On Earth Day (and Every Day) Paperless is the Way to Be

Today is Earth Day, and what better way to celebrate than to take a look at fintechs helping out the environment by promoting eco-friendly habits. Here we feature companies with technology that saves trees by reducing the amount of paper used in the industry.

We’ve rounded up a handful of environmentally friendly fintechs in three categories: digital invoicing, paper-free mortgages, digital receipt printing, and paperless onboarding.

Digital invoicing

By taking the invoicing process digital, small businesses not only save paper, they can also save time and potentially receive payment faster, freeing up working capital they can put back into their operations.

  • Paper.id provides SMEs with invoicing tools and payment integration. The company offers tools to help businesses issue their invoices digitally and receive payment via electronic payment methods. Paper.id demoed at FinovateFall 2018
  • Charlie-India’s Invoicing Hub is a white label e-invoicing platform for banks and service providers. The tools allow SME bank clients to send, view, process, and pay their invoices within the bank’s online interface. Charlie-India demoed at FinovateEurope 2018.
  • Tradeshift offers an e-invoicing service that connects companies with suppliers, customers and partners. Among the applications available on the platform are e-invoicing, electronic purchase orders, and automated document validation. Tradeshift demoed at FinovateEurope 2012.

Paper-free mortgages

Mortgage technology is one of the last frontiers in fintech. Regulation and oversight have made the home-buying process somewhat resistant to disruption. In the past few years, however, we’ve seen a handful of startups working to digitize the mortgage process, removing the need for hundreds of sheets of paper required to close a home loan.

  • Namaste Credit is an India-based startup that serves as an online marketplace for mortgage loans. The service connects borrowers with relevant lenders to help them find the loan that best suits their circumstance. Namaste Credit demoed at FinovateFall 2018.
  • Tavant Technologies offers VELOX, a suite of digital products ranging from searching for a home to closing on the loan. VELOX completely automates the process, making compliance more efficient and reducing the need for paper. Tavant Technologies demoed at FinovateSpring 2017.
  • Roostify seeks to give consumers a better way to find and purchase a home. The company’s digital platform offers everything from digital customer onboarding to transparent, digital fulfillment to help lenders offer their clients a more efficient mortgage borrowing experience. Roostify demoed at FinovateSpring 2018.h

Digital receipt printing

Many retailers ask customers if they want to keep their receipt, but even if the answer is “no” the cashier still prints the receipt and throws it in the trash behind the counter. Digital receipt printing eliminates both the paper– and the awkward line of questioning– all together by sending the customer an email receipt.

  • Dream Payments’ cloud-based platform offers a mobile POS device that not only accepts debit and credit cards, but also provides analytics, reports, and gives customers digital receipts. Dream Payments demoed at FinovateSpring 2015.
  • CardFlight offers an API that allows merchants to accept online and offline payments within their own app. The company’s encrypted mobile magstripe reader, combined with its API, offer flexibility while keeping payments– and receipts– digital. CardFlight demoed at FinovateSpring 2013.
  • ShopKeep’s POS technology takes a merchant’s cash register to an iPad. The register accepts a range of payments, from magstripe, to EMV, to Apple Pay; plus provides inventory management tools and purchase reporting analytics. The company’s mobile checkout flow also offers a paper-free, email receipt option. ShopKeep demoed at FinovateFall 2012.

Paperless onboarding

Considered a must for millennials, paperless onboarding not only speeds up the application process, it also reduces errors, eases compliance, and eliminates the need for in-person bank visits.

  • Five Degrees specializes in core banking technology. The company’s Matrix offering helps banks provide SMEs a fully automated, paperless loan onboarding experience. The paperless process lowers cost for both parties while expediting funds. Five Degrees demoed at FinovateAsia 2017.
  • Quadient, formerly GMC Software, helps organizations create a better customer experience. The company’s Mobile Advantage solution is an omni-channel tool that offers digital statements and billing, paperless onboarding, and client e-signature. In addition to improving the customer experience, this combination speeds up workflows and reduces error. Quadient demoed at FinovateFall 2017.
  • Mitek combines digital onboarding with identity verification tools. The company helps banks authenticate an applicant’s ID document and combines this with additional identifying paperwork. The supplemental documents not only verify the customer’s identity, but also provide additional information that can be used in loan underwriting to create a more complete picture of the applicant’s financial state. Mitek demoed at FinovateFall 2017.


Dream Payments Speeds Up Insurance Payouts with Mastercard Partnership

Cloud-based payments platform Dream Payments is teaming up with Mastercard this week. The two payments players will leverage Mastercard Send to help insurance policyholders receive payments faster into any account.

Mastercard Send, a global push payments platform, facilitates local and cross-border money delivery in near real-time. Integrating with the Dream Payments Hub will create a scalable way to digitize and automate the disbursement of insurance claims. By removing the need to sort and mail physical checks, the integration ultimately increases the speed and efficiency of digital payouts into the customer’s preferred debit card account.

