Finovate Alumni News

On Finovate.com

  • ID.me Offers Retailers Eligibility Verification for Discount Programs.

Around the web

  • Bill.com announces its automated international business payments solution, piloted in July, is now generally available.
  • Finastra’s former chief digital officer, Balazs Vinnai, joins W.UP as an investor and president.
  • ZeroReveal, the security solution from data-in-use cybersecurity specialist Enveil, earns international Common Criteria security certification.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • ACI Worldwide introduces new offerings to enable banks to take advantage of SWIFT’s global payments innovation (gpi) service.
  • Sberbank launches new Seven Minute loan offering for large businesses.
  • Thomson Reuters teams up with augmented intelligence solution provider, Squirro.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Bill.com Launches International Business Payments

Business payments innovator Bill.com has introduced a new service to make it easy to pay international vendors digitally – putting cross border payments on par with domestic payments. The solution, International Business Payments, will save users more than 50% on the cost of international wire transfer fees and is available in more than 25 countries – with more countries to be added in the months to come.

“Bank wires typically cost $25 to $40 each,” Bill.com CEO and founder René Lacerte said. “International payments through a bank requires a separate bill payment process with many extra steps. There is no automated approvals or accounting software integration, which means less controls and more errors.”

In the company’s press release, Bill.com noted a Deloitte Consulting study that indicated cross-border payments make up 26% of all U.S. B2B payment value. The study also pointed out that bank wire transfers are still the most common method for international payments. “Bill.com is changing that,” Lacerte said. “We are very happy to be delivering a simple and cost-effective way to pay vendors around the world inside the same Bill.com service with all the same features customers love.”

These features include an automated approval process, vendor management, online document storage, and seamless integration with leading accounting software solutions such as Intuit Quickbooks, Xero, Sage Intacct, and Oracle NetSuite.

With an introductory price of $9.99 per transaction, International Business Payments is currently available to select Bill.com clients. The service will open to all Bill.com customers by the end of August.

Founded in 2006 and headquartered in Palo Alto, California, Bill.com recently surpassed a milestone of $50 billion in business payments processed annually. In May, the company announced new Chief Marketing Officer Yael Zheng. Bill.com began the year introducing its Accountant Partner Program, which provides accounting firms with tools to manage billpay services for clients.

Bill.com demonstrated its CashView Command and Control System at FinovateSpring 2012. The technology enables businesses to manage AP and AR and provides online billpay, custom invoicing services, unlimited document storage, collaboration tools, and mobile access.

With partnerships with four of the top 10 largest U.S. banks and more than 60 of the top 100 accounting firms and major accounting service providers, Bill.com has raised more than $259 million in funding. The company includes Temasek Holdings, JP Morgan, Silicon Valley Bank, Scale Venture Partners, Bank of America, Financial Partners Fund, Icon Ventures, DCM Ventures, and Emergence Capital Partners among its investors.

Finovate Alumni News

On Finovate.com

  • Best of Show Winner Bambu Raises $3 Million in Series A.
  • Bill.com Launches International Business Payments.

Around the web

  • Onfido to provide identity verification for HBUS, the strategic partner of cryptocurrency exchange Huobi.
  • Jack Henry migrates 66 FIs to its JHA Card Processing Solutions.
  • Avaloq to help U.K.-based financial services firm Smith & Williamson deliver investment management services to clients.
  • PYMNTS.com looks at Emailage and its expansion into the Canadian market.
  • Jumio and Backbase partner to improve customer onboarding with online identity verification technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Fiserv and InComm Partner for Cash Billpay.
  • Unison Raises $40 Million to Promote the American Dream.
  • Munnypot Picks Up Investment from Livingbridge.
  • Five Degrees and BillPro Launch New European Cross Border Banking Service.
  • The ROI of a Finovate Demo.

Around the web

  • Infosys Finacle partners with Santander UK to launch interbank cash management system.
  • Luxoft to use open source blockchain platform Corda from R3.
  • Texas Tech FCU to deploy hardware, software, and services from NCR as it overhauls its customer experience.
  • Fiserv makes its Prologue Credit Loss Manager and risk modeling tools available via the cloud.
  • PYMNTS.com features Best of Show-winning cybersecurity specialist, SpyCloud.
  • American Banker: U.K.’s Revolut teams with Russia’s Qiwi ahead of U.S. launch.
  • Bill.com surpasses $50 billion in business payments processed annually.
  • The Tech Tribune names nCino and Passport among the 10 best tech startups in North Carolina.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Roostify Partners with BOK Financial to Improve the Mortgage Lending Process.
  • WealthSpark Replaces the Personal Capital 401(k).

Around the web

  • NopSec named most innovative tech company of the year by 2018 American Business Awards.
  • Bill.com appoints Yael Zheng as Chief Marketing Officer.
  • Myawaddy Bank in Myanmar selects Infosys Finacle to power its digital transformation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Credit Karma Teams with American Express to Offer Advance Tax Refund.
  • Insuritas Launches i-Insure Platform with 42 P&C Carriers.
  • Finova Financial’s New Fundraising Process Leverages Cryptocurrency to Serve Non-Accredited Investors.

