Virtual Piggy Gets Real, Transitions from Payment Card to Mobile App

By David Penn Posted on
Categories: Virtual Piggy

Virtual Piggy, the under-17 payment system, is growing up.

The company announced today that it is transitioning away from its origins as a payment card system in order to embrace real-time, P2P mobile payments. In a note at the Virtual Piggy website titled "A Family Focused Mobile Banking Solution," the company explains its goal of "restor(ing) value to the company" by partnering with "telecom companies, tech firms, and banking companies; strong companies with the financial wherewithal to progress our framework to fully realized product."

Specifically, the company is abandoning its white-label, bank-oriented debit card strategy in favor of "instant P2P transfers utilizing mobile phones and online systems." How will the new approach make money? Virtual Piggy is developing an "instant revenue-generating membership system" which they believe will provide greater flexibility, security, and keep customer acquisition costs—and regulatory hurdles—minimal. Virtual Piggy also announced a set of new software utilities that enhance their…

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Fiserv Adds clearXchange P2P Payments to its Offerings

By Julie Muhn (@julieschicktanz) Posted on
Categories: Fiserv

Financial services technology company Fiserv and Early Warning have partnered this week. Fiserv will leverage the partnership to provide a turnkey solution for banks to implement Early Warning's P2P payment solution, clearXchange.

clearXchange was created in 2011 by Bank of America, Capital One, JP Morgan Chase, U.S. Bank and Wells Fargo and was acquired by Early Warning in January. Fiserv will market the real-time P2P solution, helping Early Warning to reach 6,000 banks and credit unions, including the 40 largest U.S. financial institutions. clearXchange will be available through its NOW Network, which connects financial institutions, billers, small businesses and consumers to facilitate the exchange of money and information in real time.

Early Warning's CEO Paul Finch says, “Our mission is to enable all banks and credit unions to offer a broad range of real-time payment solutions to their customers,” and adds, “Our relationship with Fiserv will expand our ability to deliver Early Warning’s…

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: Checkbook.io, Entersekt, Envestnet, Fidor Bank, FinDEVr APIntelligence, Green Address IT, MX, Temenos, Token, Trulioo, Venmo, Xero

Our FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held 18/19 October 2016 in Santa Clara. Register today and save.

On FinDEVr.com

GreenAddress Acquired by Blockstream From the Tech Side: Interview with Checkbook.io CTO PJ Gupta

The latest from FinDEVr New York 2016 presenters

Q2 Leverages MX Technology to Launch Contextual PFM France’s Groupe BPCE Acquires Munich-based Fidor Bank Venmo named a Breakthrough Brand on Interbrand’s 2016 report

Alumni updates

Pennsylvania State Employees CU implement account origination module from Temenos. Envestnet | Yodlee Forges Strategic Partnership with United Capital Token opens new London office. Trulioo earns top honors for ID verification in 2016 Global RegTech report. PC Magazine labels Xero the fastest accounting-software innovator. Entersekt to bring its 2FA technology, Transakt, to Nigeria via partnership with First Authentication Services Ltd (FASL).

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

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Finovate Alumni News

By David Penn Posted on
Categories: Algomi, Fiserv, Handpoint, Temenos, Virtual Piggy, Walletron, Xero

On Finovate.com

Check out this week's FinDEVr APIntelligence. Fiserv Adds clearXchange P2P Payments to its Offerings Virtual Piggy Gets Real, Transitions from Payment Card to Mobile App 7 Alum Leaders Named UK’s Coolest People Fintech

Around the web

Pennsylvania State Employees CU implements account-origination module from Temenos. Algomi unveils its sell-side engine, Synchronicity, as an SaaS solution. Walletron announces strategic partnership with payment-services company Speedpay. Handpoint Extends Global Processor Reach With EMV Certification To EVO Payments International Xero launches first direct bank feeds in Asia with Singapore's UOB.

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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Apply Now to Present at FinovateAsia 2016!

By Erika Sanchez Posted on
Categories: Finovate Marketing, FinovateAsia 2016

We're now in the middle of summer and excitement for FinovateAsia 2016 is building. The early-bird deadline for presenter applications to demo is this Friday, August 5.

Our inaugural event in Hong Kong will take place at PMQ on November 8. The event will feature our signature seven-minute live demos spotlighting innovations that run the gamut of fintech. Throughout the conference, there will be high-quality networking sessions where you'll meet, chat, and share ideas with senior-level financial executives, fintech entrepreneurs, and venture capitalists as well as press, analysts, and bloggers.

2016 marks Finovate's 10th anniversary, and the application process for shows this year has been the most competitive since the conference launched in 2007. And with attendance numbers growing alongside the demand for a coveted demo spot, now is the time to put your hat in the ring and make your impact on the fintech scene in Asia.

As a first step, please…

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Finovate Debuts: Cyberfend’s BotFender Detects Attacks in Real-Time

By Julie Muhn (@julieschicktanz) Posted on
Categories: Cyberfend, Finovate Debuts

Cyberfend's security solution detects account takeover, payment fraud, and stolen credentials. By blending human cognitive science with machine learning, the company's fraud-detection system has nearly eliminated false positives or false negatives.

At FinovateSpring 2016, Cyberfend CEO Sreenath Kurupati demoed BotFender, software that offers real-time cyber-attack detection invisible to end users.

In his demo, Kurupati explains that hackers continuously evolve their patterns to circumvent new security implementations. Hackers even use machine learning to train bots to enter data in a human-like way to trick behavioral analytic security engines. So BotFender doesn't block transactions by looking at the attack pattern, and instead applies algorithms and human-applied cognitive science methods that examine the integrity of the interaction to detect the usage of stolen usernames, passwords, and credit card numbers.

