You know you’re looking at the biggest FinovateFall ever when you’re six posts deep into our Sneak Peek series and we’re still not done.
Before we introduce you to the next batch demoing in New York later this month, here’s a quick guide to those we’ve already covered. Remember, there’s still plenty of time to get your ticket to FinovateFall 2014 and see all this fintech talent yourself.
MasterCard’s Pay with Rewards gives MasterCard cardholders the ability to redeem their rewards for purchases at millions of eligible MasterCard locations worldwide.
- Differentiate rewards programs at the Point of Interaction
- Accepted at millions of locations with no changes to the POS
- Provides cardholder flexibility and choice
Kyle Clark, VP Product Development, MasterCard Loyalty
Chris Guiney, VP Product Development, MasterCard Loyalty
Matchi is a global innovation matchmaking platform that enables innovators to showcase market-ready solutions, and for banks to source these innovations from anywhere in the world.
- All logged innovations are market-ready at least at prototype phase
- Offers banks a curated shortlist of solutions aligned to their strategies
- Sponsor Banks can connect & collaborate
Warren Bond, Co-founder
David Milligan, CEO
Misys brings disruptive digital innovation to 2,000 financial services customers worldwide – making banking “frustration-free” for consumers.
- Ultra-target sales campaigns
- Slick user experience
- Generate new revenues through digital channels
JĂłzsef Nyiri, Director of Innovation, Digital Channels LABS
Tamás Grünzweig, VP Head of Innovation, Digital Channels LABS
- Individual and joint remote account opening
- No need to visit the branch just to sign – eliminates costly in-branch hardware
- Make e-transactions more secure and personal
Tommy Petrogiannis, CEO and Co-founder
TJ Witte, Senior Technical Consultant
Sr. Pago is a payment system providing a debit card, card reader and app, and is revolutionizing the cash-based financial ecosystem upon which 70% of Mexicans rely.
- First time a MasterCard can be replenished with a card reader
- Enables payments and spending without a bank account
- Processes magnetic strip and chip-based cards
Pablo Gonzalez Vargas, Co-founder and CEO
WingCash says Cash is not weight, it’s wings. Cash securely delivered by WingCash to your wallet in the cloud for your convenience anytime, anywhere.
- Safely and securely stored in the cloud
- Conveniently accessible by you anytime, anywhere
- Cash you hold, you control, and only you spend
Bradley Wilkes, Founder & President/CEO
6 payment-related patents. He received both an MBA/TM and BS degrees.
Steve Curtis, VP Director of Sales/Marketing
Jane J. Thompson Joins OnDeck Board of Directors
OnDeck announced today that Jane J. Thompson, former head of Wal-Mart Financial Services, will join the board of directors of OnDeck.
“I have dedicated my career to driving growth for a variety of companies across the financial services industry, with a particular focus on those underserved by traditional options,” Thompson said.
Wallaby Financial Launches Android Wear App
How about real-time credit card recommendations right at your fingertips?
Or at least around your wrist – Wallaby Financial announced today that it is introducing Wallaby for Android Wear. Following on the heels of Wallaby’s deployment for Samsung Gear 2, today’s news further establishes Wallaby as a leader in bringing financial services apps to the wearable devices market.
Alumni News– September 4, 2014
ThreatMetrix to provide location-detecting solution help institutions meet the Treasury Office’s international business regulations.
- LifeHacker: ReadyForZero tracks your debt and helps manage your credit score.
- Graphic Packaging Holding selects Taulia to provide its Business Exchange program to optimize the organization’s payables process.
- BiometricUpdate.com features BehavioSec. Come see its presentation at FinDEVr.
- Jane J. Thompson joins OnDeck Board of Directors.
- Wallaby Financial launches Android Wear app.
- PayPal extends fingerprint authentication to Samsung Note 4 and Gear S.
- EverBank partners with FIS to bring PeoplePay to its banking customers.
- Forbes.com features Check among three nightmare-reducing money disruptors.
Capital One Uses Email to Request Cardholder Income Update
I’m always on the lookout for digital process improvements, from the major to the minor. And this one definitely falls in the latter category. But in my 22 years of banking online, I don’t recall ever being prompted to update my income so that my card issuer could reconsider my line size.
