Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters

Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters
By David Penn Posted on
Categories: AnchorID, BehavioSec, BillGuard, Dashlane, EyeVerify, IDscan Biometrics, Jumio, SecureKey, Silver Tail Systems, SpeechPro, Toopher, Trusona, Zoloz

Left to right: A representative from Alipay joins Tinna Hung, Director of Marketing for EyeVerify during a demonstration of Eyeprint ID at FinovateAsia 2016.

This month we’re highlighting the issue of security in fintech. Our first installment was our interview with ENVEIL CEO Ellison Anne Williams.

Today we use the lens of our Best of Show awards to take a look at companies innovating in the security space for financial services companies and institutions. Three security companies have won Best of Show awards in more than one conference. Biometric specialists EyeVerify and BehavioSec have both earned Best of Show trophies on three separate occasions. Interestingly, both companies won one of their Best of Show awards at FinovateAsia; BehavioSec in Singapore, EyeVerify in Hong Kong. (Speaking of FinovateAsia, remember that Finovate returns to the Far East November 7 & 8.)

Earning two Best of Show awards was Silver Tail Systems (now a part of RSA, the security division of EMC, which acquired the company in 2012). Founded in 2008 and headquartered in Menlo Park, company was a pioneer in leveraging real-time behavior analysis to spot and stop business logic abuse on financial institution websites.

BehavioSec CEO Neil Costigan demonstrating BehavioWeb and BehavioMobile at FinovateEurope 2014.

EyeVerify, which was acquired by Ant Financial last fall, announced in August that it was rebranding as Zoloz. In a blog post at the company’s website, CEO Toby Rush said the new company would be focused on providing a hosted identity platform geared toward the Asian market. “Underserved and underbanked consumers in this region are moving to mobile so quickly that they have leapfrogged biometrics adoption and identity services in other geographies,” Rush wrote. “The platform is centered around the idea that I am me, my phone should just know me, and my apps and services should know me – automatically, conveniently, and securely,” he explained.

Zoloz is headquartered in Kansas City, Missouri, and was founded in 2012. The company most recently demonstrated its technology at FinovateEurope 2017.

BehavioSec, the behavioral biometric innovator, forged a partnership with Gemalto earlier this summer, to provide end-user verification and identity solutions as FIs increasingly embrace digital technologies. “Removing bottlenecks to achieve full digitization of a business goes hand-in-hand with conquering online fraud, through a layered an collaborative approach,” Costigan said. In May, BehavioSec teamed up with fellow Finovate alum Kount, integrating its behavioral biometric technology with Kount’s fraud management platform. A partnership with Appdome this spring produced AppFusion for BehavioSec, a solution that makes it easier for app developers to add behavior-based biometric authentication to their mobile apps.

Based in Stockholm, Sweden, BehavioSec was founded in 2009. The three-time Best of Show winner most recently demonstrated its technology at FinovateFall 2015.

Making it on the Finovate stage as a security solutions provider is one challenge. Taking home a Best of Show trophy as a company dedicated to helping stop fraudulent transactions, prevent unauthorized access, and create truly “safe spaces” in a connected world is quite another. Here is the full list of security companies that have won Best of Show awards at Finovate conferences.

FinovateFall 2017

FinovateSpring 2017

FinovateAsia 2016

FinovateFall 2016

FinovateEurope 2016

FinovateEurope 2015

FinovateFall 2014

FinovateSpring 2014

FinovateEurope 2014

FinovateAsia 2013

FinovateFall 2012

FinovateSpring 2012

FinovateFall 2011

FinovateFall 2010

Finovate 2009

FinovateStartup 2009

  • Silver Tail Systems (demo)

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FinovateAsia Sneak Peek: additiv

FinovateAsia Sneak Peek: additiv
By Julie Muhn (@julieschicktanz) Posted on
Categories: additiv, FinovateAsia 2017, FinovateAsia 2017 Sneak Peek

A look at the companies demoing live at FinovateAsia on November 7 and 8 in Hong Kong. Pick up your tickets today and save your spot.

additiv is the leading provider of B2B2C digital financial solutions as a service for financial institutions, wealth managers, and fintech companies.

