Finovate Alumni News

On Finovate.com

  • GreenKey Technologies Secures Strategic Investment from IPC.
  • “Hello USA!” eToro Goes Live in America.

Around the web

  • Russia’s Alfa-Bank joins Marco Polo Network to offer blockchain-based trade and supply chain finance services to its clients.
  • Credit and business information systems specialist CRIF acquires majority stake in digital identity firm Inventia.
  • Klarna partners with Canadian e-commerce and in-store point-of-sale financing specialist PayBright.
  • Ping Identity wins Best Identity Management Solution at the 2019 SC Awards.
  • Arcanum Technology named a finalist in the competition for a spot in the TAG FinTech Innovation Challenge’s 2019 class.
  • Avaloq joins the Enterprise Ethereum Alliance (EEA).

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

  • “Gusto, Formerly ZenPayroll, Closes on $50 Million Funding”
  • “U.K.-Based Yoyo Rolls Out Mobile Wallet in U.S.”

Around the web

  • B2B commerce technology company Handshake teams up with Xero.
  • Braintree launches new extension of its v.zero SDK in partnership with Magento Commerce.
  • CRIF Credit Solutions unveils new, fully responsive website geared toward international audiences.
  • Business Insider names Kabbage, Twilio, and Prosper as 3 of 42 startups that grew to be worth billions in 2015.
  • Top Image Systems to deploy eFLOW Digital Mailroom at GED Bulgaria.
  • NerdWallet’s five financial tips from robo-adviser CEOs feature insights from leaders of Betterment, Wealthfront, TradeKing Advisors, FutureAdvisor, and Personal Capital.
  • Nine months after launching, One Touch from PayPal reaches 10 million users in 23 countries.

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

Finovate Alumni News: March 4, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSecureIDNews takes a look at the partnership between FinSphere and Visa.
  • Fiserv launches four new modules for its Financial Crime Risk Management platform.
  • iQuantifi wins “Best in Show” at Bank Innovation 2015 DEMOvation Challenge.
  • Silanis earns spot on KMWorld’s “100 Companies that Matter in Knowledge Management” list for 2015.
  • IT Business Edge interviews Flint Mobile CEO Greg Goldfarb.
  • American Banker considers the benefits of banks using Ripple.
  • Innovation in Finance interviews CoinJar at FinovateEurope in London.
  • Capital Bank’s OpenSky Puts CRIF’s CreditFlow & StrategyOne to the Test.
  • Inc: How OnDeck Plans to Make Alternative Lending a Blue Chip Business.
  • Inc. lists Bionym as one of 8 Canadian startups to watch out for in 2015.
  • Yodlee now provides data APIs to nearly 50 fintech applications and services in the personal wealth-management space.
  • Braintree expands its Asia-Pac operations into Hong Kong, Singapore and Malaysia.
  • PandoDaily: PayNearMe partners with Grameen America to help lift women out of poverty.
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.

Alumni News– October 28, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSilanis Technology launches eSignLive for Sharepoint.
  • CRIF announces acquisition of Dun & Bradstreet UAE in Dubai.
  • National Health Service website, NHS Choices, chooses Quill from Narrative Science.
  • Check Point Software announces availability of Check Point Capsule, a mobile solution that offers protection for business data and devices.
  • InComm partners with Groupo BB e Mapfre to enable consumers to purchase insurance from local vending machines and retailers in Brazil.
  • BillGuard now uses geolocation to detect credit card fraud.
  • H&R Block turns to Social Money to promote goal-based savings for Emerald Card customers.
  • Check out a spooky clip from Moven about paranormal spending activity.
  • Southern Bank Selects Malauzai Software for Mobile Banking to Ensure Bill Pay Integration, Provide Customers with PicturePay.
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.

Alumni News– June 6, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgEverybody into the algos! Quantopian launches open beta program; announces $100 million in trades guided by platform algorithms.
  • CRIF announces acquisition of majority stake in High Mark Credit Information Services.
  • Financeit closes $C35 million renewable purchase facility and a $C5 million warehouse line facility with Pacific & Western Bank of Canada.
  • Wealthfront reaches more than $1 billion assets under management.
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.

OTP Banka Slovakia to Deploy CRIF Credit Framework

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Add one more bank to the hundreds of financial institutions in more than 20 countries currently relying on CRIF to manage their lending business.

