Ohpen Teams Up with Dutch Savings Bank LeasePlan

Ohpen Teams Up with Dutch Savings Bank LeasePlan
By David Penn Posted on
Categories: Ohpen

LeasePlan Bank, the online savings bank based in the Netherlands, has chosen Ohpen to upgrade its whole core cloud banking engine, Pieter Aartsen and Angelique Schouten, global board members at Ohpen, told Henry Villar of FinTech Futures.

The bank will do a full-stack upgrade of its core engine and all other tech, which moves away from Oracle FSS’s Flexcube, an on-premises system onto Ohpen’s cloud-native engine.

This move will cover both the Dutch and German operations of the bank. Although the bank is headquartered in the Netherlands, a part of its client base is based in Germany.

The partnership was effective as of the 27th of June, but the team will officially start the implementation on the 4th of July. During the implementation, the bank’s whole system, bar the website, will be provided by Ohpen’s tech. For the bank it is the retail savings and deposits IT infrastructure, which is what LeasePlan Bank specialises in.

“Migrating LeasePlan Bank’s customers to the Ohpen core banking platform will reduce the complexity of their savings and deposits IT architecture and make LeasePlan Bank more agile,” said Aartsen.

Ohpen has been gaining traction over the last few years. Knab, a challenger bank subsidiary of Aegon, moved to Ohpen’s core from Sopra Banking Software’s system. Aegon is also a customer of Ohpen.

Former Delta Lloyd Bank, which was taken over by Nationale Nederlanden (NN) Group last year, also made the jump onto Ohpen’s tech, alongside NN Bank. On the way out are Temenos with its T24 system and Able (a local banking software provider).

When asked about the reason for this momentum, Schouten cited Ohpen’s “power of one” motto.

“We have one core banking engine running in the cloud, one code base, one version of our platform for all countries. The fact that it’s one solution and cloud-based means that it is faster, more reliable and we can release our new software to all clients at the same time, which happens every month,” she told us.

Aartsen added: “We were the first ones going all-in cloud, fully cloud natives and programmed a whole new bank from scratch and have been running it in the cloud and offering it as a SaaS for nine years now. This means that our tech is now future-proof, and we can adapt it in the future without the deployment demands of on-premise architecture.”

Ohpen demonstrated its core banking platform at FinovateFall 2012. Earlier this year, Ohpen raised $31 million in a Series C round led by PE firm Amerborgh, which took the company’s total equity capital to $50 million. Chris Zadeh is founder and CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: additiv, Efigence, Finicity, MapD, Neener Analytics, Ohpen, Open Bank Project, Temenos, TransUnion, YellowDog, Zopa

On Finovate

  • Additiv Partners with Orange Business to Bring Digital Wealth Management to FIs.
  • Zopa’s Record Lending Figures Suggest a Healthy U.K. P2P Lending Sector.

Around the web

  • Iraq’s Banque Liban-Francaise completes upgrade to Temenos’ T24 core banking system.
  • P2P lender Zopa announces 40% revenue growth and a return to profitability.
  • Ohpen signs LeasePlan Bank as its latest customer.
  • Efigence implements technological side of Alior Bank open banking project.
  • Open Bank Project collaborates with Citizens Bank hackathon.
  • The World Economic Forum names Neener Analytics as a Technology for Integrity 2018.
  • YellowDog wins Business Innovation Award at inaugural Best New Business Awards.
  • Finicity forges data sharing agreement with USAA.
  • MapD debuts MapD 4.0 for interactive location intelligence at scale.

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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Veridium’s $16.5 Million Series B Led by Michael Spencer

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Veridium

Exactly one week after pocketing a $150k grant, Veridium has made headlines again after the company reported a Series B funding round totaling $16.5 million. Because Veridium’s initial funding round was unreported, the company’s total funding is unknown.

U.K. entrepreneur and philanthropist Michael Spencer led the round, contributing $14.2 million of the total financing. Other contributors include Citrix Systems, and investor Michael Powell. Both Spencer and Powell will join Veridium’s board of directors.

The company will use the capital to boost product development and to scale its sales and marketing efforts across the Americas, Europe, and Asia in order to meet demand. Veridium already boasts customers in multiple industries across the globe, having recently added several large financial services organizations. In February, the company onboarded the largest bank in the Nordic region, Nordea, and last month, it signed a deal with a multinational Swiss bank to replace passwords, tokens, and swipe cards to create a more user-friendly authentication process.

