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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Loan origination, risk management, and analytics company Baker Hill forged a new partnership with Oakworth Capital Bank.
The bank will leverage Baker Hill NextGen to enhance its loan origination and portfolio monitoring for commercial and private client lending.
Baker Hill most recently demoed its technology on the Finovate stage at FinovateFall in 2021.
Carmel, Indiana-based Baker Hillannounced a new partnership with Oakworth Capital Bank this week. The partnership is the first new alliance from the mortgagetech since private equity firm Flexpoint Ford acquired the company in June. Oakworth Capital Bank will deploy Baker Hill NextGen, a unified solution for loan origination and portfolio monitoring for both commercial and private client lending.
“Our bank’s mission is focused on delivering a personalized experience for our clients, which often means challenging the status quo and reimagining how financial services are delivered,” Oakworth Capital Bank chairman and CEO Scott B. Reed said. “The team is always looking for new, better ways to help our clients achieve their financial aspirations and Baker Hill NextGen will help us continue to do that.”
The new technology will enable Oakworth Capital Bank to enhance its commercial relationships, as well as automate the entire consumer loan origination process. The bank will also leverage Baker Hill NextGen Client Portal. This solution enables clients to submit loan documents online. Applicants also can track the status of their loan all the way to closing, bringing more transparency to the origination process. Additionally, the bank will integrate TruStage (formerly Compliance Solutions) with Baker Hill NextGen in order to automate loan document preparation and ensure compliance.
“With Baker Hill NextGen, Oakworth Capital Bank can optimize their entire loan origination process and continue surpassing their clients’ expectations with a world-class borrowing experience,” Baker Hill chairman and CEO John Deignan said.
Founded in 1983, Baker Hill most recently demonstrated its technology on the Finovate stage at FinovateFall in 2021. In the time since, the company has forged partnerships with a sizable number of banks and fintechs. These alliances include partnerships with financial institutions like Arvest Bank, Salem Five Bank, and TowneBank. Also among the company’s recent partners are tax workflow automation software company FlashSpread, and regional financial services company BOK Financial.
Digital ID verification company IDVerse will help embedded finance platform FutureBank enhance its onboarding processes with fast and secure digital identity verification (IDV). The new partnership will let FutureBank customers to use IDVerse software and also allow IDVerse customers looking for a middleware platform to connect their API credentials take advantage of FutureBank’s technology.
An integration platform for core banking providers that features embedded financial services, FutureBank operates as a middle layer between banks and third-party providers. As such, the company helps banks and fintechs launch new solutions faster, more efficiently, and more securely. IDVerse brings not only its Identity Service Provider status to FutureBank – status that comes with 20 certifications from the U.K.’s Digital Identity & Attributes Trust Framework (DIATF). The identity verification specialist also offers technology to help businesses combat the problem of deepfake accounts, a problem made all the more challenging by the way fraudsters are exploiting tools like generativeAI.
“Generative AI is breeding many different fraud types,” FutureBank CEO Sergio Barbosa said. “With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost.” Barbosa called cybercrime “the third biggest economy in the world.”
Adding to Barbosa’s sentiments, IDVerse General Manager EMEA Russ Cohn underscored the challenge of deepfakes. Cohn agreed that “synthetic media is becoming the new tool of choice for fraudsters looking to make money” and added: “Our fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create.” Cohn explained that IDVerse’s technology can detect subtle shifts and patterns in a person’s face that the unaided human eye cannot see, such as the way a person’s heartbeat slightly changes the color of their skin. These “natural yet invisible patterns,” Cohn said, enable IDVerse’s technology to distinguish real human images from deepfakes.
IDVerse’s platform also features Zero Bias AI-tested technology that leverages generative AI to train deep neutral networks to resist race, age, and gender-based discrimination.
Introducing itself to Finovate audiences in 2016 as OCR Labs Global, the company rebranded as IDVerse earlier this year. Founded in Australia in 2018, IDVerse is headquartered in London, and maintains offices in North America, Asia, and Europe. The company provides identity verification services in more than 220 countries and territories.
IDVerse has raised $45 million in funding from investors including Equable Capital and OYAK. This year, the company has forged partnerships with fellow Finovate alum Experian, bank verified digital identity service provider OneID, and cryptocurrency platform Coinmetro. John Myers is CEO.