OTP Banka Slovakia announced this week that it was deploying the CRIF Credit Framework, replacing its old loan approval system with a technology that represents “global best practices in lending processes and risk assessment,” according to bank CRO, Peter Leško.

In addition to the technology itself, CRIF’s experience in helping banks make the transition to more sophisticated loan origination and credit management solutions also helped OTP Banka Slovakia make the switch. Leško cited CRIF’s “flexible software framework” and the company’s ability to “act on site in local language” as key to providing both the support and the independence the bank wants.

This last point echoes what we heard from CRIF in the days leading up to their Finovate debut in February at FinovateEurope 2014. “Banks are more and more requesting the ability to make changes,” CRIF marketing director Sheila Donahue explained in a pre-demo briefing. “They don’t want to be dependent on vendors or have their hands tied.” Read more from our briefing with CRIF here.
OTP Banka Slovakia is part of the OTP Group. Based in Bratislava and with more than 600 employees, the bank has a network of 63 branches throughout Slovakia. OTP Banka Slovakia reported assets of €1.4 billion as of the end of 2013.
CRIF was founded in Italy in 1988. The company’s 2013 revenues were €305 million. More than 2,400 banks and financial institutions worldwide use CRIF’s technology daily.

Finovate Alumni News– April 9, 2014

  • Finovate-F-Logo.jpgMichigan Education Association selects Billhighway to improve membership experience.
  • ProfitStars’ iPay Solutions Resource Center receives NACHA’s 2014 PayItGreen Award.
  • miiCard launches IDaaS for Lenders, a solution that combines ID proofing, bureau data, bank data, & authentication.
  • CardFlight launches SwipeSimple to offer a co-branded mobile POS product to merchants.
  • LA Parent features Oink among its “Cool Tools.”
  • OTP Banka Slovakia to deploy CRIF Credit Framework.
  • LendUp launches in Mississippi, the state with the highest percentage of unbanked and underbanked households in the U.S.
  • Rippleshot CEO Canh Tran to join Chicago-area startups at White House summit on entrepreneurialism. See Rippleshot demo at FinovateSpring in San Jose.
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– February 26, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOn Budget wins 2014 Paybefore Award as “One to Watch.”
  • United Bank Limited picks VoiceTrust for voice biometrics.
  • InComm partners with Asia-based Money Online to launch POS-activated gift card mall solutions in Southeast Asia.
  • Rezzcard to integrate with InComm’s Cashtie to enable Rezzcard cardholders to pay their rent in cash at over 70,000 retail locations.
  • American Banker reports: Western Union to use NICE Customer Analytics. Come see its new tech at FinovateSpring.
  • Xero reaches 100,000 paying customers in Australia.
  • Check out an interview with BRIDGEi2i Director and Co-Founder, Ashish Sharma.
  • SecondMarket considering U.S.-based bitcoin exchange.
  • Live Gamer customers to get access to MasterCard’s MasterPass digital payment service.
  • authenticID enhances ID proofing technology to help combat cloned credit card fraud.
  • Green Dot wins top honors in four categories at 2014 Paybefore awards.
  • Global Banking & Finance Review takes a look at Kalixa Group’s American expansion.
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.

FinovateEurope: Behind the Scenes with CRIF, Mobino, and SaaS Markets

Here’s more “behind-the-scenes” coverage of some of the companies that presented at FinovateEurope 2014.

If you missed our previous installment from last week, click here to read “FinovateEurope: Behind the Scenes with AdviceGames, Nous.net, and Yseop.”


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What They Do:
CRIF specializes in leveraging big data to help small and medium sized banks make sound credit decisions.
In a conversation the day before the company’s Finovate demo, CRIF’s Marketing Director Sheila Donohue noted that what’s critical for banks is flexibility: “Banks are more and more requesting the ability to change and make changes,” she said. “They don’t want to be dependent on vendors, or have their hands tied.” 

