Alumni News Archives - Page 32 of 101

Onboarding Automation Specialist Setuply Partners with CheckmateHCM

By David Penn Posted on April 9, 2024
Categories: Alumni News, Daily news, Setuply

Setuply and CheckmateHCM have announced a new collaboration.
Checkmate will deploy Setuply’s platform to help companies onboard new employees and enhance skill acquisition.
Setuply made its Finovate debut last May at FinovateSpring in San Francisco.

A strategic relationship between client onboarding automation specialist Setuply and human capital management solution provider CheckmateHCM will help new employees “adapt and excel in their roles swiftly,” Setuply CEO Rachel Lyubovitzky said in a statement.

“Observing our technology facilitate streamlined onboarding and creating opportunities for emerging knowledge workers is gratifying,”Lyubovitzky said. “This showcases the potential of our technology but also serves as a beacon of innovation and inspiration for the entire industry.”

Checkmate’s decision to deploy Setuply’s advanced onboarding technology comes amidst an economic backdrop of increased competition and low unemployment. This makes it a challenge for firms to hire and retain workers of all kinds, including B2B knowledge workers. Setuply’s platform not only helps bring new talent into organizations efficiently and quickly. The company’s technology also gives businesses the tools they need to close expertise gaps, provide advanced training, and accelerate skill acquisition. Using a project and template-based approach, with detailed instructions in multiple formats, the platform helps establish processes to accelerate job training that are both repeatable and testable.

“Leveraging Setuply for our client onboarding and support has transformed our approach to client onboarding and service delivery,” Checkmate CEO Josh Robinson said. “It has amplified our processes, enabling us to surpass our goals and expand our capabilities. Going beyond operational efficiency has sparked a new era of expansion for us.”

Setuply’s partnership news with Checkmate comes just weeks after the company announced the release of a suite of new features and enhancements to its platform. The updates include:

Questions functionality to centralize and streamline project communication between workflows.
User-friendly customizable data forms built natively into the product.
A secure data repository to simplify complex data management tasks.
Automated project creation to leverage comprehensive data integration to intelligently initiate new projects.
A customer engagement portal to enhance client interaction and project visibility.

“As companies navigate the complexities of digital transformation, the demand for intuitive and yet comprehensive solutions has never been higher,” Setuply Head of Product Kelly Blackledge said. “Setuply’s latest update responds to this need, providing innovative tools that streamline onboarding processes, enhance data management, and improve client interactions.”

Headquartered in Portsmouth, New Hampshire, Setuply was founded in 2022. The company made its Finovate debut last year at FinovateSpring 2023 and returned later that year to demo its technology at FinovateFall in New York.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

Photo by Seth Dewey on Unsplash

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Lucinity’s AI-Powered Platform Delivers Innovations in Workflow Automation

By David Penn Posted on April 9, 2024
Categories: Alumni News, Alumni profile, Daily news, Lucinity

Regtech innovator Lucinity is starting to draw attention.

The company, headquartered in Reykjavik, Iceland, made its Finovate debut last year at FinovateSpring in San Francisco. At the conference, Lucinity demonstrated its AI-enabled copilot, Luci, which enhances financial crime compliance via insight generation, report writing, and automation. The solution uses GenAI to streamline tasks for compliance professionals, enabling them to make informed, data-driven decisions and to address higher order challenges directly. The technology performs internet searches, background checks, fraud detection, sanctions screening, and more.

As the team explained at FinovateSpring last year, financial crime fighters spend a significant amount of their time reviewing fraud alerts to determine whether or not they are significant. A major challenge lies in the fact that accurately evaluating the risk of a given alert requires understanding a great deal about the context in which the alert occurred. Compounding this challenge is the reality that much of the information required to do this can be scattered across multiple systems, making the process both more complicated and more time-consuming. Lucinity’s technology helps financial crime professionals simplify and understand the data quickly; a tier 1 bank estimated that Luci could save them $100 million a year by slashing alert review times from an average of 2.5 hours to 25 minutes.

