Finovate Alumni News

By David Penn Posted on
Categories: Bill.com, DemystData, EyeVerify, IBM, Marqeta, NuData Security, Personal Capital, Signifyd, Tradeshift

On Finovate.com

  • IBM Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect
  • DemystData lands $7 million round.

Around the web

  • New office in Sydney marks TradeShift’s expansion to Australia and New Zealand markets.
  • Bill.com partners with Quicken Loans, driving speculation the two will work on digital billpay.
  • Marqeta to deploy its network tokenization technology to make it easier to use payment cards with Apple Pay.
  • Signifyd teams up with Accertify to improve anti-fraud protections and reduce chargeback costs.
  • Free Enterprise highlights the biometric technology of Best of Show winner EyeVerify.
  • Personal Capital Appoints Eric Weiss as Chief Marketing Officer
  • NuData to power behavioral biometric security for Early Warning’s Zelle.

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.

Share this:

Send Post Twitter LinkedIn Facebook

FinovateEurope 2017 Application Deadline Has Arrived

FinovateEurope 2017 Application Deadline Has Arrived
By David Penn Posted on
Categories: FinovateEurope 2017

feu2017_horizontalbanner_dark

We don’t mean to scare you this close to Halloween. But the deadline for applying to demo your technology at FinovateEurope 2017 is this Friday, 28 October. We’re looking forward to reading about all the innovations that CEOs, developers, and product specialists from around the world have been working on. So if you’ve got a fintech solution that’s ready for prime-time, consider it NOW time and submit your application today.

On 7/8 February 2017, FinovateEurope will return to one of the coolest spots—Old Billingsgate Market Hall—in one of the coolest cities in the world. And whether you were thumbs up or thumbs down on Brexit, we can all agree that London is still a great location to showcase the most innovative financial technologies and must-have solutions for banks, financial service providers, and even everyday consumers, savers, and investors.

finovateeurope_attendees_applauding

To apply to FinovateEurope, download our informational FinovateEurope 2017 pdf which gives you everything you need to know about the event. And if FinovateEurope sounds like the ideal place for you to present your technology in our unique, 7-minute, demo-only format, we strongly urge you to complete your application at europe2017.finovate.com/application and submit it to us by Friday, 28 October. We’ll review all the applications submitted for FinovateEurope and get back in touch with you as soon afterwards as we can.

Got questions? We’ve got answers. Email us at [email protected].

FinovateEurope 2017 is sponsored by Financial Technology Partners and KPMG, and is partners with SME Finance Forum and Verdict Financial. Additional sponsors and partners will be announced soon.

Share this:

Send Post Twitter LinkedIn Facebook

DemystData Lands New $7 Million Round

DemystData Lands New $7 Million Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: DemystData, Funding

screen-shot-2016-10-27-at-9-42-47-am

Data-as-a-service company DemystData this week announced it closed a $7 million Series B round led by MissionOG. Notion Capital and Singtel Innov8 also contributed to the round, which boosted the New York-based company’s total funding to $16 million.

To meet increased demand in the U.S. and Asia, DemystData will use the funds to build its team and expand data partnerships. The company leverages big data pulled from in-house and online sources to help banks make informed decisions, improve the user experience, and decrease risk. DemystData counts as customers some of the world’s largest banks and insurance companies across 10 countries.

“We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints,” CEO Mark Hookey is quoted in a press release. He noted the company helps clients “cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers.”

DemystData also this week released the Atlantic Platform, an API that aims to “assess consumer and small-business risk on the back of massive streams of data, text, images, and log files, while improving compliance with emerging privacy law.”

At FinovateAsia 2012, DemystData debuted Credit-in-a-Box, a suite of tools that help banks leverage big data to make better lending decisions. The API aggregates publicly sourced consumer data in real-time to help lenders measure risk and assess customer value. Founded in 2010, the company recently earned a spot in the FinTech20 Hong Kong. In April 2015, DemystData was recognized as a top 100 private company in AlwaysOn’s OnFinance Top 100.

Share this:

Send Post Twitter LinkedIn Facebook

Video of the Week: Bank of America Demos AI Chatbot “Erica”

By Jim Bruene Posted on
Categories: Artificial Intelligence (AI), Bank of America, Mobile Banking

Via a chatbot named Erica, Bank of America this week demo’d its upcoming mobile AI capabilities. The feature will be available to the 21 million users of its mobile app via voice or text commands “in late 2017.” While it’s unusual for a major bank to discuss technology a year away from deployment, with all the hype around artificial intelligence and chatbots, BofA must have figured it was a good PR move.

