Low-Code Development Platform OutSystems Forges Strategic Partnership with Atos

Low-Code Development Platform OutSystems Forges Strategic Partnership with Atos
By David Penn Posted on
Categories: Outsystems

Low-code development platform for rapid application development OutSystems announced a strategic partnership in Ireland and the U.K. with digital transformation specialist, Atos. The companies will leverage their working relationships in other regions to provide a platform that will enable customers to “accelerat(e) their digital transformation initiatives.”

Atos’ Head of Technology  for the U.K. and Ireland, Howard Willliams, said OutSystems’ platform will enable Atos to “offer agile and innovative products and solutions that are delivered to our clients in weeks, rather than in months or years.” He pointed to the combination of low-code and DevOps in the cloud as an ideal way to deliver web-based mobile solutions that are both “enterprise-ready and customer-focused.” Atos will host Digital Transformation Now, OutSystems’ upcoming event focused on low-code development, as part of the agreement.

For OutSystems, the agreement helps broaden its reach into overseas markets. Bob Wilson, VP of Global Alliances and Channels at OutSystems, said, “We see this partnership with Atos as an opportunity to help our customers in the U.K. and Ireland rapidly develop enterprise-ready web and mobile applications that solve their business challenges in new and innovative ways.”

Recognized for its leadership in mobile application development platforms (MADP) and low-code development platforms by Gartner and Forrester, respectively, OutSystems helps firms build and manage better apps. With full-stack visual development – including drag-and-drop functionality for UI – and single-click deployment and updating, OutSystems serves customers in verticals ranging from banking and insurance to healthcare and retail.

Last year, OutSystems presented a talk titled Low-Code: The Next Evolution in App Dev Platforms (Oh, and 5x Faster) at our developers conference, FinDEVr New York. At the event, OutSystems’ Nuno Silveira (IT Architect) and Joao Miranda (IT Manager) discussed how the company was able to assist a European retail bank in a major digital transformation including mobile banking, internet banking, branch, and contact center solutions.

In March, OutSystems unveiled its Digital Transformation Hub, an online educational resource for IT leaders that features original research and analyst reports from Gartner, Forrester, and others on the topic of digital transformation. Also last month, the company announced the completion of a low-code development project with BlueVest. The project enabled the U.K.-based company to launch a digital underwriting app that provides initial loan quotes as fast as 15 minutes and confirmed offers in 30 minutes.

Founded in 2001 and headquartered in Atlanta, Georgia, OutSystems has raised more than $62 million in funding. The company includes North Bridge Venture Capital and Armilar Venture Partners among its investors. Paulo Rosado is CEO.

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doxo Teams with Coinstar to Facilitate Cash Payments for Underbanked

doxo Teams with Coinstar to Facilitate Cash Payments for Underbanked
By Julie Muhn (@julieschicktanz) Posted on
Categories: Doxo

Consumer billpay platform doxo has found a way to reach the unbanked population. The Seattle-based company announced a partnership with Coinstar, a self-service coin-counting kiosk enterprise.

Through the partnership, doxo users can use cash to pay any of the 45,000 local and national billers in doxo’s network at Coinstar locations across the U.S. Jim Gaherity, CEO of Coinstar, said: “doxo’s extensive biller directory, combined with our national network of Coinstar kiosks, brings a new level of ease and accessibility for bill pay, and we’re excited to offer this capability to our customers.”

And for many consumers, cash is still king. There are 34 million unbanked or underbanked households across the U.S. and more than $235 billion in bill payments are made with cash each year. Steve Shivers, CEO and co-founder of doxo said, “For billers, providing an easy way for their customers to pay with cash is not only a valuable service, but helps keep accounts current. Our partnership with Coinstar provides this opportunity with very little effort on the part of billers.”

Customers who want to pay bills in cash select Pay Bills with Cash at Coinstar as the payment option at a participating biller’s website. Then, the consumer visits a Coinstar kiosk, selects their biller, and inserts cash into the machine. A payment receipt is printed with a code that the customer can use to track their payment delivery on doxo’s portal. Coinstar has a network of 20,000 kiosk locations, and doxo’s bill payment option will be available at 7,000 of those units by the end of the year.