“What we are doing with Lucinity is taking different transactions, KYC information, etc. and creating a picture or story of what the possible financial crime could look like,” Lucinity Co-founder and CEO Gudmundur Kristjansson explained during the company’s demo. “And with that story, we’re enabling the financial crime investigators to take the investigation time from hours to minutes.”

The company’s innovations have been noticed. Just last month, Lucinity secured the Chartis Research Award for Workflow Automation. The honor recognizes the way the company’s technology leverages AI and automation to enhance compliance processes and remove inefficiencies. Lucinity was also named to Chartis Research’s top 50 Financial Crime and Compliance Companies (FCC50) for 2024.

“Through our focus on workflow automation, Lucinty is able to save thousands of hours from the investigation process, drastically reducing the cost of compliance for financial institutions,” Kristjansson said. “This means that banks can then shift resources to revenue-generating areas of the business, rather than pouring more resources into compliance.”

Lucinity enters 2024 with a host of new partnerships. Icelandic neobank indó, financial crime fighting platform Neterium, and fellow Finovate alum Trustly were among the firms Lucinity joined forces with in 2023. This year, in addition to the accolades mentioned above, the company announced the appointment of Theresa Bercich as Chief Product Officer and recognition of her as a Co-Founder. In a statement, Kristjansson credited Bercich for her work on Luci and for her contributions to the company as a whole. “Her journey from a data scientist to VP of Product, and now to CPO and Co-founder, mirrors the growth and dynamic evolution of Lucinity itself,” Kristjansson said.

Lucinity has raised more than $25 million in funding. The company’s total includes an investment of $17 million it raised in 2022. Keen Venture Partners led that Series B round.

Photo by Marc-Antoine

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Wise Platform Powers New Global Account and Card Program for Brazilian Fintech Nubank

By David Penn Posted on April 8, 2024
Categories: Alumni News, Daily news, Nubank, Wise

Brazilian fintech and financial services giant Nubank has teamed up with Wise Platform.
Courtesy of the partnership, Wise Platform will power a new global account and international debit card for Nubank.
Wise Platform offers banks, financial institutions, and businesses the ability to leverage its infrastructure to make cheaper, easier payments.

Brazilian fintech Nubank has partnered with Wise Platform to power its global account and international debit card. Wise Platform, Wise’s infrastructure solution for banks, financial institutions, and businesses, now counts more than 85 partners around the world, including Bank Mandiri, Monzo, and Google Pay.

The partnership will power Nubank’s new global account and international debit cards for the fintech’s premium tier, “Ultravioleta,” customers. The collaboration will also enable Nubank customers to hold both U.S. dollars and euros, as well as use their card to spend in local currencies in 200 countries and territories.

“Through this partnership, we’re helping Nubank customers access fast, transparent payments and the ability to easily manage money across currencies,” Wise Platform Global Managing Director Steve Naudé said. “Across the sector, we are seeing a real push from banks and financial institutions to provide their customers with best-in-class international payments services. By working with Wise Platform, banks are able to achieve this in a matter of months or even weeks.”

Wise’s partnership with Nubank represents continued growth for the company in Brazil; Wise reports that it has issued more than one million Wise cards within 15 months of its going live in the country. For its part, Nubank has more than 90 million customers in South America, with more than 85 million in Brazil.

Nubank introduced itself to Finovate audiences in 2016 with its presentation at FinDEVr NewYork. In the years since, the company has grown from a financial services startup to the largest digital bank in Brazil and the second largest financial institution in the country. Late last month, Nubank announced that it has reached the four million customer milestone for its Nubank PJ offering, launched in 2019, which provides solutions for entrepreneurs. This week, the firm’s subsidiary, Nu Colombia, secured a $150 million loan from DFC, the U.S. International Development Finance Corporation, to help expand its services in the country.