Features

  • Quick implementation and sufficiently configurable roboadvisor
  • Rapid to deploy but integrated with bank’s key data repositories
  • Country and local compliant setup

Why it’s great
additiv is the leading provider of B2B2C digital financial solutions-as-a-service for financial institutions, wealth managers, and fintech companies.

Presenters

Michael Stemmle, CEO
Stemmle is CEO of additiv, building the digital future of the financial industry.
LinkedIn

Derrick Loi, Global Head of Orange Cloud for Business (International)
As a former Citrix and Cisco Manager, Loi is currently responsible for the GTM, revenue targets, order targets and P&L for Orange Cloud Business international, which covers Asia Pacific, Europe, Americas and Emerging Markets.
LinkedIn

Thomas Achhorner, Global Head of Solutions
Achhorner is a former PwC and BCG partner and develops additiv’s SaaS offering by packaging the firm’s renowned digital finance services platform as cloud-based products.
LinkedIn

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FinovateAsia Sneak Peek: Call Levels

FinovateAsia Sneak Peek: Call Levels
By Julie Muhn (@julieschicktanz) Posted on
Categories: Call Levels, FinovateAsia 2017, FinovateAsia 2017 Sneak Peek

A look at the companies demoing live at FinovateAsia on November 7 and 8 in Hong Kong. Pick up your tickets today and save your spot.

CLAIRE (Call Levels AI for Reimagining Enterprises) is a secure, intelligent, chatbot SAAS solution for banks and financial institutions to optimize their customers’ experiences.

Features

  • AI chatbot framework
  • Real-time financial monitoring system and analytics
  • Double hashing blockchain security

Why it’s great
CLAIRE’s AI-powered automation enables you to bank when you want, where you want.

Presenters

Linda Ang, Head, Strategy & Development
Familiar with both corporate developments and the dynamics of financial markets, Ang is a business strategist with significant experience in Business Development and Investor Relations.
LinkedIn

Taqin Jamil, Head of Design
Jamil is responsible for the overall product interaction and experience. As Head of Design, he leads the team in creating UX-friendly fintech applications.
LinkedIn

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, additiv, Baker Hill, Bill.com, Call Levels, Experian, Fenergo, nCino, NuData Security, Ondot Systems, Pendo Systems, Ripple, SocietyOne, Thomson Reuters, Xceptor

On Finovate.com

  • Bill.com Discloses September Investment Round, Doubles Total Funding.
  • SocietyOne Tops $350 Million in Loans.
  • Baker Hill Forges Partnerships with Allied Solutions, Experian.
  • Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters.

Around the web

  • Fenergo announces partnership with four of Australia’s top five banks.
  • ACI Worldwide launches UP Real-Time Payments Solution.
  • Credit Agricole and TransferGo join Ripple’s blockchain network, boosting membership to more than 100 institutions.
  • Thomson Reuters unveils Fixed Income Callouts, a trading app for African bond markets.
  • Ondot Systems to provide two-way fraud alerts for debit cards processed by payments provider, Elan Financial.
  • Pendo Systems adds 25-year banking veteran Bill Woodley as a non-executive director.
  • Megabuyte initiates coverage of Xceptor with “superior” rating.
  • nCino enhances Treasury Management Sales and Onboarding Solution for greater flexibility, configurability and speed.
  • NuData picks up leader award from Javelin Strategy and Research.

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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TASCET Teams with Secured2 to Launch Algo5 Data Security Offering

TASCET Teams with Secured2 to Launch Algo5 Data Security Offering
By Julie Muhn (@julieschicktanz) Posted on
Categories: TASCET

Identification technology company TASCET announced this week it has partnered with Secured2 to launch a new data security offering. The product, Algo5, aims to protect data against both internal and external breaches, hacks, and disasters.

