Alumni News

Personetics Unveils New AI Tools to Help Banks Boost Customer Engagement

Personetics Unveils New AI Tools to Help Banks Boost Customer Engagement
By David Penn Posted on
Categories: Alumni News, Personetics
  • Personetics unveiled a number of new features for its AI-powered flagship solution, Personetics Engage, this week.
  • The new features will help financial institutions build personalized digital experiences that encourage their customers to better manage their financial lives.
  • Headquartered in New York, Personetics made its Finovate debut at FinovateEurope 2016 in London.

Personetics announced a range of new features for its AI-powered flagship solution, Personetics Engage, this week. The new features are designed to help financial institutions create personalized digital experiences for their customers that empower and motivate them to better manage their finances.

“Financial institutions today need solutions that go beyond basic personalization and static insights,” Personetics Chief Product Officer Ron Agam said. “These new capabilities advance our mission of providing banks with a platform that dynamically responds to their customers’ changing financial needs, making them smarter about their money and motivated to act.”

The new features include an Activity Tracker that customers can use to see their spending, income, and cash flow for up to 12 months. This interactive overview gives customers enhanced visibility into their financial status, helping them track and manage their finances across multiple accounts from a single location. Personetics also introduced a Financial Recap feature that provides customers with an Instagram-like summary of their spending over the past seven days. The feature not only lists top merchants and categories of spending but also gives users a seven-day forecast of their projected cash balance and activities. Financial Recap helps contextualize spending for customers, making it easy to spot spending trends.

Personetics Engage will also now be equipped with Bank and User Categorization Control. This enables banks to manage transaction categorization mapping to improve accuracy. Institutions can review, recategorize, and rename categories — as well as create their own unique category designations. Customers also have the ability to recategorize transactions, increasing personalization and providing valuable feedback for their bank.

Personetics has also introduced a new level of interactive engagement between banks and customers courtesy of Custom User Journeys. This feature enables banks to build targeted, dynamic flows that collect customer preferences and adapt in real-time. These dynamic flows provide personalized financial guidance, as well as product recommendations that are based on direct customer input. To enhance engagement, the system uses customizable and interactive insights, questionnaires, and teasers..

“With these innovations, banks can move beyond static insights and truly monetize financial wellness,” Personetics VP of Strategy and Business Development Dorel Blitz noted on the company’s LinkedIn page, “inspiring customers to take action while driving meaningful business value.”

Personetics made its Finovate debut at FinovateEurope 2016 in London. Founded in 2011 and headquartered in New York, the company provides money management and personal financial management (PFM) solutions for banks and other financial institutions. Personetics’ technology leverages AI and its financial-data-driven platform to help FIs enhance customer engagement and boost revenue. Today, Personetics serves more than 135 million bank customers around the world, and includes six of the top 12 banks in North America and Europe as customers.

Photo by Stas Knop

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Worldpay Acquires Ravelin to Help Merchants Battle Fraud

Worldpay Acquires Ravelin to Help Merchants Battle Fraud
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, WorldPay
  • Worldpay plans to acquire AI-driven fraud detection company Ravelin.
  • The acquisition will help Worldpay enhance its e-commerce offerings by adding fraud prevention technology and improve business clients’ authorization rates.
  • Ravelin’s cloud-based platform helps merchants combat online fraud, secure accounts, and improve payment authorization rates through partnerships with data providers like Ekata and Ethoca.

Payments and banking services company Worldpay announced plans today to acquire fraud detection company Ravelin. Financial terms of the deal were not disclosed. The acquisition is expected to close later this quarter.

“Our acquisition of Ravelin aligns with our strategy to invest in innovation and AI technology, enhancing the value we provide customers and accelerating our e-commerce growth,” said Worldpay CEO Charles Drucker. “In today’s online world, equipping merchants with next-generation AI-powered fraud prevention products is vital, and we believe Ravelin’s technology and expertise will significantly enhance Worldpay’s overall value proposition to the marketplace. We look forward to partnering with Ravelin’s leadership and their talented team to help our customers address their most complex challenges.”

Ohio-based Worldpay anticipates that buying Ravelin will complement and enhance its existing portfolio of solutions. The company will also leverage Ravelin’s cloud-based AI platform to help its merchant clients improve authorization rates.

