Temenos Unveils Generative AI Solution to Help Banks Boost Personalization

Temenos Unveils Generative AI Solution to Help Banks Boost Personalization
By David Penn Posted on
Categories: Alumni News, Daily news, Temenos
  • Temenos unveiled a new solution, based on Generative AI, that automatically classifies customers’ banking transactions.
  • The new offering will help banks offer more personalized insights and recommendations to their customers.
  • Temenos’ Generative AI solution is part of the company’s strategic AI roadmap. Other use cases for the technology include chatbots and guiding customer journeys.

How will financial services companies take advantage of Generative AI? One way, courtesy of a new solution from Temenos, will be to leverage the technology to automatically classify customers’ banking transactions. This functionality will make it easier for banks to offer personalized insights and recommendations to their customers.

While traditional AI and machine learning technologies have been deployed by financial services firms in a variety of contexts, generative AI and Large Language Models (LLMs) offer these companies the ability to enhance both operations and customer experiences even further. This is due to the fact that Generative AI and LLMs outperform traditional AI and machine learning approaches when it comes to understanding language, images, sound, video, and code – and then leveraging these inputs into a variety of solutions for customers.

Temenos’s new Generative AI-based offering enables banks to automatically classify and label customer transactions. The technology has a high degree of accuracy and operates in multiple languages. The automatic customer transaction capability has a number of use cases including cashflow prediction, customer attrition analysis, next best product, and more.

“We have continually invested in embedding Explainable AI and ML capabilities into our banking platform and making available all products through an easy-to-use interface or APIs,” Temenos President of Product and COO Prema Varadhan said. Varadhan referred to the new offering as part of the company’s strategic AI roadmap and underscored the value of transparency and explainability when it comes to deploying AI.

Temenos has deployed explainable AI in a wide variety of use cases ranging from wealth management, AML, credit scoring, smart money management, collection optimization, and more. However, transaction classification is the first instance of leveraging Generative AI in a Temenos product. The company said in a statement that it plans to extend the technology to chatbots and customer interfaces, as well as in guiding customer journeys and responding to customer queries.

A Finovate alum since 2013, Temenos was founded in 1993 and is headquartered in Geneva, Switzerland. The company serves 3,000 customers and its open platform enables more than 1.2 billion individuals to conduct their daily banking activities. Two-thirds of the top 1,000 banks in the world and more than 70 challenger banks in 150+ countries use Temenos’ technology. Max Chuard is CEO.

Photo by Tara Winstead

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FinovateFall 2023 Sneak Peek: Payitoff

FinovateFall 2023 Sneak Peek: Payitoff
By Heather Stowell Posted on
Categories: FinovateFall 2023, FinovateFall 2023 Sneak Peek, Payitoff

A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.

Payitoff is a leading provider of embeddable tools designed to help turn consumer debt blockers into business outcomes.

Features

  • Link: Connect consumer debt accounts with a phone number
  • Guide: Provide the best next action to improve their financial outcomes
  • Act: Money-saving actions taken in-app by customers

Why it’s great

This debt guidance technology achieves remarkable outcomes while maintaining an efficient use of developer resources as a no-code solution with options for embeddable and API-first implementations.

Presenter

Bobby Matson, CEO & Founder
Matson turned his student loan frustration into an automated debt management system, providing clarity to millions with the institutions they trust.
LinkedIn

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ThetaRay Lands $57 Million for Financial Crime Detection Technology

ThetaRay Lands $57 Million for Financial Crime Detection Technology
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, ThetaRay
  • ThetaRay raised $57 million in a round led by Portage.
  • The funds bring the company’s total funding to $112 million.
  • ThetaRay will use the funds to fuel global expansion.

Financial crime fighting fintech ThetaRay announced today it has received $57 million. The growth round, which boosts the company’s total funding to $112 million, was led by Portage, with contributions from existing investors JVP, OurCrowd and others.

Israel-based ThetaRay will use the funds to accelerate global growth. “Guided by the adept leadership of Peter Reynolds, the resolute ThetaRay team stands ready to expand its financial technology footprint across continents – spanning North America, South America, Europe, Africa, and Asia – and venture into uncharted realms of innovation,” said ThetaRay Founder and Chairman of JVP and Chairman of ThetaRay Erel Margalit.