The bank did not disclose whether it was building or buying the technology, but my guess is the latter. We saw a number of Finovate demos last month in this area and expect many more in 2017.

For more info, check out the American Banker story yesterday (free access).

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: DemystData, EyeVerify, FICO, FutureAdvisor, InComm, Misys, NuData Security, TSYS, Zopa

On Finovate.com

  • DemystData Lands New $7 Million Round
  • FinovateEurope 2017 Application Deadline Has Arrived

Around the web

  • EyeVerify Update Improves Liveness Detection
  • TSYS renews card payment deal with Rabobank.
  • Student Loan Hero reviews FutureAdvisor.
  • InComm partners with Geoswift to facilitate cross-border payments for international students.
  • Misys to forsake initial public offering in 2016.
  • FICO introduces FICO Enterprise Security Score to indicate an organization’s vulnerability to cyberattack.
  • NuData Security announces partnership with Early Warning.
  • Zopa presents its 24-hour “Zopathon 16” for developers, designers, and “product people.”

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.

Share this:

Send Post Twitter LinkedIn Facebook

Useful UI: The Dashboard Metaphor

Useful UI: The Dashboard Metaphor
By Jim Bruene Posted on
Categories: BB&T Bank, Personal Financial Management, Website Usability & Design

biz-dashboard-definition

Every now and then a useful term comes into widespread use and it can be hard to decide whether it’s a fad (e.g., home banking) or something that will be around for decades (e.g., ATM). Dashboard is a term we are seeing more and more of. While it’s too soon to say if it will still be around in the next decade, let alone in 50 years, it’s a good word in wide use in consumer and business services today (see definition below).

redfin-dashboard
Redfin’s homeowner dashboard

Redfin, for example, sends new homeowners an email suggesting they log in to the Owner’s Dashboard of their new property. Redfin must be matching home-buying records to its user database to make the connections. It’s a nice touch. Who wouldn’t want to sit in the virtual driver’s seat of their most important asset and get a look around. And with home prices appreciating in most parts of the country, it’s a mighty fine view. In the example, the home value is up almost 15% since February.

Banks should consider using similar language for their advanced digital banking services. Rather than a fancy name to confuse consumers, use Dashboard, which is not only easy to remember, but also has all the right connotations. One major bank already doing so is BB&T (see below), with its unique customizable mobile and desktop service, U. Another is Ohio-based First Financial Bank as well as $88 million Gateway Community Bank (screenshot below).

———

BB&T's U digital banking is centered around a "Dashboard"
BB&T’s U digital banking is centered around a “Dashboard”

———

Bottom line: The name of a digital service isn’t going to make or break it. But as we struggle with educating users on the features and benefits, the use of known terms can ease the learning curve.

———-

Gateway Community Bank homepage with news of its new "Dashboard View"
Gateway Community Bank homepage with news of its new “Dashboard View”

Share this:

Send Post Twitter LinkedIn Facebook

FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avoka, Backbase, BBVA, Bluefin Payment Systems, Chain.com, Envestnet, Expensify, FinDEVr APIntelligence, Hyperwallet, InComm, Intuit, Kabbage, modoPAYMENTS, On Deck Capital, PayPal, Temenos, Trulioo, Yodlee

FinDEVr Silicon ValleyFDNY17_EventLogo_v1(wdate) was a success! Tickets for upcoming FinDEVr London and FinDEVr New York are at their lowest prices now. Register today for London or New York to save your spot!

On FinDEVr.com

The latest from FinDEVr Silicon Valley presenters

  • BBVA chooses Amazon Web Services as its preferred cloud infrastructure services provider.
  • Extended partnership makes Yodlee’s data aggregation available via Backbase’s Open Banking Marketplace.
  • Hyperwallet announces support for real-time, push-to-card payments-solution,Visa Direct.
  • Full Envestnet | Yodlee Integration Give Advisers Big Picture View of Client Finances.
  • Modo to give the Bank of America access to its COIN Operated Digital Payments Hub.
  • Expensify launches direct integration with Zenefits.