While the number of services for the underbanked population is on the rise, there are not many that enable consumers to pay for online or remote services for cash. In fact, doxo’s only competitor in this space may just be PayNearMe, a company founded in 2009 that allows unbanked consumers to pay for e-commerce, transportation, and a limited number of billers in cash at 7-Eleven and Ace Cash Express stores.

doxo is compatible with existing billing systems and allows billers to electronically connect for free. The platform offers a simplified experience for end users and provides a complete online payment system for billers who have yet to go digital. Among the company’s list of billing partners are AT&T, National Grid, Puget Sound Energy, Kansas City Light, and more providers across finance, utilities, healthcare, telecom, banking, and insurance sectors.

Founded in 2008, doxo debuted its Control Panel at FinovateSpring 2011. Last fall, the company surpassed 30,000 payable billers on its platform. doxo has raised $18.8 million and counts Mohr Davidow Ventures, Sigma Partners, and Bezos Expeditions as investors.

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Finovate Alumni News

By David Penn Posted on
Categories: Agreement Express, Averon, Baker Hill, Doxo, Efigence, Emailage, Fiserv, Kyndi, Lender Price, Meniga, Mr. Cooper, NuCypher, NuData Security, Outsystems, Plaid, Ripple, Status Money, Trulioo, Wealthucate, Zopa

On Finovate.com

  • doxo Teams with Coinstar to Facilitate Cash Payments for Underbanked.
  • Agreement Express Lands Funding from Frontier Capital.
  • Low-Code Development Platform OutSystems Forges Strategic Partnership with Atos.

Around the web

  • Iowa City-based Farmers & Merchants and Savings Bank to deploy Fiserv’s retail and business banking platform.
  • Zopa announces restructuring in advance of the launch of its challenger bank.
  • PYMNTS.com features Trulioo CEO Stephen Ufford in a conversation about the present and future of KYC.
  • Santander introduces its Santander One Pay FX service, a blockchain-based money transfer offering that leverages Ripple’s xCurrent technology.
  • Meniga CEO Georg Ludviksson selected as one of top 200 Fintech leaders in Europe
  • NuCypher teams with Origin Protocol to control access to sensitive information in decentralized marketplaces.
  • Efigence powers concept, UX, and design for BGŻOptima Bank’s new portal.
  • PYMNTS.com profiles anti-cyberfraud startup, Emailage.

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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Fidor’s New Partnership Takes Aim at Financial Inclusion

Fidor’s New Partnership Takes Aim at Financial Inclusion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fidor Bank

Digital banking services company Fidor has partnered with the International Finance Corporation (IFC) to expand digital banking services in Africa and Latin America.

The IFC and Germany-based Fidor have signed a memorandum of understanding (MOU) to identify financial institutions and partners to launch and enhance digital bank partnerships in developing regions. The IFC works with more than 2,000 businesses worldwide and is a part of the World Banking Group. Last year, the organization delivered a record $19.3 billion in long-term financing for developing countries to help end poverty. Under today’s agreement, the effort will leverage the Fidor Operating System (fOS), an API that delivers digital banking services at a low cost, and will take advantage of Fidor’s expertise in launching a bank.

In the press release, Matthias Kröner, Founder and CEO of Fidor, said: “Fidor’s business model is deeply rooted in providing fair banking in the most efficient fashion possible which aligns with financial inclusion agendas. Having access to financial services can improve people’s everyday lives in emerging markets.” Kröner added that the financial inclusion agenda not only helps individuals, but the benefits also extend to economic and social development. This is why, he stated, “The MOU with IFC aims to roll out digital banks throughout emerging countries and give access to financial services in order to boost financial inclusion.”

This partnership fits well within Fidor’s core competency. The financial services firm co-innovates with other organizations, offering its APIs and expertise to help them launch their own digital banks. Fidor’s technologies cover a wide range of digital banking elements, including compliance, risk management, go-to-market strategy, and customer service. These capabilities are key for the World Banking Group to meet its goal of enabling 1 billion more people to have access to a transaction account by 2020.

Fidor has demoed at FinovateEurope 2011 and presented at FinDEVr New York 2016. In 2016, the company was acquired by France’s Groupe BPCE. Last summer, the company’s U.K. challenger bank announced that Nutmeg was one of two inaugural partners for Finance Bay, the bank’s new marketplace that aims to offer clients access to alternative investment opportunities.

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Avoka Partners with Alpine Bank to Provide Custom Account Opening Experiences

Avoka Partners with Alpine Bank to Provide Custom Account Opening Experiences
By David Penn Posted on
Categories: Avoka

Customer acquisition and onboarding technology innovator Avoka has partnered with Alpine Bank, who will use the multiple Best of Show winner’s Avoka Transact platform to enhance its account opening, loan application, and business onboarding processes.