Credit assessment platform Uplinq Financial Technologies announced a collaboration with Visa.
Visa has agreed to introduce Uplinq to key financial institutions to help them mitigate risk and expand access to credit for SMEs.
Uplinq made its Finovate debut last year at FinovateFall in New York.
Credit assessment platform for SME lenders, Uplinq Financial Technologies, has announced a collaboration with Visa. Via the partnership, Visa will introduce Uplinq’s API-based technology to key financial institutions to help them mitigate risk and expand access to credit to small businesses in the U.S. and Canada.
“This engagement is a testament to the promise of our technology in bridging the vast and persistent gaps that small businesses still grapple with when trying to access fair credit, especially as related to minority and all protected class segments,” Uplinq founder and CEO Ron Benegbi said. Visa Commercial Solutions Head of Small Business Matt Baker added that “fast access to working capital” was “especially vital to small businesses” which he referred to as the “backbone” of the world economy.
Uplinq leverages billions of alternative data sets from more than 150 countries, examining a wide range of factors to provide credit assessment and loan adjudication. The company’s platform features more than 10,000 direct connections into SME data sources. Designed to complement a lender’s existing credit assessment process, Uplinq’s technology has supported more than $1.4 trillion in underwritten loans globally.
Founded in 2020, Uplinq is headquartered in Toronto, Ontario, Canada. The company made its Finovate debut last September at FinovateFall, demoing its Credit-Assessment-as-a-Service solution. At the conference, Benegbi used the example of his immigrant father’s struggle to secure a bank loan to add color to the challenges small businesses face when it comes to financing.
“At Uplinq we don’t lend money to small businesses,” he said. “We work with small business lenders to help them say ‘yes’ a lot more often. In fact, five to fifteen times more often, while significantly increasing net income.”
In the year since its appearance on the Finovate stage, Uplinq has raised $1.25 million in funding in October in a round led by ATX Venture Partners. The company secured another $600,000 in February in the form of a strategic investment from Cambrian Ventures.
This spring, Uplinq announced a partnership with SME Finance Forum to make it easier for SMEs around the world access financing. In June, the company was awarded “Fintech Startup of the Year” in the “Lending” category of the Banking Tech Awards. Uplinq also has bolstered its advisory board ranks over the past year, adding former Scotiabank Chief Risk Officer Daniel Moore and former M&T Bank Chief Data Officer Allison Sagraves.
Is the tide turning in favor of crypto? Today’s unanimous, three-judge ruling in favor of Grayscale over the SEC is yet another sign that crypto winter could be transitioning into crypto spring.
What happened? As we’ve been reporting in Tales from the Crypto, there has been a growing movement in favor of an exchange-traded fund based on the price of Bitcoin. A number of major financial institutions – including crypto asset manager Grayscale Investments – have applied to the SEC in order to make this happen. To date, firms pursuing ETFs based on Bitcoin futures have fared better than those companies opting to offer ETFs based on the spot price of the cryptocurrency.
One of the ways that the SEC has pushed back against these latter efforts has been to say that, essentially, spot Bitcoin ETFs are not safe. Specifically, the SEC told Grayscale – which was looking to convert its Grayscale Bitcoin Trust into a listed Bitcoin ETF – that the planned product was not “designed to prevent fraudulent and manipulative acts and practices.”
In June, Grayscale sued the SEC. And this week, a three-judge panel of the District of Columbia Court of Appeals overturned the ruling. The court directed the SEC to grant Grayscale’s petition for review and to vacate its order to deny the company’s listing application. The succinct, two-sentence judgment does not determine the ultimate fate of Grayscale’s spot Bitcoin ETF. But the successful appeal is a major boon for the effort to make spot Bitcoin ETFs available to traders and investors.
Crypto continues to have an easier path outside the United States than within it. Today’s news about Grayscale and the SEC comes at the same time that Coinbaseannounced a new PayPal integration for its users in the U.K. and Germany. The integration will enable Coinbase users in those countries to easily buy and withdraw cryptocurrencies via debit cards and bank accounts linked to PayPal.
“Coinbase’s mission of increasing economic freedom in the world means making it easier and faster for customers to interact and engage with the cryptoeconomy, reducing the frictions of the legacy banking system,” Coinbase VP and Regional MD, EMEA, Daniel Seifert said.