CRIF Credit Framework serves this need by helping financial institutions use the platform to create end-to-end products such as custom apps for loan origination or tools for business analytics and intelligence. The company’s solutions have been deployed widely, from the Bank of Georgia in Central Europe to Interra Credit Union in north central Indiana.
Stats:
  • More than $106 million in equity
  • More than 2,400 financial institutions use CRIF technologies daily
  • More than 1,500 employees/associates worldwide
  • Total revenues in 2012 were 285 million euros
  • Founded in Italy, CRIF recently celebrated its 25th anniversary
Use Case:
The new release of CRIF Credit Framework will be especially helpful for banks looking to deploy a 21st century sales force equipped with productivity-enhancing mobile solutions. The company’s mobile app can be used in-branch, as well as at the point-of-sale when customers are considering a variety of financing options.
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CRIF is also unveiling a new version of its business-intelligence product, also optimized for mobile, which provides a dashboard that allows business executives better transparency and the ability to monitor KPIs.
This technology allows executives, rather than IT staff, to dig into the data behind their KPIs and make changes immediately. Changes are visible, graphical (not in programming language), and are tracked.
“You want to be fast,” Donohue said. “But if the regulators come by tomorrow, you want to be able to substantiate the changes you made.”

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What They Do:
Mobino’s project is straightforward, if not simple: to enable everybody with a phone in their pocket to make mobile payments as easily as paying with cash.
“We are both independent from the card networks and the telcos,” said Mobino CEO Jean-Francois Groff in a conversation the day before his company’s Finovate demo. “But we are working very closely with the banking industry. We want to enable bank account holders to circulate real money just as easy as they would circulate virtual money.”
How Mobino Works:
Smartphone and feature phone users alike are able to take advantage of Mobino. With a smartphone, the solution is a downloadable app (available for both iOS and Android). “Dumb” phone users can utilize a voice-based service that provides the same basic functionality.
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Users can load money to their Mobino accounts through a variety of methods, including bank account direct deposit, wire transfer, and by purchasing prepaid cards. The company’s independence from the card networks means that funding Mobino accounts via credit cards is not a part of the plan.
The service is free to use for consumers, both for making P2P payments as well as transacting with merchants. Merchants accepting Mobino pay a 1% commission, substantially less than card fees.
Use Cases: 
Groff sees use cases for Mobino everywhere: from online transactions to point-of-sale shopping at brick and mortar retailers, to peer-to-peer payments, merchant payments and more. 

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Here’s an example of how a merchant using Mobino might interact with a Mobino-paying customer:
Step One:
The process starts with the merchant entering the transaction amount in the Mobino app.
The merchant will then receive a one-time token number, and will be instructed to show the token number to the customer.

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Step Two:
The customer then enters the token number given by the merchant. 
The customer agrees to pay the amount, and enters his or her private passcode. 
The merchant and the customer receive notification confirming the payment by SMS.
Mobino allows the merchant to have funds transferred to the merchant bank account, and charges a 1% fee for the transaction.


During our discussion, Groff previewed yet another use case he would be sharing with Finovate audiences: “Each merchant who participates, who uses Mobino at their point-of-sale, can act as a cash machine. A sort of reverse ATM.” This is because Mobino operates on a prepaid basis. And in the same way Mobino allows consumers to exchange “e-money” for goods and services, Mobino also allows consumers with cash in pocket to exchange that cash for the merchant’s accumulated “e-money.”
Role for Banks:
Groff makes an interest
ing point about our relationship with our banks: 
“(Online banking) was marketed toward us as banking without waiting. But in the end we do all the work, and the bank is not available when we need them. They are there when we need credit or want to buy a house or set up investments. But when we just want to do the basic movements of money that are paired with daily life, the banks are really in the background.”
How do move banks to the foreground? Groff suggests that the success of PingIt, launched in the United Kingdom by Barclays, reveals that there is a “latent, unmet demand from the population for simpler services coming from the banking world.”
Looking forward, Mobino is optimistic about the growth of his company and in the technology that makes his service work. Distribution is a major focus, the hard work especially of getting “mom and pop” shops with older POS hardware to consider Mobino. 
And, as always there are regulatory issues. Here, however, Groff remains confident:  “The regulators, in general, are quite open,” Groff said. “When we show them the potential the innovation has to enhance what they call ‘financial inclusion’ – helping people who would never have access to finance to actually do something with money –  they really, really are open to experimenting.”