Worldpay was founded in 1971 and enables merchants of all sizes to grow faster and protect their businesses as fraud activity accelerates globally. The company offers processing solutions that allow businesses to take, make, and manage a variety of payments, including online, in-person, and embedded payments. The company processes over 50 billion transactions each year across 146 countries and 135 currencies. 

Fraud prevention and payments optimization company Ravelin helps ecommerce merchants combat online payments fraud, implement account security, accept returns while blocking fraudsters, and set limits on promotional redemptions. The company also performs 3D Secure identification. Ravelin works with third parties including Ekata, Ethoca, and Chargebacks 911 to bring a wealth of data and disputes, and can integrate with other external data sources, as well.

“Ravelin is thrilled to be joining Worldpay, a true global leader in the payments industry,” said Ravelin Co-Founder and CEO Martin Sweeney. “Worldpay’s scale and reach, including processing approximately $2.5 trillion in payments volume and more than 50 billion transactions in 2024, will be an immense asset as we accelerate Ravelin’s momentum and advance our mission to eradicate fraud from the internet. Together, we will be able to deliver innovation at scale, driving the adoption of our industry-leading fraud solutions to customers as they respond to increasingly sophisticated threats and rising fraud-related costs.”

In a world where consumers are demanding faster payments, fraud is taking place at a faster rate, as well. The methods of fraud are also evolving as AI tools become more advanced, making fraud more sophisticated and harder to detect. By integrating Ravelin’s fraud prevention tools with its payment processing services, Worldpay will provide businesses with the ability to protect themselves against fast-moving fraud.

Photo by Tima Miroshnichenko

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Numeral Unveils Fully Managed Verification of Payee (VOP) Solution

Numeral Unveils Fully Managed Verification of Payee (VOP) Solution
By David Penn Posted on
Categories: Alumni News, Numeral
  • Payment technology provider for financial institutions, Numeral, unveiled its fully managed Verification of Payee (VOP) solution this week.
  • The new offering will help financial institutions in the European Union meet new VOP requirements months ahead of the regulator’s October 9 deadline.
  • Headquartered in France, Numeral made its Finovate debut at FinovateEurope 2023. The company was acquired by fellow Finovate alum Mambu in December.

Numeral, a payment technology provider for financial institutions, launched its fully managed Verification of Payee (VOP) solution this week. The technology will enable banks and other financial institutions to comply with the European Union’s VOP policy by October 9, the deadline set by regulators.

“At Numeral, our mission is to provide financial institutions with a future-proof and compliant payments infrastructure,” Numeral CEO and Co-founder Édouard Mandon said. “Given our fully managed payments hub offering, enabling our customers to comply with VOP aligns perfectly with our commitment to streamline payments infrastructures and operations. Our fully managed approach ensures they become and remain compliant without having to navigate the complexities of scheme adherence and ongoing operations.”

Numeral’s solution arrives as Europe searches for ways to fight payment fraud — especially authorized push payment (APP) fraud — and enhance payment security at a time when instant payments are becoming increasingly popular and available. To this end, new regulations for Verification of Payee (VOP) mandate that payment service providers (PSPs) give payers verification of payee details before making credit transfers.

Numeral’s VOP offering provides a managed approach that deals with all the regulatory and technical requirements involved in sending and responding to VOP requests. The solution supports the payment process from VOP scheme adherence to go-live readiness and enables account data synchronization through SFTP, API, manual upload, as well as real-time API connectivity. Numeral’s VOP technology also leverages a configurable matching algorithm that helps firms balance risk management and a seamless user experience. The company has also produced a publication, The Ultimate Guide to Verification of Payee, to help financial institutions better understand the VOP scheme.

“Account pre-validation and domestic verification solutions are extremely valuable for their intended use cases, but aren’t required to achieve VOP compliance,” Numeral Head of Product Marketing Matthieu Blandineau said. “The European Payments Council’s VOP scheme ensures interoperability across PSPs and countries by default, and our solution helps financial institutions comply with the scheme requirements on time, with minimal resources.”