The process is simple for U.K. and Germany-based customers who already have a PayPal account. They can begin making crypto transactions on Coinbase immediately, the company said in a blog post. Customers also do not have to input their bank account or card number directly to Coinbase; users can continue using PayPal to securely manage their financial data. The company said that it plans to extend the functionality to other EU countries in the months to come.
Speaking of Coinbase, the company recently announced an investment in stablecoin company Circle. Circle is the issuer of the USDC stablecoin. The investment announcement was accompanied by a statement that the two companies will shut down the Centre Consortium, a private governance organization for USDC established by Circle in 2018.
“We believe that stablecoins can advance the real-world utility of crypto and help make the global financial system more open and inclusive,” Circle CEO Jeremy Allaire and Coinbase CEO Brian Armstrong said in a joint statement. “Together, we look forward to unlocking additional value by growing the USDC ecosystem, circulation and global adoption.”
Founded in 2018 to help financial consumers in the U.K. access digital assets, cryptocurrency firm Coinpass has agreed to be acquired by OANDA Global Corporation. OANDA acquired a majority interest in Coinpass last week.
OANDA CEO Gavin Bambury said the acquisition would add to the company’s multi-asset offering and its appeal to a broader range of retail investors. He added: “A crypto native, Coinpass will provide OANDA with the technology backbone and trusted experience in the regulated crypto markets we need in order to offer clients globally a fast and secure route to the digital economy.”
Coinpass offers fast, secure, and compliant trading in more than 50 fiat currencies, stablecoins, and cryptocurrencies. The firm won Best Cryptocurrency Exchange Platform at CityAM’s 2020 CryptoAM Awards. Coinpass launched its crypto trading platform in 2021 – the same year it secured approval from the Financial Conduct Authority – and initiated stablecoin trading in USDC and USDT in 2022.
“We are delighted at Fluency to be part of this exciting and forward-thinking partnership with Mastercard helping CBDC networks seamlessly bridge transactions between different types of CBDC: account and token-based, retail and wholesale, multi-CBDC with tokenized assets and regulated stablecoins,” Fluency CEO Inga Mullins said.
Fluency offers a technology to enable organizations and institutions to deploy, configure, and manage custom CBDC networks. The company has joined CBDC boards around the world in order to assist central banks and governments on CBDC design, implementation strategy, and policy.
“We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy,” Mastercard Head of Digital Assets and Blockchain Raj Dhamodharan said. “As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”
Crypto exchange Bybitintroduced a revamped launchpad this week. The enhanced offering, Bybit Launchpad 3.0, gives early investors the opportunity to invest in new and pre-listed tokens directly from the Bybit platform. The technology connects project developers with potential investors, and provides a token launch process that is more streamlined and features greater transparency.
“Bybit Launchpad 3.0 is bringing innovative blockchain projects to the forefront,” Bybit co-founder and CEO Ben Shou said. “We are providing direct access to pre-listing rounds and facilitating the acquisition of new tokens. These tokens then seamlessly transition to trading on Bybit’s trading platform.”
Headquartered in the UAE, Bybit was founded in 2018. With more than 270 assets available via its platform, the company has more than 15 million users around the world.
Lighter Capital raised a $130 million credit facility.
The company will use the facility to continue funding early-stage companies.
Lighter Capital recently surpassed the milestone of distributing $350 million in growth capital via more than 1,000 rounds of financing.
Revenue-based financing fintech Lighter Capital has closed a $130 million credit facility this week. Today’s funds come from ATLAS SP Partners, i80, the Victorian Government, and iPartners.
The credit facility will be used to fund early-stage companies, something Lighter Capital has been doing since its launch in 2010. In fact, the company recently surpassed the milestone of having distributed $350 million in growth capital to more than 500 startups across the U.S., Canada, and Australia through more than 1,000 rounds of financing.
Lighter Capital’s revenue-based financing model helps startups that offer SaaS, technology services, subscription services, and digital media to access up to $4 million in growth capital without selling equity.
“Lighter Capital’s model is so innovative — a debt provider that’s essentially a VC partner,” said Qnary Founder and Chairman Bant Breen. “We get the financial rigor, network, and strategic guidance that a VC would give us, and that’s been incredibly helpful.”
