX’s Latest Blockchain IPO.

Around the web

  • NICE partners with Cloud9 Technologies to combine compliance recording and cloud-based voice trading.
  • AlphaPoint earns Best Distributed Ledger Technology Provider by the 2018 Waters Rankings.
  • Prosper reports more than $13 billion loans originated since inception.
  • Xero unveils the finalists of its 2018 Xero Awards.
  • New partnership with Envestnet will make Allianz Life annuity products available on Envestment’s insurance exchange.
  • Bitcoin News features Crypterium. Come see their live demo at FinovateFall next month.
  • QuickBridge partners with Lendio for its Turndown lending program.
  • Temenos and AUC Venture Lab team up to accelerate fintech innovation in Egypt.

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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Ondot Brings Card Control Technology to PSCU

Ondot Brings Card Control Technology to PSCU
By David Penn Posted on
Categories: Ondot

The premier credit union services organization in the U.S., PSCU, has teamed up with mobile payments innovator Ondot to enable its members to add comprehensive card alerts and controls to their offerings. The solution adds to PSCU’s current card alerts offering and can be readily integrated into mobile apps, online account management apps, or delivered via PSCU’s digital experience platform.

“Members of our Owner credit unions will now have the ability to easily transact with their own card: (turn it) on and off, set spending limits, even create real-time alerts, all to ensure they can seamlessly manage their finances,” VP of Product Management for PSCU, Jeremiah Lotz said. “This is one of the many exciting developments in our mobile solution that our Owners can expect to see in the coming months.”

Ondot’s card alerts and controls technology has been credited with reducing fraud losses, including a more than 50% reduction in the number of fraud attempts. The solution also lowers the call volume to contact center representatives, and helps boost both card usage and top-of-wallet movement thanks to newly empowered and engaged members and customers.

“Mobile card control services are no longer an option to remain competitive and provide the highest level of member experience,” Ondot CEO Vaduvur Bharghavan said. “We are excited to partner with a CUSO, leveraging technology to ensure its Owner credit unions have the ability to deliver seamless and secure card management options to provide personalized and engaging card-based payment experiences.”

The card alerts and controls feature includes:

  • Geolocation-enabled alerts. Allow or restrict transactions beyond the cardholder’s current location.
  • Lock/unlock switch. Control access to and use of individual cards.
  • Enable/disable transaction types: Limit use of card to specific transactions such as in-store, ATM, and eCommerce.
  • Enable/disable merchant types. Limit use of card to specific kinds of merchants such as department stores, entertainment venues, and hospitality.
  • Threshold controls. Set specific transaction amounts or monthly spending limits.
  • Transaction type alerts. Receive notice of transaction merchant types (ATM, in-store, eCommerce) and transaction categories (restaurant, gas, travel)

Founded in 2011 and headquartered in Santa Clara, California, Ondot demonstrated its Digital Card Mobile app at FinovateSpring 2018. Earlier this year, the company also participated in our inaugural FinovateMiddleEast 2018, demonstrating its Card Control technology and winning Best of Show honors.

Last month, the company introduced its digital card services platform, which gives card issuers full digital card lifecycle management from initial invitation through secure payments. Ondot announced in May that more than 3,000 FIs are offering mobile card controls powered by its technology.

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Hydrogen Unveils FINDI Consortium to Boost Support for Public Blockchains

Hydrogen Unveils FINDI Consortium to Boost Support for Public Blockchains
By David Penn Posted on
Categories: Hydrogen

 

One month after launching Hydro, a blockchain-based security and identity management mobile app, development platform Hydrogen has introduced a new entity. The Financial Industry Decentralization Initiative (FINDI), unveiled this week, will “facilitate a more open, transparent, and decentralized global financial system” – all powered by public blockchains.

The goal of the consortium is to pave the way for Web 3.0, according to Hydrogen co-founders Michael and Matthew Kane. They see public blockchains as the ideal vehicle to ensure the kind of openness, transparency, and user controls that made blockchain technology so attractive in the first place. FINDI serves as an alternative to what Mike Kane referred to as “an aggressive campaign from private blockchain consortiums” that threatens to leave “billions around the globe” unable to take advantage of the benefits of what he called “the blockchain revolution.” This includes the estimated two billion people around the world who are among the unbanked.

“Private blockchain is an oxymoron and centralized financial security is obsolete, as we have seen with recent hacks of Equifax, BMO, Coinrail, Banco, and Bithumb,” Kane said. “Together the members of FINDI can change the financial paradigm by leveraging public blockchains.”