Headquartered in Paris, France, Numeral made its Finovate debut at FinovateEurope 2023, where it demonstrated its API platform that enhances payment operations by automating bank payment processing. Specifically, Numeral showed how its platform automatically sends, receives, and reconciles SEPA payments and manages payment errors via SEPA R transactions.

Founded in 2021, Numeral was acquired by fellow Finovate alum Mambu in December 2024.

Photo by Huy Phan

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FIS Enables FedNow Send Capabilities

FIS Enables FedNow Send Capabilities
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, FIS
  • FIS is now certified to offer send capabilities for FedNow.
  • Adding FedNow send capabilities enhances FedNow’s real-time payment services for bank clients and enables instant credit transfers.
  • As of late last year, 60% of FedNow participants can receive payments, only 40% have adopted sending capabilities.

Payment, banking, and investment systems provider FIS announced today that it is now certified to enable send capabilities for FedNow instant payment credit transfers.

FIS was an early adopter of FedNow, and was one of the first institutions to enable its customers to receive FedNow payments after the technology launched in July of 2023. Adding send capabilities, along with real-time transfer alerts, allows FIS to bring its bank clients a more comprehensive payments experience.

“As money moves between banks, consumers, businesses, and beyond in a complex cycle, credit and debit cards continue to play a leading role in the payment experience,” said FIS Head of Cards and Money Movement Chris Como. “However, slow or delayed transfers can harm customer loyalty when they need to pay loans, rent, or time-sensitive bills on any given day. Giving the end user direct access to send payments instantly using FedNow marks a huge milestone in our efforts to enable a harmonious payments experience for our clients and the customers they serve.”

This announcement comes after it was reported that only 40% of firms have signed up to send payments using FedNow, as of late last year. In comparison, close to 60% of the financial institutions on board with FedNow are able to receive payments. As of last month, more than 1,000 financial institutions have enrolled in the FedNow Service. The Federal Reserve maintains a list of participating financial institutions on its website.

The lack of banks willing to send payments over FedNow may be caused by a handful of factors. Implementing the necessary infrastructure to send payments requires more technological investment and operational considerations than simply receiving payments. Additionally, faster payments leads to faster fraud, including authorized push payment (APP) fraud, where fraudsters trick users into sending money to them. Also, at a time when banks are seeking to increase their deposits, it doesn’t benefit them to make it easy for customers to send money.

Founded in 1968, FIS is headquartered in Florida. The firm, which counts 15,000 clients across the globe, offers a wide range of products and solutions, including payment capabilities, risk management tools, customer communications products, and more. FIS-powered tools process $50 trillion annually and hold $16 trillion in assets.

Photo by Element5 Digital

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Money Squirrel Taps Moneyhub’s Open Banking Tech for New App Launch

Money Squirrel Taps Moneyhub’s Open Banking Tech for New App Launch
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Moneyhub
  • Moneyhub is partnering with Money Squirrel to provide open banking technology for Money Squirrel’s new small business financial management app.
  • Money Squirrel’s new app is aimed to automate VAT savings and optimize cash flow.
  • The collaboration comes as regulations like PSD2 continue to shape the open banking landscape across Europe.

Data and payments fintech Moneyhub unveiled this week that it has been selected by Money Squirrel to power its new small business financial management app.

Launched last month, Money Squirrel’s app aims to help businesses manage their finances and optimize their cashflow. The UK-based company will leverage Moneyhub’s open banking-enabled API technology to power the platform. Money Squirrel’s tools allow businesses to automate saving for future VAT payments. Once businesses connect their savings accounts, Money Squirrel places incoming funds into high interest rate accounts to maximize returns on sedentary cash, according to the business’ preference.

“Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making open banking and open finance more inclusive,” said Money Squirrel Founder and CEO Andreea Daly. “Having founded a business, I’ve experienced the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses. Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses.”

Founded in 2023, Money Squirrel was selected to participate in the SHIFT open finance community’s dedicated fintech incubator, Ignite. The program provides financial support, expert guidance, and industry networking opportunities.

Moneyhub was founded in 2014 and sells personal finance technology tools, open data APIs, decisioning solutions, and payments capabilities. The company helps businesses leverage open data to enhance the financial wellness of their customers, communities, and businesses.

