Finovate Alumni News

On Finovate.com

  • MoneyHub Secures Investment from Nationwide.
  • Lighter Capital Increases Funding Limit to $3 Million.
  • Prosper Plans HELOC Product Launch in 2019.
  • Nvstr Brings Brokerage Optimized Investing to the Masses.

Around the web

  • Kasasa partners with rateGenius to offer Kasasa Loans on behalf of Kasasa’s community financial institution network.
  • Infosys to open technology and innovation hub in Texas and hire 500 American workers by 2020.
  • Xero announces new integrations with Tide, Starling Bank, TransferWise, Revolut, and Soldo.
  • Javelin names OneSpan ‘Best in Class’ provider, honoring it with the 2018 Mobile Biometrics Platform Award.
  • Emailage announces Tom Miller as new Chief Revenue Officer.
  • Quovo becomes the first U.S.-based financial data provider granted registration in the Open Banking Directory.
  • Javelin Strategy & Research names Daon a 2018 Mobile Biometrics Platform Awards Leader in the Functional category.

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

  • DoubleNet Pay Acquired by Benefits Provider Purchasing Power.

Around the web

  • Moxtra partners with Virtusa to help banks with client engagement.
  • Daon announces partnership with Avtex to improve contact center experience.
  • Envestnet | Yodlee launches risk insight for pre-qualification.
  • Benzinga features Kabbage growth stats.
  • CNBC: Coinbase and Circle form joint venture to boost adoption of dollar-backed digital coins
  • City A.M. reports Azimo and CurrencyCloud to open offices in Amsterdam.
  • Temenos announces new Hybrid Pooling cash management solution for corporate banking.
  • ClearBank selects Featurespace for real-time fraud and AML detection.
  • Insuritas partners with Northwest Bank to launch bank-owned digital insurance agency platform.

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 Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • MoneyTap, DLT-based payment app developed by SBI and Ripple goes live in Japan.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Ayondo expands B2B offering in Asia with a new white label deal.
  • First Circle, a lending platform for SMEs based in the Philippines, has raised $26 million in new funding.

Sub-Saharan Africa

  • Daon Inks Deal with South Africa’s Capitec Bank.
  • Commercial Bank of Ethiopia deploys UP Retail Payments from ACI Worldwide.
  • Ivory Coast subsidiary of Togo-based Banque Atlantique goes live with Temenos’ T24 core banking system.

Central and Eastern Europe

  • Sberbank customers can now add “cash postcards” – automated images with sound – to their money transfers.
  • Payfone partners with Orange to fight identity fraud in four new global markets, including Poland and Romania.
  • Ukraine’s Akhmetov Bank leverages Corezoid’s cloud-based operating system.

Middle East and Northern Africa

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • Alcazar Capital Limited (ACL) to launch $100 million global fintech fund in collaboration with Fintech Consortium’s InQvest Partners.
  • Abu Dhabi Securities Exchange launches Sahmi, a new integrated digital platform for individual investors.

Central and South Asia

  • Bank of Punjab, based in Lahore, Pakistan, implements core banking technology from Oracle.
  • Entrepreneur.com considers the effect Indian fintechs have made on financial inclusion in India.
  • VC Circle looks at the rise in investment in insurtech innovators like India’s PolicyBazaar.

Latin America and the Caribbean

  • Brazilian challenger bank Nubank raises $180 million in funding.
  • UniBank Panama to implement biometric authentication technology from Ipsidy.
  • COK Sodality Co-operative Credit Union (COKCU) of Jamaica to modernize its core processing technology courtesy of a new partnership with Smart Solution.

Top image designed by Freepik

 

Finovate Alumni News

On Finovate.com

  • OnDeck Launches Subsidiary to Help Banks with Small Business Lending.

Around the web

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • YellowDog shortlisted for Tech Company of the Year honors at the 2018 U.K. Business Tech Awards.
  • Bluefin teams up with data security tokenization vendor, TokenEx, to boost payment security.
  • Finicity selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor.
  • Zenmonics earns a spot in the 2018 IDC FinTech Rankings.
  • FinTech Global recognizes Insuritas as a 2018 InsurTech100 Company.
  • Lendio announces facilitating $1 billion in financing to more than 51,000 U.S. SMEs since inception in 2011.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Blockchain innovator identitii to list on the Australian Securities Exchange this week with anticipated market capitalization of $41 million.
  • Atlanta Business Chronicle interviews Kabbage’s Kathryn Petralia, highlighting her as a 2018 Women Who Mean Business honoree.
  • Sara Berg appointed Chief Operating Officer of Trustly.
  • Expensify launches training and certification program for accountants.
  • Ping Identity launches new Quickstart Private Sandbox for Open Banking and PSD2
  • Openfinance signs data partnership with Refinitiv.
  • Trustly partners with Ingenico for online banking payments.
  • Moneynetint partners with Ripple to leverage instant payment rails.
  • Coinbase expands with new Dublin office.
  • Native American Bank selects Jack Henry’s SilverLake system.