Hydrogen co-founder Michael Kane demonstrating the company’s platform at FinovateEurope 2018.

Membership in FINDI is free, and the consortium welcomes financial professionals, startups, consultants, academics, and governments. With a focus on public blockchains, the consortium is both chain- and protocol-agnostic, and will support joint research and product development, host symposia, and provide industry consulting. In a statement, FINDI reported that its members oversee more than $1 trillion in assets, and projected having more than 100 members in its first year. Among FINDI’s initial associate members are fellow Finovate alum Wipro, the Dubai International Finance Center (DIFC), Natixis Investment Managers, and Principal Financial Group.

Headquartered in New York City, Hydrogen demonstrated its platform at FinovateEurope 2018. The company’s technology enables developers to quickly build advanced fintech solutions to help consumers save, invest, buy insurance, and better manage their financial lives. Hydrogen is also responsible for developing the Hydro Blockchain, a public ledger for financial services, and IonAI, a next generation machine learning technology also geared to the financial services market.

Last month, Hydrogen was honored by the Fintech Awards Luxembourg 2018, sponsored by KPMG Luxembourg and the Luxembourg House of Financial Technology. The company picked up €50,000 in prize money and will receive four months of hosting at Luxembourg’s co-working space, Technoport. Hydrogen was founded in 2017.

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Finovate Alumni News

By David Penn Posted on
Categories: AI Foundry, AlphaPoint, Hydrogen, Jscrambler, Mortgage Cadence, Ondot, Tinkoff Credit Systems

On Finovate.com

  • Onfido Helps TransferGo Onboard New Users Faster.
  • Hydrogen Unveils FINDI Consortium to Boost Support for Public Blockchains.
  • Ondot Brings Card Control Technology to PSCU.

Around the web

  • AI Foundry teams up with ECM software provider MTS Software Solutions.
  • Joint solution between Jscrambler and Intertrust to provide protection for mobile and JavaScript apps.
  • Home Bank implements Loan Fulfillment Center (LFC) from Mortgage Cadence.
  • Tinkoff Bank begins offering loans to SMEs.
  • AlphaPoint hires Srikant Manda as Chief Information Security Officer.

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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Onfido Helps TransferGo Onboard New Users Faster

Onfido Helps TransferGo Onboard New Users Faster
By David Penn Posted on
Categories: Onfido

Identity verification specialist Onfido will work with international remittance specialist TransferGo to accelerate the company’s onboarding process. With more than 650,000 users and adding 1,000 new customers a day, TransferGo will leverage Onfido’s machine learning-based technology as it brings new users to its platform during its global expansion.

“Onfido enables us to deliver the swift service our customers expect, without compromising on security,” TransferGo CEO Daumantas Dvilinskas said. “Their risk-based approach means we can confidently verify our users, and don’t have to add unnecessary friction where it’s not needed.” Dvilinskas called the company’s partnership with Onfido “imperative to our international growth.”

Onfido’s automated identity verification technology will make it that much easier for TransferGo to facilitate money transfers across borders for new customers. All TransferGo’s users need to do is take a selfie and present a photo of their identity document. Onfido’s technology compares the two images to ensure they are identical, and cross-references the customer’s identity against international sanctions and watch lists.

“As a RegTech, we know how critical a smooth, secure and speedy onboarding process is for users,” Onfido CEO Husayn Kassai added. “(We) look forward to helping TransferGo deliver that to new global markets and across new products.”

Onfido was founded in 2012. The company made its Finovate debut earlier this year, demonstrating its Facial Check with Video technology at FinovateEurope 2018. Featured in Gartner’s Cool Vendors in AI for Banking and Investment Services report for 2018, Onfido partnered with Claim Technology earlier this month and, last month, teamed up with LendInvest to help the company enhance its due diligence process.

Named one of the 100 hottest startups in Europe by WiredUK, Onfido also announced recently that it would secure drivers for India’s largest ride share company, Zoomcar. Additional partnerships forged this year include agreements with HBUS, the strategic partner of cryptocurrency exchange, Huobi; as well as with P2P ride sharing firm, Snappcar, and bitcoin exchange, Bitstamp.

Onfido has raised $60.3 million in funding. The company’s investors include Idinvest Partners (acquired by Eurazeo); Wellington Partners, and Crane Venture Partners.

