Entrust Datacard

Entrust Confirms Plans to Acquire Onfido

Entrust Confirms Plans to Acquire Onfido
By David Penn Posted on
Categories: Alumni News, Daily news, Entrust Datacard, Onfido
  • Payments, identities, and data security company Entrust confirmed that it has entered “exclusive discussions” to acquire identity verification technology company Onfido.
  • The acquisition will bring AI/ML-based biometric and document IDV technology to Entrust’s portfolio of identity solutions.
  • Both Entrust and Onfido are Finovate alums. Entrust has twice presented at our developers conference, FinDEVrSiliconValley. Onfido made its Finovate debut at FinovateEurope in 2018.

Trusted payments, identities, and data security company Entrust may be on the verge of acquiring identity verification (IDV) technology company Onfido. Entrust confirmed this week that it has entered “exclusive discussions” on the potential deal.

The acquisition would add an AI/ML-based biometric and document IDV tech stack to Entrust’s current portfolio of identity solutions. Entrust would also be able to leverage biometric, phishing-resistant authentication for use in high-value transactions.

Entrust President and CEO Todd Wilkinson praised Onfido’s IDV team, capabilities, and tech stack, calling them “best-in-class.” Wilkinson also pointed to the evolution of fraud – driven by new AI capabilities – that have created new challenges for identity verification. “Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more,” Wilkinson said. “Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions.”

Headquartered in London and founded in 2012, Onfido leverages machine learning, AI, and automation to offer a digital identity solution that creates trust at the point of onboarding and beyond. The company’s technology helps businesses acquire new customers and keep costs low, while remaining compliant with regard to both KYC and AML. Onfido made its Finovate debut at FinovateEurope in 2018 and returned to the Finovate stage months later for FinovateFall in New York.

Most recently, Onfido launched its Compliance Suite. The new offering, unveiled in late January, is an all-in-one identity verification solution that brings qualified electronic signature (QES) and One-time Password (OTP) to Onfido’s Real Identity Platform. The combination enables businesses to customize their onboarding workflows to meet local compliance obligations, increase customer conversions, and keep fraudsters at bay.

Entrust made its Finovate debut at our developers conference, FinDEVrSiliconValley 2015, and returned the following year to participate in FinDEVrSiliconValley 2016 (as “Entrust Datacard”). The company rebranded to “Entrust” in 2020, in a move that Wilkinson called “an evolution of our brand that honors our heritage as we look forward to our critical role in enabling companies to secure identity, payments, and data protection in a rapidly changing world.”

Today, Entrust has issued more than 20 billion payment cards, protects more than 100 million workforce and consumer identities, and encrypts and secures 24+ Swift messages daily. Founded in 1969 as DataCard Corporation, the company acquired Entrust in 2013, and Entrust Datacard was launched the following year.

Photo by fauxels

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: 10x Banking, Alumni News, American Express, Daily news, Entrust Datacard, Fintech Rundown, FIS, Fyle, Jack Henry, Lending Club, MX, nCino, Onfido, Temenos, Thought Machine, Trustly, Weekly Alumni News, WorldPay

This week’s Fintech Rundown features partnership and expansion news from a handful of Finovate alums, as well as some interesting fundings in the cryptocurrency and charitable giving space.

Wealth Management

Digital wealth and payments company Mogo expands its relationship with data cloud company Snowflake.

U.K.-based wealth app Chip launches its first Cash ISA.

WiseAlpha unveils new wealth management portal and white-label solution.

Digital Banking

Segura Bank International (SBI), an FI based in Puerto Rico, launches a new digital bank powered by Temenos’ core banking platform.

North Carolina-based Mechanics & Farmers Bank has gone live on the nCino Cloud Banking Platform.

Indian payment solutions provider PayU migrates its credit service LazyPay to Thought Machine’s core banking platform.

10x Banking announces expansion to Africa, starting in South Africa.

Core banking provider Tuum raises $26.8 million (EUR 25 million) in Series B financing.

HSBC U.K. introduces its Cash Pod to expand customer access to cash in areas without bank branches.

Mortgagetech

Phoebus launches its SaaS-based mortgage servicing platform.

Raymond James Bank deploys ICE Mortgage Technology’s Encompass lending solution.

Payments

Atlantic Money secures authorization to bring its money transfer service to the U.S., Canada, and Australia.

Overflow, a fintech that facilitates charitable giving, raises $20 million in new funding.

Worldpay completes its separation from FIS.

