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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
FinTech Futures sits down with TransferWise’s Stuart Gregory to talk about the power of partnerships.
Intelligent CIO looks at the merger of Polish fintechs, Braintri and iCompass.
ExperianlaunchesExperian Boost, an online platform that enables consumers to instantly improve their credit scores by providing additional financial information.
Envestnet president Bill Crager is featured in Financial Planning’s 19 People Who Will Change Wealth Management in 2019.
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.
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.
Latin America and the Caribbean
Brazil’s Nubankannounces debit options for its digital savings account.
Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
Vocalink to modernize Peru’s electronic payments infrastructure courtesy of new deal with the company’s automated clearinghouse, Cámara de Compensación Electrónica (CCE).
First Data and China CITIC Bank International to join forces with launch of new merchant acquiring solutions.
PayPallaunches Xoom International money transfer in Canada.
Docutech and Tavantintegrate for digitally-focused loan origination process.
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.
Xeroannounces API integration partnerships with OCBC and NETS.
Exate Technologynamed “One to Watch” for data privacy technology at the Regulation Asia Awards for Excellence 2018.
Yoyo Walletinks deal with coffee chain, easyCoffee.
Experianlaunches a pair of new advanced Open Banking services: Affordability Check and Tennant Vetting Service.
New biometric capabilities powered by iProov enable secure enrollment onto U.K. Home Office services via smartphone 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.
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.
Experian is launching a new range of consumer credit assessment products for lenders, Experian Credit 3D, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
The product offers a multi-dimensional view of a borrower’s financial health, instead of a consumer’s credit information at a single point in time. The firm aims to deliver “a more granular and predictive insight into a consumer’s payment behavior”.
Business will be able to combine rental, utilities, council tax, property and mobile data, to provide a view of predictive behaviour and affordability.
“A customer’s current credit position only ever tells part of the story. People’s financial circumstances are multidimensional and unique,” said Tom Blacksell, managing director of B2B at Experian. “We are supporting our customers as they look to keep up with a diverse and ever-changing global population.”
The firm that said that moving away from traditional risk scores by augmenting them with a view of detailed consumer behaviors over time is particularly valuable in making decisions on applications which are currently on the margins.
Alternative non-credit data, including subscriptions and utilities data, can support the approval of applications from consumers with ‘thin’ credit files.
Blacksell added: “By combining all this with our global market leading decisioning capabilities in PowerCurve, and our soon-to-be-announced investments in SaaS deployment, we’ll be able to support customers of all sizes to make intelligent decisions in frictionless, digital environments.”
Recently, Experian, FICO and Finicityjoined to create a new type of score, named the UltraFICO score. Designed to specifically help serve thin-file customers, the UltraFICO score focuses on how consumers actually manage their personal finances rather than repayment data from previous credit usage.
Experian demonstrated its cloud-based decisioning platform at FinovateFall 2018. Founded in 1996 and headquartered in Costa Mesa, California, Experian was named one of the top most innovative companies in the world by Forbes magazine for five years in a row.
Three fintechs joined forces today to create a new credit scoring technology designed for thin-file customers. Experian, FICO, and Finicity are the triumvirate behind the new score, named the UltraFICO score.
The UltraFICO score leverages consumer-permissioned account data aggregated and distributed by Experian and Finicity. Unlike the traditional FICO score, which relies heavily on repayment data from users’ previous credit usage, UltraFICO looks at how responsibly consumers manage their finances. After gaining the user’s permission to access their bank statements, Finicity’s technology pulls consumer-contributed data from their checking, savings, and money market accounts, examining the length of time accounts have been open, frequency of activity, and saving data.
For its part, Experian pulls the consumer’s credit information and will integrate the new model into lenders’ existing operational workflow. Alex Lintner, president of Experian’s Consumer Information Services, said that this project has offered the company “a new way to use consumer-permissioned data that allows lenders to make better decisions and helps consumers gain access to credit.”
Accessing the additional data not only offers lenders a more complete picture of the prospective borrower’s ability to repay, it also improves access to credit for Americans who are typically below lenders’ preferred credit score threshold. This especially applies to thin-file borrowers and those working on rebuilding their score after a financial crisis.
