Finovate Alumni News

On Finovate.com

  • Realty Mogul Surpasses 300 Properties Funded.
  • Ixaris Partners with Banking Circle on Cross-Border Payments.
  • Finovate Global: Indian Fintechs Raise Capital; Expensify Partners with Asian RideShare Startups.
  • Marqeta Inks Deals with Four European Partners.

Around the web

  • Hypepotamus highlights Featurespace CEO Martina King, and her thoughts on a diverse workforce.
  • The WSJ features AI Foundry in its look at integrating AI into mortgagetech.
  • Kony DBX and IDology partner to offer authentication and ID verification services.

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.

AI Foundry Launches New Automation, Mortgagetech Solutions

Accelerating the pre-approval and underwriting approval process is the idea behind the latest mortgagetech solutions from AI platform company, AI Foundry, which announced the availability of its Cognitive Business Automation Platform and new Agile Mortgage solutions today. Together, the new technologies bring greater problem-solving, decision-making, and time-saving capabilities to businesses.

“Competition in the mortgage lending industry is intense, and while many companies have deployed point-of-sale solutions for the customer, the back-end processes have not undergone a digital transformation, until now,” AI Foundry founder and General Manager Steve Butler explained.

The new Agile Mortgages solution is built on the Cognitive Business Automation Platform, and automates the many labor-intensive processes involved in the lending lifecycle. This not only accelerates the process for borrowers, the solution also helps lower the cost of mortgage processing for lenders. The new technology also gives consumers the kind of digital experience they have become accustomed to in other aspects of their lives.

 

Left to right: and Adam Lombardo, Chief Information Officer, Atlantic Home Loans; and Steve Butler, founder and CEO of AI Foundry; previewing AI Foundry’s Agile Mortgages solution.

The Cognitive Business Automation Platform leverages machine vision to extract and classify data from electronic images and documents with accuracy rates of 90% or greater, exceeding the performance of widely-used optical character recognition (OCR) technologies. The solution also features a rules engine that enables users to generate smart bots to automatically review documents for completeness, integrity, and compliance. These intelligent agents help spot issues early in the loan process in order to minimize delays and keeps remediation costs low.

“We will truly disrupt the ‘status quo’ by automating the mortgage application process and enabling lenders to complement those front-end capabilities with one-day mortgage approvals,” Butler said. “This not only opens enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable.”

AI Foundry demonstrated its Agile Mortgages solution at FinovateFall 2018. Founded in 2016 and headquartered in Wakefield, Massachusetts, the company announced a partnership with fellow Finovate alum – and recent Thoma Bravo acquisitionEllie Mae last month.

Finovate Alumni News

On Finovate.com

  • AI Foundry Launches New Automation, Mortgagetech Solutions.
  • Video Conferencing Specialist 24sessions Scores $1.1 Million.
  • Voleo and Nasdaq Launch Second Student Equity Trading Contest.
  • Figo to Merge with Finreach Solutions.

Around the web

  • Modo launches its /Checkout solution to make payments easier for ecommerce merchants.
  • Al Taif Islamic Bank to deploy Sharia-compliant, core banking technology from Finastra, Fusion Islamic.
  • First State Community Bank picks ProfitStars’ Commercial Lending Center Suite.
  • CardFlight adds invoicing functionality to its SwipeSimple solution.

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.

AI Foundry and Ellie Mae Leverage AI to Accelerate Lending

The partnership between AI Foundry and Ellie Mae announced today is the latest sign of how digital transformation is sweeping through the mortgage industry.

The two companies – a provider of advanced AI solutions to streamline business processes and a residential mortgage software specialist – will integrate their technologies to help reduce the most labor-intensive aspects of the mortgage origination process. Together, AI Foundry and Ellie Mae seek to bring greater efficiency and easier compliance for the thousands of lenders who rely on Ellie Mae’s Encompass digital mortgage solution.

“By integrating our technology with an innovative industry leader such as Ellie Mae, we can dramatically expand AI Foundry’s reach into lenders, and help them speed mortgage originations through increased productivity and accuracy,” VP of Business Development for AI Foundry Clark Brett said. “For their customers, this translates into mortgage application approvals in hours rather than weeks.”

Lenders using Ellie Mae’s Encompass will be able to leverage AI-powered automation to lower the amount of time it takes to identify, collect, and organize borrower documents; proactively spot and act on missing and/or incomplete documentation; and conduct real-time validation and verification of data extracted from the documents.

The new capabilities, including AI Foundry’s visual cognitive document automation technology, will give users of the Encompass platform better processing efficiency, as well as improved risk and quality management.

“Our technology integration will provide the 3,000 mortgage lenders who use Ellie Mae solutions an onramp to Encompass that will significantly improve their productivity and drive their lending business forward,” founder and General Manager of AI Foundry Steve Butler said.

AI Foundry demonstrated its Agile Mortgages solution at FinovateFall 2018. The technology uses both AI and machine learning to help FIs automate and streamline manual processes, improving efficiency and transforming the customer experience. Founded in 2016 and headquartered in Wakefield, Massachusetts, AI Foundry was named to CIOReview’s 20 Most Promising Banking Technology Solution Providers last summer.

Ellie Mae made headlines earlier this month when it announced that the company had agreed to be acquired by Thoma Bravo for $3.7 billion. The Pleasanton, California-based company was founded in 1997, and demonstrated its Encompass Consumer Connect and Developer Connect solutions at FinovateSpring 2017.