“Collaborating with Money Squirrel is a significant step in making open banking technology accessible to both SMEs and larger institutions,” said Moneyhub MD of API Kim Jenkins. “We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel’s app with our API. This partnership highlights our commitment to driving financial inclusivity and innovation across the board.”

As regulations like PSD2 continue to evolve across Europe, businesses are increasingly adopting open finance solutions to gain better control over their financial operations. By automating tasks such as VAT planning and cash flow optimization, fintechs like Money Squirrel can help businesses reduce administrative burdens, improve liquidity management, and make more data-driven financial decisions.

Moneyhub has demoed its technology at FinovateEurope 2015 and FinovateEurope 2017. This year’s FinovateEurope event is just a few weeks away. Learn more about this year’s demoing companies and register to attend to take part in the action.

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Algebrik AI Partners with Plaid to Bring Better Data to Lending Decision-Making

Algebrik AI Partners with Plaid to Bring Better Data to Lending Decision-Making
By David Penn Posted on
Categories: Alumni News, Plaid
  • Plaid and Algebrik have forged a partnership to integrate consumer-permissioned data with Algebrik’s AI-powered, digital Loan Origination Platform (LOS).
  • The partnership will help credit unions make better, more accurate lending decisions and provide a frictionless, transparent process for borrowers.
  • Plaid made its Finovate debut at FinovateSpring 2014 in San Francisco.

A newly announced partnership between Algebrik and Plaid will bring seamless identity verification, financial data access, and better decision-making to lenders, banks, and credit unions. Algebrik is the company behind the world’s first, cloud-native, AI-powered, digital Loan Origination Platform (LOS). By integrating Plaid’s consumer-permissioned data, the company will be able to help its financial institution clients streamline the borrowing experience while maintaining both compliance and data security.

“Credit unions are the lifeblood of financial inclusion, and we’re excited to bring them cutting-edge technology that enhances their ability to serve their members by incorporating cash flow data into credit decisions,” Algebrik AI CEO and Founder Pankaj Jain said. “Partnering with Plaid allows us to reimagine the loan origination process — faster, more secure, and deeply personalized for every borrower.”

The access to consumer-permissioned real-time financial data will help credit unions and other lenders make better and faster lending decisions. Credit unions and community banks in particular are likely to realize significant operational advantages thanks to the partnership, including reduced time-to-decision and greater underwriting accuracy. The integration will help lenders conduct income verification and financial wellness assessments, while borrowers benefit from a lending experience with less friction and greater transparency.

“This alliance underscores Algebrik’s commitment to leveraging advanced technology to simplify and humanize the lending process,” Jain said. “Together with Plaid, we’re enabling credit unions to unlock greater value for their members while setting a new standard for lending efficiency and borrower satisfaction.”

Headquartered in New York, Algebrik was founded in 2024. The company’s mission is to help credit unions deliver digital loans to their members, revolutionizing the loan origination process by leveraging inclusive AI technology. In a world in which lenders and borrowers alike are faced with inefficiencies — from manual processes to disconnected systems — Algebrik blends AI-powered automation, intelligent insights, and seamless workflows to transform the loan lifecycle from borrower onboarding to loan closure.

Plaid made its Finovate debut at FinovateSpring 2014 in San Francisco. Today, the company boasts more than 100 million users on its data and insights network and more than 12,000 financial institutions. The company’s open finance network facilitates fast customer onboarding, account verification, multi-rail payments, fraud prevention, credit underwriting, and more. Zach Perret is CEO.

Photo by Tim Mossholder

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Sikoia Brings AI-driven Automation to Brokerage Simple Financial Planning

Sikoia Brings AI-driven Automation to Brokerage Simple Financial Planning
By David Penn Posted on
Categories: Alumni News, Sikoia
  • Customer verification automation company Sikoia partnered with brokerage Simple Financial Planning (Simple).
  • Integrating Sikoia’s technology will enable Simple to automate broker workflows, saving time, boosting accuracy, and enhancing compliance.
  • London-based Sikoia made its Finovate debut at FinovateEurope 2024.