Making its Finovate debut as TransferWise in 2013, the company rebranded as Wise in 2021 to reflect its evolution beyond its origins as an innovator in the international money transfer space. Today, the company supports three main lines of business: its global money transfer service and international account; Wise Business, a global business account with features such as mass payouts and multi-user access; and Wise Platform, which enables companies to give their customers easier, cheaper payments by leveraging Wise’s infrastructure. Co-founder Kristo Käärmann is CEO.

Photo by Caroline Cagnin

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Finzly Launches Account Galaxy Embedded Banking Solution

By Julie Muhn (@julieschicktanz) Posted on April 4, 2024
Categories: Alumni News, Daily news, Finzly

Banking-as-a-Service provider Finzly launched Account Galaxy, a new embedded banking solution.
Account Galaxy allows non-banks and fintechs to launch virtual accounts with real-time transaction monitoring.
The virtual accounts exist alongside an organization’s current infrastructure within what Finzly calls a “sidecar core.”

Account Galaxy is the name of the newest solution from Finzly. The Banking-as-a-Service (BaaS) solutions provider unveiled the new embedded banking solution in an announcement today that highlights how Account Galaxy can help banks participate in embedded banking.

Account Galaxy offers two main use cases to facilitate BaaS functionality: advanced payment processing and flexible accounting capabilities. These capabilities offer non-banks and fintechs virtual accounts where transactions can be monitored in real-time. The accounts not only provide reduced compliance risk, but also offer enhanced speed. Additionally, Account Galaxy helps small-to-mid-size banks attract commercial clients by embedding services into ERP, accounts receivables, and payables in an automated way.

“Embedded banking will have a significant impact on how banking services are provided to business and consumers,” said Datos Insights Strategic Advisor Enrico Camerinelli. “Providing tools to empower banks of all sizes to participate in this emerging industry will lead to greater innovation and ultimately better services for all.”

Account Galaxy’s virtual accounts are supported by a virtual ledger, enabling them to exist alongside an organization’s current infrastructure within what Finzly calls a “sidecar core.” This setup prevents new accounts from overburdening the organization’s existing systems.

“With Account Galaxy, banks can cost-effectively enable the integration of banking services into corporate systems and non-bank platforms, unlocking new opportunities for growth and innovation,” said Finzly founder and CEO Booshan Rengachari.

Finzly’s flagship offering, Finzly OS, enables clients to launch a modern bank from scratch. The company’s API connects to all U.S. payment rails, including Fed ACH, Fedwire, RTP, SWIFT, and FedNow. Founded in 2012 under the name SwapsTech, the North Carolina-based company recently landed $10 million in funding in a Series A round led by TZP Group.

Finzly most recently demoed at FinovateSpring 2023, and has taken home Best of Show honors for its demos at FinovateFall 2020 and FinovateSpring 2020. By the way, we’re still accepting applications from companies interested in demoing at our upcoming conferece, FinovateSpring 2024. Take a look at the event and find out more about what it takes to demo.

Photo by Glen Carrie on Unsplash

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Quantum Metric Launches AI-Powered Session Summarization Solution Felix AI

By David Penn Posted on April 4, 2024
Categories: Alumni News, Daily news, Quantum Metric

Digital analytics platform Quantum Metric released its new Gen AI-powered session summarization solution, powered by Google Cloud’s Gemini Pro.
The new offering will help users manage customer session replays faster and more efficiently.
Quantum Metric won Best of Show in its Finovate debut at our all-digital FinovateEurope conference in 2021.

Digital analytics platform Quantum Metric announced the release of a suite of new solutions to help organizations better listen and respond to the needs of their customers. Chief among these new offerings is Felix AI, the company’s new Gen AI-powered session summarization solution, powered by Google Cloud’s Gemini Pro.

Session summarization helps enhance the session replay process. Session replays are a critical tool in reviewing and refining the customer experience. But they tend to be both complex and time consuming. Leveraging Gemini Pro, Felix AI summarizes sessions in seconds to capture the exact experience of the customer. The technology simplifies digital customer listening by instantly quantifying session information. Felix AI is then able to ascertain the significance of each issue, as well as its potential impact on key business metrics. The solution also enables users to examine the details of individual customer experiences by asking clarifying questions, for example, about specific campaigns the customer has participated in.