“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” said ThetaRay’s recently appointed CEO Peter Reynolds. “We’re proud to be at the forefront of the revolution to make global transactions easier, safer, and cheaper and are keenly aware of the massive vote of confidence this investment is in both our technology and our team.”

Founded in 2013, ThetaRay leverages AI to monitor 11 billion transactions valued at $15 trillion on an annual basis. The company’s AML transaction monitoring and screening solution, SONAR, helps banks and fintechs screen both cross-border and domestic payments for money laundering. When compared to rule-based systems, SONAR results in 99% fewer false positives. Among the company’s clients are ClearBank, Travelex Bank, and Santander.

Photo by Anna Tarazevich

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FinovateFall 2023 Sneak Peek: Fyle

FinovateFall 2023 Sneak Peek: Fyle
By Heather Stowell Posted on
Categories: FinovateFall 2023, FinovateFall 2023 Sneak Peek, Fyle

A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.

Fyle’s no-code expense management platform offers a modern fintech-like experience on bank-issued card programs.

Features

  • Real-time card integration with instant transaction data & notifications
  • Direct card enrollment (independent of banks, aggregators)
  • No code platform with no dependency on bank tech stacks

Why it’s great

Real-time card integration with transaction data and instant notifications via SMS.

Presenters

Yashwanth Madhusudan, Co-Founder & CEO
With an extensive background in customer experience, Madhusudan has a passion for product development and solving problems that have a large scale business impact.
LinkedIn

Sivaramakrishnan Narayanan, Co-Founder & CTO
Narayanan has been part of two acquired startups and has authored 15 publications and 9 patents.
LinkedIn

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FinovateFall 2023 Sneak Peek: Union Credit

FinovateFall 2023 Sneak Peek: Union Credit
By Heather Stowell Posted on
Categories: FinovateFall 2023, FinovateFall 2023 Sneak Peek, Union Credit

A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.

Union Credit is the first marketplace for credit unions to deliver firm credit approval and one-click loan activation to new members embedded within their daily activities.

Features

  • Helping credit unions promote their products to millions of credit-worthy consumers
  • Giving consumers convenient, transparent financing
  • Providing publishers/merchants with a new revenue source

Why it’s great

Union Credit will change the game for credit unions, helping them serve locally while also reaching into new markets with easy, one-click consumer lending.

Presenters

Barry Kirby, Co-Founder & CRO
Prior to Union Credit, Kirby was the SVP and Managing Director of CuneXus. He has an extensive background in fintech and the credit union space.
LinkedIn

Stefan Ionescu, Engineering Lead
Ionescu is the engineering lead at Union Credit, driving the development of the company’s flagship product. Before that, he led the development of the innovative DecisionLender4 loan origination system at TCI.

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Baker Hill Teams up with Oakworth Capital Bank to Enhance Loan Origination and Portfolio Monitoring

Baker Hill Teams up with Oakworth Capital Bank to Enhance Loan Origination and Portfolio Monitoring
By David Penn Posted on
Categories: Alumni News, Baker Hill, Daily news
  • Loan origination, risk management, and analytics company Baker Hill forged a new partnership with Oakworth Capital Bank.
  • The bank will leverage Baker Hill NextGen to enhance its loan origination and portfolio monitoring for commercial and private client lending.
  • Baker Hill most recently demoed its technology on the Finovate stage at FinovateFall in 2021.

Carmel, Indiana-based Baker Hill announced a new partnership with Oakworth Capital Bank this week. The partnership is the first new alliance from the mortgagetech since private equity firm Flexpoint Ford acquired the company in June. Oakworth Capital Bank will deploy Baker Hill NextGen, a unified solution for loan origination and portfolio monitoring for both commercial and private client lending.

“Our bank’s mission is focused on delivering a personalized experience for our clients, which often means challenging the status quo and reimagining how financial services are delivered,” Oakworth Capital Bank chairman and CEO Scott B. Reed said. “The team is always looking for new, better ways to help our clients achieve their financial aspirations and Baker Hill NextGen will help us continue to do that.”

The new technology will enable Oakworth Capital Bank to enhance its commercial relationships, as well as automate the entire consumer loan origination process. The bank will also leverage Baker Hill NextGen Client Portal. This solution enables clients to submit loan documents online. Applicants also can track the status of their loan all the way to closing, bringing more transparency to the origination process. Additionally, the bank will integrate TruStage (formerly Compliance Solutions) with Baker Hill NextGen in order to automate loan document preparation and ensure compliance.