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SaaS Markets

What They Do:
Saas Markets helps financial institutions build app stores to help their small and medium business clients solve their business challenges.
This is no small accomplishment. In addition to capital, one of the things that can help make a difference in the success of SMEs is their access to resources, especially business solutions that will save them money, create more efficient processes, and help them compete more effectively in the marketplace.
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“We address three things,” Ferdi Roberts, SaaS Markets CEO said in a briefing in advance of his company’s Finovate appearance. “One, helping banks understand the challenges facing their business customers.Two, to help them provide solutions to those challenges. And, three, to give them a platform that helps them gain new customers and keep the customers they have longer, so there’s a stickiness to the product.”
To this end, SaaS Market’s MarketMaker cCloud platform provides a personalized, cloud-based marketplace containing more than 1,500 curated business apps from accounting to invoicing. Use of these SME apps is convenient for the business operator, who can take advantage of these app while never being more than one click away from their bank. It also increases stickiness and the potential for greater engagement for the financial institution that hosts the platform.
Benefits for Financial Institutions:
Making it easier for small and medium-sized enterprises to get the accounting and invoicing technology they need is a worthwhile business in and of itself. But in conversation with  Roberts, and with Director of Marketing, Jay Manciocchi, it becomes clear that, in some ways, the app store is only the beginning.
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This path toward a personalized app store is optimized by a technology called MarketMentor. MarketMentor works like a search engine within the platform, associating highly specific business problems to no less specific responses and solutions.  “Even if you don’t know what you want,” Roberts said. “You know what your problem is – so let’s start with that. And Market Mentor helps crystalize that.” 
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The challenge for banks is that small and medium sized business customers tend to be the most numerous, the most profitable, and the most difficult to engage. Part of what SaaS Markets is trying to accomplish with its cCloud platform and Market Mentor technology is to boost engagement via personalized problem-solving. This helps banks become a more collaborative partner when it comes to helping SMEs solve their business problems.
The result is a win-win for banks, who benefit from greater engagement and less churn, as well as for their customers, who become better businesspeople with more resources at their disposal and a deeper understanding of their own business environment.

Stay tuned for next behind-the-scenes look at FinovateEurope 2014 later this week.

Finovate Alumni News– February 21, 2014

  • Finovate-F-Logo.jpgBanking Day reports: SocietyOne to take next step in development next month, when it announces the involvement of a strategic investor.
  • ThreatMetrix announces frictionless, context-based authentication to prevent unauthorized access to enterprise applications.
  • TSYS announces increased investment in Central Payment Joint Venture.
  • Fiserv Premier platform picked by New Jersey-based Sussex Bank.
  • CRIF acquires OFWI, aka, Teledata, from Axon Active Holding AG.
  • ZenPayroll brings in $20 million in Series A funding from General Catalyst and Kleiner Perkins.
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.

CRIF Debuts its Mobile Lending Platform that Adapts to Any Business, Regulation, or Country Requirement

This post is part of our live coverage of FinovateEurope 2014.

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Starting off the second session today, CRIF showed how its mobile lending platform can keep institutions compliant:
“CRIF’s innovation combines lending via mobile devices with agile, business user-friendly technology to ensure business KPIs are met during the sales phase of the lending process. The demo shows new releases of CRIF Credit Framework’s technology, which is a Smart Process Application platform built specifically for the credit and lending space that is extremely adaptable to any business, compliance regulation, and country requirement. 
It consists of modular decision management, process management, and business intelligence products used to develop smart, dynamic applications for credit, risk management, and lending. Flexibility along with control and analytical features allow our customers to be faster, better, and more efficient.”
Presenting Aldo Bruschi (VP Global Decisioning Bus. Dev. & Delivery), Sheila Donohue (Product Marketing Manager), and Gabriele Graziani (Application Analyst) 

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Product Launch: Q1 2014
Metrics: $380 revenue (FY 2012), 1,500 employees, customers in 43 countries, credit bureau solutions in 15 countries, over 30M credit applications and collection cases processed in the cloud, lending and decision management solutions in 22 countries
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed
HQ: Bologna, Italy
Founded: 1988
Website: crif.com 

FinovateEurope 2014 Sneak Peek: Part 5

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While we’re busy polishing up the details for FinovateEurope 2014, we wanted to keep our Sneak Peek series going. Below is the fifth installment of our series that gives a glimpse of what the companies will demo on stage February 11 and 12 in London. Don’t miss out on the action; get your ticket here today to see all of the demos live.

If you missed any of our earlier installments, take a look at FinovateEurope 2014 Sneak Peeks 1-4 below.

And now, meet another six companies who will be demoing next month at FinovateEurope 2014.


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Arxan Technologies protects mobile apps from hackers and malware exploits with award-winning mobile app shielding products. Prevent fraud, unauthorized access and brand compromise with Arxan’s software security.