Company facts and figures:

Founded in 2014 Headquartered in Santa Clara, California Protects nearly 1 billion transactions per month Protects 200 million users across 50+ countries

After Cyberfend's demo, we…

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Ping Identity Acquires UnboundID

By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, Ping Identity

Identity security solutions provider Ping Identity has acquired UnboundID, its former partner, for an undisclosed amount. Austin-based UnboundID offers customer identity and access management solutions. The deal is expected to help Ping expand from identity management into customer engagement.

This comes two months after Colorado-based Ping Identity was acquired by Vista Equity Partners for $600 million. That acquisition, Ping noted, provided the resources it needed to accelerate its platform by purchasing UnboundID, a move that "wouldn't have been possible" prior to being acquired by Vista Equity Partners.

Today's acquisition gives Ping access to UnboundID's "impressive list of big enterprise customers," including global brands such as Chick-fil-A, Wells Fargo, Target, Boeing, Cisco and NBC. Perhaps more importantly, it also gives Ping its own identity-data store. In an interview with TechCrunch, Ping Identity CEO Andre Durand said, "At the end of the day, UnboundID has one of the world’s best customer-facing user directories.” Durand added, "Once…

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FinovateFall Sneak Peek: Consdata

By Julie Muhn (@julieschicktanz) Posted on
Categories: Consdata, FinovateFall 2016, FinovateSpring 2016 Sneak Peek

A look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Consdata is an agile software firm specializing in meeting the IT needs of banks, FIs and government organizations with its comprehensive e-form management system, the eximee Platform.

Features of eximee Platform:

Innovative middleware integrates front-end customer communications with legacy systems Modern tool for escalating digital sales and client conversion Adaptable to new applications and technology

Why it's great
The eximee Platform is a comprehensive, long-term, cost-effective and modifiable solution that integrates into legacy systems to enhance customer interaction, conversion and retention.

Presenters

Maciej "MO" Olejniczak, Head of Sales
A banking insider, Olejniczak successfully leverages his 20+ years in financial sales, business processes, change management and general management for business and sales development worldwide.
LinkedIn

Michał Stolarski, Chief Architect
With a depth of experience in designing sophisticated and comprehensive financial software systems, Stolarski…

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Envestnet | Yodlee Forges Strategic Partnership with United Capital

By David Penn Posted on
Categories: Envestnet, Yodlee

Envestnet | Yodlee's data-aggregation technology will power United Capital's FlexScore solution. And yes, that's the same Finovate alum—FlexScore—that was acquired by United Capital earlier this year.

"By delivering innovative financial planning solutions and new data-driven insights, our partnership will empower FlexScore users to take control of their financial destiny," Envestnet | Yodlee VP Julie Solomon said. As United Capital's primary account data-aggregation partner, Envestnet | Yodlee will securely link users' financial accounts and seamlessly onboard customers while aggregating the necessary data to generate each user's individual financial health rating or FlexScore.

The FlexScores eventually will be offered as part of FinLifePartners, United Capital's white-label advisory platform for independent advisers.

"Our business has helped transform the traditional wealth-management industry," United Capital Head of Platform Mike Capelle said. "For us to continue innovating and benefiting customers, we needed a proven data-aggregation partner that could provide the tools our customers need to take…

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FinovateFall Sneak Peek: Clinc

By Julie Muhn (@julieschicktanz) Posted on
Categories: Clinc, FinovateFall 2016, FinovateFall 2016 Sneak Peek

A look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Clinc will demo the first intelligent financial assistant that allows users to talk to their bank accounts, and get instant, accurate, and personalized answers to common and complex questions.

Features:

Ask Clinc anything about your financial status and it understands Clinc integrates seamlessly with existing mobile apps Clinc boosts loyalty and wallet share, and reduces customer call

Why it's great
Clinc is not based on a set of user commands or hard-coded Q&A. Users can ask whatever they want and Clinc understands. It can scale up to answer an unbounded number of questions about personal finance.

Presenters

Dr. Jason Mars, CEO of Clinc and Professor at University of Michigan
Mars has devoted his career to solving difficult real-world problems with AI at scale both in academia as a professor of computer science at…

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FinovateFall Sneak Peek: Moonraft Innovation Labs

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Moonraft Innovation Labs

A look at the companies demoing live to 1,500+ fintech professionals on September 8 & 9, 2016. Register today.

Moonraft Innovation Labs launches Catamera, a platform which enables banks to evolve at the pace of changing consumer expectations through faster go-to-market; rapid launch of innovative services; and amazing user experiences.

Features:

The latest technology and design trends driving the consumer experience Faster go-to-market through rapid launch of new services Innovative services to ensure that banks stay relevant

Why it's great
Catamera is a platform which helps banks launch amazing digital experiences and faster go-to-market innovations without being tied down by complex technology systems.

Presenters

Aveejeet Palit, Head, Chief Strategy Officer
Palit is head of strategy and design research for Moonraft. With more than 24 years in the industry, Palit excels in identifying emerging technologies and institutionalizing them within businesses globally.
LinkedIn

Sreekumar Paramu, cofounder; CEO - Americas
Paramu drives innovation…

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FinovateFall Sneak Peek: Avoka

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avoka, FinovateFall 2016, FinovateFall 2016 Sneak Peek

A look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

What does the world's first fintech app store look like? Avoka will show you.

Features:

Connectors pre-built into Avoka platform Identity, funding, imaging, esignature and more Fastest time-to-market for digital account opening

Why it's great
The fintech app store delivers faster time-to-market for digital account opening.

Presenter: Derek Corcoran, Chief Experience Officer
Corcoran is CXO at Avoka, where he helps financial institutions worldwide create a frictionless customer experience for their digital sales.
LinkedIn

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