The solution will integrate the company’s core banking platforms – including Silverlake System from Finovate alum Jack Henry – to provide a thoroughly digital account-opening experience for the Colorado-based bank’s customers. The new account opening experience will include ID verification, funding, and immediate establishment of the account. And as an omnichannel solution, the technology enables users to begin an application on one channel (i.e., at home or office) and complete the application in another (i.e., in branch).

“One of the reasons we chose Avoka is because we did not want the limitations of an off-the-shelf system that would limit our ability to fully serve customer needs and expectations,” Alpine Chief Digital Officer Andrew Karow explained. He added that Avoka’s technology will enable Alpine Bank – with assets of more than $3.5 billion and 38 banking offices across Colorado – to “reach beyond our current branch network” as well as better serve existing customers.

David Gaydon, GM for Avoka North America, praised Alpine Bank’s embrace of technology as a way to help drive expansion into new markets. “Alpine Bank is approaching their growth in the most innovative way possible,” Gaydon said, “using proven technology to build a competitive advantage. Alpine’s expansion plan to serve all Colorado residents across the Western Slope and the Front Range alike increase their footprint in the most efficient way possible.”

“Coloradans will be able to open accounts on their mobile phones with a regional bank that puts Colorado first,” the Avoka North America GM added.

Headquartered in Denver, Colorado; London, England; and Sydney, Australia, Avoka demonstrated its Transact Insights technology at FinovateEurope 2017. Insights is a module of the company’s Transact 5 platform, and gives firms insights and analytics that help optimize the account opening process by identifying areas of friction or abandonment for customers. Avoka counts five of the top 10 banks in Australia, four of the top 10 banks in Europe, and eight of the top 50 banks in the U.S. among its customers, and has raised $28 million in funding. Founded in 2002, the company is led by co-founder and CEO Philip Copeland.

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Finovate Alumni News

By David Penn Posted on
Categories: Avoka, CardFlight, Fidor Bank, Finicity, IdentityMind Global, Insuritas, Jack Henry, Temenos

On Finovate.com

  • Avoka Partners with Alpine Bank to Provide Custom Account Opening Experiences.
  • Fidor’s New Partnership Takes Aim at Financial Inclusion.

Around the web

  • Telia Finance to deploy core banking solution from Temenos.
  • Fidor signs memorandum of understanding with International Finance Corporation (IFC) to expand services to reach the underbanked in Africa and Latin America.
  • Town Square Bank of Ashland, Kentucky chooses Jack Henry’s SilverLake System to support its commercial and retail growth.
  • Cherokee Strip Credit Union hires Insuritas to launch member-owned, digital insurance agency.
  • Finicity to support push for self-sovereign identity as founding steward and data aggregator for the Sovrin Foundation.
  • CardFlight introduces countertop payment terminal for small businesses.
  • AirTM partners with IdentityMind Global to help Venezuelans access stable money that holds its value.

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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Is Voice the Next UI?

Is Voice the Next UI?
By finovate Posted on
Categories: FinovateSpring 2018

As the titans dominate the smart speaker landscape, Theodora (Theo) Lau — Innovator Technologist and Connector at Unconventional Ventures — discusses what the future might look like for fintech, financial institutions and brands. Join Theo and other panelists for the session titled “Is the future digital interface voice activated?” at the upcoming FinovateSpring in Santa Clara, May 8 through 11, 2018.

Advances in voice recognition have fueled substantial growth in virtual assistants and their applications the past few years. According to the latest “Smart Speaker Consumer Adoption Report” released by Voicebot.ai in March 2018, “19.7% of U.S. adults have access to smart speakers today. That is up from less than 1% of the population just two years ago.” Unsurprisingly, Amazon dominates the market share at 71.9%, with Google running at a distant second at 18.4%. With consumers becoming more comfortable with the devices, nearly two-thirds of device owners now use them daily and over three-quarters at least weekly. According to Invoca’s study titled “The Rise of Voice,” it is estimated that the voice opportunity will be worth $18 billion by 2023. Voice has become an important new battleground for brands as they seek to differentiate themselves. It is no wonder that financial institutions are rushing to experiment with the new prospect: Bank of America, Capital One, Royal Bank of Canada (RBC), USAA, U.S. Bank, and Charles Schwab are amongst the many that have announced initiatives leveraging voice technology.