Recently, the Seattle-based company has opened new offices in Australia, unveiled more non-dilutive funding options, and launched an online networking community for startup CEOs.
“After more than a decade in business, 2022 was our best year in the company’s history,” said company CEO Melissa Widner. “It’s a great privilege to help founders achieve their dreams on their terms by providing funding that doesn’t require selling equity or giving up control.”
Lighter Capital and other alternative financing startups are experiencing a moment in the fintech spotlight. That can be attributed to two factors. First, because VC funding is in decline, it is difficult to obtain equity financing. Additionally, banks have started to tighten their lending standards because of economic uncertainty and decreased collateral values.
An early Finovate alum, Lighter Capital’s most recent Finovate demo was at FinovateFall 2013, where then-CEO BJ Lackland demonstrated how the company’s small business lending platform leveraged CRM data to predict a borrower’s future performance.
AI-powered customer experience specialist Inbenta has acquired digital adoption platform Horizn.
Inbenta will integrate Horizn’s embeddable interactive product demos into its platform.
Horizn has won Finovate’s Best of Show award five times, most recently at FinovateFall last September.
AI-powered customer experience platform Inbenta has acquired digital adoption platform Horizn. Terms of the transaction were not disclosed.
Inbenta CEO Melissa Solis referred to the acquisition as part of the company’s commitment to helping businesses lower customer service costs, grow sales, and enhance the customer experience in general. Inbenta’s platform leverages natural language processing, neuro-symbolic AI, and Generative AI across four digital communications modules – Chatbot, Knowledge, Search, and Messenger. These modules enable the platform to deliver comprehensive, configurable solutions for businesses in verticals from financial services and ecommerce to telecom and utilities.
The integration of Horizn’s technology, in particular the company’s embeddable interactive product demos, will enhance Inbenta’s platform in a number of ways. In addition to making employee training more effective and further enhancing the customer experience, the integration will also help reduce agent escalation. Horizn’s technology has reduced agent escalations in favor of self-service in 80% of cases.
“Everyone knows how helpful and time-saving a tutorial can be when presented in an easy to understand, visual format,” Solis said. “At Inbenta, customer experience is at the center of everything we do – it was only natural that product demo capabilities should be included within our customer experience platform.”
Founded in 2012, Horizn has partnered with more than 40 financial institutions around the world. This includes some of the largest banks like Wells Fargo and RBC, as well as regional and community banks. A Finovate alum since 2017, Horizn has won Best of Show on five different occasions. The Toronto, Canada-based company most recently took home top honors with its demo at FinovateFall last September.
“By acquiring Horizn, Inbenta has expanded the number of customer experience touchpoints that it can offer, setting itself apart from the industry’s text-reliant majority,” Horizn co-founder and CEO Janice Diner said. “The entire Horizn team is excited about this next stage of impact and innovation and looks forward to integrating itself into Inbenta’s leading customer experience platform.”
Post-acquisition, Diner will take a new position as Inbenta’s Head of Marketing.
FICO and LigaData have partnered on a decision-as-a-service tool.
The two will make the new capabilities available to telecommunications firms in Africa, the Middle East, and Asia.
The decision-as-a-service solutions suite includes mobile lending, price optimization, collections optimization, subscriber segmentation, and fraud detection for communications service providers.
Data and analytics firm FICO and big data analytics company LigaData have come together in a move to bring decision-as-a-service capabilities to telecommunications firms in Africa, the Middle East, and Asia.
The two California-based companies will offer solutions that leverage data to help telcos increase revenues, decrease costs, and expand their offerings. Tools included in the decision-as-a-service solutions suite are mobile lending, price optimization, collections optimization, subscriber segmentation, and fraud detection for communications service providers.
“Together we plan to also help communications service providers grant loans in emerging markets, making it easier for consumers while increasing the digitization of the economy,” said FICO Vice President of Global Partners & Alliances Alexandre Graff.
FICO and LigaData envision that the tool will help telcos add new revenue streams and ultimately expand financial inclusion in emerging markets. “Our partnership with FICO will give communications service providers new tools to expand and compete in a data-driven marketplace,” explained LigaData CEO Bassel Ojjeh. “In addition, we will be bringing to market new solutions that can help communications service providers serve the large number of unbanked and underbanked communities in Africa, the Middle East, and Asia.”