One month after announcing its partnership with Tandem Bank, customer verification automation company Sikoia reports that it is working with Simple Financial Planning (Simple) to bring AI-driven automation to broker workflows. Simple will embed Sikoia’s document processing technology into its CRM platform to save time, boost accuracy, and enhance compliance.

“Together, we’re not just enhancing accuracy and compliance; we’re enabling Simple’s advisors to spend less time on admin and more time delivering value to their clients,” Sikoia Founder and CEO Alexis Rog said. “This collaboration represents a shared ambition to streamline processes, support growth, and provide brokers with tools that make a tangible difference in their day-to-day operations.”

The integration will enable Simple to access verified data in minutes, reducing administrative workloads while enabling the company to scale effectively without compromising service quality. In addition to automating manual tasks such as document verification and data extraction, Sikoia’s technology leverages AI to ensure accurate data handling and automates AML checks to assist brokers in meeting regulatory requirements.

“By integrating (Sikoia’s) solutions, our brokers can onboard clients faster and more confidently while maintaining seamless, compliant workflows,” Simple Underwriter Pamela Stewart said. “Sikoia’s expertise is setting a new benchmark in the industry, and we’re proud to work together to help our brokers excel.”

Authorized and regulated by the UK Financial Conduct Authority (FCA), Simple is a financial advisory firm that provides tailored advice and solutions for its clients. Founded in 2013 and headquartered in Glasgow, Simple offers professional money planners who provide advice and guidance on mortgages, insurance, savings, and investments. Alex McGarvey is Managing Director.

In its Finovate debut at FinovateEurope 2024, Sikoia demoed its AI-powered customer application processing solution that provides automated verification for income, employment, affordability, and more. The technology automates customer application document checks, accelerating verification times, reducing document handling costs, and improving the overall customer experience. Headquartered in London, Sikoia was founded in 2021.

In addition to its partnership with Tandem Bank mentioned above, Sikoia last month announced that it was collaborating with specialist loan brokerage Y3S to enhance the customer verification process for brokers and borrowers. Integrating with Sikoia will enable Y3S to streamline multiple tasks, including biometric identity verification (IDV) and Anti-Money Laundering (AML) checks. Y3S will also benefit from automated processing of key mortgage application documents.

Photo by energepic.com

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Napier AI Lands Investment from Marlin Equity

Napier AI Lands Investment from Marlin Equity
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Napier
  • UK-based financial crime compliance solutions company Napier AI has received a majority growth investment from Marlin Equity Partners.
  • Today’s funds add to Napier AI’s existing $55.8 million in funding and will be used to support global expansion and R&D.
  • The company’s Napier Continuum AI-powered AML compliance platform serves over 100 financial institutions, including major players like HSBC and State Street, using AI and data science to help compliance teams make faster, more accurate decisions.

Financial crime compliance solutions company Napier AI has received a majority growth investment from Marlin Equity Partners. The amount of the investment was undisclosed, but will be added to Napier’s $55.8 million in existing funds from the company’s 2024 round.

“The Napier AI team impressed us with their strategic and innovative product offering, and dedicated customer focus. As the regulatory landscape becomes more complex, this mission-critical compliance-first AI platform is well-positioned to deliver continued growth in the global anti-financial crime market,” said Marlin Managing Director Mike Wilkinson. “We are excited to work alongside the Napier AI management team and are thrilled to support the company’s vision of helping more enterprises effectively and efficiently put a halt to money laundering activities.”

The U.K.-based company said that it will use the funds to “advance its market position through ongoing research and development” and support its global expansion.

Napier was founded in 2015 and offers Napier Continuum, an anti-money laundering (AML) compliance suite that provides AML screening and monitoring solutions in a modular platform that helps businesses scale. The company leverages AI and data science to help compliance teams make decisions quickly and accurately. The Continuum platform counts more than 100 financial institution clients, including HSBC, State Street, Mizuho Trust & Banking, SS&C, Starling Bank, ClearBank and WTW.

“We believe our AI-enabled products and passionate employees allow us to deliver exceptional value to customers and partners,” said Napier AI CEO Greg Watson. “In an era of ever-evolving financial crime threats, having a modern solution leveraging AI and automation is paramount to maintaining regulatory compliance and protecting the financial services industry from bad actors. We’re delighted to have found the right partner at such a pivotal moment in our journey to help us continue our momentum and grow the Napier AI brand globally. Marlin has an incredible heritage in helping businesses like ours to scale and innovate, and we are confident both our customers and our teams will see immediate benefits from Marlin’s investment.”

