Finovate Alumni News

On Finovate.com

  • LeasePlan Bank Opts for Ohpen’s Core Banking Technology.
  • 3E Software’s Teslar Scoops Up $1.8 Million.

Around the web

  • PNC now using Ripple’s XRP for cross-border payments.
  • Mortgage Media interviews Steve Butler, founder and GM of AI Foundry.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • InSpirAVE is being issued its first patent for the technology underlying its savings social network system. The patent is part of the company’s portfolio of patents published internationally.

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

  • Dynamic Hedging Specialist Kantox Teams Up with Silicon Valley Bank.
  • What’s Trending Across Fintech Verticals.

Around the web

  • Arkose Labs announces updates to the dynamic risk engine and adaptive step-up of its anti-fraud platform.
  • Experian leads $20 million funding for Hong Kong-based CompareAsiaGroup.
  • EZBOB earns Best Fintech Partnership honors at The Banker’s Tech Project Awards 2019 for its Smart Onboarding Engine.
  • AI Foundry one of 15 companies selected to present in VentureBeat’s AI Showcase Tech Showcase.
  • Noble Credit Union selects Digital Onboarding to engage new members.
  • Signifyd launches Signifyd Seamless SCA to help businesses meet PSD2 requirements.
  • InComm partners with LA Metro to expand locations where customers can purchase and reload TAP cards.
  • Jack Henry & Associates named one of the best places to work in Alabama by Business Alabama.
  • Bpm’online CEO and Managing Partner Katherine Kostereva recognized in The Software Report’s Top 50 SaaS CEOs of 2019 feature.

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 Adds Mortgage Document Modeling to its Automation Platform

The campaign to rid the mortgage industry of as many cumbersome, expensive, and error-prone manual processes as possible continues as AI Foundry unveils the latest enhancement to its Cognitive Business Automation Platform. The company announced this week that its new mortgage document model will add key functionality to its automation platform, leveraging machine learning, machine vision, and AI to provide better automated data classification and data extraction.

“The model enables any lender to upload its loan application material and in return receive fully indexed and extracted data within seconds,” Head of Solution Development for AI Foundry Peter Piela explained. Piela added that the technology has a 95% accuracy rate, which he said was comparable to manual accuracy rates, and is superior to legacy text classification methods. Leveraging both cognitive and deep neural techniques, the solution was trained on more than 100,000 mortgage documents, 300 document types, and 2,000 data extractions.

“The impact of using our document model means significant time savings for the lender and the replacement of expensive manual processes with far more efficient automated ones,” Piela said.

And because the mortgage document model is part of AI Foundry’s Cognitive Business Automation Platform, users will be able to work with the existing model with its powerful rules engine, as well as broaden the functionality of the platform to manage specific mortgage workflow processes. In its statement, the company noted that the model is enhanced “continuously” with new variants that are easily deployed and equally accessible to customers thanks to the solution’s SaaS environment.

Headquartered in Wakefield, Massachusetts, AI Foundry demonstrated its Agile Mortgage solution at FinovateFall last year. In February, AI Foundry teamed up with fellow Finovate alum Ellie Mae to put AI to work accelerating the mortgage lending process. Steve Butler is founder and President of the company, which was founded in 2016.

Finovate Alumni News

On Finovate.com

  • HSBC Creates Private Banking Portal with Finantix
  • Trulioo Can Now Verify Customers in 4 New Countries
  • AI Foundry Adds Mortgage Document Modeling to its Automation Platform
  • HiddenLevers and First Rate to Improve Risk Analytics for Wealth Managers
  • DemystData Signs Two Year Agreement with Kyckr
  • YSEOP Garners $9.3 Million in New Funding Round

Around the web

  • Xceptor appoints former GBST exec as new COO.
  • eToro has launched a portfolio of firms involved in Facebook’s new digital currency Libra.
  • Jumio to power digital identity for Brazil-based BTG Pactual.
  • Settle launches its mobile payments app in Croatia.
  • Worldpay and the University of Cincinnati partner to fill business talent shortfall.
  • Coast Capital Savings teams with OnDeck to offer small business members financing options.
  • Scooter fleet company Spin joins Passport’s micro-mobility pilot program.
  • First Rate and HiddenLevers partner to provide risk analytics and business intelligence to the wealth management industry.
  • BeSmartee announces direct integration with private mortgage insurance provider Arch MI.

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

  • 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