Via API, Felix AI can be directly integrated into VoC feedback received from text, email, as well as social platforms like Slack. The solution can also provide role-based summaries to help call center agents quickly understand the customer’s concern before they’ve expressed it.

“In the past, our focus was transactional. How do we help the customer to make a purchase, book a flight, or open an account,” Quantum Metric founder and CEO Mario Ciabarra said. “The relationships we build with customers today are much more complex and span an entire lifecycle. To succeed, digital organizations need tools like Felix AI to simplify how they listen to their customers, and tools like Interactions and User Analytics to listen at scale and across their entire customer lifecycle. This is the beginning of a new generation of digital analytics tools and we can’t wait to see what our digital organizations can do to further the standards for a great digital customer experience.”

In addition to Felix AI, Quantum Metric also announced three other components of its spring release. These solutions are Interactions, which provides tools to help marketers and UX professional optimize page layout and content, and a pair of analytics solutions: User Analytics and Lightning Analytics. User Analytics provides new data visualizations such as retention and churn to interpret user behavior over time. Lightning Analytics lets users monitor, diagnose, and optimize workflows and apps built on Salesforce Lightning.

Founded in 2015, Quantum Metric is headquartered in Colorado Springs, Colorado. The company won Best of Show in its Finovate debut at our all-digital European fintech conference in 2021. Quantum Metric returned later that year to demo its technology at our all-digital FinovateSpring event. The company has raised $251 million in funding according to Crunchbase. Uncorrelated Ventures and Endeavor Catalyst are among the firm’s investors.

Photo by Markus Winkler

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Visa Unveils New Subscription Management Solution

By David Penn Posted on April 3, 2024
Categories: Alumni News, Daily news, VISA

Payments leader Visa launched its Subscription Manager service this week.
The new offering enables financial institutions to give Visa cardholders an easy way to track and manage their subscriptions.
Visa made its first Finovate appearance at FinovateSpring in 2010.

Expected to reach $406 billion by 2025, the international subscription economy has been an increasingly attractive opportunity for fintechs and financial services companies alike. The growth of the subscription economy has meant a surge in demand for solutions to help consumers deal with their ever-growing reliance on subscription services. Among Finovate alums alone, firms from Minna Technologies to Subaio have demonstrated leadership in this “subscription management” space.

As such, it is little surprise to learn that global payments leader Visa is getting into the game. The company announced the launch of its Subscription Manager service this week. The new offering will enable financial institutions to provide Visa cardholders with an easy way to track and manage their subscriptions.

“Managing subscriptions can often feel like a maze, with consumers sometimes feeling trapped in a cycle of confusing charges,” Visa Global Head of Issuing Solutions Kathleen Pierce-Gilmore said. “Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”

Visa’s Subscription Manager streamlines information on recurring payments, locating that data in one place to make it easy for cardholders to see where their card details are stored, view the recurring payments that are on each card, and to stop recurring payments where services are no longer wanted. Whether the subscription type is a streaming service, a gym membership, or a utilities payment, Visa’s Subscription Manager gives its cardholders a new level of convenience and control when it comes to ensuring that they are only subscribed to the actual services they want and use.

Currently available as a pilot project in select regions, Subscription Manager is the latest addition to Visa’s Digital Enablement product suite. The suite includes a set of tools and solutions designed to enable issuers to offer better digital experiences for their cardholders.

Visa has been a Finovate alum since its debut at FinovateSpring in 2010. A leader in digital payments, Visa facilitates transactions across more than 200 countries and territories. The company is publicly traded on the NYSE under the ticker “V” and has a market capitalization of $556 billion. Ryan McInerney was appointed CEO in February 2023.

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Apiture to Power Online and Mobile Banking for New Washington State Bank

By David Penn Posted on April 2, 2024
Categories: Alumni News, Apiture, Daily news

Indiana-based New Washington State Bank (NWSB) has selected Apiture’s Digital Banking Platform to power its online and mobile banking solutions.
The community bank will also deploy Apiture’s Account Opening and Data Intelligence solutions to onboard customers faster and to offer tailored campaigns.
Apiture made its Finovate debut at FinovateFall 2022. The company is headquartered in Wilmington, North Carolina.