Piloting this is Northbridge Financial, which will be the first insurance provider in Canada to use the Mastercard Send platform through the Dream Payments Hub. “Our claims experience is the moment of truth when it comes to the promise we make to our customers,” said George Halkiotis, EVP of Claims for Northbridge Financial. “We know that waiting for and depositing checks are key pain points and we’re excited be able to deliver a better, faster claims experience that helps make things right for our customers as quickly as possible.”

“Mastercard and Dream Payments are helping to digitize payments for insurance providers of all sizes,” added Brent Ho-Young, chief executive officer, Dream Payments. “Insurance customers deserve to receive their claims payments quickly, electronically, and into the financial accounts of their choice, whether it be a bank account, debit card, prepaid card, or mobile wallet.”

With operations in Stamford, Connecticut, Dream Payments helps small businesses accept all payment types. In addition to ties with Quickbooks and First Data, the company also counts TD Merchant Solutions and Chase Paymentech in its partnership ecosystem. At FinovateSpring 2015, Dream Payments debuted its mobile POS device. Dream Payments was founded in 2014 and has raised $14.9 million. Brent Ho-Young is CEO.

Founded in 1966, Mastercard demoed its Cash Pick-Up ATM solution at FinovateFall 2017. Cash Pick-Up allows the sender to disburse cash to banked and unbanked consumers without a card at an ATM. Last fall, the company announced it has tested and validated its blockchain and will be opening access to it via a set of three APIs published on the Mastercard Developers website. At FinovateEurope next week, Mastercard, alongside Vipera, will demo SME-Pay, a solution that enables small business owners to make and receive payments anywhere and view and control staff spending on their Mastercard cards.

Finovate Alumni News

On Finovate.com

  • Dream Payments Speeds Up Insurance Payouts with Mastercard Partnership.

Around the web

  • NCR Launches Omni-Commerce Payment Solution for European Retailers and Restaurants.
  • InComm Partners with Kapsch TrafficCom on RiverLink.
  • Sberbank hires robot Anna to answer calls about location of ATMs and Sberbank offices.
  • Baker Hill releases the latest developments for Baker Hill NextGen.

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.

Dream Payments Integrates with QuickBooks and First Data’s Clover

Cloud-based payment platform Dream Payments has teamed up with Quickbooks, and First Data’s Clover to bring QuickBooks capabilities to U.S. merchants this week.

This comes three months after Dream Payments first initiated a partnership with First Data last year, launching the Dream Payments POS for merchants using First Data’s Clover. It also follows Dream Payments’ successful pilot of a QuickBooks integration in Canada.

The partnership will allow Dream Payments’ business clients using any POS device in Clover’s line to sync with QuickBooks. After a purchase, QuickBooks will automatically and in real time record the sale, update inventory, collect and close invoices, and import sales tax.

CEO of Dream Payments Brent Ho-Young said that the integration will help businesses succeed. He added that, by combining QuickBooks and Clover in the Dream Payments POS, “we’re unlocking the cloud and simplifying the most complex aspects of running a successful business — customer experience, payments and accounting. Now businesses of any size can access a powerful commerce platform that traditionally only the largest retailers could afford.”

Founded in 2014 and with operations in Stamford, Connecticut, Dream Payments helps small businesses accept all payments, including chip cards, contactless cards, and mobile wallets. In addition to ties with Quickbooks and First Data, the company also counts TD Merchant Solutions and Chase Paymentech in its partnership ecosystem.

At FinovateSpring 2015, Dream Payments debuted its mobile POS device. Last fall, the company partnered with IBM to leverage its cloud and security capabilities. Dream Payments has raised $14.9 million. Brent Ho-Young is CEO.

Finovate Alumni News

On Finovate.com

  • Intelligent Environments Appoints New CEO.
  • TransferWise Brings New Multi-Currency, Borderless Accounts with Debit Cards to Public.
  • Dream Payments Integrates with QuickBooks and First Data’s Clover.

Around the web

  • Meniga announced as FStech Awards 2018 finalist for ‘Challenges’ financial fitness.
  • Foundr Magazine interviews Expensify CEO David Barrett.
  • The Asian Review features Financial data and chat startup Symphony Software Foundation.
  • Forbes highlights AutoGravity’s take on lending.
  • Privakey is the latest fintech to join the FIDO Alliance.
  • Bluefin Payment Systems partners with Choice Ticketing to support PCI-validated ticketing payments.

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

  • Efigence Teams Up with Alior Bank, Telekom Romania to Help Launch Telekom Banking.
  • Mastercard Takes Blockchain Mainstream with API.
  • Zighra Launches Flagship Continuous Authentication Product.
  • Stash Reveals Plans to Launch Mobile-First Banking Service.

Around the web

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO
  • Azimo’s momentum continues with triple-digit growth.
  • Visa to offer ThreatMetrix technologies through its Visa ID Intelligence platform.
  • Lendio joins lending platform association.
  • Dream Payments unveils its point of sale solution for First Data’s Clover merchants.

