Finovate Alumni News

On Finovate.com

  • Swych Powers WeChat’s Travelex Pay Service.

Around the web

  • Bento for Business partners with payroll and HR company Cast & Crew
  • PayActiv announces Walmart as Destination to Pick Up Cash-Based Earned Wages.
  • TechCrunch: Blockchain startup Blockchain to launch hardware wallet in partnership with Ledger.
  • Monetate and Bazaarvoice partner on product recommendation strategies.
  • CLA selects Expensify for its clients’ receipt tracking and expense reporting 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.

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.

Get Your VAT Back: Expensify Integrations to Streamline Reclamation

Back to school season is also back to business travel season for many professionals. And this makes the news of two new integrations from expense management innovator Expensify all the more timely and welcome.

The San Francisco, California-based company announced today that it has integrated with two major value-added tax (VAT) reclamation solutions: Global VaTax and Taxback International. This will make it easier for businesses to reclaim VAT by exporting expenses directly from Expensify to one of these two services.

“Many companies don’t know that VAT reclamation exists, much less how to benefit from it,” Director of Strategy and Marketing for Expensify Ryan Schaffer said. “But with the right tools it can mean some serious money back with minimal effort upfront.”

Both Global VaTax and Taxback International help individuals and businesses maximize VAT reclamation. Once the data is extracted from Expensify, the VAT reclamation process analyzes all expenses, invoices, and VAT calculations per expense type. The company’s solutions then review all invoices for VAT refund compliance, prepare submission claims for each country and submit those claims to the relevant national authorities. VAT refunds are available anywhere from three to nine months, depending on the processing speed of government.

“Companies using Expensify can already track receipts and manage expenses in more than 160 currencies,” Schaffer said. “Now, it’s just a matter of enabling one of our partner integrations to automatically extract that expense data for easy VAT processing and a maximum refund.”

Used by more than six million people around the world, Expensify leverages technologies and features like OCR receipt tracking, corporate card reconciliation, and integrations with leading accounting software solutions to automate the complete expense reporting process. Since inception, the company has processed more than $100 billion, and topped 660 million expenses created with more than 180 million expenses created in 2017 alone.

Founded in 2008, the company demonstrated its Expensify Invoices solution at FinovateSpring 2013. More recently, Expensify announced an integration with Hotel Engine, was named Innovation Partner of the Year by Netsuite, and inked a deal with Wells Fargo to pilot the launch of its ExpensifyApproved! Banks integration program.

Expensify has raised $38.2 million in funding, and includes Redpoint Ventures, OpenView, PJC, and the Canadian Imperial Bank of Commerce (CIBC) among its investors. David Barrett is founder and CEO.

Finovate Alumni News

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.

Finovate Alumni News

On Finovate.com

  • Diebold Nixdorf Receives $650 Million Capital Commitment.
  • Mint Brings User Interface into 2018.
  • A Framework for Your 2019 Fintech Strategy.

Around the web

  • Mitek announces departure of CEO Jim DeBello.
  • The SaaS Report recognizes bpm’online CEO and managing partner, Katherine Kostereva, as one of its Top 50 SaaS CEOs of 2018.
  • ACI Worldwide integrates with tax filing technology firm, SPAN Enterprises.
  • Modo teams up with Etihad Airways to build loyalty solution for airline industry.
  • Vera welcomes Carlos Delatorre as CEO.
  • Temenos launches Temenos Learning Community Engine.

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.

How Fintech is Disrupting the Modern Workplace

From the way payroll and benefits are administered to the nature of work itself, fintech innovation is helping build the 21st century workplace.

Will “pay day” be a thing of the past? How long until companies across the country are competing on the basis of their ability to help you pay off your student loans?

Technology has done much to change the nature of work in recent years. The same can be said for specific areas like financial technology. Here’s a look at how fintech innovations are making their own contributions to the 21st century “office”.

Getting Paid

Many of us work because we enjoy what we do. But whether you consider getting paid a top priority or just a perk, who wouldn’t love the flexibility of being able to get income when you need the money most – rather than on an arbitrary, twice a month schedule?