New Washington State Bank (NWSB), a community financial institution serving Southern Indiana for 116 years, has partnered with Apiture to power its online and mobile banking offerings. The bank will deploy Apiture’s Digital Banking Platform, and implement the fintech’s Consumer Banking, Business Banking, Account Opening, and Data Intelligence solutions.

“With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, the Apiture Digital Banking Platform will empower NWSB to provide the unified, intuitive banking experience today’s technologically savvy customers expect,” Apiture CEO Chris Babcock said.

The partnership follows the bank’s decision to migrate from a multi-vendor strategy to a single platform for both its online and mobile banking operations. NWSB Chief Strategy Officer Chris Bottorff said that providing a “cohesive and consistent digital experience” is a priority for the institution as it seeks “to improve the financial lives of those living and working in the communities we serve.” Bottorff praised Apiture as a partner that will help the Indiana-based bank better engage its existing customers as well as attract new ones.

To this point, NWSB underscored its readiness to take advantage of two of Apiture’s solutions in particular: Account Opening and Data Intelligence. The former enables customers to open and fund accounts in minutes. The latter provides tools to build personalized campaigns to better engage both individuals and businesses.

Headquartered in Wilmington, North Carolina, Apiture made its Finovate debut at FinovateFall 2022 and returned the following year to demo at FinovateFall 2023. At the conference, Apiture showed how its AI-based solution, Sensei, provides a real-time assessment of an individual’s finances. The technology analyzes a variety of data sources, including account balances and transaction histories, to provide proactive insights into the ways the individual can improve their financial wellness.

Apiture’s partnership news with NWSB comes just a few weeks after the fintech reported that Edwards Federal Credit Union (Edwards FCU) of California had selected its Consumer Banking solution. Like NWSB, Edwards FCU will also deploy Apiture’s Data Intelligence solution as part of its data strategy. Apiture began 2024 by teaming up with Redwood Capital Bank, which chose Apiture’s Digital Banking Platform to power its online and mobile banking operations.

Apiture has raised $69 million in funding. The company includes T. Rowe Price and Live Oak Bank among its investors.

Photo by Corbin Mathias on Unsplash

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Visa and Mastercard Settle Swipe Fee Lawsuit

By David Penn Posted on April 1, 2024
Categories: Alumni News, Daily news, MasterCard, VISA

Visa and Mastercard have reached a settlement that will lower interchange fess for U.S. merchants.
The settlement, which still must be approved by the court, calls for a five-year reduction in fees as well as changes that will enable greater optionality for merchants when it comes to credit card transaction surcharging.
U.S. merchants stand to save more than $29 billion over the next five years due to the settlement.

Chalk one up for U.S. merchants.

There are many factors that drive innovation in financial services: technological change, competition, regulatory adjustments … this week, recalled a fourth, less common method: the lawsuit.

Visa and Mastercard announced that they have reached a major settlement with merchants in the U.S. that will see interchange fees both lowered and capped. The settlement is the end result of a lawsuit that extends back to 2005. The lawsuit alleges that merchants paid excessive fees to accept Visa and Mastercard credit card transactions. Further, the suit claims that both companies and their member banks were in violation of antitrust laws in doing so.

Per the settlement, these interchange fees – also known as swipe fees – will be lowered and capped until 2030. Hilliard Shadowen, the law firm that represented the merchants in the case, estimates that U.S. merchants will save more than $29 billion over the next five years. Additionally, the settlement will also mark the end of “anti-steering restrictions” and potentially pave the way for more competitive pricing with regards to swipe fees.

Steve Shadowen, founding partner at Hilliard Shadowen, said the settlement represented “comprehensive market-based solutions to too-high swipe fees” as well as “immediate fee relief to merchants as they make these new competitive tools work for them.”