Napier said that the investment highlights the demand for AI-based AML solutions in today’s increasingly complex regulatory environment. It also comes at a time when the fintech sector is quickly developing AI-powered tools to address financial crime, which reflects the financial services industry’s urgent need to combat increasingly advanced fraud techniques while simultaneously meeting stringent regulatory requirements.

Napier demoed its Customer Screening and Transaction Monitoring Enhancement software at FinovateEurope 2018 in London. At this year’s FinovateEurope event, taking place 25 through 26 February, we will showcase 30+ demoing companies, many of which are leveraging AI. Register today using this link and save 20% on your ticket.

Photo by Harrison Fitts

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Wise Says, “Hola” to Mexico

Wise Says, “Hola” to Mexico
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, TransferWise, Wise
  • Cross-border payments fintech Wise has launched services in Mexico.
  • The launch allows Mexican nationals to send money abroad in over 40 currencies across 160 countries, leveraging Wise’s network of six local payment systems and 90+ bank providers.
  • Wise stated that the US dollar to Mexican Peso money transfer corridor is one of its largest, and has seen transfer volumes between the two double in the last two years.

Cross-border payments fintech Wise (formerly TransferWise) announced today it has launched into the Mexican market. The new service in Mexico will enable Mexican nationals to send money abroad, offering them direct access to Wise’s growing global payment network.

The new market entry is part of the company’s broader goal to enhance cross-border payments and support consumers with financial services. With Wise’s services now available in Mexico, the country’s citizens can send money from Mexico to over 40 currencies and 160 countries using Wise’s app or website. Wise has direct connections to six local payment systems and over 90 local bank providers, which ensure fast and efficient transfers. The company said that sending funds from Mexican Peso (MXN) to US Dollar (USD) will “hugely benefit” Mexican nationals who have connections to the US. 

“Launching our services in Mexico is a continuation of our strong, consistent growth in North and Latin America,” said Wise CTO Harsh Sinha. “Mexico, a region where consumers are loaded with unjust hidden fees, presents a strategic opportunity for Wise as it helps further our mission and opens a key currency route to bolster our business. Offering our services will have a positive impact on Mexican nationals by offering a transparent, cost effective, and fast option to send money internationally. Importantly, this takes us one step closer in solving the problems of opaque, slow, and expensive international money movement.”

Wise reports that with more than 37 million Hispanics of Mexican origin living in the US, sending USD to MXN is the third-largest money transfer corridor for its US customers. Additionally, the company has seen the volume of transfers on this route double over the past two years. This growth highlights the demand for faster and more affordable alternatives in the remittance market.

As part of its mission to disrupt traditional remittances, Wise focuses on price transparency. The company estimates that banks and other providers in Mexico conceal up to 10.4% of their fees, contributing to a loss of $446 million in hidden fees in 2024 alone, according to a survey by Edgar, Dunn & Company. Wise aims to change this with a transparent pricing strategy. In fact, Wise estimates that from the $147 billion (£118.5 billion) in cross-border transactions it facilitated globally last year, it saved customers over $2.2 billion (£1.8 billion).

Wise was founded in 2011 under the name Transferwise to facilitate cross-border payments while bringing transparency to the fees involved. The company reports that in Mexico, banks and other providers conceal up to 10.4% of their costs in hidden fees. According to a survey from Edgar, Dunn & Company, out of the $168 billion consumers moved in and out of Mexico in 2024, Mexicans lost $446 million in hidden fees that same year.

“Our mission is to make financial services fair, accessible, and transparent for everyone,” said Wise Country Manager in Mexico Efrain Florencia. “Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexicans send money abroad. We are eager to make a positive impact on the millions of Mexicans who regularly go through this process and are looking for a better, more convenient experience without the burden of excessive fees.”