Companies like Gusto are among those making this possibility a reality. This summer, the payroll, benefits, and HR technology company introduced Flexible Pay, a new solution that enables employees to get paid on a date other than their employer’s standard pay date. Calling bi-weekly pay schedules a “relic” of the days when payroll taxes were calculated manually, Gusto co-founder and CEO Joshua Reeves has set out to prove that “with modern technology, employees shouldn’t have to wait weeks to get paid.”

The New Workspace

Even the word “telecommute” sounds more like something from a bygone time rather than the way a growing number of Americans are “going to work”. But the reality of remote employment for a growing number of people is here and fintech companies have both encouraged and participated in this trend. “Millennials simply don’t feel they need to be in the office, or at their desk, to get a job done — especially since the evolution of technology has made portability very possible,” Demetrios Gianniris, a director at MG Engineering, wrote for Forbes.com earlier this year in a post called The Millennial Arrival and the Evolution of the Modern Workplace.

To this end, innovations in mobile technology and messaging (consider Eltropy’s innovations in providing secure, compliant communications via popular messaging apps) have helped accelerate the revolution in remote work. There are also fintechs removing friction from some of the more mundane aspects of working outside the office. Expensify, for example, has partnered with Uber to make it easier for workers who use the ride-sharing service to separate business from personal expenses. And speaking of expenses, the tools offered by companies like Ondot empower workers to make necessary purchases while ensuring control and accountability for managers and employers.

Doing the Work

The flip side of the convenience that technologies like chatbots and IVR provide is that, for a growing number of financial professionals, these technologies are virtually co-workers. As machine learning and AI become increasingly commonplace, workers are more likely to rely on interacting with processes than communicating with people when it comes to getting their daily tasks done.

For financial advisors, fintechs are developing a wide variety of tools to make it easier for them to communicate with customers, and build highly personalized investment portfolios and financial plans. Onist, which announced a partnership with Quovo this summer, enables financial advisors to set up a virtual family office to facilitate collaboration between advisors and clients.

Technology also promises to make it easier for workers to leverage the work of other workers more effectively. One of the key insights of New York-based WorkFusion was the way a combination of machine learning and crowdsourcing of human talent could enable smaller businesses to “punch above their weight” when it comes to managing data. The company has since leveraged this technology to produce the first integrated RPA (robot process automation) and cognitive automation platform: Smart Process Automation (SPA) currently deployed in verticals including financial services, healthcare, and insurance.

Managing the Gains

Fintechs are in the lead when it comes to helping workers make better financial decisions. A firm like DoubleNet Pay helps employees manage cash flow by automating their billpay and savings obligations and coordinating payouts around paydays. Wealthucate, a financial wellness specialist out of San Jose, California, provides an automated financial wellness program that helps businesses enhance their own offerings. Wealthucate’s solution leverages gamification and personalization to increase the participation rate in benefit programs and help companies better explain their benefit offerings.

Among the more interesting ways that fintechs are helping workers manage their money is the approach by Student Loan Genius. This company enlists employers in the fight to help Millennial workers in particular pay off their student loans while simultaneously investing in their own employer-based retirement plan as soon as possible.

Fintech and the Work of the Future

It may be only a matter of time before we are able to watch the real-time flow of micropayments into our accounts or a be a part of a workforce in which most of us have both a robot supervisor and a robot subordinate. In any event, it is clear that whatever innovations the workplace of the future holds, fintech companies will be very much a part of making them happen.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • AlphaPoint Raises $15 Million in a Series A Led by Galaxy Digital Ventures.
  • Nextmarkets Picks Up $6.9 Million in New Funding.

Around the web

  • NetSuite names Expensify Innovation Partner of the Year.
  • Passport hires its first Chief Corporate Development Officer.
  • Signicat to offer Freja eID for customer onboarding thanks to partnership with IT security firm, Verisec
  • Equifax appoints former IBM Watson and Cloud Platform CTO Bryson Koehler as its new Chief Technology Officer.