Looking under the hood, the settlement calls for a reduction in swipe fees of at least four basis points (0.04 percentage points) for three years. At the same time, these fees must be at least seven basis points below the current average for the next five years. These changes are still subject to court approval, and Mastercard has suggested that, once approved, they still would not go into effect until late this year or early next.

“This agreement brings closure to a long-standing dispute by delivering substantial certainty and value to business owners, including flexibility in how they manage acceptance of card programs,” Mastercard Chief Legal Officer, General Counsel and Head of Global Policy Rob Beard said.

“We are making these concessions while also maintaining the safety, security, innovation, and protections, rewards, and access to credit that are so important to millions of Americans and to our economy,” Kim Lawrence, President, North America, Visa, said in a statement.

The actual impact of these changes on consumers using credit cards is uncertain. The settlement will enable merchants to add surcharges to cards with higher swipe fees. This could discourage the use of some premium cards that are attractive to consumers because of their robust rewards, but can be costly to merchants, who may pay swipe fees of as much as 4% per transaction according to the National Retail Federation. Swipe fees currently average approximately 2% per transaction. Merchants will also be able to offer incentives and discounts to encourage consumers to use credit cards with less expensive fees.

Additionally, the settlement includes an allocation of $15 million for an independent merchant education program. Available for free, the program will help ensure that all merchants are aware of new changes.

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Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on April 1, 2024
Categories: ACI Worldwide, Alkami Technology, Alto Solutions, Alumni News, Arroweye Solutions, Baker Hill, BlueVine, Chimney, Daily news, Fintech Rundown, ieDigital, iProov, nCino, Q2, VISA

The first week of April begins with a resolution in the Sam Bankman-Fried saga as the former FTX founder and infamous crypto entrepreneur receives a sentence of 25 years in prison.

Crypto

Sam Bankman-Fried sentenced to 25 years in prison for its role in the FTX scandal.

Web3 payment solution provider Alchemy Pay announces investment in LaPay.

Issuer-processor Paymentology partners with Web3 and digital asset corporate spend management platform Rain.

Lending

Loan origination specialist Baker Hill implements CrowdStrike’s Falcon platform.

Financial wellness

Financial guidance specialist Chimney announces that it now has 30 banks on its client roster.

Payments

BankPro Limited, a subsidiary of FxPro Group, partners with just-in-time payment card provider Arroweye Solutions.

Visa launches Subscription Manager to help consumers track subscriptions and recurring payments.

Canada-based payments company Nuvei agrees to be acquired by Advent for $6.3 billion.

Versapay taps Gaby Kozakov as its new Chief Technology Officer.

All-in-one payments platform ConnexPay introduces new CEO Ben Peters.

Modern Treasury launches new Professional Services offering.

MENA-based fintech Valu partners with noon Payments.

Arab Financial Services teams up with ACI Worldwide to promote payment modernization.

Brim Financial secures $85 million in Series C funding to fuel global expansion.

Trustly and Cross River Bank pioneer FedNow transactions.

Check to power Wave’s expanded payroll offering.

Credit Reporting

FinDoc, a fintech based in Malaysia, announces a strategic collaboration with credit reporting agency CTOS Data Systems.

Wealth Management

Clearwater Analytics acquires risk and performance analytics solutions from global financial services firm Wilshire Advisors.

JPMorgan Chase reports major adoption of its Wealth Plan digital money coach, with a million personalized plans created in the year after launch.

Alternative asset platform Alto appoints CEO Scott Harrigan as President and Beth Bellon as SVP of Operations.

Digital Banking

Bluevine introduces a trio of new business checking plans.

Ally Financial introduces new CEO Michael Rhodes.

Digital banking solutions provider Alkami partners with SWIVEL to give its clients access to new loan payment capabilities.

nCino unveils new upgrades to its Consumer Banking Solution.

Q2 appoints Katharine Briggs as Chief Product Officer.

Swedish-based cloud core banking platform provider Vilja partners with U.K.-based mortgage origination partner Mast.

ieDigital, Connect FSS, and ABAKA announce appointment of Rami Cassis as CEO.