Airwallex forges multi-year partnership with McLaren Formula 1 team to support its treasury management and cross-border payout operations.

MENA-based payment orchestration solution provider PayTabs Group partners with Saudi Arabian payment-infrastructure-as-a-service fintech Nearpay.

Lending

Pagaya secures a five-year, $280 million credit facility led by BlackRock, JPMorgan, and others.

Allica Bank completes more than £2 billion in lending to businesses in the U.K.

Challenger banking

LendingClub moves closer to fulfilling the requirements to launch a new bank.

Open banking / Open finance

MX and Jack Henry announce an expanded agreement to enhance data sharing.

Trustly integrates MX data enhancement as part of its Open Banking product suite.

Norway-based open banking company Neonomics teams up with credit management firm Lowell.

Expense management / BFM

The Boston Celtics name Brex as its corporate card and spend management partner.

Expense management platform Fyle forges new integration with American Express.

Cryptocurrencies / DeFi

Oobit, a cryptocurrency payments app based in Singapore, raised $25 million in Series A funding.

Fnality to bring its blockchain-based payment system to the U.S. following its successful launch in the U.K.

Embedded finance

EY announces an alliance with embedded finance platform MoneyLion.

Identity Verification/Management

Entrust confirms that it is negotiating a potential acquisition of ID verification firm Onfido.

Photo by Markus Winkler on Unsplash

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Finovate Global Colombia: Innovations in Payments Security and the Blockchain

Finovate Global Colombia: Innovations in Payments Security and the Blockchain
By David Penn Posted on
Categories: Entrust Datacard, Finovate Global, MasterCard, Ripple, VISA

This week’s edition of Finovate Global looks at recent fintech news from Colombia.

The largest Spanish-speaking country in South America, Colombia is located in the northwest corner of the continent. With a population of more than 52 million, Colombia has the third largest economy in South America and the fourth largest in Latin America. More than 11 million people live in the country’s capital city of Bogota.

Earlier this year, the Colombian government indicated its support for open banking and open finance. Specifically, the government included the establishment of an open banking scheme as part of its National Development Plan. The fact that the current government endorsed an initiative that began with the previous administration was seen as an especially constructive sign for the future of open banking and open finance in Colombia.

One way to keep up with fintech news from Colombia is via Colombia Fintech. With information in both Spanish and English, Colombia Fintech is an association of fintech companies based in Colombia. The association provides news on Colombian fintechs, updates on relevant developments on the government and regulatory front, as well as opportunities for networking. Colombia Fintech counts more than 240 members in its community. The association was formed in 2016.

As for recent Colombian fintech news, Bogota-based payments and data security company Intexus announced a partnership with security software company Entrust this week. Intexus will use Entrust’s digital card and instant issuance technology to support its card-as-a-service solution. The partnership is designed to enable banks and credit unions in Latin America to benefit from a unified payment card program.

“We have long been in the digital era and today’s consumers are accustomed to having resources at their fingertips instantaneously,” Intexus CEO David Rojas said. “Our partnership with Entrust allows us to simplify payment enablement for our bank and credit union customers throughout Latin America so they can focus on building relationships with their cardholders and members.”

Intexus serves clients in eight Latin American countries and issues more than 100,000 cards a month. The company was founded in 1997. Entrust provides solutions to help businesses offer trusted experiences for identity, payments, and data. Founded in 1969, the company has been a Finovate alum since 2015 when it presented its technology as part of our developers conference, FinDEVr SiliconValley.

Speaking of partnerships between Finovate alums and Colombian financial interests, we also learned this week that Ripple has entered into a new collaboration with the country’s central bank. As reported in CoinDesk, Banco de la República will test the effectiveness of Ripple’s CBDC platform to enhance Colombia’s high-value payments system. The pilot is being conducted in partnership with the country’s Ministry for the Information and Communications Technologies (MinTIC). Spanish blockchain company Peersyst Technology is also participating.

The goal of the project is to demonstrate the platform’s ability to improve the speed and reduce costs for large scale, wholesale payments, RTGS systems and similar operations, Joe Vollono, a director of CBDC business development at Ripple indicated. The project is scheduled to continue through the end of the year, and is being conducted in a controlled environment without compromising public resources.

As noted in The Paypers coverage of the announcement, Ripple previously partnered with Colombia last year to put land titles on the blockchain as part of a land redistribution program. Peersyst Technology was also a part of this initiative to permanently store and authenticate property titles on Ripple’s public blockchain.