“In today’s digital age, global organizations are challenged to secure their most critical assets against advanced threats in a way that’s both convenient and secure,” said Spencer. “Veridium is unique in the industry because it provides organizations with an enterprise-ready authentication solution to address those problems with the adoption of biometrics – while increasing security and convenience.”

Veridium offers biometric authentication solutions available through a software-only biometrics platform. The identity access management technology allows users to replace passwords, tokens, and swipe cards with their own facial and fingerprint biometrics that can be read on the sensors already available on their smartphone.

At FinovateEurope 2017, Veridium showcased 4 Fingers TouchlessID, a multi-finger touchless biometric authentication that works on smartphones with a camera. Headquartered in London and Boston, Veridium was founded in 2015. James Stickland is CEO.

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Inspire FCU to Deploy Core Banking Solutions from NYMBUS

Inspire FCU to Deploy Core Banking Solutions from NYMBUS
By David Penn Posted on
Categories: NYMBUS

Inspire FCU, a 15,000-member financial institution founded in 1936 that serves the community of Bucks County, Pennsylvania, is making the move to NYMBUS.

“In order to deliver the enhanced experience and competitive, digital financial products our members ask for, it was clear our legacy core was setting us up to fail,” President and CEO of Inspire FCU Jim Merrill said. He faulted the inflexibility of their legacy system, praising NYMBUS’s advanced core, digital, and payment solutions as an ideal replacement. And not just of the credit union’s legacy system, either.

“Inspire will eliminate 15 technology vendors after we convert to NYMBUS,” Merrill said, referring to the large number of different vendors the credit union had been relying on, which complicated workflows and detracted from the Inspire’s member experience. “And, we will deliver a much more intuitive user experience to better compete with larger financial institutions and new fintech companies that have entered the market.”

Inspire will take advantage of NYMBUS’ full suite of advanced banking solutions including SmartCore, NYMBUS’ turnkey core banking platform; SmartDigital; NYMBUS’ internet and mobile banking suite; and SmartPayments, which will manage the authorizations and transactions for Inspire’s debit card program while providing real-time fraud protection.

“Today’s financial institutions risk extinction if they don’t adapt to the disruption of digital innovation,” David Mitchell, President of NYMBUS said. “Inspire has recognized the scale of this disruption and embraced a digital-first view of banking.”

Based in Miami Beach, Florida, NYMBUS demonstrated its core banking technology at FinovateSpring 2016. Last month, NYMBUS completed a four-month conversion process for Surety Bank ($111 million in assets). In April, the core banking technology innovator unveiled its SmartLaunch solution that makes it easier for banks to build turnkey digital banking solutions in 90 days.

NYMBUS has raised $28 million in funding, and includes Home Credit Group and Vensure Enterprises among its investors.

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Finovate Alumni News

By David Penn Posted on
Categories: BlueVine, Coinbase, Hidden Levers, NCR Corporation, NYMBUS, ThreatMetrix, Veridium

On Finovate.com

  • Inspire FCU to Deploy Core Banking Solutions from NYMBUS.
  • Veridium’s $16.5 Million Series B Led by Michael Spencer.

Around the web

  • NCR and Advanced Fraud Solutions team up to fight check fraud at interactive teller machines (ITMs).
  • ThreatMetrix partners with Lumin Digital to improve security for online and mobile banking.
  • Bluefin to collaborate with NCR to provide merchants with fraud fighting solutions.
  • The dream of Coinbase is alive in Portland.
  • HiddenLevers moves HQ location from NYC to Atlanta suburb.

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 Raises $9 Million in New Funding

Bento for Business Raises $9 Million in New Funding
By David Penn Posted on
Categories: Bento for Business, Funding

In a round led by Edison Partners and featuring participation from current investor Comcast Ventures and new investor MissionOG, Bento for Business has raised $9 million in funding. The financial management solutions provider will use the capital to bolster its marketing and engineering efforts with new hires, and to expand the Bento for Business platform across payments, spend management, and business banking.

“Time and again, research says that poorly managed business spend is the single largest threat to the profits of small and midsize businesses in the U.S.,” Bento for Business founder and CEO Farhan Ahmad explained. “We solve this problem and bring our customers an intelligent financial management solution that stops unauthorized spending before it happens.”

The funding nearly doubles Bento for Business’ total capital to $18.5 million.