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.

Expensify Seals Deal with Wells Fargo

This week, expense reporting app provider Expensify debuted the launch of a deeper bank integration program called ExpensifyApproved! Banks. Wells Fargo, which serves one in three households in the U.S., will pilot the launch.

“Bank integrations have been in the Expensify DNA since day one, and the ExpensifyApproved! Banks program is the next step toward providing a consistent transaction import process for our mutual customers,” said David Barrett, founder and CEO of Expensify. “Wells Fargo has always been a great partner at the forefront of innovation, so it was a natural fit for them to be our first major partner as we launch this exciting new endeavor.”

Expensify users can connect their Wells Fargo bank cards for a smoother expense-tracking experience to help them organize receipts for tax purposes, self-employment expenses, or small business purchases. The ExpensifyApproved! Banks API allows for more secure data sharing between banks and Expensify, and offers banks more control over what data they share with the company.

The new integration offers mutual customers of Expensify and Wells Fargo a faster card setup process, the ability to seamlessly import transactions, access to historical account activity, and a detailed view of transaction data. Ben Soccorsy, Head of Digital Payments for Wells Fargo Virtual Channels said, “With API connectivity, Wells Fargo cardholders in Expensify can trust that they’re getting a smooth and efficient transaction import experience. Robust card connections that run dependably in the background are the perfect complement to fully automated expense reporting in Expensify.”

This launch comes at a time when consumers and businesses are laser-focused on how their data is collected and used. It also coincides closely with the E.U.’s implementation of PSD2, which mandates that banks must open their consumer data stores to third-party providers upon consumer consent. The ExpensifyApproved! Banks API is ahead of the curve on both of these items, and presents an opportunity for U.S. banks to mindfully and securely share consumer data.

At FinDEVr Silicon Valley 2016, Expensify presented Bedrock, an open sourced relational database management system. The company last demoed at FinovateSpring 2013, where Barrett showed off integrated invoicing technology. Earlier this year, Expensify unveiled website enhancements to improve credit card imports and simplify billing currency selections. The company was founded in 2008 and has raised $27.2 million.

Finovate Alumni News

On Finovate.com

  • Deserve Raises $50 Million in Debt Financing.
  • Payworks Teams Up with Ghana-based Payment Platform Hubtel.

Around the web

  • Wealthify added to Starling’s in-app marketplace.
  • InComm plans $20 million expansion in Georgia, will add more than 150 jobs.
  • Fiserv launches FinKit for Open Banking to help banks keep up with rapidly unfolding regulations.
  • Horizn helps RBC win a Celent Model Bank 2018 award for Employee Productivity.
  • OutSystems to power digital transformation for Principality.
  • TransferWise introduces its multi-country bank account.

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

  • Onfido to Power KYC for Arro Money.
  • IdentityMind Global Introduces Anti-Fraud Solution for ICOs.
  • Entrust Datacard Teams with Gemalto.

Around the web

  • Fiserv sells 55% of Lending Solutions business to Warburg Pincus.
  • Lendio announces new Lendio franchise in New Hampshire’s Seacoast Region.
  • Financeit appoints Dante Tamburro as general counsel and Chief Compliance Officer.
  • Ripple to power instant payments to China courtesy of new partnership with LianLian International.
  • The Future Laboratory leverages technology from Quid to build its Trends of the Trends 2018 report.
  • Mint2Save reviews universal mobile wallet app, Soundpays.
  • Gartner recognizes NICE as a leader in Workforce Engagement Management for a second year in a row.
  • PYMNTS interviews Jumio Director of Product Management, Reinhard Hochrieser on the challenges of abandonment in online banking.
  • Expensify unveils website enhancements to improve credit card import, simplify billing currency section.
  • Lend Street Financial and Marqeta earn spots in The Tech Tribune’s list of the 10 Best Tech Startups in Oakland.
  • National Australia Bank (NAB) to allow business customers to make payments directly via Xero’s accounting platform rather than its own online banking site.

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.