Procure-to-pay software provider PairSoft acquires APRO Software Solutions.

First State Bank selects Jack Henry to revamp its banking experience.

Regtech

Risk management solutions provider Abrigo acquires TPG Software.

Identity management

Biometric identity solutions provider iProov appoints Peter James as its Chief Product Officer.

Insurtech

Enterprise insurance management platform Novidea introduces new Chief Revenue Officer Jeff Heine.

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DataVisor Unveils its AI-Powered End-to-End AML Compliance Solution

By David Penn Posted on March 28, 2024
Categories: Alumni News, Daily news, DataVisor

Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week.
The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.
DataVisor made its Finovate debut at FinovateFall last September.

AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week. The technology leverages sophisticated machine learning and AI to cover the entire AML process without disrupting the customer’s existing workflows.

Natively integrating with DataVisor’s fraud platform, the new offering enables a unified fraud and anti-money laundering (FRAML) strategy. This enhances defense against new financial crime threats and helps institutions align themselves with the trend toward combining fraud fighting and AML operations. DataVisor’s AML technology is customizable, supports a wide range of AML risk profiles and programs, and improves efficiency by reducing the number of false positives.

More specifically, DataVisor’s new AML solution provides:

Comprehensive end-to-end functionality: including customer risk rating, CDD, EDD, sanction/watchlist screening, transaction monitoring, case management, and automated SAR filing.
Enhanced detection and reduced false positives: leveraging robust data orchestration to provide a holistic view of customer profiles for more effective risk assessment.
Increased operational efficiency and reduced costs: courtesy of Generative AI-powered automation which triages alerts and automates manual processes.
Centralized insights and monitoring: using enhanced task prioritization to deliver insights into AML alerts, case statuses, and the progress of review teams.
Fast and flexible integration: via a cloud-based solution that integrates with existing fraud workflows for fast implementation.

“The substantial interest we’ve seen from financial institutions highlights the imperative need to address the challenges posed by outdated, legacy AML technology,” DataVisor co-founder and Chief Product Officer Fang Yu said. “FIs partnering with DataVisor are already witnessing the benefits of our industry-leading FRAML solution. Our focus on continued innovation ensures that we not only meet the current compliance demand but also remain agile to anticipate and counteract future financial crimes.”

Headquartered in Mountain View, California, DataVisor made its Finovate debut last September at FinovateFall. At the conference, the company showed how its platform provides a comprehensive, AI-powered fraud and risk platform for the entire fraud workflow in a single, self-serve solution. DataVisor demonstrated the platform’s ability to integrate any data source – including third party data sources – and apply its rules engine, device intelligence, decision engine, and case management to improve fraud detection.

Founded in 2013, DataVisor began this year with an announcement that the company’s platform had secured PCI compliance. A month later, the company unveiled a new solution to give sponsor banks better ability to monitor and manage Bank Secrecy Act (BSA) compliance and transaction fraud patterns. The solution also enables institutions to conduct a comprehensive customer risk assessment in partnership with fintechs.

According to Crunchbase, DataVisor has raised more than $94 million in funding. The company includes TruStage Ventures and NewView Capital among its investors. Co-founder Yinglian Xie is CEO.

Photo by Markus Spiske

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Feedzai Powers Push Payment Fraud Prevention Solution for A2A Platform Form3

By David Penn Posted on March 27, 2024
Categories: Alumni News, Daily news, Feedzai

Anti-fraud platform Feedzai has teamed up with account-to-account (A2A) platform Form3.
Courtesy of the partnership, Feedzai will power Form3’s new authorized push payment fraud (APP) fraud prevention solution.
Founded in 2011, Feedzai made its Finovate debut at FinovateEurope in 2014.

Anti-fraud and financial crime software company Feedzai will power the new authorized push payment fraud (APP fraud) prevention solution from account-to-account (A2A) platform Form3. Built with supervised machine learning, the new offering from Form3 takes advantage of collaborative intelligence to determine the risk of a payment in real-time by understanding the behavior of both the sender and the recipient.