“With Baker Hill NextGen, Oakworth Capital Bank can optimize their entire loan origination process and continue surpassing their clients’ expectations with a world-class borrowing experience,” Baker Hill chairman and CEO John Deignan said.

Founded in 1983, Baker Hill most recently demonstrated its technology on the Finovate stage at FinovateFall in 2021. In the time since, the company has forged partnerships with a sizable number of banks and fintechs. These alliances include partnerships with financial institutions like Arvest Bank, Salem Five Bank, and TowneBank. Also among the company’s recent partners are tax workflow automation software company FlashSpread, and regional financial services company BOK Financial.

Photo by Scott Webb

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Embedded Finance Platform FutureBank Teams Up with Digital ID Verification Firm IDVerse

Embedded Finance Platform FutureBank Teams Up with Digital ID Verification Firm IDVerse
By David Penn Posted on
Categories: Alumni News, Alumni profile, IDVerse, OCR Labs

Digital ID verification company IDVerse will help embedded finance platform FutureBank enhance its onboarding processes with fast and secure digital identity verification (IDV). The new partnership will let FutureBank customers to use IDVerse software and also allow IDVerse customers looking for a middleware platform to connect their API credentials take advantage of FutureBank’s technology.

An integration platform for core banking providers that features embedded financial services, FutureBank operates as a middle layer between banks and third-party providers. As such, the company helps banks and fintechs launch new solutions faster, more efficiently, and more securely. IDVerse brings not only its Identity Service Provider status to FutureBank – status that comes with 20 certifications from the U.K.’s Digital Identity & Attributes Trust Framework (DIATF). The identity verification specialist also offers technology to help businesses combat the problem of deepfake accounts, a problem made all the more challenging by the way fraudsters are exploiting tools like generativeAI.

“Generative AI is breeding many different fraud types,” FutureBank CEO Sergio Barbosa said. “With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost.” Barbosa called cybercrime “the third biggest economy in the world.”

Adding to Barbosa’s sentiments, IDVerse General Manager EMEA Russ Cohn underscored the challenge of deepfakes. Cohn agreed that “synthetic media is becoming the new tool of choice for fraudsters looking to make money” and added: “Our fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create.” Cohn explained that IDVerse’s technology can detect subtle shifts and patterns in a person’s face that the unaided human eye cannot see, such as the way a person’s heartbeat slightly changes the color of their skin. These “natural yet invisible patterns,” Cohn said, enable IDVerse’s technology to distinguish real human images from deepfakes.

IDVerse’s platform also features Zero Bias AI-tested technology that leverages generative AI to train deep neutral networks to resist race, age, and gender-based discrimination.

Introducing itself to Finovate audiences in 2016 as OCR Labs Global, the company rebranded as IDVerse earlier this year. Founded in Australia in 2018, IDVerse is headquartered in London, and maintains offices in North America, Asia, and Europe. The company provides identity verification services in more than 220 countries and territories.

IDVerse has raised $45 million in funding from investors including Equable Capital and OYAK. This year, the company has forged partnerships with fellow Finovate alum Experian, bank verified digital identity service provider OneID, and cryptocurrency platform Coinmetro. John Myers is CEO.

Photo by Mike Bird

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FinovateFall 2023 Sneak Peek: NayaOne

FinovateFall 2023 Sneak Peek: NayaOne
By Heather Stowell Posted on
Categories: FinovateFall 2023, FinovateFall 2023 Sneak Peek, NayaOne

A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.

NayaOne provides the fastest way for banks to work with tech providers.

Features

  • Find the right partner with 350+ vetted fintechs
  • De-risk integration upfront in 6 weeks
  • Build product propositions for customers with fintechs fast

Why it’s great

NayaOne is the fastest way to go to market with any tech provider.

Presenters

Karan Jain, CEO & Founder
Jain is the former CIO of a multinational bank and a highly regarded technologist and practitioner now solving a problem in the market he experienced firsthand.
LinkedIn

Oli Platt, Product Manager
Platt is a data led product manager with a data science background driving NayaOne’s product development and adoption with some of the largest banks and the best vendors in financial services.
LinkedIn

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FinovateFall 2023 Sneak Peek: Agtools

FinovateFall 2023 Sneak Peek: Agtools
By Heather Stowell Posted on
Categories: Agtools, FinovateFall 2023, FinovateFall 2023 Sneak Peek

A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.