Interestingly, unlike most new digital technologies, users of these virtual assistants are not dominated by just the youngest demographic, but rather, those aged between 33 and 45. And according to Capgemini, 28% of users of voice assistants have already been adopting them for making payments and sending money. It is also predicted that, three years from now, 31% of consumers will use voice assistants instead of visiting a bank branch. Saturday Night Live joined in the hype with a skit on “Silver Echo,” re-imaging how an Echo-like device designed for older adults would behave.

Finovate_Twitter Chat_Theodora (Theo) Lau — Innovator Technologist and Connector at Unconventional Ventures

So far, the use cases in financial services have been limited to more basic interactions such as checking account balance, paying bills, and monitoring spending. The next frontier will be to provide more personalized solutions, help consumers make the right financial decisions, and guide them seamlessly between different interfaces (voice/screen). Security must be the top focus for institutions looking to embark on their voice strategy. AI needs to be advanced enough to understand the context and nuances of human dialogues. Most of the virtual assistants still struggle to understand different accents, for example. Given the diversity of our population, this must be resolved to avoid frustrating first time users and for the technology to gain wider appeal.

While we are not (yet) at the stage where we can carry out meaningful conversations with our new digital companions, I believe the potential is there. Talking is also much more liberating when you are no longer constrained by the menu choices in front of you.

What can be done is up to us. Let’s dare to dream.

THEODORA (THEO) LAU_FinovateSpring_Voice Technology

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280 CapMarkets Unveils 280 Advisor Services

280 CapMarkets Unveils 280 Advisor Services
By Julie Muhn (@julieschicktanz) Posted on
Categories: 280 Cap Markets

There are increasingly more fintech services to help small players compete with large enterprises. Bond sales and management platform 280 CapMarkets is releasing its latest offering for advisors this week to do just that.

The new suite of offerings, 280 Advisor Services, is a set of tools and resources to help independent advisors expand their capabilities and compete against larger, more established firms. Eve Cohen, 280 CapMarkets managing director and head of advisor liaison desk said, “Gaining access to a broad universe of wholesale bonds offerings, having the resources to thoroughly evaluate bonds in the context of real-time market dynamics, and balancing time between managing their clients’ needs and running a practice can be tough. We designed 280 Advisor Services specifically to solve these challenges for independent advisors.”

The complimentary suite is available through the Advisor Liaison Desk of 280 Securities and features:

  • Customized and branded bond portfolios, tailored to the individual needs of the advisor’s clients
  • Bond portfolio reviews to help advisors align clients’ fixed income portfolios with their goals and evolving markets
  • On-demand insights to help advisors make informed choices based on structural and credit characteristics of fixed income securities
  • Access to wholesale bond offerings, research, and trade ideas, based on real-time fixed income market dynamics, bond availability, and pricing

Founded in 2016, 280 CapMarkets’ mission is “to level the playing field for independent financial advisors in the fixed income markets.” The company’s flagship service, BondNav, helps investment advisors search and transact bonds transparently on a single, simple platform. The number 280 in the company’s name refers to the highway that connects the east coast of the U.S. to the west coast. As the company explains, “Our national highway system, built to connect the free movement of trade and commerce, inspires the technological network 280 CapMarkets has built to improve bond market price transparency and confidence in fixed income investing.”

280 CapMarkets will demonstrate the BondNav platform at FinovateSpring 2018 in Santa Clara on May 8 through 11. Register today to be among the first to see the live demo.

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Quovo Unveils New Solutions for Loan Originators and Servicers

Quovo Unveils New Solutions for Loan Originators and Servicers
By David Penn Posted on
Categories: Quovo

 

With a pair of new solutions announced this week, Income + Expense and Balance Estimator, financial data platform Quovo is helping lenders improve key processes in the lending value chain.

Chief Product Officer for Quovo Niko Karvounis said the new solutions represented “an opportunity to optimize the way our data products work together to provide an improved borrowing experience.” Income + Expense gives lenders a more complete view of cash flow by analyzing and summarizing recurring and irregular income and expense streams. Balance Estimator predicts future account balances as far as 30 days in advance by leveraging historical cash flow data.

The two new solutions can be combined with Quovo’s other technologies – like Aggregation and Authentication – to build a complete, end-to-end, lending solution. Quovo announced its new products during an appearance this week at the Lendit Fintech USA conference.

Seeing significant opportunities for growth in the lending space, Quovo Co-Founder and CEO Lowell Putnam explained how the company would continue to leverage its technology to solve problems in a variety of markets. “We envision our solutions-based strategy, which combines our data products to address specific use cases across financial services, to be the future of our business,” Putnam said. “We look forward to continuing to develop more integrated products and finding interesting ways to package them together to alleviate pain points in lending and financial services more broadly.”