But that’s exactly what I received this morning. At first blush, it almost sounded like a crafty fraud attempt. But Capital One wisely inserted my full name, the last four digits on the account, and promised to handle it in just 60 seconds (see first screenshot), so I’m pretty sure it’s legit. They also reassured me that it won’t require a credit bureau inquiry.
Clicking through the email places the cardholder onto the normal online banking login screen. After logging in, you are sent directly to an account-update page (screenshot 2) to update income and employments status. After completing the two fields, you are thanked and can navigate to other areas or logout (screenshot 3). Total time expended = 87 seconds (Internet times were a little sluggish late afternoon on the West Coast).
Thoughts: This card dates back to 2010, so it’s possible they are on a four-year cycle to update income information; however, I just sent my W2 to Capital One two days ago for a mortgage refinance. So I have to believe this email was triggered by that; if so, it demonstrates solid CRM integration, although it seems curious that the bank wouldn’t just pull my income directly from the mortgage app.
All in all it was a painless experience, and I look forward to seeing whether the bank uses it to alter my credit line.
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Capital One email asking for an income update (2 Sep 2014)
Online banking page to enter info
After entering info
FinDEVr Preview: Visa Developers
Over two days at UCSF Mission Bay Conference Center in San Francisco, FinDEVr will provide developers, architects, engineers, and other builders with a unique opportunity to meet and network with some of the biggest names in fintech software development.
Our FinDEVr Preview has already introduced you to some of these companies, innovators like Yodlee Interactive and TD Ameritrade Institutional. Today, we introduce you to one more: Visa and its Developers program.
The Visa Developers program provides a broad array of tools, services, and resources from both Visa and its subsidiary brands to help developers create seamless, multi-channel payment solutions.
BioCatch Mobile Emerges from Beta
From iCloud to Home Depot, is anybody else looking for some good news when it comes to digital security?
Fortunately, BioCatch – who will be making its FinovateFall 2014 debut later this month – is punching through the “Who Got Hacked?” gloom with news that its mobile security technology is now out of beta.
FIS Signs Agreement to Acquire Clear2Pay for $493 Million
Banking and payment technologies giant, FIS, announced today it has signed an agreement to acquire payment technology company, Clear2Pay for $493 million (€375 million).
- Founded 1968
- Went public in 2001
- Headquartered in Jacksonville, FL
- 39,000 employees
- Serves 14,000+ institutions in 110+ countries
- Founded 2001
- Privately held company. Has raised $127 million
- Headquartered in Brussels, Belgium
- 1,200 employees
- Counts 40 of the 50 largest global financial institutions as clients
Alumni News– September 3, 2014
- Cortera announces Caine & Weiner as the Latest Open Receivables’ Partner to Join Network.
- Personal Capital launches Private Client Service. Come see Personal Capital’s presentation at FinDEVr in San Francisco Sept 30 and Oct 1.
- Blackhawk Network announces integration with Google Wallet.
- Nutmeg, TransferWise featured in Growth Business’ look at the top 10 technology venture capital investments of Q2.
- ValidSoft wins 4th European Privacy Seal award for its Zero Latency Correlation process.
- Badcredit.org profiles FutureAdvisor.
FinovateFall 2014 Sneak Peek: Part 5
After resting up over the weekend, we hope you’re ready to take a look at six more companies that will demo their newest fintech creation in New York City at FinovateFall this September 23 and 24.
Over the course of the past few weeks, we’ve seen:
- Part 1: BizEquity, Gremln, Hoyos, Knox Payments, NopSec, and Rippleshot
- Part 2: Backbase, BioCatch, blooom, iBillionaire, Patch of Land, and Settle
- Part 3: Algomi, FlexScore, HedgeCo Networks, Linqto, Malauzai, and My Virtual StrongBox
- Part 4: FamDoo, iQuantifi, mCASH, PayItSimple, Toopher, and WorkFusion
Don’t miss out; get your ticket here to be a part of the action.