The new data storage solution combines TASCET’s SuperToken, which verifies a user’s identity, with Secured2’s Beyond Encryption, which protects data from the origination of a document to an endpoint of cloud, local, or hybrid storage. Algo5 offers cost savings by shrinking, shredding, and dispersing data to numerous locations, each with its own encryption. To retrieve the data, users must be authorized and verified through SuperToken.

Daren Klum, CEO of Secured2 acknowledges that there are too many “weak points” in data storage and access. Explaining the advantage of the new technology, Klum said, “Algo5 brings together two technologies – identification and data security at the file level – that are changing the way companies store, access, and retrieve data.”

“Algo5 provides all of the crucial components necessary to secure data in today’s high risk environment,” said TASCET CEO Larry Aubol. “This includes the identification of users, which ensures that access is allowed only by users who are known. This step is nonexistent in approaches that rely on authentication,” he added.

Founded in 2005, TASCET debuted Financial ICONN at FinovateSpring 2012. In June of this year, TASCET announced a partnership with Mobility Exchange to bring TASCET’s SuperToken technology to Mobility Exchange’s clients. TASCET is headquartered in Madison, Wisconsin and has raised just over $13 million.

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NYMBUS Launches Digital-First Banking Platform, NYMBUS SmartDigital

NYMBUS Launches Digital-First Banking Platform, NYMBUS SmartDigital
By David Penn Posted on
Categories: NYMBUS

With the release of NYMBUS SmartDigital last week, the core banking innovator has made it that much easier for financial institutions to go digital. “With the addition of SmartDigital,” NYMBUS president David Mitchell said, “financial institutions currently running obsolete technologies now have the ability to add a next-generation digital product suite.”

SmartDigital’s open architecture and flexible APIs enable FIs to readily integrate with third-party applications. With customer expectations increasingly driven by their UX with platforms like Facebook, Google, and Apple, NYMBUS’ digital-first banking solution will help FIs compete with both their rival FIs and fintechs. “The scale of digital disruption is unprecedented and digitalization is no longer an option for the banking industry,” Mitchell said. “It’s inevitable and a matter of survival.”

The launch of SmartDigital could also encourage wider adoption of NYMBUS’ flagship technology, its core banking platform, SmartCore.  Transition to SmartCore from SmartDigital is a seamless “turn(ing) on” of the core platform according to Mitchell, who stressed the importance of banks moving away from outdated systems. “We want all financial institutions that have been held hostage on their legacy technology to be able to upgrade and enhance their digital offerings now,” he said. The platform is live with more than 37 FIs around the world with more than 10 million daily end users.

Founded in 2015, NYMBUS demonstrated its core banking platform at FinovateSpring 2016. The Miami Beach, Florida-based company is also a veteran of our developer’s conference, having presented “NYMBUS: The Next Evolution of Core Processing” at FinDEVr New York 2016. NYBMUS has raised $28 million in total funding, including a $16 million venture round in February led by Home Credit Group.

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ABN Amro’s New10 Chooses Mambu to Power SME Lending

By David Penn Posted on
Categories: Mambu

New10, ABN Amro’s newly launched fintech firm, has selected Mambu’s Software-as-a-Service (SaaS) engine to power a range of SME lending products in the Netherlands, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Like many start-ups, speed is part of the sales pitch, and New10 said it aims to provide credit decisions for SMEs within 15 minutes and offers a fully digital application process. In fact, ABN Amro pointed out that New10 went from concept to launch within ten months. Perhaps that’s why it’s called New10 and not New15.

Mark Schröder, co-founder and commercial director of New10, said it combines “the best of two worlds – the characteristics of a fintech with ABN Amro’s financial knowledge and resources”.

Jaap Boersma, CTO of New10, added that Mambu was selected as it offers “scalability, flexibility and speed to market at a fraction of the cost of traditional core systems”.

According to Mambu, it took a collaborative approach working with the New10 team in order to complete implementation within four months. In a “highly regulated environment”, Mambu’s partnership with Amazon Web Services (AWS), which has received Dutch regulatory approval, “helped smooth the path to market”.