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Q2 To Acquire Cloud Lending Solutions

Q2 To Acquire Cloud Lending Solutions
By David Penn Posted on
Categories: Cloud Lending Solutions, Q2 Holdings, Q2ebanking

Digital banking solutions provider for community-based FIs, Q2 Holdings has announced an agreement to acquire fellow Finovate alum, Cloud Lending Solutions. Terms of the deal were not immediately disclosed, though the transaction has been approved by the boards of directors for both companies.

“By acquiring Cloud Lending, we will be able to help our community and regional financial institutions more effectively manage and grow their lending portfolios – their fundamental income-generating activity,” Q2 CEO Matt Flake explained in a statement. “There’s a substantial market opportunity for digital lending, and the addition of Cloud Lending’s talented team and next-generation technology solutions will help Q2 expand our footprint in existing markets, as well as enter new ones.”

Cloud Lending provides an end-to-end lending solution built natively on Salesforce.com. The platform enables lenders to conduct origination, underwriting, servicing, collections, and reporting activities. In joining with Q2, Cloud Lending Solutions will be able to leverage the scale, infrastructure, and resources of its larger acquirer.

“This partnership means more lenders will provide greater access to credit for more people and businesses across the globe,” Cloud Lending CEO Snehal Fulzele said. “Cloud Lending’s team members are excited to partner with Q2 and to continue delivering on our proven track record of innovation in digital lending and leasing.”

Cloud Lending demonstrated its CL Exchange offering at FinovateSpring 2015. CL Exchange enables online marketplaces and lenders to exchange business and consumer loan applications in order to build the most appropriate loan portfolios for their businesses. Cloud Lending was founded in 2012, and is based in San Mateo, California. Heading into the acquisition announcement, the company had raised more than $14 million from investors including Cota Capital and SF Capital Group.

Headquartered in Austin, Texas, Q2 is a leading cloud-based digital banking solutions provider. Delivering actionable data insights, and equipped with open development tools, Q2’s platform helps FIs enhance and improve the customer experience, while becoming more efficient and growing faster. Broadway Bank, Inwood National Bank, and First Financial Bank are just a few of the company’s FI clients who have leveraged Q2 technology to grow assets, improve marketing campaigns, and increase the number of online users.

Q2 demonstrated its Biller Direct solution at FinovateSpring 2018. The technology benefits consumers by enabling them to aggregate their bills and pay them with a debit or credit card. At the same time, FIs benefit from the interchange revenue generated from card-based bill pay. Also this spring, Q2 – working with StoneCastle Partners – announced a deal with MoneyLion to help the New York-based fintech launch deposit accounts and debit cards. In February, Q2 inked a multiyear partnership with financial services platform, Acorns, which will leverage the company’s Q2 Open API portfolio – launched last year – to deliver new services to its more than three million customers.

Trading on the New York Stock Exchange under the ticker “QTWO,” Q2 has a market capitalization of $2 billion. The company was founded in 2004.

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Dynamics’ Battery-Powered Cards Hit Japan

Dynamics’ Battery-Powered Cards Hit Japan
By Julie Muhn (@julieschicktanz) Posted on
Categories: Dynamics

Payment technology company Dynamics announced today it has introduced its battery-powered, interactive debit and cash cards to the Japanese market. The move comes via a partnership with GMO Aozora Net Bank.

The Tokyo-based bank is a technology-focused bank aimed to help clients better manage their money. Offering the Dynamics card, which features a touch keypad and digital display, will further GMO Aozora Net Bank’s technology-first reputation.

The keypad and digital display work together to secure the card by requiring the user to enter a passcode to activate the card for use. If the passcode is correct, the card number appears in the display screen on the card. Using the keypad, the user selects whether they want the card to act as a debit or cash card. Once it is activated, they can swipe, tap, use the mag stripe, or contact/contactless EMV chip to make a payment at a traditional payment terminal; no special infrastructure is required.

In the press release, Dynamics CEO Jeffrey Mullen said, “Through this new card, we shall provide new convenience and security to the Japanese consumer, and together with GMO Aozora Net Bank we will deliver further value into the future.”

Headquartered in Pennsylvania, Dynamics maintains APAC headquarters in Singapore, LATAM headquarters in Brazil, and EMEA headquarters in New York. The company is partnered with financial institutions in Europe, the U.S., and Asia for card distribution. Dynamics also maintains a processing partnership with a major Canadian financial institution, and a mobile payment partnership with a major mobile handset carrier in Korea.

Dynamics has won Best of Show eight times since its first Finovate appearance in 2010. At its most recent demo at FinovateSpring 2018, the company showed off its Wallet Card, a network-approved payment card that uses Sprint’s wireless network and boasts a 65,000 pixel display that depicts all cardholder information.

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