The technology acknowledges that understanding the recipient of a payment is just as important as understanding the sender when it comes to preventing fraud, particularly APP fraud. This is because APP fraud involves fraudsters tricking legitimate accountholders into sending payments to illegitimate accounts owned or accessed by the fraudster.

Feedzai CPO Pedro Barata explained that both regulation and emergent fraud threats are driving innovation in the payment fraud space. Barata noted in particular new regulations later this year that will mandate reimbursement for victims of APP fraud. He underscored that this would provide additional incentive for banks to embrace new anti-fraud technologies. “By combining the expertise of Feedzai and Form3, we can drastically reduce the level of vulnerability in the payment process and give our customers the real-time intelligence that they need to stop fraudsters in their tracks.”

The innovations in fraud prevention are also being driven by positive developments in fintech like real-time payments. As more fraudsters see real-time payments as a potential way to target consumers, businesses need to respond with technologies and anti-fraud solutions that close security gaps and respond to emerging threats like APP fraud.

“The best way to tackle the rise of APP fraud is the use of collaborative intelligence and cutting edge technologies that allow the real-time identification of scams within the payment message,” Form3 CEO Mike Walters said.

A Finovate alum since its debut at FinovateEurope in 2014, Feedzai today counts 80% of the world’s Fortune 500 among its customers. Founded in 2011 and headquartered in San Mateo, California, Feedzai now has more than 600 employees, maintains 10 offices around the world, and supports operations in 190 countries. The risk management tool provider has raised more than $277 million in funding, according to Crunchbase. Nuno Sebastiao is CEO.

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Econans and SkenarioLabs Team Up to Give Banks New Green Finance Options

By David Penn Posted on March 26, 2024
Categories: Alumni News, Alumni profile, Daily news, Econans, SkenarioLabs

Finland-based SkenarioLabs and Sweden’s Econans announced a collaboration this week.
The partnership will provide financial institutions with a number of new green finance tools.
SkenarioLabs made its Finovate debut earlier this year at FinovateEurope. Econans demoed its technology at our online European fintech conference in 2021.

SkenarioLabs, a predictive data analytics solution provider for the real estate industry, has announced a new partnership with fellow Finovate alum, Econans. The collaboration between SkenarioLabs and the Swedish financial advisory platform will give banks a range of new green finance tools.

The joint venture between the two companies will help financial institutions navigate regulatory trends based on concerns over climate change. These trends include the EU Taxonomy for sustainable activities, the Corporate Sustainability Reporting Directive (CSRD), and the Energy Performance of Building Directive (EPBD) – among others. The partnership between Skenario Labs and Econans will provide institutions with a future-proof, end-to-end solution that helps them meet reporting obligations and supports building energy transition.

“We’re thrilled to announced our partnership with Econans – Energy Transition Unlocked – a pioneering Swedish finance advisory platform,” SkenarioLabs shared in a post at LinkedIn. “Together, we strive to pave the way for a more resilient future in real estate – exciting times ahead!”

Founded in Finland in 2015, SkenarioLabs made its Finovate debut earlier this year at FinovateEurope 2024 in London. At the conference, the company demoed two solutions. The first was its green finance offering that analyzes the potential for enhancing energy performance. The solution then recommends financing options that help reduce carbon emissions. The company also demoed its climate resilience solution. This technology helps institutions understand and manage the impact of climate change – as well as emerging laws and regulations – on their real estate portfolios.

Econans made its Finovate debut three years ago at our online European fintech conference in 2021. The company, founded in Sweden in 2018, offers digital simulation and automated advice to help people better manage their personal finance journey through major life events such as buying a home, having children, and planning for retirement. Econans’ technology helps boost consumer’s confidence in their financial services partner and delivers higher conversion rates for banks and real estate companies. The firm’s white label solutions are easy to integrate and currently have more than 500,000 end users per month in Sweden.

Photo by Mihis Alex

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