Jim Wehmann, FICO EVP of Scores, said that UltraFICO “empowers consumers to have greater control over the information that is being used in making credit risk decisions.” He added, “It also enables a deeper dialogue between the consumer and lenders to help both parties make better financial decisions.”
UltraFICO will be piloted in 2019 to test the new model and determine consumers’ willingness to share their financial data. The group plans to make the new model generally available to lenders in mid-2019.
Headquartered in Dublin, Ireland, Experian most recently demoed its decisioning platform at FinovateFall 2018. The cloud-based platform enables organizations to combine data and analytics to improve the accuracy of their customer lending decisions. Earlier this year, Experian acquired U.K.-based ClearScore for $385 million.
Founded in 1956 as Fair Isaac Corporation, FICO presented “Rapidly Deliver Contextually-Powered Stream Processing” at FinDEVr New York 2016. Earlier this month, the company announced it will provide KYC and onboarding solutions for Belarus-based lender, Belgazprombank.
Utah-based Finicity demoed at FinovateFall 2017 where the company’s Co-founder and President of Data Services, Nick Thomas, showed how the company simplified access to its Verification of Income and Verification of Assets reports. Frequently in the headlines, Finicity announced last week it was selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor. In September, the company aligned with intelligent process automation software provider Capsilon to modernize the mortgage origination process.
Konyacquires innovation subsidiary of Umpqua Bank.
Finextra: NTT Dataplans pan-Asian federated trade information platform based on blockchain.
SuperMoneysurpasses $1 billion in financing requests
Bluefin and TokenEx partner to strengthen payment security with PCI-validated P2PE and omni-channel tokenization.
ID.melaunches KYC / AML identity verification solution and ID document verification 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.
CardFlightLaunchesSwipeSimple Customers to Support Card Data Management.
RoostifyTeams Up with Ellie Mae to Boost Efficiency in Mortgage Lending.
Around the web
Experian and Close Brothers Retail Finance pilotMobile for Credit service for U.K. gamers.
New Penn Financial goes live with Portfolio Underwriter from Loan Scorecard.
PasswordPingearns finalist spot in 2018 “Innovation Quotient” IQ Awards.
Ukraine’s Akhmetov Bank leveragesCorezoid’s cloud-based operating system.
ebankIT and Enterprise Engineeringforge strategic partnership for the North American market.
Bambu, Eltropy, Moxtra, and Onfido are among the startups selected for Plug and Play Singapore’s inaugural fintech and insurtech program.
TECHdotMN profilesSezzle founder and CEO, Charlie Youakim.
Forbes Middle East highlightsAyasdi and ThetaRay in look at how AI is helping solve financial crime.
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.
A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.
Experian is powering opportunities for businesses with a new cloud-based platform that enables precise customer decisions using a blend of best-in-class data, analytics, and decision strategies.
Features
Turns knowledge into value and action, quickly and easily
Adheres to highest security standards
Drives innovation into the decisioning process, elevating the digital customer experience
Why it’s great
Makes fast, accurate lending decisions using data, decisioning and analytics expertise, driving meaningful outcomes for consumers.
Presenters
Robert Boxberger, President, Decision Analytics in North America
Boxberger has 20+ years experience solving business challenges using innovation in data and analytics for credit and fraud management across industries. LinkedIn
Fiservlaunches digital account opening and loan origination platform, Originate.
Standard Charteredannounces new chief operating officer, David Whiteing.
Coinbase to support new cryptocurrency pairs for GBP: ETH-GBP, ETC-GBP, LTC-GBP, and BCH-GBP.
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.
HooYuteams up with U.K. casino operator, Bear Group.
United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.
Ripple and TransferGo partner on real-time, blockchain-enabled remittances.
Striatainks partnership with UK-based customer communications specialist Communisis.
Experian to launch comparison service feature that gives consumers the real rate charged when applying for a credit card.
Tibco has started a research lab to develop new products and services in emerging areas such as blockchain, machine learning, artificial intelligence (AI) and the internet of things (IoT).
BeSmarteeintegrates with Fannie Mae’s Desktop Underwriter to Accelerate Mortgage Process.
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.