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.

Daon Inks Deal with South Africa’s Capitec Bank

Finovate is not the only company looking forward to doing more business in South Africa. Biometric identity technology solutions provider Daon has partnered with Stellenbosch South Africa’s Capitec Bank in a multi-year agreement that will leverage Daon’s IdentityX platform to develop new authentication solutions. Capitec initially will use the technology to enhance its onboarding process.

“Daon is excited to partner with Capitec to deliver digital onboarding and authentication to its clients,” Daon CEO Tom Grissen said. “We share in Capitec’s mission for simplicity and client empowerment through convenient and secure choices for mobile banking.”

With more than 10 million active clients, Capitec Bank is the fastest growing full service retail bank in South Africa. The bank has more than 820 branches and 4,600 ATMs across the country, and has more than three million customers using its banking app to access account information, as well as make payments, transfers, and pre-paid purchases.

“Capitec remains committed to providing an all-inclusive banking solution and harnessing the power of technology to make interactions easier and simpler,” Wim de Bruyn, Executive Information Technology at Capitec said. “We are eager to work with Daon to bring new and innovative solutions to our clients so we can continue to keep their banking experience affordable and secure.”

Daon demonstrated its universal mobile biometric authentication platform, IdentityX, at FinovateFall 2016. The platform leverages multiple authentication methodologies – from biometrics to geolocation and device binding – to enable firms to build the most appropriate authentication experience for their customers. This approach also future-proofs the platform, making it easy for companies to integrate new technologies and biometric modalities as they come to market.

Founded in 2002, the Reston, Virginia-based company has deployed its technology in a wide variety of verticals including digital banking, payments verification, employee credentialing, and cloud authentication. An authentication innovator with a broad, global reach, Daon teamed up with Tradelink to bring biometric authentication technology to Hong Kong’s Dah Sing Bank this summer, and began the year announcing a strategic partnership with North African security and document dematerialization specialist, GEMADEC.

Finovate Alumni News

On Finovate.com

  • Daon Inks Deal with South Africa’s Capitec Bank.
  • Lighter Capital Launches Capital Client Perks Program.

Around the web

  • Ping Identity integrates its multi-factor authentication solution, PingID, with Microsoft Azure Active Directory.
  • MoneyTap, DLT-based payment app developed by SBI and Ripple goes live in Japan.
  • OutSystems appoints Tim MacCarrick as new Chief Financial Officer.
  • Baltic International Bank finishes upgrade of its private, corporate, and retail banking offerings courtesy of a partnership with Temenos.
  • Sberbank customers can now add “cash postcards” – automated images with sound – to their money transfers.
  • CNBC features Plaid: the startup you’ve never heard of.
  • Arxan begins a month-long initiative to raise awareness for improved application security and threat intelligence.
  • RightCapital launches white-labeled, native mobile app.

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.

Daon’s IdentityX Helps New Zealanders Create Digital Identities

RealMe Now, the new mobile app from the New Zealand Department of Internal Affairs (DIA), is leveraging the IdentityX platform from Daon to enable customers to establish a verified identity online. This verified credential will make it easier for individuals to prove their identities when using government and private sector services.

Previously, RealMe credentials were available only by visiting a New Zealand PostShop and securing a facial image capture as part of the onboarding process. The new solution will allow individuals to start the process of securing credentials “anywhere and at any time” by taking a selfie photo which is captured by the RealMe Now app and compared to the user’s passport photo on file with the DIA. If the photo matches, the user is then directed to complete a facial liveness test. Once that is successfully completed, the application is sent to a human Department of Internal Affairs agent for final review before the customer is issued a RealMe verified identity.

“At Daon, we have developed and are now implementing a veritable shopping cart of face liveness with cutting-edge technology like machine learning and other mechanisms to assist our digital onboarding clients across five continents to address the evolving threat vectors,” Daon CEO Tom Grissen said. He praised the New Zealand Department of Internal Affairs’ commitment to providing a safe and secure digital onboarding experience for New Zealanders. “We continue to be very impressed by the agency’s market leadership and are honored to have been chosen to be its partner,” Grissen added.

Daon demonstrated its IdentityX platform at FinovateFall 2016. IdentityX is a universal mobile biometric authentication solution that leverages face, voice, fingerprint, and other biomarkers to provide identity verification. The platform combines biometrics with other techniques including geolocation, device binding, and liveness detection to provide a low-friction, multi-factor authentication experience.