- Modularized platform that allows FIs to tailor their offering
- 24×7 support for SMBs on all apps
- Client support: from proposition design, to go-to-market strategy, to ongoing delivery
Presenters:
2) Andrew Garney, Commercial Manager
- Advanced teller transactions moved to self-service terminals
- Personalized Account Opening, Sales & Service via Tablet
- Shared customer history and product promotion across channels
Larky delivers engagement and loyalty through a unique platform that provides point-of-sale discounts at local and national merchants and magically reminds users of offers at the right time and place.
- Location-triggered alerts when a discount is near
- Tracks 2,000+ memberships. Users never miss an offer they deserve (including yours!)
- White-labeled platform seamlessly ties in with your brand
Presenter:
MaxMyInterest by Six Trees Capital LLC is an intelligent cash-management solution that helps investors earn up to 0.80% more on FDIC-insured bank deposits, rebalancing funds automatically as rates change.
- Earn up to 0.80% more on cash without changing your checking account
- Get the best interest rates, automatically, even as rates change
- Fund
s move to and from checking as needed
Presenters:
2) Richard Wu, Director of Engineering
Sonavation empowers trust through ultrasound technology by creating more secure environments in which to access sensitive financial data, conduct non-cash transactions and offer peace of mind.
- Impenetrable security using ultrasound technology and cloud-based Identity-as-a-service infrastructure
- Protection of sensitive banking information
- ATM, credit and debit card protection
Presenter:
Stewart is the Chief Operating Officer at Sonavation, currently focused on delivering the convergence of physical and cyber security.
TickSmith has built the first commercial Big Data platform for financial data.
- Powerful and scalable Big Data technology and analytics
- Management of all types of financial data
- Solve compliance, reporting, analytics and distribution problems on huge data sets
Presenters:
2) David David Côté, CIO
Check back this Thursday to see another six companies that will demo at FinovateFall 2014.
The Best Time to Sign Up New College-Student Checking Accounts? High School or Earlier
I’m just back from delivering my son to his first year of college. It was our second go-round, so most of the process was familiar. But one noticeable difference: No financial institutions on campus were seen signing up new student checking accounts. While it may just be the policy on this particular campus, selling checking accounts to college freshman is a dying practice (note 1).
In a digital banking world, there is little reason for an 18-year old to start a new bank account at a financial institution near their college. In fact, it might even be a poor choice. What’s the most important feature of a student bank account? No, it’s not ATMs, low fees or even a killer mobile-app. While those are desirable, the key feature, at least for kids still supported from home, is integration with their parents’ account for funds transfers and money management.
And the best way to get seamless integration is to open a companion account at the same bank/CU as mom and/or dad. So instead of sponsoring a booth on campus to pick up a bunch of low-dollar, money-losing, student checking accounts, FIs should concentrate on getting all their customers’ kids banking needs set up prior to college (for example, see F&M Bank teen banking account below). Then when you know you have a high-school senior on your books, help the family with the MUCH, MUCH bigger issue, financing those four years of advanced learning.
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F&M Bank’s Varsity Checking is geared towards teens aged 12 to 17 (link)
Note: The bank offers a downloadable financial education guide
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Note:
1. I’m using the term “checking” account loosely here. Really, all most kids need is a debit card which does not allow overdrafting. Though, in the USA, the ability to write the occasional paper check is still a nice feature.
2. Varsity Debit card pictured is part of the Varsity Banking student package account from Farmers & Merchants Bank in California.
Kofax Acquires Softpro for its Electronic Signature Capture Software
Mobile imaging software company, Kofax, recently announced it acquired Softpro, a company that specializes in fraud prevention and e-signature, for $35 million.
As part of the deal, California-based Kofax paid Germany-based Softpro $31.2 million in cash when the transaction closed on Monday. To complete the purchase, it will pay the remaining $3.5 million in three batches over the next two years.
Softpro’s e-signature software, SignDoc, processes 200 million electronic signatures every year, and boasts two major features:
1) Click-to-sign2) Physical signature capture
With SignDoc added to Kofax’s quiver, services that require a contract, such as account opening, loan or mortgage applications, can be carried out entirely on the digital channel.
Kofax last presented at FinovateSpring 2014 where it debuted its retail gift card balance solution.