Founded in 2012, Ripple made its Finovate debut as OpenCoin at FinovateSpring the following year. Rebranded as Ripple in 2015, the company has since grown into an innovative payment protocol and exchange network. Use cases of the company’s technology range from cross-border payments to crypto liquidity to CBDCs. Ripple’s customers include Novatti, Modulr, and Siam Commercial Bank. Chris Larsen is CEO.

Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

  • Ripple announced a collaboration with the Central Bank of Colombia
  • Citi Treasury and Trade Solutions teamed up with Brazil-based banking and payments software company Pismo.
  • Security software company Entrust partnered with Colombia’s Intexus to enhance payments for banks in Latin America.

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

  • PKO Bank Polski unveiled a new system of valued-added services (VAS).
  • Austrian fintech Vipaso (Vienna Payment Solutions) teamed up with Visa to launch a new app, ViennaPay.
  • France’s Market Pay agreed to acquire Poland-based payments technology company Novelpay.

Middle East and Northern Africa

Photo by Santiago Boada

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Finovate Global VC Edition: Quona Capital Backs Financial Inclusion in Emerging Markets with New Fund

Finovate Global VC Edition: Quona Capital Backs Financial Inclusion in Emerging Markets with New Fund
By David Penn Posted on
Categories: Entrust Datacard, Finastra, Finovate Global, Mambu, MasterCard, Temenos, VISA

Good news for fintech startups in developing markets! Quona Capital recently announced that it has closed its latest fintech fund, its third, at $332 million. The venture capital firm, which specializes in emerging markets, noted that the amount raised topped its target of $250 million. The new fund, Fund III, will be focused on companies that are developing technologies that expand access to financial services for consumers and businesses in regions ranging from Latin America and India to Southeast Asia, MENA, and Africa.

“Since our earliest days, Quona has been dedicated to expanding the frontiers of financial inclusion – investing with conviction in markets and technology-enabled models improving access and quality of financial services for the masses,” Quona co-founding managing partner Monica Brand Engel said in a statement. “Our prior fund performance, robust pipeline of inclusive fintechs, and growing LP interest in our offerings are ringing endorsements of our view on the prospects of impact-oriented venture investing in emerging markets.”

With aggregate capital of more than $745 million, Fund II is the firm’s third fund since Quona Capital was launched in 2015. Those contributing to the fund as investors include global asset managers, insurance companies, both investment and commercial banks, endowments, foundations, family offices, and more. And while many of the investors in Fund III have invested in Quona Capital funds previously, the new fund did receive capital from 20 new investors, as well.

According to Quona Capital, the startups in its portfolio have served nearly nine million small and medium-sized businesses and over 30 million retail customers. Quona Capital startups have raised nearly $4 billion in capital and generated more than $800 million in revenues. Among these firms are India-based consumer lending company ZestMoney, Southeast Asia-based fintech marketplace ula, and long-time international remittance firm and long-time Finovate alum Azimo – which was acquired by Papaya Global earlier this year.

Here is our look at fintech innovation around the world.

Central and Southern Asia

  • Indian neobank ZikZuk acquired tax e-filing platform TaxSpanner.
  • National Bank of Pakistan turned to Finastra to enhance its trade finance operations.
  • Lentra, a fintech based in India, secured $60 million in Series B funding for its loans-as-a-service business for banks.

Latin America and the Caribbean

  • AstroPay introduced its Mastercard prepaid card in Brazil.
  • Mexico-based B2B payments company Mendel raised $60 million in new funding.
  • Brazil’s Agrolend, which provides credit to the country’s farmers, secured $27 million in Series B funding.

Asia-Pacific

  • Ant Group introduced its Buy Now, Pay later offering in Hong Kong.
  • Vietnam-based Sacombank partnered with Temenos to enhance digital banking.
  • Philippines-based neobank Tonik unveiled its all-digital lending products, Flex Loan and Big Loan.

Sub-Saharan Africa

  • Nigerian fintech Paga unveiled its Visa-branded card this week.
  • Pan-African paytech Cellulant secured a Payment Systems Operator license from the National Bank of Uganda
  • Samsung South Africa launched its digital wallet, Samsung Wallet.

Central and Eastern Europe

  • Polish fintech Ramp locked in $70 million in Series B funding to build payment rails for cryptocurrency investors.
  • Co-investment platform for European startups SeedBlink secured licensing from the Romanian Financial Supervisory Authority (ASF).
  • Genome, an Electronic Money Institution based in Lithuania, partnered with Entrust to simplify digital payments.

