- Moven CEO Brett King says Apple Pay anticipates the end of physical bank cards.
- United Way Worldwide now accepts bitcoin courtesy of Coinbase.
- Monitise releases fiscal year 2014 financial results; announces new strategic partnership with Santander.
- Business Spectator looks at how Apple, Google, Lending Club, and SocietyOne are part of “banking’s double disruption.”
- Allied Payment Network announces integration of FlexPay with PicturePay.
- Feedzai teams up with Azul Systems to speed its real-time data analysis.
- The Washington Post features Betterment and HelloWallet.
- Millicom and Kalixa partner to offer payment acceptance services for businesses and consumers in Africa and Latin America.
- ProfitStars introduces Gladiator Hosted Network Solutions to enable FIs to move their IT infrastructures to the cloud.
- Rippleshot, Braintree highlighted in Chicago Tribune column as examples of local contributors to the commerce infrastructure.
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.
Since adopting PicturePay, bank and credit union customers of Allied Payment Network have seen 5-15% month-over-month growth in transactions and 10% growth in retention rates for customers who used bill pay. This has taken retention rates as high as 98%.
This is the emerging bill pay landscape as seen from the partnership between Allied Payment Network and Mitek. With more financial institutions offering ways for customers to pay bills, a feature like mobile bill pay helps distinguish those FIs looking to maximize opportunities through the fastest growing transaction channel.
Allied Payment Network notes that half of the customers who use PicturePay never took advantage of online bill pay services in the past. And a big selling point for the technology is the ability to pay using the mobile device’s camera rather than having to type out information on a keyboard.
The company was recently in the news with announcement of its partnership with ACI Worldwide
to provide same day bill pay via PicturePay
. Among the technology’s recent adopters is Ameriana Bank
and, this year, Allied Payment Network announced its first credit union
to deploy PicturePay
Allied Payment Network teamed up with Mitek to present its PicturePay
solution as part of the FinovateSpring 2013 event in San Francisco. See the company in action here
With its decision to deploy PicturePay, 3Rivers Federal Credit Union becomes the first credit union in the U.S. to adopt Allied Payment Network’s mobile bill pay solution.
PicturePay’s approach to mobile bill pay leverages the smartphone. Users take a picture of the bill and the imaging software – powered by the technology from another Finovate alum, Mitek – reads the data. All the user needs to do is enter the amount to be paid and the date to confirm payment.
3Rivers Federal Credit Union has more than $750 million in assets, and more than 67,000 members in northern Indiana and northern Ohio. 3Rivers was founded in 1935, and is headquartered in Fort Wayne, Indiana.
In partnership with Malauzai Software, Allied Payment Network recently announced
the availability of PicturePay
as a standalone solution. The company has been active in fundraising this year, as well, picking up a total of more than $750,000 so far in 2013.
Allied Payment Network demoed its PicturePay
technology as part of FinovateSpring 2013 in San Francisco. See the company’s presentation here