Around the web

  • Superbcrew.com interviews BRIDGEi2i Analytics Co-founder and CTO Pritam Kanti Paul.
  • Entrepreneur names Kabbage, Cardlytics, BlueVine among top 360 best entrepreneurial companies in America.
  • Bill.com launches Accountant Partner Program.
  • Global Debt Registry earns spot in IBM mentoring program for blockchain app developers.
  • Moven founder and CEO Brett King discusses the AI race between China and the U.S. on CNBC’s Closing Bell.
  • Wall Street Journal leverages Quid to spot fraudulent entries on FCC website during net neutrality debate.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Revolut Launches Cryptocurrency Trading.
  • CRMNEXT to Enhance Customer Journeys for $4.4 Billion First Bank.
  • Payoneer Lands Funding from China Broadband Capital

Around the web

  • TechCrunch examines IBM’s new chip for AI.
  • Bill.com and CPA.com expand Accountant Partner Program.
  • Baker Hill integrates LenderLink into its NextGen solution as part of strategic partnership with Lowenstein and Associates.
  • Roostify announces integration with Black Knight’s LoanSphere Empower loan origination system (LOS).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Bill.com Discloses September Investment Round, Doubles Total Funding

Business payments network Bill.com has updated the news regarding the $100 million in funding it landed last month. The round was lead by JPMorgan Chase and Temasek, with participation from lead investors in each of Bill.com’s earlier funding rounds. The financing doubles the company’s previous funding total to $200 million.

In a blog post titled Funding for a Better Future in Digital Payments, Bill.com CEO René Lacerte said the company plans to do “what no other fintech company has been able to do before: eliminate checks and paper from the business operating manual.” Lacerte continued, “With this additional capital, we will cross the chasm shifting digital payments from early adoption to major, widespread market acceptance.”

Bill.com was founded in 2006 to help businesses manage accounts payables and receivables with online billpay, custom invoicing, document storage, collaboration tools, and more. Today, the company remains focused on digital, paperless payment options and offers the largest business payment network in the U.S. Bill.com’s 2.5 million members account for more than 1% of all U.S. businesses and process more than $50 billion in payments each year. The company has 100,000 customers and is partnered with four of the top 10 U.S. banks and with more than half of the top 100 accounting firms.

Bill.com’s Lacerte debuted the company’s CashView tools at FinovateSpring 2012. Last month, the company won the Accountex User Favorite Award in the Bill Pay Solution category. Most recently, Bill.com announced a partnership with JP Morgan Chase in which it will help Chase’s business customers manage their cash flow.

Finovate Alumni News

On Finovate.com

  • Bill.com Discloses September Investment Round, Doubles Total Funding.
  • SocietyOne Tops $350 Million in Loans.
  • Baker Hill Forges Partnerships with Allied Solutions, Experian.
  • Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters.

Around the web

  • Fenergo announces partnership with four of Australia’s top five banks.
  • ACI Worldwide launches UP Real-Time Payments Solution.
  • Credit Agricole and TransferGo join Ripple’s blockchain network, boosting membership to more than 100 institutions.
  • Thomson Reuters unveils Fixed Income Callouts, a trading app for African bond markets.
  • Ondot Systems to provide two-way fraud alerts for debit cards processed by payments provider, Elan Financial.
  • Pendo Systems adds 25-year banking veteran Bill Woodley as a non-executive director.
  • Megabuyte initiates coverage of Xceptor with “superior” rating.
  • nCino enhances Treasury Management Sales and Onboarding Solution for greater flexibility, configurability and speed.
  • NuData picks up leader award from Javelin Strategy and Research.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Bill.com Wins New Partner and Strategic Investor in JP Morgan Chase

Business payments network Bill.com announced this week that JP Morgan Chase will leverage Bill.com’s technology to add an automated payment solution to its digital platform for businesses. The new solution is scheduled to be unveiled in 2018, and is designed to give businesses and easier and faster way to send invoices and get paid.

CEO of Commercial Banking for JP Morgan Chase, Doug Petno, called the partnership part of the bank’s drive to “deliver more value and functionality” to clients.  JP Morgan Chase Business Banking CEO Andrew Kresse added that teaming up with Bill.com would enable Chase to become what he called “the easiest bank to work with.” Kresse explained this meant “finding ways to help businesses move toward digital automation and quicker time to money.” He added, “this solution does just that.”

The new B2B solution is slated to reduce bill management time by up to 50%. Businesses will be able to send and receive electronic payments and invoices, electronically store and manage documents, and enable workers and customers to use efficient, digital workflows. The solution will be able to synch with other accounting platforms, removing the need for manual data entry. “Chase clients will be able to say goodbye to sending and receiving paper checks and hello to a new era of time and cost savings,” Bill.com CEO and founder Rene Lacerte said.

In addition to the integration, JP Morgan Chase has made a strategic investment in the Palo Alto, California-based company. The amount of the investment was not disclosed. But Bill.com is believed to have raised more than $159 million in funding. JP Morgan Chase joins Bank of America and Silicon Valley Bank, as well as Scale Venture Partners and Emergence Capital Partners among Bill.com’s investors.

Founded in 2006, California, Bill.com demonstrated its CashView solution at FinovateSpring 2012. The company has more than 2.5 million members in its networking sending and receiving more than $36 billion in payments each year. Partnered with four of the top 10 banks in the U.S. and more than half of the top 100 U.S. accounting firms, Bill.com teamed up with Commerce Bank in July to help FI launch its automated AR/AP service CashFlow Complete.  Also this summer Bill.com announced deeper integration with Intuit’s QuickBooks and a similar initiative with fellow Finovate alum, Expensify. The company began the year by forging a strategic partnership with Capital One – and Gusto – to help development financial management solutions for SMEs.