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.

IBM Partners with Dream Payments on mPOS, B2B Payments

IBM has teamed up with Toronto-based firm Dream Payments, bringing its cloud and security capabilities to help the firm offer mobile point of sale solutions and business-to-business (B2B) payments, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Chad Whittaker, CIO Dream Payments, said: “The combination of IBM’s banking and financial services expertise along with the IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, maintain bank grade security, PCI compliance, and data sovereignty.”

Dream Payments will also be protected using IBM Managed Security Services, including IBM QRadar on Cloud, a network security intelligence and analytics offering, to detect and take action against cybersecurity attacks and network breaches.

According to IBM, the technology will establish cloud intelligence with Security Information and Event Management (SIEM) as a Service to defend the organization’s security infrastructure from threats.

Dream is headquartered in Toronto, Ontario, Canada, and has operations in Stamford, Connecticut. Founded in 2014, the company demonstrated its mPOS solution at FinovateSpring 2015. Dream Payments has raised $15 million in funding – including a $10 million Series A this spring – and counts Fair Ventures, Connecticut Innovations, and Real Ventures among its investors. Learn more about Dream Payments in our Finovate Debut profile.

Finovate Alumni News

On Finovate.com

  • You Know It’s Gonna Be Alright: Revolut Raises $66 Million Series B.
  • Finicity Inks Data Sharing Deal with JPMorgan Chase.
  • Fintech 71 Accelerator Application Deadline Less Than One Week Away.

Around the web

  • Forrester names Backbase a leader in digital banking solutions.
  • Alpha Payments Cloud earns Fin5ive Payments Award at BankTech Asia.
  • Let’s Talk Payments interviews SecureKey CIO Andre Boysen.
  • Finland-based Aktia goes live with T24 core banking system from Temenos.
  • FICO enables identification of fourth party risks with new Security Score upgrade.
  • iSignthis subsidiary iSignthis eMoney teams up with Worldline to provide Paydentity services in EU.
  • CashStar adds real-time card activation, improved security, and streamlined ordering in new platform upgrade.
  • Dream Payments opens Centre of Excellence in Moncton, New Brunswick.

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.

 

Dream Payments Closes $10 Million Series A

DreamPayments_homepage_March2017

Canadian payments innovator Dream Payments raised $10 million in new funding this week. The Series A round was led by the investing division of Fairfax Financial Holdings, FairVentures, and takes the company’s total capital to more than $17 million. In addition to FairVentures, Connecticut Innovations, Real Ventures, and angel investors also participated.

Citing the timing of the investment, Dream Payments CEO Brent Ho-Young said the funding “propels Dream into the American market at a perfect time to serve the critical needs of businesses that are struggling to support emerging payment technologies like mobile wallets.” The company plans to use the new capital to fuel expansion in the U.S., increase its presence in its native Canada, and drive development of its third party app ecosystem. Connecticut Innovations CEO Matt McCooe praised its “unique go-to-market strategy and product offering” while Janet Bannister, General Partner of Real Ventures, spoke from the position as an “early investor,” saying “(Dream Payments is) experiencing exceptional growth as the only payments cloud powering mobile commerce for the leading North American financial institutions.”

DreamPayments_stage_FS2015

Pictured: Chief Marketing Officer Christian Ali demonstrating the Dream Mobile Point of Sale solution.

Dream Payments Cloud enables businesses across Canada to accept mobile payments by accessing a cloud-based, mobile point of sale (mPOS) solution. The company partners with financial institutions, who can then offer the PaaS solution to their business customers. In this way, Dream Payments helps consumers and businesses take advantage of both the latest and their preferred payment methods anytime, wherever they are.

Founded in 2014 and headquartered in Toronto, Ontario, Canada, Dream Payments demonstrated its mPOS solution at FinovateSpring 2015. Last month the company announced a partnership with Intuit QuickBooks to enables small business owners and entrepreneurs to accept a wider variety of payments including chip and PIN, cash, and mobile wallet. And, last fall, the company won the Global Fintech Challenge, taking home a $1.5 million investment award. In addition to Intuit QuickBooks, Dream Payments includes TD Merchant Solutions and TruShield Insurance among its partners and, later this month, expects to announce a new partnership with JP Morgan Chase.

Finovate Alumni News

On Finovate.com

  • Dream Payments Closes $10 Million Series A.

On FinDEVr.com

Around the web

  • Xceptor opens new office in New York.
  • Kabbage nabs $500M for small business loans.
  • Tradeshift to acquire Capgemini’s IBX Business Network.
  • Segmint listed in the Gartner Magic Quadrant for Digital Marketing Hubs.
  • Fidor partners with Van Lanschot to create the first PSD2-inspired Payment Avenue.
  • Poland’s Idea Bank creates accounting program for Uber drivers.
  • MX to power digital money management tools for Travis CU.

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.