The partnership with New Zealand’s DIA is the second big headline for Daon this summer. In June, the company teamed up with Tradelink to bring biometric authentication options to the customers of Hong Kong’s Dah Sing Bank. Daon began the year with a pair of partnerships, working with Digi-Sign to implement a FIDO biometric solution for a leading Hong Kong bank in February, and forging a strategic partnership with North African technology firm, GEMADEC in January.

Founded in 2002, Daon is headquartered in Reston, Virginia.

Finovate Alumni News

On Finovate.com

  • Cardlytics Hooks Wells Fargo as Partner.
  • Daon Helps New Zealanders Create Digital Identities.

Around the web

  • FreeAgent earns status as an official Account Information Services Provider (AISP) from the U.K.’s Financial Conduct Authority.
  • Two-time Best of Show winner Trunomi teams up with Shyft and BurstIQ to provide an eIdentification solution for online and offline authentication.
  • Temenos partners with Luxhub to help ensure PSD2 compliance for Fortuna Banque.
  • The Australian Military Bank becomes the first FI in the country to commit to SaaS cloud banking with their deployment of Infosys’ Finacle solution.
  • Q2 releases Caliper SDK to enable customers to customize and extend the Q2 platform
  • Figure Eight launches machine learning assisted video object tracking solution to accelerate the creation of training data.
  • CWG to launch Entersekt product line into Nigerian market.

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 Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • Revolut announces recruitment initiative in Kraków, Poland to hire 100 new workers in a single day employment in its offices in Eastern Europe.
  • Forbes features Tinkoff Bank in look at Russia’s efforts to develop its digital economy.
  • Polish financial group Aforti Holdings to launch non-bank lender for SMEs and startups in Romania.

Asia

  • Banks in South Korea to introduce blockchain based identity verification for mobile and online logins. The technology is reportedly built on a private blockchain system developed by Samsung SDS.
  • Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank.
  • Bank of Thailand is developing and testing blockchain apps in its regulatory sandbox.

Middle East and Northern Africa

  • Financial technology services firm, One Global, discusses plans for expansion into Egyptian market.
  • ADGM Reglab reports record number of fintech applications for its third cohort.
  • Abu Dhabi Securities Exchange turns to Equifax for advice on development of new technologies to improve operational efficiency.

Africa

  • TransferTo, Orange Money Botswana, and EcoCash partner to support digital money transfers between Zimbabwe and Botswana.
  • IMF review of South Africa suggests “increased focus on the role fintech …” could access to credit for SMEs and promotion broader financial inclusion.
  • Nigerian startup, Piggybank.ng, raises $1.1 million to further develop its online savings platform.

Latin America

  • Diario Financiero interviews Ángel Sierra, executive director of La Asociación Fintech Chile, on digital innovation (video in Spanish).
  • TransferWise initiates service in Argentina.
  • PayU goes live in Colombia with its PayU te fía (PayU You Trust) solution that enables borrowers to extend repayment terms (in Spanish).

Top image designed by Freepik

Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank

Biometric authentication specialist Daon has teamed up with Tradelink to give customers of Hong Kong’s Dah Sing Bank the option of biometric authentication when accessing bank services. The bank, one of the top 10 banks in Hong Kong, will leverage Daon’s IdentityX platform to offer both fingerprint and facial authentication.

“We are pleased to partner with Tradelink on this innovative initiative for Dah Sing Bank. Our partnership with Tradelink continues to make a significant impact in the financial and banking industry throughout Hong Kong,” Daon CEO Tom Grissen said. “Daon’s technology provides a trusted digital security experience for all of our customers. We look forward to continuing our collaboration with Tradelink as the demand for more secure and convenient authentication increases among mobile banking customers.”

The IdentityX platform provides FIDO (Fast IDentity Online) capabilities that enable authentication based on a wide variety of biological attributes including voice, face, behavior, and palm. Institutions can integrate their current security systems into the platform, as well as add new authentication systems as they become available. This enables institutions to extend the lives of their older or customized security systems and devices. The component approach also makes it easier for organizations like Dah Sing Bank to make more specific decisions on which cybersecurity technologies best suit their specific customer preferences.

Daon’s collaboration with Tradelink to support FIs in Hong Kong is part of an initiative the two firms have launched to provide authentication solutions for banks in the region. In February, Daon reported on the successful implementation of a FIDO biometric solution with one of Hong Kong’s largest banks. The deployment was completed in partnership with Tradelink subsidiary, Digi-Sign, and has proven to be a model for similar implementations for “multiple financial institutions in the region,” the company noted in a statement.

Headquartered in Reston, Virginia and founded in 2002, Daon demonstrated its IdentityX platform at FinovateFall 2016. The company began the year partnering with North African security and document dematerialization specialist GEMADEC. Last fall, Visa announced that it would leverage IdentityX to power biometric services for its Visa ID Intelligence platform. The Visa news came during a season of partnership activity for the company, which also announced agreements with Kony in September and Nations Trust Bank of Sri Lanka in November.