Bento for Business provides SME owners with a card-based digital spending management solution that enables employers to prevent unauthorized expenditures by controlling when, where, and how much their employees spend at the point of sale. The platform stops unapproved business spend before the purchase, saving time and money on returns and cancellations. The technology also has features like receipt upload and the ability to automatically sync Bento with popular accounting systems like Quickbooks to reduce the need for expense reports.

The company’s solutions include expense cards, API virtual cards, and ghost cards. Bento’s tiered levels of service range from a free program that supports up to two cards to its enterprise level offering with unlimited cards for $149 a month. Bento does not charge a setup fee and all paid programs (Team, Professional, and Enterprise) come with free, 60-day trials.

Bento for Business demonstrated its technology at FinovateSpring 2015. Headquartered in San Francisco, California, the company was featured in Inc.com’s article 7 Cool Productivity Tools You Probably Haven’t Heard Of last month. Bento’s technology was also highlighted in CardRates.com in March, the same month the company launched its Business Fraud Risk Calculator. The calculator is a two-minute diagnostic test that identifies potential fraud risk factors at small businesses by asking questions about expense policies, receipt handling, and accounting systems.

In February, Finovate founder Jim Bruene featured Bento in his look at startup challenger banks with a small business focus. Last fall, the company unveiled a suite of new solutions, opened up its APIs, and announced a partnership with The Bancorp.

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OneSpan Partners with Nok Nok

OneSpan Partners with Nok Nok
By Julie Muhn (@julieschicktanz) Posted on
Categories: OneSpan, VASCO

Security and esignature company OneSpan (formerly known as VASCO) announced a partnership today with authentication company Nok Nok Labs, one of the founding organizations of the FIDO Alliance.

Under the deal, OneSpan and Nok Nok will launch a joint solution that combines OneSpan’s Mobile Security Suite with Nok Nok’s S3 Authentication Suite, a set of tools that help companies comply with FIDO standards by leveraging multi factor biometric authentication technology. The low-friction solution offers phishing-resistance technology including geolocation, jailbreak and rootkit detection, device binding, device identification, and application shielding with Runtime Application Self-Protection (RASP).

Nok Nok Labs CEO and President Phillip Dunkelberger explained that while consumers are searching for a low-friction experience, financial services companies need to address regulatory requirements such as GDPR and PSD2. “What better way to address these market demands than by combining the industry leader in financial services with innovation that includes a FIDO standards-based approach that won’t compromise on security, privacy and regulatory compliance,” He added, “Nok Nok and OneSpan is a sum greater than the parts.”

Hinting at future plans for OneSpan, the press release said the partnership with Nok Nok “will help support OneSpan’s launch of additional software, server and SDK support for the FIDO2 protocol later this year, complementing OneSpan’s existing support for FIDO standards through its Digipass SecureClick device and upcoming launch of the Digipass 785.”

At FinovateFall 2017, OneSpan presented under the name VASCO, debuting the OneSpan Sign (then eSignLive) Digital Lending Solution. The solution leverages the blockchain and e-signature capabilities to offer a compliant, digital lending solution. OneSpan boasts more than 10,000 customers, including more than half of the top 100 global banks. Scott Clements is CEO.

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Social Savings Specialist InSpirAVE Offers Early Access to Platform

Social Savings Specialist InSpirAVE Offers Early Access to Platform
By David Penn Posted on
Categories: inSpirAVE

Fresh off its successful return to SXSW and a run through INV Fintech’s annual event in San Francisco, social savings innovator InSpirAVE is offering early access to its platform. The company is coming out with what founder and CEO Om Kundu calls an “entirely new look and multi-screen experience” for its app that leverages friends and family to help consumers make planned purchases by “saving more, faster” rather than succumbing to debt, fees, and impulse.

The company shared a few peeks at the new user interface below. The new look embraces InSpirAVE’s social approach to making remarkably better savings and spending decisions. InSpirAVE, which has won critical acclaim from forums including American Banker and BAI, enables users to invite friends and family to comment on – and contribute to – purchases the user wants to make but cannot yet afford without credit.

Connected friends and family can nudge users toward better selection decisions. Think of it as Yelp powered by friends and family who can make the path-to-purchase more personalized – and in ways that even the best product reviewers cannot. This not only enables users to avoid resorting to credit and falling into debt, but equally helps moderate impulse buying – a common source of overspending.