Middle East and Northern Africa

  • UAE-based Wio Bank went live with Mambu’s cloud-native banking platform.
  • Pyppl, a financial services platform based in the UAE, raised $20 million in Series B funding.
  • Saudi Arabia’s central bank presented its open banking framework.

Photo by Ricky Gálvez

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BehavioSec, Blackhawk Network, Entrust Datacard, Fiserv, Hydrogen, nCino, NICE Systems, Revolut, Trustly, Vymo, Xero

On Finovate.com

  • Hydrogen Brings its App Building Platform to the Oracle Cloud Marketplace.
  • Vymo Fuels Insight for VP Bank’s FE Credit.

Around the web

  • Blackhawk Network to acquire Edge Loyalty Systems.
  • Trustly to provide Alibaba.com’s European customers with online banking payments via Ingenico.
  • TechCrunch: Revolut ramps up customer support with plans to hire 400 people in Porto.
  •  Xero integrates with enterprise solution GreatSoft.
  • BehavioSec joins the NICE X-Sight Marketplace.
  • Merck Sharp & Dohme FCU deploys trio of biometric authentication solutions from Fiserv.
  • New partnership brings nCino’s Bank Operating System to Allied Irish Banks.
  • Entrust Datacard partners with JPMorgan Chase to pilot email security project.

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Entrust Datacard, PaySend, Sensibill, Tinkoff Bank

On Finovate.com

Around the web

  • Startup Here Toronto features Sensibill.
  • Paysend announces expanding network and latest funding round.
  • Tinkoff announces the launch of Tinkoff Capital management company.
  • Entrust Datacard completes acquisition of nCipher Security.

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.

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Entrust Datacard to Acquire nCipher Security from Thales

Entrust Datacard to Acquire nCipher Security from Thales
By David Penn Posted on
Categories: Entrust Datacard

Entrust Datacard, a provider of identity and secure issuance technology, has signed a definitive agreement to acquire Thales’ general purpose hardware security module (GP HSM) business, nCipher Security, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

NCipher Security has been operating as a separate stand-alone business within Thales since January 2019.

The acquisition is expected to be finalized during the second quarter of 2019. Financial terms of the acquisition will not be disclosed.

Thales is divesting its nCipher GP HSM business, in accordance with regulatory clearances necessary to complete Thales’ acquisition of Gemalto.

“This acquisition is an excellent complement to our expertise in both cryptography and hardware,” said Todd Wilkinson, president and CEO of Entrust Datacard.

“There is a powerful synergy between our solutions and the combination of our organizations will accelerate innovation for our customers as they embark on initiatives such as mobility, cloud and IoT to grow their businesses and simultaneously strive to protect data and manage ever-growing cyber risk,” added Cindy Provin, CEO of nCipher Security.

Entrust Datacard said GP HSMs are a core component of its solutions, and an underlying part of the security infrastructure of the company’s public key infrastructure (PKI) and secure socket layer (SSL) offerings.

The acquisition will allow the company to address the increased demand for data security stemming from regulations such as the EU General Data Protection Regulation (GDPR) and the electronic identification, authentication and trust services (eIDAS) regulation.

The transaction is subject to the successful completion of the acquisition of Gemalto by Thales, the approval of Entrust as a suitable purchaser by the European Commission, US Department of Justice, Australian Competition and Consumer Commission, and New Zealand Commerce Commission, and the satisfaction of customary closing conditions.

Entrust Datacard is a two-time alum of our developers conference, FinDEVrSiliconValley. The company presented Securing the Omni Channel Experience with a Trusted Identity in 2015, and returned the following year with Safeguarding Your Banking Applications, a look at the value of integrating second factor authentication into banking apps.

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Finovate Alumni News

By David Penn Posted on
Categories: Capsilon, Entrust Datacard, Featurespace, HackerOne, Meniga, TransferWise, Tyro

On Finovate.com

  • Meniga Acquires Swedish Rewards Platform Wrapp.

Around the web

  • Featurespace partners with everis to help the business consultancy’s bank clients fight payment and account fraud.
  • TransferWise opens office in Belgium and applies for money transfer license as insurance against a no-deal Brexit outcome.
  • Hyatt launches bug bounty program with ethical hacker platform HackerOne.
  • Australian business bank Tyro unveils latest Alipay integration with  Sydney Airport retailer Heinemann Australia.
  • Entrust Datacard announces a pair of new board members, Val Rahmani and Cheri McGuire.
  • Capsilon reports that its core technology, Capsilon IQ, helped its clients’ customers save more than five million people hours collectively in 2018.