Wise is listed on the London Stock Exchange (LSE) under the ticker WISE, with a market capitalization of $11.5 billion. The company serves 12.8 million active customers worldwide, facilitating the movement of $37 billion (£30 billion) across borders each quarter. Founded in 2011, Wise offers both personal and business accounts, allowing users to hold and manage funds in 40 currencies, move money between countries, and spend money internationally without hidden fees.

Photo by Alexander Schimmeck on Unsplash


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Aviva Partners with AutoRek for its Automated Reconciliation Solution

Aviva Partners with AutoRek for its Automated Reconciliation Solution
By David Penn Posted on
Categories: Alumni News, AutoRek
  • UK-based, multinational insurance company Aviva has teamed up with automated reconciliations solution provider AutoRek.
  • Aviva will deploy AutoRek’s platform to provide a fully audited, rules-based reconciliation process that reduces the risks associated with manual processing.
  • AutoRek made its Finovate debut at FinovateEurope 2023. The company is headquartered in Glasgow, Scotland.

UK-based insurer Aviva announced a collaboration with automated reconciliation solutions provider AutoRek to enhance efficiency and compliance. Aviva will deploy AutoRek’s end-to-end platform in order to provide a fully audited, rules-based reconciliation process that ensures complete transparency for Client Assets Sourcebook (CASS) auditors, as well as internal stakeholders. The platform will enable Aviva to offer an enhanced automated solution for client money and regulatory reporting. The solution also means less manual processing and its associated risks.

“We’re thrilled to onboard Aviva as a client to the AutoRek platform, empowering them to achieve greater efficiency and accuracy in their operations,” AutoRek VP of Sales Jack Niven said. “Together, we’re driving innovation and setting new benchmarks for financial excellence.”

Glasgow, Scotland-based AutoRek partners with institutions in asset management, payments, banking, and insurance to provide a scalable, automated reconciliation software that delivers both cost reduction and data confidence. Solutions such as those offered by AutoRek are expected to be in high demand as financial regulators on both sides of the Atlantic are slated to bring greater clarity to policies relating to payments, digital assets, lending, data privacy, and more.

This was underscored by AutoRek Chief Product, Technology, and Operations Officer Jim Sadler in a recent Insider UK look at Scottish sector trends to watch for in 2025. “We can expect heightened regulatory oversight to start to bleed into the supply chains of regulated firms to ensure that compliance standards are met at every level,” Sadler said. “Companies that fail to uphold their duties can lead to serious consequences such as substantial penalties.”

Founded in 1696 as the Hand in Hand Fire & Life Insurance Society, Aviva today is a multinational insurance, wealth, and retirement business headquartered in London. The firm is the leading diversified insurer across these markets, boasting more than 19 million customers in the UK, Ireland, and Canada as of August 2024. The largest general insurer in the UK, Aviva is also the second largest general insurer in Canada. Publicly traded on the London Stock Exchange, Aviva is a member of the FTSE 100, and has a market capitalization of more than $16 billion (£13 billion). 

“Aviva is dedicated to investing in technology to further our own growth strategy,” Aviva Head of CASS and Middle Office, Chris Golland, said. “Following an extensive tender process, we were highly impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allow us to confidently address future scalability and volume requirements.”

Founded in 1994, AutoRek made its Finovate debut at FinovateEurope 2023. At the conference, the Glasgow, Scotland-based company demonstrated how its reconciliation platform helps organizations manage some of the biggest pain points in the process, providing key management information (MI) to better monitor the performance of reconciliations. Last year, AutoRek announced partnerships with JP Morgan Payments, global funds network Calastone, and technology services provider Capgemini. Gordon McHarg is CEO.

Photo by Sonny Vermeer

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Premium Creator Content Platform Viffy Forges Strategic Alliance with Finfare

Premium Creator Content Platform Viffy Forges Strategic Alliance with Finfare
By David Penn Posted on
Categories: Alumni News, Viffy
  • Premium creator content platform Viffy announced a strategic alliance with rewards and engagement company Finfare.
  • The alliance comes as Viffy goes live with its solution that enables users to support their favorite creators and influencers through their everyday shopping at participating retailers.
  • Founded in 2022, Viffy made its Finovate debut at FinovateFall 2023.

Premium creator content platform Viffy went live this week, announcing the launch of its platform as well as a new strategic alliance with loyalty and rewards platform Finfare.