Mambu was launched in 2011, and says its technology powers over 5,000 loan and deposit products for over four million end customers. It has 180 live operations in 45 countries, ranging from fintech firms to “traditional banks”. The company demonstrated its native, cloud-based, SaaS banking technology at FinovateAsia 2013 in Singapore.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arxan Technologies, FICO, MasterCard, NYMBUS, PayPal, TASCET, TransCard

On Finovate.com

  • TASCET Teams with Secured2 to Launch Algo5 Data Security Offering.
  • NYMBUS Launches Digital-First Banking Platform, NYMBUS SmartDigital.

Around the web

  • Mastercard and PayPal expand partnership to Canada, Europe, LatinAm, Caribbean, the Middle East and Africa.
  • Affirmative Technologies partners with TransCard to provide electronic payment processing for SMBs.
  • FICO introduces new payment card fraud detection models.
  • Arxan receives ISO 13485 certification.

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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Join the Next Wave of RegTech Innovators

Join the Next Wave of RegTech Innovators
By finovate Posted on
Categories: Regulations

Call for Demos at RegTech Rising 1 & 2 November 2017 London.

RegTech Rising is the first large scale event in Europe dedicated to RegTech.  We’re bringing together the entire ecosystem – regulators; financial institutions; RegTech providers; industry advisers – to debate how to collaborate in order to accelerate innovation and capture the RegTech opportunity.

The financial crisis of 2008 resulted in a tranche of new regulations for the financial services sector and these reforms dramatically increased costs and complexity for the financial services sector relating to compliance, supervisory and reporting requirements.  Many financial services providers have legacy systems that are just not capable of delivering the breadth of functionality required to take the pain out of regulatory compliance. RegTech could be a real breakthrough but there are real challenges in bringing new technology into the institution and integrating it with legacy systems.

RegTech Rising will address all these issues and more.

On 31 October our New Tech For RegTech Lab will examine the new technologies which are driving change and explore applications of artificial intelligence; machine learning; open APIs and distributed ledger technology for regulatory compliance.

On 1 & 2 November the RegTech Rising Conference will explore key strategic issues as well as offering deep dive sessions into specific regulatory areas.  Hear from regulators spearheading the RegTech initiative; those leading the charge for change within financial institutions and the providers who are creating the innovative solutions.

Visit finance.knect365.com/regtech-rising to see the latest agenda and the speaker list.

If you wish to demo your RegTech solution to Heads of Innovation; Heads of Digital Innovations; Heads of Regulatory Change; Chief Compliance Officers; Chief Technology Officers; Chief Risk Officers; Chief Operating Officers, please contact [email protected]

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Aviva Acquires Majority Stake in U.K. Online Wealth Management Specialist, Wealthify

Aviva Acquires Majority Stake in U.K. Online Wealth Management Specialist, Wealthify
By David Penn Posted on
Categories: Mergers & Acquisitions, Wealthify

U.K.-based insurer Aviva is the latest financial services company to turn to fintech in general and online investment services in specific in order to provide greater value for its customers. The firm announced today that it had acquired a majority stake in robo advisor, Wealthify. And while terms were not disclosed, the company was valued at £9.7 million in the wake of recent £1 million crowdfunding campaign.

Writing at the Wealthify blog, company CEO and founder Richard Theo called the acquisition “a huge vote of confidence” in both Wealthify’s vision to make investing more democratic, as well as, “the way we have delivered that vision.” Theo said the move affirmed the company’s place as a significant disruptor in the wealth management space, and takes Aviva closer to being a “one-stop-shop for all their customers’ insurance, pension, and investment needs.”

Left to right: Wealthify founder and CEO Richard Theo and Chief Investment Officer Michelle Pearce demonstrating the company’s online investing service.

Theo added that the investment will enable the company to pursue its “ambitious customer acquisition targets” as well as support new products, particularly JISA and SIPPs. Wealthify also plans to add talent to its team, and will take on a trio of non-executive directors from Aviva. The company will remain headquartered in Cardiff, Theo noted with pride, referencing both Wealthify’s Welsh roots and the promise of the growing financial services community in and around Cardiff.