Users can then create a tailored plan to purchase the item, using the platform to choose their desired savings completion date, establish an initial deposit, and the intelligent setup of  recurring contributions. The InSpirAVE platform allows users to visualize the progress they are making toward their savings goal, including interest earned, social gifting, intelligent transfers, and any applicable discounts from the retailer. And once the requisite funds are saved, the user can purchase the item directly through the InSpirAVE platform.

Kundu said that a growing number of people have signed up for early access to the InSpirAVE platform, as have a growing number of merchant partners. He pointed out that the technology transforms the retail experience into a win-win for both sides of the transaction.

“Consumers get to better exercise their savings muscles to fulfill their purchase goals” while retailers and FIs “gain access to a more engaged and expanded customer base,” he explained. Kundu added that InSpirAVE’s intelligent p2p savings and commerce platform also gives merchants the benefit of greater social exposure to drive sales of their larger-ticket product-categories.

Headquartered in New York and Pittsburgh, Pennsylvania, InSpirAVE demonstrated its Internet of Savings platform at FinovateFall 2016. Kundu participated in our roundtable on savingstech last spring. While the company isn’t launching the platform to the general public quite yet, it is offering early access to beta accounts on a limited basis.

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Sensory’s Biometric Technology Now Powers Security for 24 Banking Apps

Sensory’s Biometric Technology Now Powers Security for 24 Banking Apps
By Julie Muhn (@julieschicktanz) Posted on
Categories: Sensory

Biometrics security company Sensory announced this week its TrulySecure technology is now being used by two dozen banks, including Alior, AXIS, Banorte, ICICI, Maybank, Mizuho Bank, and Qatar Islamic Bank.

“Since announcing the first version of TrulySecure, we have had a great deal of interest from banks wanting to utilize our technology for adding greater user security to their apps without compromising convenience. While we are certainly excited to have more than two dozen banking customers, we believe that we are just now beginning to see the tipping point for mass adoption among banks globally,” said Todd Mozer, CEO of Sensory.

TrulySecure, the company’s face and voice biometrics technology, is FIDO-certified to secure mobile applications for financial services companies. The solution works across multiple iOS and Android devices and functions with the existing hardware on the device. To enhance the TrulySecure user experience, Sensory has formed multiple integration partnerships with technology firms including EZMCOM, Fujitsu, Samsung SDS and VeriTran; and authentication solution providers HYPR and Nok Nok.

In addition to securing bank apps, TrulySecure protects mobile payment, password manager, and retail apps. The company launched a virtual bank teller system at FinovateFall 2017. The bank teller leverages AI to provide a human-like interaction that offers payment and money transfer capabilities with built-in biometrics verification.

Sensory was founded in 1994 and is headquartered in California. Last fall, the company partnered with Fujitsu to power biometrics for Mizuho’s mobile banking app. Sensory has raised $400k from Norwest Venture Partners.

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DefenseStorm Selected by NAFCU as Preferred Cloud-Based Cybersecurity Partner 

DefenseStorm Selected by NAFCU as Preferred Cloud-Based Cybersecurity Partner 
By David Penn Posted on
Categories: DefenseStorm

A trio of leading credit union CEOs representing the Preferred Partners program for NAFCU Services has selected DefenseStorm as the preferred partner for its cloud-based cybersecurity platform.

“With approximately 20 million cyber events occurring per day per financial institution, the volume and sophistication of today’s cyber threats are definitely challenging credit unions to maintain and prove ‘Cyber Safety and Soundness,’ DefenseStorm CEO Sean Feeney said. “For this reason, we are thrilled to partner with the NAFCU community, an organization that is entirely dedicated to the empowerment and betterment of credit unions.”

DefenseStorm CTO Sean Cassidy demonstrating the PatternScout anomaly detection engine at FinovateSpring 2017.

The combination of cybersecurity and compliance is what helped carry the day for DefenseStorm. The company’s GRID platform is a co-managed, cloud-based, compliance-automated solution that combines technology with human expertise in financial institution security and compliance. Built from the ground-up as a cloud-based solution, DefenseStorm’s platform provides durable, redundant, real-time service, making both analysis and remediation faster and more cost-effective. GRID features built-in FFIEC CAT and ACET compliance elements, and connects compliance policies to real-time alerts to make it easy for FIs to prove their compliance and security processes to regulators and examiners.