Agtools is a dynamic data science firm that delivers key, curated market data on thousands of commodities used by financial firms to mitigate risk in the lending process.

Features

  • Accuracy and speed of commodity analysis to optimize lending in the $178B agriculture and food market and the 23 aligned industries
  • APEX phenological weather patterns ASKS visibility on ESG metrics

Why it’s great

Agtools, winner of ML and AI awards, gives users visibility of major commodity trends, opening an opportunity in the $178B agriculture lending market.

Presenters

Martha Montoya, CEO
With over a 30-year career, Montoya has held multiple C-level positions in the Supply Chain, Telecom, and Ag industries.
LinkedIn

Charles Harrison, CFO
Harrison leads compliance and financial growth, the key source of commodity market data. He’s a former North American GM for an international leader in the financial industry linked to hospitality.
LinkedIn

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OneID Raises $1.3 Million for UK-Based Identity Service

OneID Raises $1.3 Million for UK-Based Identity Service
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • OneID raised $1.3 million (£1 million) in funding.
  • The funds come from ACF Investors.
  • OneID has a unique approach on digital identity verification. It uses consumers’ existing banking relationship to authenticate their identity.

U.K.-based OneID announced it raised $1.3 million (£1 million) in funding. The Seed round, which marks the company’s second investment round, comes from ACF Investors. OneID also counts 170 angel investors among its backers.

“The investment from ACF Investors is a coming together of similar interests and visions,” said OneID CEO Paula Sussex. “As the world increasingly becomes digital-first, we aim to minimize fraud, enhance online experiences, and make the world a safer place.”

OneID, which will use today’s investment for product development, was founded in 2020 with a unique take on digital verification. The company leverages consumers’ existing bank accounts to authenticate them. After receiving consent from the consumer, OneID contacts the bank to verify their identity.

By leveraging consumers’ existing bank relationship, OneID eliminates the need for consumers to undergo a registration process, take a selfie, provide paper documents, or travel to a physical location. It also means that OneID does not need to store any sensitive data.

Sussex sees the round as a “vote of confidence” in the company’s efforts to make digital identification accessible and available to more U.K. citizens.

“We’re constantly monitoring businesses that have the potential to enhance the lives of the British people and redefine the future of the U.K., said ACF Managing Partner Tim Mills. “OneID, with its simple, trustworthy, and effective solution to a pressing problem, could touch some 50 million U.K. citizens and make bank-verified digital identification the norm in the UK.”

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Finovate Global: Showcasing International Alums at FinovateFall

Finovate Global: Showcasing International Alums at FinovateFall
By David Penn Posted on
Categories: Connect Earth, Engage People, eSelf.AI, Finovate Global, FinovateFall 2023, FinTech Insights by Scientia, Flybits, Fundica, Jaid, LemonadeLXP, MacroMicro, NayaOne, SESAMm, Zero Bank Design Factory

FinovateFall is right around the corner (September 11 through September 13). If you still haven’t registered for our annual autumn fintech conference in New York this month, there’s no better time than the present. Visit our FinovateFall 2023 hub today and save your spot.

This week’s edition of Finovate Global highlights companies headquartered outside of the U.S. that will be demoing their latest innovations on the Finovate stage in just a few days. Get to know them here, then join them in New York live and in person for FinovateFall!

Connect Earth

Founded in 2021 and headquartered in the United Kingdom, Connect Earth enables financial institutions to offer their retail and SME customers insights into the environmental impact of their spending. LinkedIn.

Engage People

Headquartered in Toronto, Ontario, Canada, Engage People is a loyalty network that enables program members to pay with points directly at checkout. The company was founded in 2015. LinkedIn. X (Twitter).

eSelf

eSelf is building the next generation of client-financial institution interaction, enabling human-like conversations and efficient personalization. Founded in 2022, eSelf is headquartered in Israel.

FinTech Insights

Fintech Insights offers a comprehensive digital banking research platform. The company’s technology helps FIs build strategies and launch new features faster. Headquartered in London, the company was founded in 2010. LinkedIn. X (Twitter).

Flybits

Founded in 2013, Flybits enables FIs to deliver personalized digital banking experiences across mobile, web, and the Metaverse. The company is headquartered in Toronto, Ontario, Canada. LinkedIn. X (Twitter).