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight, DocFox, Entrust Datacard, GreatHorn, NIIT Technologies, OUTvest, Urban FT, Yoco

On Finovate.com

  • GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise.

Around the web

  • UrbanFT Co-Founder Mark Kilpatrick named to Forbes’ 30 Under 30.
  • Entrust Datacard IntelliTrust Cloud Service strengthens authentication for Microsoft Azure customers.
  • NIIT Technologies partners with R3 to build solutions on the Corda Platform.
  • CardFlight earns top 50 ranking in the 2018 Deloitte Fast 500 roster.

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ayondo, DepositBook, Ellie Mae, Entrust Datacard, eToro, Klarna, Roostify, Rootant, Top Image Systems, Tradeshift, Voca.ai

On Finovate.com

  • Klarna Rakes in $20 Million in Fall Funding Round

Around the web

  • Entrust Datacard named Employer of Excellence.
  • Ayondo expands B2B offering in Asia with a new white label deal.
  • Tradeshift appoints Silicon Valley veteran as its First CLO, CCO.
  • eToro cuts crypto costs to support mass adoption.
  • Roostify announces bidirectional integration with Ellie Mae’s Encompass digital mortgage solution.

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Compass Plus, Continuity Control, CREALOGIX, Entrust Datacard, Expensify, Mambu, SocietyOne, TradeIt, Trading Ticket

On Finovate.com

  • Getting Gritty with Fintech’s Top Trends.
  • TradeIT Teams Up with TradingView to Help Retail Investors Reach Big Brokers.
  • Get Your VAT Back: Expensify Integrations to Streamline Reclamation.

Around the web

  • Mambu extends capacity with Integration Platform as a Service.
  • Entrust Datacard and Blackboard partner to enhance the ID card issuance process.
  • Peer-to-peer lender SocietyOne hits $500 million in loans.
  • CREALOGIX reports record sales for the third time in a row.
  • Compass Plus expands its processing business with Mastercard and Visa certified UK-based processing center.
  • Continuity recipient of 2018 Marcum Tech Top 40 Award.

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.

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Entrust Datacard Sees Fruit from NASA’s Jet Propulsion Laboratory

Entrust Datacard Sees Fruit from NASA’s Jet Propulsion Laboratory
By Julie Muhn (@julieschicktanz) Posted on
Categories: Entrust Datacard

Identity authentication and secure card issuance company Entrust Datacard announced enhancements to its Mobile Smart Credential solution this week. Overall, the changes help guard against security threats without compromising the user experience.

The Minnesota-based company’s main enhancement to its password-free mobile login experience is the addition of Bluetooth login support. The Mobile Smart Credential solution’s Bluetooth enhancement offers proximity-based VPN and workstation admittance, as well as access to cloud applications, legacy applications and physical door access. Instead of  passwords or two-factor authentication, the user’s mobile device is their key.

Ryan Zlockie, global vice president of authentication solutions for Entrust Datacard, called mobile devices “an extension of our identity.” He added, “Like a mobile wallet for payments, Mobile Smart Credential is a virtual employee ID that provides unfettered access to all of the digital and physical places where employees need to do their job. And, by removing friction to the authentication process, organizations are able to streamline operations, increase productivity and provides a better user experience for their employees, which leads to greater overall employee satisfaction.”

The Bluetooth functionality, which Entrust Datacard sees as another step in its journey to “zero-factor authentication,” is the result of the company’s collaboration with NASA’s Jet Propulsion Laboratory (JPL). In December of 2017, Entrust Datacard participated in an advanced authentication lab at JPL to test authentication experiences that increase security.

Entrust Datacard was founded in 1969 and presented at FinDEVr Silicon Valley 2016. Jason Soroko, Security Technologies Manager, and Matt Rose, Technical Sales Consultant, spoke to the audience of developers on Safeguarding Your Banking Applications. Last month, the company acquired cloud security firm SMS Passcode and made a strategic investment in cloud security expert CensorNet.

With 2,200 employees in 34 locations across the globe, Entrust Datacard is a privately held company headquartered in Shakopee, Minnesota. The company issues 10 million+ identity and payment credentials daily and manages billions of transactions on an annual basis.

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