Alumni updates

  • InComm launches new brand of solutions for cash-based consumers, VanillaDirect.
  • Temenos launches Digital Engagement modules to offer real-time customer marketing and engagement.
  • Bluefin Payment Systems launches cloud-based hosting option for its DecryptxPCI-validated P2PE product through Amazon Web Services.
  • Intuit expands partnership with PayPal to provide QuickBooks Online customers with a new way of accepting payments via PayPal.
  • Chain launches open-source edition of its distributed ledger, Chain Core Developer Edition.
  • Avoka earns a pair of “XCelent Awards” for service and breadth of functionality from Celent.
  • Trulioo announced that its GlobalGateway platform now reaches 60 countries.
  • On Deck Capital and Kabbage agree to disclose SMB loan pricing.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Share this:

Send Post Twitter LinkedIn Facebook

Nanopay Raises $10 Million Series A

Nanopay Raises $10 Million Series A
By David Penn Posted on
Categories: Funding, Fundings, nanoPay

nanopay_homepage_october2016

With support from Goldman Sachs, Canadian payments innovator nanoPay has raised $10 million in new funding. The Series A also featured the participation of APAGM Services, Jarnac Capital Management, and Rohatton. nanoPay said the investment will help it develop business partnerships in advance of a larger rollout of its MintChip digital currency technology. The funding will also help nanoPay build additional complimentary services for both the B2B and B2C markets.

nanoPay CEO Laurence Cooke elaborated on this point, saying that in the wake of MintChip’s successful deployment in Canada this summer “our focus is now on expanding the platform beyond digital cash to a broad range of B2B uses-cases that have global applications.” Cooke referred to both B2C disbursements and cross-border payments as examples.

nanopay_stage_ff2016

Laurence Cooke, nanoPay founder and CEO, demonstrated MintChip at FinovateFall 2016 in New York.

Developed by the Royal Canadian Mint and purchased by nanoPay in 2015, MintChip is a cloud-based currency that can be used to securely store and transfer digital value instantly, without third-party intervention. The technology provides for final, irrevocable transactions in real-time that are cryptographically secured. For consumers, MintChip provides a faster checkout process that combines both loyalty programs and payments, and works online as well as in-person. With its open API platform, MintChip has potential applications beyond commerce, including in telecommunications, central bank operations, and for acquirers.

Founded in 2011 and headquartered in Toronto, Ontario, Canada, nanoPay demonstrated MintChip at FinovateFall 2016. Earlier this month, the company announced that Liberty Village would serve as a “working lab” for its digital currency. In July, nanoPay added Tracy Molino as general counsel and chief compliance officer and, in June, the company partnered with Ingenico Group to enable merchants to accept MintChip via their Ingenico Group smart terminals.

Share this:

Send Post Twitter LinkedIn Facebook

H2 Ventures and KPMG Unveil 2016 Fintech 100

H2 Ventures and KPMG Unveil 2016 Fintech 100
By David Penn Posted on
Categories: Azimo, Coinbase, Credit Karma, Feedzai, Finova Financial, identitii, itBit, Kabbage, Klarna, Kreditech, Lending Club, LendUp, Motif Investing, North Side, Nubank, On Deck Capital, Overbond, Payoneer, Prosper, Rippleshot, SecureKey, SocietyOne, Tink, TipRanks, Wealthfront, Xero, Zooz

h2_kpmg_2016fintech100

H2 Ventures and KPMG have released their Fintech 100 roster for 2016. Divided equally between 50 “industry leaders” and 50 “emerging stars,” the roster features 17 Finovate/FinDEVr alums in the first category, and 10 in the second. Calling its roster a “celebration” of the most compelling innovators in this “bold new space,” the H2 Ventures/KPMG 2016 Fintech 100 covers a variety of different shades of fintech:

  • Lending (32 companies)
  • Payments (18 companies)
  • Insurance (12 companies)
  • RegTech (9 companies)
  • Data & analytics (7 companies)
  • Wealth management (6 companies)
  • Blockchain (5 companies)
  • Digital currency (5 companies)
  • Capital markets (3 companies)
  • Crowdfunding (2 companies)
  • Accounting (1 company)

And here is a look at how Finovate/FinDEVr alums fared. Earning recognition among the companies in the Leading 50 group are:

Also noteworthy in the Leading 50 are Ant Financial, which acquired Best of Show-winning EyeVerify in September 2016, and Avant, which acquired Finovate alum ReadyForZero in the spring of 2015.