LigaData’s name follows the naming convention of major soccer teams such as Bundesliga, La Liga, and Liga MX and is a reference to the company’s league of data experts. LigaData offers two main products, Data Fabric, which helps telcos leverage data better understand their customers by breaking down silos, and Flare, which serves as a decisioning engine that breaks down the data to provide operational and subscriber insights. These solutions are used by over 30 mobile network operators, supporting over 350 million subscribers around the world.
Founded in 1956 and headquartered in California, FICO offers decisioning tools used by more than 650 clients, including nine of the top 10 U.S. banks and eight of the top 10 EMEA banks. The company was recently named Best Technology Provider for Data Analytics at the 2022 Credit Awards, and was identified as a leader in The Forrester Wave: AI Decisioning Platforms, Q2 2023 report.
Cybercrime analytics platform SpyCloud raised $110 million in Series D funding last week.
The funding will help the company accelerate innovation in key use cases, as well as grow its database of recaptured data.
Founded in 2016 and headquartered in Austin, Texas, SpyCloud won Best of Show in its Finovate debut in 2017.
Cybercrime analytics platform company SpyCloud has secured a $110 million growth round commitment of primary and secondary capital. The round, a Series D, was led by Riverwood Capital and featured participation from Silverton Partners. New valuation information was not provided. The investment takes the company’s total equity funding to more than $168 million, according to Crunchbase.
SpyCloud offers technology that enables the discovery and recapture of data from the Dark Web in order to better protect businesses from identity-based cyberattacks. Cybercriminals use these stolen employee credentials and consumer session data to attack businesses, individuals, and networks. SpyCloud’s approach to fighting cybercrime differs from traditional threat intelligence strategies by offering a credential monitoring and alert service that directly and proactively finds and recovers stolen assets from threat actors and other sources.
To date, SpyCloud has recaptured more than 450 billion assets, more than 31 billion passwords, and more than 33 billion email addresses. The company’s most recent platform enhancement, unveiled in January, provides what it calls “Post-Infection Remediation.” This protocol gives companies a framework to reset application credentials and invalidate session cookies in the wake of a cyberattack or breach.
In a statement, SpyCloud listed a number of ways the new capital will help fuel the company’s growth. The funding, for example, will enable SpyCloud to accelerate innovation across a number of use cases, including consumer risk and enterprise protection. The company will also be able to grow its database of recaptured malware assets, further develop its analytic capabilities, and add to its list of integrations. The platform is currently integrated with Active Director, Okta, and Tines.
“For the last seven years, we have proven that reacting quickly to identity and authentication exposures is the crucial factor in stopping the cycle of cybercrime,” SpyCloud CEO and co-founder Ted Ross said. “As authentication methods improve, businesses need to adjust their defenses to keep up with criminals’ new behavior. SpyCloud allows you to do just that – and we will continue to illuminate and resolve the most critical risks facing security teams today, stopping attacks they haven’t been able to see coming.”
SpyCloud won Best of Show in its Finovate debut at FinovateFall in 2017. Headquartered in Austin, Texas, the company was founded in 2016. More than 500 corporations – including half of the Fortune 10 – leverage SpyCloud’s technology to combat ransomware, account takeover, session hijacking, online fraud, and other cybercrimes.
Fiserv and Akoya announced a partnership this week.
Fiserv will have API access to consumer data from Akoya’s network of financial organizations.
Akoya will utilize Fiserv’s AllData Connect to access consumer data held at financial institutions.
Digital banking and payments solutions company Fiserv has partnered with consumer-permissioned data company Akoya this week. Under the agreement, the two will facilitate financial data sharing among banks, their end customers, and the third party apps the customers engage with.
Fiserv will have API access to consumer data from Akoya’s network of financial institutions and brokerage firms, while Akoya will utilize Fiserv’s AllData Connect to access consumer data from more than 2,800 financial institutions.
“Fiserv and Akoya are empowering consumers to share their data by creating a broader and more secure data access network,” said Fiserv President of Digital Payments Matt Wilcox. “Direct access to data facilitates more integrated digital experiences for consumers and improves the security of the financial ecosystem.”