“We are proud to partner with DefenseStorm because they are so clearly dedicated to credit unions, and to providing them with real-time cyber safety and soundness,” NAFCU Service Corporation president Randy Salser said. “Their solutions are vital to the success, security, and stability of financial institutions.” A wholly-owned subsidiary of the National Association of Federally-Insured Credit Unions (NAFCU), NAFCU Services fosters relationships between credit unions and industry partners from verticals including payments, risk management, and security.

With offices in Seattle, Washington and Atlanta, Georgia, DefenseStorm was founded in 2015 and has raised nearly $15 million in funding. In addition to demonstrating its PatternScout anomaly detection engine at FinovateSpring last year, the company’s CTO Sean Cassidy presented Cloud Security Fundamentals at our developers conference FinDEVr Silicon Valley 2016.

This spring, DefenseStorm was named a Top 40 Innovative Technology Company by the Technology Association of Georgia (TAG). In February, the company announced a partnership with Florida-based American National Bank ($280 million in assets).

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Finovate Alumni News

By David Penn Posted on
Categories: Akamai, Bento for Business, Coinbase, DefenseStorm, Finastra, OneSpan, Payoneer, Ping Identity, Quadient, Ripple, Sensory, Temenos, Twilio

On Finovate.com

  • Bento for Business Raises $9 Million in New Funding.
  • Sensory’s Biometric Technology Now Powers Security for 24 Banking Apps.
  • DefenseStorm Selected by NAFCU as Preferred Cloud-Based Cybersecurity Partner

Around the web

  • Coventry Building Society to deploy Temenos T24 core banking platform for savings and mortgage servicing.
  • Finastra partners with Indonesian data center to bring IFRS 9 compliance capabilities to regional and medium-sized FIs in the country.
  • Akamai Technologies named a leader in Web Application Firewalls in The Forrester Wave’s Q2 2018 evaluation.
  • Payoneer partners with the Republic of Estonia’s e-Residency program to make cross-border payments easier for e-residents in India.
  • Twilio introduces a new developer-first, API-first partner program, Twilio Build.
  • Ping Identity forges strategic partnership with enterprise identity governance company, SailPoint Technologies.
  • Coinbase CEO follows Ripple’s lead on philanthropy.
  • Quadient teams with Quertum for software distribution in the Nordics and U.K.

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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Dashlane’s New Feature Secures Old and Forgotten Accounts

Dashlane’s New Feature Secures Old and Forgotten Accounts
By Julie Muhn (@julieschicktanz) Posted on
Categories: Dashlane

Dashlane’s goal is to help you remember your passwords. But that doesn’t work if you entirely forget about an account. That’s why the password manager platform launched Inbox Security Scan, a feature that helps clean up old and forgotten accounts.

Everyone has accounts they either set up and used once or one from a now-defunct website. Because users often reuse the same login credentials, these accounts pose a security risk, since older websites may not be protecting user accounts from new security threats.

Inbox Security Scan is available in the Dashlane mobile app on iOS and Android devices. The tool collects and analyzes all accounts users have created with their email address, and imports them into the user’s Dashlane account. The iOS app is currently limited to Gmail accounts, while the Android app supports @outlook.com, @live.com, @hotmail.com, and any Microsoft email address.

Once users grant Dashlane one-time permission to access their inbox, Dashlane scans the emails locally on the device and, in a few seconds, generates a report that summarizes and analyzes the accounts it found. The report details compromised accounts, based on known data breaches, as well as different account types and the number that may exist in each category. When users import the scan results into their Dashlane account, they select which accounts they want to save in their Dashlane vault.

While Dashlane organizes the new accounts and email login information, it does not input the password for each account, so it is up to the user to remember that half of the equation. By aggregating old and potentially forgotten accounts, however, Dashlane offers the user more control over their digital identity. As the company explained in their blog, “Once you know how many accounts you have and where they are, you can increase your online security by giving each account a unique password—or taking steps to delete them completely.”

Dashlane, which was founded in 2009 and recently reached 10 million users, demoed its password manager and keyboard-less ecommerce transaction technology at FinovateEurope 2013. While the company is best known for its B2C technology that autogenerates secure passwords, it also offers a form auto-filling function and digital wallet that securely stores users’ credit card information for fast online purchases. Dashlane also offers solutions that help businesses seamlessly onboard staff with new accounts and has a partner program to allow brands to co-brand Dashlane’s identity manager as a service. Among the company’s partners are Visa, Intel, and yubico.

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