Quovo uses its industry-leading APIs, modular apps, and enterprise solutions to provide insights and connectivity for millions of financial accounts across thousands of institutions. The company participated in our developers conference, FinDEVr New York 2017, teaming up with SoFi for a presentation that discussed how the company’s Bank Authentication API enabled authentication for more than 200 financial institutions.

Quovo began 2018 with the launch of Cue, an alerts engine that uses data science to send notifications to financial advisors about specific account activity or milestones in the client’s life. Also this year, Quovo forged a partnership with Great American Life to integrate data for its fee-based annuity. Back in December, Quovo leveraged its API layer to launch account aggregation modules that give FIs the ability to add PFM functionality to their digital platforms. And last fall, the company introduced its new account authentication solution, Autoverified Microdeposits.

Founded in 2010 and headquartered in New York City, Quovo has raised more than $15 million in funding. Napier Park Global Capital, F-Prime Capital Partners, FinTech Collective, and Long Light Capital are among the company’s investors.

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FinovateSpring Sneak Peek: Project Finance

FinovateSpring Sneak Peek: Project Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2018, FinovateSpring 2018 Sneak Peek, Project Finance

A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.

Project Finance is a personal finance management and decision-making application that shows you the future of your finances based on the spending and saving choices you’re making today.

Features

  • See the future of your bank account based on your spending and saving behavior
  • Explore the scenarios and tradeoffs you can make with your money
  • Get insight designed to maximize your wealth

Why it’s great
Good spending and saving behavior starts with being confident in your ability to meet future obligations. Project Finance is designed to help you understand your future and the actions you can take today.

Presenter

Colby Ross, Co-Founder & CEO
Ross is a finance geek and product designer, and he’s building a company he’s always wished existed.
LinkedIn

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FinovateSpring Sneak Peek: Covered Security

FinovateSpring Sneak Peek: Covered Security
By Julie Muhn (@julieschicktanz) Posted on
Categories: Covered Security, FinovateSpring 2018, FinovateSpring 2018 Sneak Peek

A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.

In a world of constant breaches, what if protecting your online life was easy and rewarding? Covered Security motivates and empowers consumers to improve security – and creates a digital opportunity for banks.

Features

  • Gamified identity theft risk assessment and education
  • Personal assistant for online security and alerts
  • Simple, automated guidance to reduce your risk of identity theft

Why it’s great
In the face of skyrocketing cybercrime, you are not powerless. Covered helps you take control of your digital identity to avoid the time and hassle of identity theft.

Presenters

Christopher Zannetos, CEO
Zannetos has founded and led security companies to be profitable, visionary leaders – generating more than $300 million in revenue. He’s also a passionate supporter of STEM education to battle poverty.
LinkedIn

Brian Milas, CTO
Milas has architected market-leading products that serve tens of millions of users worldwide, making security simple and fast. Though far from his roots, he retains his Midwestern good nature.
LinkedIn

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FinovateSpring Sneak Peek: 280 CapMarkets

FinovateSpring Sneak Peek: 280 CapMarkets
By Julie Muhn (@julieschicktanz) Posted on
Categories: 280 Cap Markets, FinovateSpring 2018, FinovateSpring 2018 Sneak Peek

A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.

280 CapMarkets‘ BondNav technology platform provides a fully transparent, modern way for investment advisors to search, compare, and transact from a broad universe of bonds.

Features

  • Has access to thousands of wholesale bond offerings
  • Offers pre-trade price transparency that helps advisors compare and trade with confidence
  • Supports the best execution requirements with 280 Best X documentation

Why it’s great
BondNav levels the playing field for independent investment advisors in the fixed income markets, providing a simpler way to buy, sell, and manage bonds.

Presenters

Gurinder S. Ahluwalia, CEO
Ahluwalia has 25+ years of operating and financial services experience, most recently in wealth management. Previously, he was President and CEO of AssetMark.
LinkedIn

Prescott Nasser, Chief Technology Officer
Nasser has more than 15 years of technology experience, building financial services software and teams. He was previously VP of Engineering at Vouch Financial.
LinkedIn

Dave Rudd, Managing Director, Co-Head of Institutional Sales Rudd is a 20-year veteran of institutional fixed income sales and trading, and one of the visionaries behind 280 CapMarkets.
LinkedIn

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