Akoya’s APIs can create secure, permissioned access to consumers’ account data across Fiserv’s client base of banks, fintechs, and merchants. This free flow of information across the network can help reduce risk related to account opening, funding, and account-to-account transfers. On the merchant side, consumers can opt to transact using a Pay by Bank option in which consumers link their bank account to the merchant’s wallet or app to make direct payments to the merchant.
Ultimately, the partnership will help consumers choose what financial data from their bank they want to share with third party providers.
“This will help consumers manage exactly who they give their data to and understand how their data will be accessed and used,” said Akoya CEO Paul LaRusso. “100% of Akoya’s traffic to financial institutions goes through APIs. Akoya doesn’t ask for consumers’ passwords, and it doesn’t screen-scrape. All consumers deserve this protection and control.”
In the U.S., where open banking regulations do not exist, partnerships like these are key to empowering consumers with control over their financial data. In addition to helping end customers, this open structure also creates efficiencies by empowering organizations with more data, reduces fraud by eliminating screen scraping, and reduces errors that come with manual data entry.
Founded in 1984, Fiserv’s solutions are used in nearly six million merchant locations and almost 10,000 financial insitution clients. The company powers 12,000 financial transactions each second. Fiserv is listed on the NASDAQ under the ticker FI and has a market capitalization of $73.6 billion.
A pair of Finovate alums – Backbase and SavvyMoney – have forged a new partnership.
The partnership will integrate SavvyMoney’s Credit Score Insights into the Backbase Engagement Banking Platform.
The integration will enable customers to access real-time credit scores from within their banking apps.
Engagement banking company Backbaseannounced a strategic partnership with credit score solutions firm and fellow Finovate alum SavvyMoney. The partnership will integrate SavvyMoney’s credit score solution, Credit Score Insights, into the Backbase Engagement Banking Platform. This will give community banks and credit unions the ability to provide their customers with real-time credit scores directly from their banking app.
“There’s a growing demand from consumers for guidance from their banking apps to help them make informed financial decisions,” Backbase VP of Product Management for the U.S. mid-market Brian McNutt said. He added that it was “crucial” that customers and members see community banks and credit unions as “trusted financial advisors,” and that doing so would help these FIs compete with their larger rivals. “That’s the idea behind our Fintech-as-a-Service offering,” he added, “to reduce our customers’ time-to-market and time-to-value, so FIs can focus on innovation.”
SavvyMoney’s Credit Score Insights helps FIs offer tailored financial recommendations and advice to their customers and members. The technology also helps FIs manage their marketing efforts to build hyper-personalized offers and deals. The increased value brought to banking apps courtesy of the Credit Score Insights integration also will help improve stickiness and app usage trends. At the same time, end users will benefit from a deeper understanding of the factors that contribute to their credit score. They will also be able to update their credit report, run credit score simulations, and build an action plan to set and meet credit score goals.
“As a company, we are committed to empowering individuals to achieve their financial goals and improve their overall financial well-being,” SavvyMoney President and CEO JB Orecchia said. “We’re thrilled to collaborate with Backbase to make crucial credit score functionality easily accessible via banking apps.”
Formerly known – and first appearing on the Finovate stage – as DebtGoal, the company rebranded as SavvyMoney in 2011. In the years since then, SavvyMoney has forged partnerships with more than 1,150 financial institutions and driven $3.8 billion in loans for clients courtesy of its SavvyMoney offer engine. The company unveiled its pre-approval marketing solution earlier this year – in partnership with Credit Union of Southern California (CU SoCal). SavvyMoney was named a “2023 Best Place to Work in the Bay Area” by Fintech Finance in May.
A Finovate alum since 2009, Backbase has won Best of Show on four different occasions. Most recently demoing its technology last September at FinovateFall, Backbase serves more than 120 financial institutions around the world. The company’s Engagement Banking Platform gives FIs a unified platform designed to respond to every step of the customer journey – from onboarding and servicing to loyalty and loan origination. Founded in 2003 and headquartered in Amsterdam, Backbase also recently announced partnerships with Vietnam’s Orient Commercial Joint Stock Bank (OCB) and business and IT consulting provider Valleysoft.
TreviPay, a B2B payments and invoicing network, announced support for cross-currency sales between businesses.
The new capability will serve as an “enhanced trade credit” and will help businesses increase buyer loyalty.