Fundica

Headquartered in Montreal, Quebec, Canada, Fundica is a government funding platform used by some of the largest FIs in North America to acquire and retain clients at scale. Fundica was founded in 2017. LinkedIn. X (Twitter).

Jaid

Jaid is an AI-powered platform build to enable the intelligent automation of business communications. Founded in 2018, Jaid is based in London, U.K. LinkedIn. X (Twitter).

LemonadeLXP

Headquartered in Ottawa, Ontario, Canada, LemonadeLXP is a digital growth platform that helps FIs and fintechs create effective training and support tools to maximize their investment in their technology. The company was founded in 2019. LinkedIn. X (Twitter).

MacroMicro

Founded in 2016 and headquartered in Taipei, Taiwan, MacroMicro empowers over three million investors worldwide to make personalized investment decisions through dynamic and insightful charts. X (Twitter).

NayaOne

NayaOne gives banks a single point of access to hundreds of fintechs, digital sandboxes, fintech-as-a-service offerings, and datasets. Headquartered in London, U.K., NayaOne was founded in 2019. LinkedIn.

SESAMm

Headquartered in Metz, France, and founded in 2014, SESAMm is an AI insight and ESG risk detection specialist serving the financial services industry. LinkedIn. X (Twitter).

Zero Bank Design Factory

Zero Bank Design Factory is developing and operating a banking system for Japan’s first digital bank, Minna Bank. Founded in 2019, the company is headquartered in Fukuoka, Japan. X (Twitter).

Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

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Credit-Assessment-as-a-Service Innovator Uplinq Forges Collaboration with Visa

Credit-Assessment-as-a-Service Innovator Uplinq Forges Collaboration with Visa
By David Penn Posted on
Categories: Alumni News, Daily news, Uplinq, Uplinq Financial Technologies
  • Credit assessment platform Uplinq Financial Technologies announced a collaboration with Visa.
  • Visa has agreed to introduce Uplinq to key financial institutions to help them mitigate risk and expand access to credit for SMEs.
  • Uplinq made its Finovate debut last year at FinovateFall in New York.

Credit assessment platform for SME lenders, Uplinq Financial Technologies, has announced a collaboration with Visa. Via the partnership, Visa will introduce Uplinq’s API-based technology to key financial institutions to help them mitigate risk and expand access to credit to small businesses in the U.S. and Canada.

“This engagement is a testament to the promise of our technology in bridging the vast and persistent gaps that small businesses still grapple with when trying to access fair credit, especially as related to minority and all protected class segments,” Uplinq founder and CEO Ron Benegbi said. Visa Commercial Solutions Head of Small Business Matt Baker added that “fast access to working capital” was “especially vital to small businesses” which he referred to as the “backbone” of the world economy.

Uplinq leverages billions of alternative data sets from more than 150 countries, examining a wide range of factors to provide credit assessment and loan adjudication. The company’s platform features more than 10,000 direct connections into SME data sources. Designed to complement a lender’s existing credit assessment process, Uplinq’s technology has supported more than $1.4 trillion in underwritten loans globally.

Founded in 2020, Uplinq is headquartered in Toronto, Ontario, Canada. The company made its Finovate debut last September at FinovateFall, demoing its Credit-Assessment-as-a-Service solution. At the conference, Benegbi used the example of his immigrant father’s struggle to secure a bank loan to add color to the challenges small businesses face when it comes to financing.

“At Uplinq we don’t lend money to small businesses,” he said. “We work with small business lenders to help them say ‘yes’ a lot more often. In fact, five to fifteen times more often, while significantly increasing net income.”

In the year since its appearance on the Finovate stage, Uplinq has raised $1.25 million in funding in October in a round led by ATX Venture Partners. The company secured another $600,000 in February in the form of a strategic investment from Cambrian Ventures.

This spring, Uplinq announced a partnership with SME Finance Forum to make it easier for SMEs around the world access financing. In June, the company was awarded “Fintech Startup of the Year” in the “Lending” category of the Banking Tech Awards. Uplinq also has bolstered its advisory board ranks over the past year, adding former Scotiabank Chief Risk Officer Daniel Moore and former M&T Bank Chief Data Officer Allison Sagraves.

Photo by SevenStorm JUHASZIMRUS

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