Managing director of Aviva U.K. Digital Blair Turnbull praised Wealthify’s platform, which will be integrated into Aviva’s digital hub, MyAviva. Turnbull called the technology “remarkably easy to use” and underscored its appeal to both traditional cash savers and millennial investors. Aviva is the biggest general insurance provider in the U.K., and a leading life and pensions provider. The firm serves 33 million customers in 16 markets around the world.

Founded in 2014 and headquartered in Cardiff, U.K., Wealthify demonstrated its platform at FinovateEurope 2017. With as little as £ 1, users can use the platform to save for specific financial goals, create a monthly investment installment plan, set an investment time horizon, and articulate a personalize risk profile – all of which guide the way the platform chooses potential investments. The platform gives users a “predicted value” of their portfolio and the ability to see the actual plan summary of asset class allocations, fees, and more. Wealthify has more than 1,800 registered users.

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TIBCO Acquires Cisco’s Data Virtualization Business

TIBCO Acquires Cisco’s Data Virtualization Business
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, TIBCO Software

Integration, analytics, and event-processing software company TIBCO has agreed to acquire Cisco’s Data Virtualization business (formerly Composite Software). Today’s acquisition, which is subject to conditions, is expected to close in a few weeks.

The solution powers enterprise-scale data virtualization and offers associated consulting and support services. TIBCO will leverage the new solution to enhance its portfolio of analytics products and will help clients onboard analytics solutions faster than competing products. Additionally, it will help TIBCO adapt to a range of data sources — from traditional,  IoT-sourced, to big data. The new technology creates a virtual layer of data (without the need for extracting) and leaves the original data sources in tact.

“Data Virtualization helps our customers find and analyze the data they need in hours or days, rather than months, so that they can quickly discover insights and take insight-driven action,” said Mark Palmer, senior vice president of analytics at TIBCO. “The next generation of business intelligence depends on doing more with analytics than just putting data on a graph. Data Virtualization is a key component of getting the right data at the right time to business analysts, data scientists, and automated applications using streaming analytics.”

This is the California-based company’s third acquisition this year, after announcing plans to acquire both nanoscale.io for its microservices in July, and data science company Statistica in May. Last month, TIBCO received a number of accolades, having been named a leader by Dresner Advisory Services, and Forrester, and ranking first in Dresner Advisory Services 2017 Advanced and Predictive Analytics Market Study.

TIBCO presented at FinovateAsia 2013, showcasing how banks can leverage their clients’ transactional data to gain insight into customer behavior. Founded in 1997, TIBCO was acquired by Vista Equity Partners in 2014.

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Temenos Teams Up with MuleSoft to Accelerate Open Banking

Temenos Teams Up with MuleSoft to Accelerate Open Banking
By Julie Muhn (@julieschicktanz) Posted on
Categories: Temenos

Banking software provider Temenos has teamed up with Mulesoft, a platform provider for building application networks. The move is intended to break down barriers to the open banking initiative by facilitating API connections.

As a part of the partnership, Temenos will develop a core banking adaptor for MuleSoft’s AnyPoint platform, a system that helps companies connect applications, data and devices into a network that allows for reuse and self-service. This will establish a standard interface between MuleSoft and the Temenos integration framework and “reduce barriers” to offer banks a “seamless experience on a unified banking platform.”

Neal McLoughlin, Head of Partners at Temenos said, “With MuleSoft, clients gain an experienced and knowledgeable partner to facilitate integration between our Core Banking platform and countless other applications and devices. We are pleased to partner with MuleSoft on this open banking initiative.”

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateFall 2015 in London. Earlier this month the company announced that the Cooperative Bank of Oromia (CBO) went live with its UniversalSuite. Temenos is headquartered in Switzerland, employs 4,300+ people in 63 offices to serve clients in 145+ countries. David Arnott is CEO.

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