“Today is a milestone day for Viffy: We are thrilled to announce that our platform is officially live!” the company reported from its LinkedIn page. “For the first time ever, Viffy makes it possible for creators to offer Premium Channels to their audiences, for audiences to support their favorite creators via their everyday shopping, and for brick-and-mortar merchants to leverage their loyalty and sales powered by creator partnerships.”

Viffy’s premium creator content platform empowers users to drive creator subscriptions by shopping with participating merchants throughout the United States. Viffy sets itself apart from other premium creator content platforms that rely on monthly payments for access by giving users the ability to drive subscriptions through their everyday spending. Dollars spent at participating merchants earn participants credits that fuel their subscriptions to their favorite creators. Viffy notes that $50 spent enables a month’s worth of access to a creator’s page on the Viffy platform. This approach, the company says, makes premium content more accessible and enables merchants to build loyalty and engagement.

Courtesy of the alliance, Finfare will give Viffy and its users access to deals at hundreds of popular brands. Finfare will also provide the underlying payment linking technology to power the program by way of its Finfare Connect offering. Finfare Connect is Finfare’s rewards platform that enables businesses to engage customers through highly personalized offers and rewards.

“This collaboration provides a meaningful revenue stream to Viffy, as well as its content creators, through our payment-linked offers, and offers exclusive deals from well-known brands that are valued by their followers,” Sadman Shakib, Director of Loyalty Solutions and Partnerships at Finfare Connect, said.

Founded in 2021 and headquartered in Irvine, California, Finfare helps businesses better manage expenses, use credit, boost revenue, and effectively engage their customers. The company’s flagship products also include Finfare Money, which provides business charge cards and expense management. Finfare’s strategic alliance with Viffy comes in the wake of Finfare’s new branding, announced in November.

“We are thrilled to partner with Finfare and leverage the tremendous capabilities of their Connect platform,” Viffy CEO and Co-founder Sam Winslow said. “At Viffy, we are creating a meaningful connection between online creator influence and real-world consumer spending. Together, we see a bright future ahead, redefining how loyalty and engagement are fostered.”

Viffy made its Finovate debut at FinovateFall 2023, demonstrating a mobile app for its premium creator content platform. Founded in 2022, the company is headquartered in Newport Beach, California.

Photo by Kelly

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Musk’s X Partners with Visa for In-App Payments

Musk’s X Partners with Visa for In-App Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • X (formerly Twitter) has selected Visa as its first payments partner to launch the XMoney Account.
  • X’s new payments feature will be powered by Visa Direct, which will enable instant P2P payments, transfers to bank accounts, and creator monetization within the social media app.
  • X CEO Linda Yaccarino expects that X’s in-app payments will debut later this year.

Visa and X (formerly Twitter) have partnered to facilitate payments on X, or what the company owner Elon Musk refers to as the “everything app.” According to a tweet from X CEO Linda Yaccarino, the XMoney Account, which will facilitate in-app payments, will debut later this year.

X will leverage Visa Direct, Visa’s real-time payment platform that enables businesses and individuals to instantly send and receive money directly to an eligible debit card or X Wallet. Once users connect their debit card to allow for P2P payments, they will have the option to transfer the funds to their bank account.

A payment partnership has been in the works for a long time. Musk purchased X (which was then called Twitter) in 2022 for $44 million. That same year, the company filed with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and began obtaining necessary state licenses, as well. The move was one of the first steps Musk took to create an “everything app” that he envisions will help users manage their entire financial lives. Today, X Payments is licensed in 41 states.

According to CNBC, which spoke to someone familiar with the matter, “The X Money service is expected to launch in the first quarter, and deals with more financial partners are likely. One of the first use cases for X Money is to allow creators on the site to accept payments and store funds without external institutions.”

Once launched, XMoney will compete with formidable players such as Venmo, Cash App, PayPal, Apple Pay, Google Pay, and Zelle. XMoney may be able to differentiate itself in this competitive space by integrating social media, content creation, and financial tools. This would position it as more than just a payments platform, but rather as a central hub for digital interactions, creator monetization, and financial management. Its success, however, will depend on its ability to gain user trust, ensure security, and offer functionality that rivals established players.

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