Additionally, Finovate/FinDEVr alums earning spots in the Fintech 100’s 50 Emerging Stars roster were:

The H2 Ventures/KPMG report includes a geographic breakdown of the 2016 Fintech 100, as well as a set of key takeaways such as increased geographic diversification, the return of lending, the continued ascent of Insurtech, and the appearance of RegTech. The report also notes that China now has four out of the top five companies in the report’s top 10, and eight companies in the top 50. The report says funding for fintech “continues to rise,” and its authors cite more than $14 billion in capital was raised by the Fintech 100 in the past year.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BBVA, Bluefin Payment Systems, Civic, FIS, Handpoint, InComm, PayStand, PrivatBank, Signifyd, Socure, Temenos, ThetaRay, TSYS, Yoyo

On Finovate.com

  • H2 Ventures and KPMG Unveil 2016 Fintech 100

Around the web

  • Signifyd to power fraud protection for Magento Commerce platform’s online merchants.
  • InComm launches new brand of solutions for cash-based consumers, VanillaDirect.
  • Handpoint expands agreement with PaySafe to power EMV POS.
  • YoYo Wallet expands focus to U.K.’s high street retailers, with partnerships between Planet Organic, Fernandez & Wells and Hummus Bros.
  • Temenos launches Digital Engagement modules to offer real-time customer marketing and engagement.
  • TSYS signs payments agreement with Optal Financial Limited.
  • Bluefin Payment Systems launches cloud-based hosting option for its Decryptx PCI-validated P2PE product through Amazon Web Services.
  • Socure launches revamped Digital Identity Dashboard.
  • Civic expands focus from 2FA to Secure Private Login.
  • BBVA chooses Amazon Web Services as its preferred cloud infrastructure services provider.
  • FIS to provide reconciliation solution to U.K.-based Raphaels Bank to facilitate access to faster payments.
  • PayStand offers payment certification and notarization for its customers via the blockchain.
  • PrivatBank adds fund-transfer functionality via iMessage to its Privat24 mobile banking app.
  • ThetaRay unveils its analytic platform for fraud detection, THETA.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Revealed: The Full Presenter Roster for FinovateAsia 2016

Revealed: The Full Presenter Roster for FinovateAsia 2016
By Erika Sanchez Posted on
Categories: Finovate Marketing, FinovateAsia 2016

fa-demo-3

As we approach the home stretch with just under two weeks to FinovateAsia 2016, we’re thrilled to announce the full presenter roster. This list includes 36 presenting companies and 252 minutes of the most cutting-edge innovations in fintech—all in just one day.

The full presenter roster is on our website and below:

To get an inside look into our presenting companies and their innovations, check out our sneak peek blog series that we’ll continue to update up until the event.

We hope you’ll join us as we launch Finovate’s first Hong Kong event. Tickets are on sale at finovateasia2016.eventbrite.com. Space is limited, so get your ticket soon!

Share this:

Send Post Twitter LinkedIn Facebook

Lending Club Launches Car Loan Refinance Product

Lending Club Launches Car Loan Refinance Product
By Julie Muhn (@julieschicktanz) Posted on
Categories: Lending Club

screen-shot-2016-10-25-at-11-02-05-am

U.S. P2P lending giant Lending Club has been offering car buyers an alternative borrowing experience since it launched ten years ago. Today, the company announced it is bringing that same transparent experience to the auto refinancing industry.

In its press release, the company cited data from the Center for Responsible Lending, which states that consumers pay as much as $25 billion in interest payments every year due to “dealer markup” of their interest rate. Lending Club’s new Auto Refinancing product offers a solution that gives qualified borrowers a more affordable monthly payment and interest rate.

The California-based company, which already offers credit card debt refinancing, hopes to tap into the $1 trillion auto loan market. Consumers can apply online with no hard credit inquiry and compare refinancing offers against their existing auto loan. Lending Club will pilot Auto Refinancing to California residents with FICO scores above 640, but plans to expand geographically and to people with lower FICO scores.

screen-shot-2016-10-25-at-11-19-13-am

At launch, the company is not using its marketplace lending model to fund the auto debt; instead, the company itself will buy the debt. However, according to Lending Club CEO Scott Sanborn, the leverage of the company’s balance sheet is only temporary and will be immaterial.

Stakeholders seem to be responding well to today’s news. Lending Club’s stock is up 1.64% to $4.95, still below the company’s $15 IPO price. Lending Club’ stock dipped in May after its then CEO Renaud Laplanche stepped down amid accusations of loan-documentation errors.

Founded in 2006, Lending Club demoed at FinovateSpring 2009 and at the inaugural Finovate in 2007.

Share this:

Send Post Twitter LinkedIn Facebook