Headquartered in Kansas, TreviPay made its Finovate debut last September at FinovateFall.
B2B payments and invoicing network TreviPay announced support for cross-currency sales between businesses. The new capability will enable TreviPay to facilitate transactions in which buyers want to be invoiced in and to pay with a currency that is different from the currency disbursed to the merchant. Referring to the capability as an “enhanced trade credit,” TreviPay believes it will help businesses boost buyer loyalty.
Brandon Spear, TreviPay CEO, pointed out that merchants operating on a global scale have unique challenges when it comes to their more diverse customer base. “Not all merchants are able to establish a bank account in every preferred currency of their customers,” Spear said. “TreviPay’s enhanced technology and cross-currency solution empowers geographical expansion and makes global trade more accessible to merchants across all sales channels.”
Founded in 1980 and headquartered in Overland Park, Kansas, TreviPay made its Finovate debut last year at FinovateFall. At the conference, the company showed how its Small Business Supplier Payments Network enables banks tap into the small business B2B trade credit market and expand their small business product offerings. In her presentation, TreviPay SVP and Head of Small Business Markets Rissi Lovern explained the financial burdens placed on small business suppliers as an opportunity for banks.
“Every day our small business suppliers act as a bank for their business customers,” Lovern said to the FinovateFall audience last September. “Oftentimes these business customers are much larger than they are. In fact, in the U.S., they extend five trillion dollars in trade credit annually, financing less than 15% of those extensions, and waiting an average of 51 days to get paid.”
Small business suppliers want real-time, risk-free, debt free payments, Lovern said. Business buyers, at the same time, demand trade credit because it is a key component of their working capital stack. TreviPay’s Small Business Supplier Payments Network responds to both needs.
In the year since its Finovate debut, TreviPay has teamed up with payments orchestration technology provider BlueSnap and acquired payments platform Apruve, and forged partnerships with SME cashflow specialist Cloudfloat and SaaS-based marketplace management solution Mirakl. More recently, the company announced a partnership with Samsung Electronics Australia. The deal will enable Samsung’s direct-to-consumer business to extend payment terms and invoice-based purchasing to B2B buyers.
“In today’s world, enabling merchants to extend credit to their buyers in a streamlined and convenient embedded payment experience is essential to compete globally and drive customer loyalty,” Spear said.
Operating in 32 countries and in 20 currencies, TreviPay processes more than $6 billion in transaction volume annually.
Brazil-based Dock selected Feedzai to provide fraud prevention tools for its customers.
Dock will primarily leverage Feedzai’s RiskOps Platform, and will also use the company’s AML and behavioral biometrics tools.
Dock counts 70 million active accounts and powers over seven billion transactions each year.
Brazil-based payments technology player Dockannounced this week it has selected risk management tool provider Feedzai to provide new fraud prevention tools for Dock customers.
Founded in 2014, Dock offers card issuing and core banking services to help organizations bring new card digital payments and banking services to their existing operations. The company’s microservices architecture can be tailored to suit a multitude of rules, and can operate in any country, currency and banking system. The company counts 70 million active accounts and powers over seven billion transactions each year.
By partnering with Feedzai, Dock is giving its clients access to Feedzai’s RiskOps Platform, a tool that helps uncover criminal activity by standardizing processes. Feedzai launched RiskOps in 2021 to tackle fraud, money laundering, compliance, and enhance risk policies. The platform’s Financial Intelligence Network (FIN) database contains over one trillion data points, sessions, and profiles of good and bad actors. Dock also plans to integrate Feedzai’s behavioral biometrics module as well as money laundering prevention tools to offer customers a view of risks in real-time.
“We are providing our customers with another cloud-first technology solution that delivers a personalized approach to cyber threat detection and assessment, based on machine learning models and supported by Dock’s expertise,” said Dock Risk Director Armando Junior. “This partnership is aligned with our Latin American expansion strategy. The new feature makes it possible for us to understand even better the needs of our customers throughout the region.”
Feedzai was founded in 2011. The company offers tools ranging from KYC, AML, watchlist screening, transaction fraud monitoring, and more to help companies fight fraud in more than 190 countries. In 2021, Feedzai was valued at more than one billion dollars after receiving a $200 million funding round that boosted its total funding to $277 million. There is no word on an updated valuation.