Features:

    • Strengthens financial apps with self-defense and tamper-resistance 
    • Delivers comprehensive and multi-OS application hardening
    • Deployed at the end of software development without changes to source code
Why it’s great
Arxan provides global Fortune 500 companies with the world’s strongest and most deployed application protection to launch multi-OS mobile services. 

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Vince Arneja, Vice President, Product Management
Vince Arneja brings over 18 years of experience in senior level technical product and program management, with the last 10 years focused on application, endpoint and network security.
LinkedIn

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Winston Bond, European Technical Manager
With over 20 years of experience, Winston has developed software on a wide variety of embedded, desktop and mobile platforms. Winston is European Technical Manager for Arxan Technologies Inc.
LinkedIn


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CRIF sees financial institutions worldwide turn to its Credit Framework, adaptable technology, integrating predictive analytics and know-how, to achieve optimized decision-making and compliant credit processes.

Features:
    • Lending sales mobile app integrating automated decision-making, information and downstream processes
    • Mobile business intelligence for credit and lending
    • Business user-friendly KPI tracking and fine-tuning
Why it’s great
Combines lending via mobile devices with agile, business user-friendly technology to make smarter decisions in the moment.  

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Aldo Bruschi Vice-President 
Aldo is a seasoned credit and decisioning expert. He is motivated by continuous innovation in applying data, predictive analytics and technology to improve credit and lending processes. 
LinkedIn

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Sheila Donohue
International credit and lending go-to-market professional and global marketer for the CRIF Credit Framework.
LinkedIn



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efigence and IdeaBank developed the first European Internet Banking for SMEs integrated with accountancy and cashflow analysis tools on the web, tablets and mobile which works in cloud.
Features:
    • First European “All-in-one” platform for SMEs including Internet Banking, accountancy and cashflow analysis module.
    • Works in the cloud
    • On web, tablets and other mobile devices
Why it’s great
This transaction system for SMEs connected with cloud accountancy systems and a company’s cashflow analysis changed the way of thinking in the banking sector about products for business.  
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Andrzej Szewczyk, Managing Director at Efigence
Andrzej worked for the largest telecoms and media companies and was implementing pioneer projects that used broadband data transmission for the largest Polish websites.

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Steve Sutton, Innovation Manager at efigence
Steve is focused on international business development. 


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payworks makes it easy to build payments into shopper and merchant apps.
Features:
    • Easy integration of payment functionality
    • Combine shopper wallets and Chip & PIN 
    • Work with different hardware and payment providers
Why it’s great
It provides the world of mobile POS on one single platform.

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Christian Deger, Co-Founder and CEO of payworks
Prior to founding payworks, Christian was responsible for building the South East Asian business of PAYRETO, a managed services company for payment providers. 


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Plutus Software’s KreditAja.com (its flagship product) features predictive analytics to aid both borrowers and lenders.
Features:
    • Superior alternative to traditional credit scoring
    • More holistic assessment of a borrower’s creditworthiness
    • Enables lenders to more accurately assess the risk of borrowers
Why it’s great
KreditAja.com’s proprietary credit scoring system aims to produce a more holistic assessment of a borrower’s creditworthiness via incorporating multiple data sources, including social media.  

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Aidil Zulkifli, CEO
Aidil is a Singapore-qualified advocate and solicitor, and practiced law for more than 2 years before founding Plutus Software.
LinkedIn

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Jagannathan J., CTO
Jagannathan possesses 16 years experience as a technologist and was previously Head of Engineering at Yahoo! SEA/India and Singapore’s leading property portal, Propertyguru.com.sg.

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SaaS Markets is the leading enterprise app store platform for financial companies.
Features:
    • Reduce software costs with a centralized app marketplace solution
    • Give your employees and/or your SME customers all of the cloud-based tools they need to succeed
    • Increase IT security and control
Why it’s great
SaaS Markets’ MarketMaker platform–the leading cloud marketplace platform for financial companies.

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Ferdi Roberts, CEO
Ferdi is a former senior executive at Yahoo, Cisco, and Ariba. Educated at Imperial College in London, he has worked across global tech markets for the past 20 years.
LinkedIn

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Jay Manciocchi, JD, Director of Content
Jay formerly worked as a senior executive at Brafton–the U.S.’s largest content marketing agency. He has further worked at Mercer–the global consulting company.
LinkedIn

Stay tuned next Monday, when we’ll bring you six more previews of the hottest in European fintech.