Finovate Alumni News

On Finovate.com

  • AI Foundry and Ellie Mae Leverage AI to Accelerate Lending.
  • Dwolla Helps Status Streamline Cash Rewards for Savings.
  • Live from London: Breaking Banks Power Hour Rocks FinovateEurope.

Around the web

  • Marketing Technology Insights interviews BlueRush CEO, Steve Taylor.
  • PaymentsSource features nCino, Jumio, MX, LendKey, Kasasa, Jack Henry & Associates, Alkami, Finicity, and Prosper Marketplace in its list of the Best Fintechs to Work For.
  • Fiserv joins Financial Data Exchange as a sustaining member.
  • Partnership with Mercury FX brings Ripple to the Middle East and Canada.
  • TurnKey Lender highlighted as a top auto loan origination platform by HCCResearch.
  • European CFD/FX firm Windsor Brokers goes live with iSignthisISXPay and Paydentity solutions.

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.

FinovateFall Sneak Peek: AI Foundry

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

AI Foundry is creating a one-office, future-ready, and frictionless mortgage process with Agile Mortgages.

Features

  • Reduces risk and cuts time to close a loan in half
  • Increases pull through ratio by 50%
  • Reduces time-to-close by 50%

Why it’s great 
AI Foundry’s solution brings together the lending front and back office, creating a digital office to streamline and automate the entire mortgage process.

Presenters

Steve Butler, Founder and President
As a leader with a track record of building growth-oriented companies, Butler heads AI Foundry, an AI/machine learning startup focused on automating complex processes.
LinkedIn

Adam Lombardo, CIO
Lombardo is improving the borrower mortgage experience as chief information officer at Atlantic Home Loans.
LinkedIn

Alla Eizenberg, Solution Architect
Eizenberg has 20 years of software product and solution experience in varying roles including software development, continuous engineering leadership, solution management, and architecture and pre-sales consulting.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Fiserv Helps Bring Voice Banking to the Aloha State.

Around the web

  • PromonTech to unveil its new income engine, Income AI, next week.
  • PayPal introduces cashflow boosting solution for small businesses, Funds Now.
  • The Paypers interviews Ronnie Millar, PaySend’s Europe CEO.
  • Hedge fund manager John Hempton tells The Australian Financial Review that Xero could become a $100 billion business.
  • Insuritas teams up with 42,000+ member Enrichment Federal Credit Union.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.

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.

Finovate Alumni News

On Finovate.com

  • Onfido Helps TransferGo Onboard New Users Faster.
  • Hydrogen Unveils FINDI Consortium to Boost Support for Public Blockchains.
  • Ondot Brings Card Control Technology to PSCU.

Around the web

  • AI Foundry teams up with ECM software provider MTS Software Solutions.
  • Joint solution between Jscrambler and Intertrust to provide protection for mobile and JavaScript apps.
  • Home Bank implements Loan Fulfillment Center (LFC) from Mortgage Cadence.
  • Tinkoff Bank begins offering loans to SMEs.
  • AlphaPoint hires Srikant Manda as Chief Information Security Officer.

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.

Finovate Alumni News

On Finovate.com

  • NF Innova | NFG and Mambu Team Up to Deliver New Digital Banking Solution.
  • Thinking Capital and Equifax Launch ‘Cash Flow Revolution’ for Canadian SMEs.
  • PayPal’s Pledge: CEO Commits to $3 Billion a Year in M&A Spending.

Around the web

  • AI Foundry forges integration partnership with MTS Software Solutions.
  • PaySend joins Astana International Finance Centre (AIFC), a central Asian fintech hub based in Kazakhstan.
  • Thomson Reuters expands strategic partnership with SAP to simplify costs of cross-border transactions.
  • GreatHorn welcomes Vijay Malik as its new Vice President of Engineering.
  • Nanopay plans for B2B cross border and domestic transfer service.
  • Multiple Best of Show winner Trusona launches partner program.
  • Kinetica taps Gary West as Vice President of Sales, EMEA.

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.

AI Foundry Overhauls Agile Mortgages Solution

Data insights company AI Foundry has been doing a bit of spring cleaning lately. The latest revamp comes in the form of the new version of its Agile Mortgages solution unveiled this week.

The updated version includes a new user interface; a mortgage document library with automatic document classification and data extraction capabilities; LOS First, a loan origination system connection with Ellie Mae’s Encompass; a document checklist; and Audit First, a loan quality checker that ensures loans move quickly through underwriting.

“Our new solution capabilities, especially the LOS First connector, puts AI Foundry in a leading market position with the most comprehensive digital mortgage solution for mortgage origination,” said Alan Swahn, vice president of marketing at AI Foundry. “We are taking mortgage automation to the next level by providing an out-of-the-box solution that cuts the time from UAT to high-volume production with consistent results. Our new Audit First module finds data or document quality issues upfront in the process, before they become expensive problems to fix later.”

Sid Probstein, CTO & VP Professional Services, and Alla Eizenberg, Solution Architect, presenting AI Foundry’s Agile Mortgages at FinovateSpring 2018

Headquartered in Massachusetts, AI Foundry offers solutions to help streamline and automate lending, mortgage, and banking processes. The company showcased Agile Mortgages at FinovateSpring 2018. In January, CIO Review named AI Foundry among the 20 most promising enterprise information management solution providers in 2017.