BioCatch and Experian Form Partnership

BioCatch and Experian Form Partnership

Screen Shot 2017-04-10 at 8.22.20 AM

Israel-based BioCatch and information services giant Experian teamed up today. The partnership will allow Experian to leverage BioCatch’s behavioral biometrics technology to prevent new account fraud for CrossCore users.

Screen Shot 2017-04-10 at 9.29.14 AMDebuted at FinovateFall 2016, CrossCore enables organizations to integrate technology from multiple fraud and identity solutions providers into a single API to reduce friction and false positives. BioCatch’s biometrics technology will help organizations identify fraudsters, even if they enter stolen information.

In the press release, BioCatch CEO Eyal Goldwerger said that BioCatch is helping Experian “[provide] a completely new layer of security using behavioral biometrics by focusing on ‘how’ a user enters information into an application, not ‘what’ information is being entered, in a seamless way that does not add any friction to the application process.”

BioCatch works by mapping user behavior during the onboarding process to distinguish between normal user behavior and fraudster behavior. For example, while a consumer is filling out a credit card application, BioCatch detects patterns such as the speed and/or cadence of keystrokes. Targeting anomalies in user behavior helps catch a fraudster even if all of the information is correct.

BioCatch was founded in 2011 and now monitors 2+ billion transactions per month for a number of major bank clients. At FinovateFall 2014, the company showed off Invisible Challenges. BioCatch was recently ranked number 19 in Planet Compliance’s Regtech Top 100 Power List. Earlier this year, the company teamed up with Nuance Communications to power continuous authentication for Nuance Security Suite solution.

Headquartered in Dublin, Ireland, Experian recently received authorization from the Financial Conduct Authority, an organization responsible for regulating consumer credit agencies in the U.K. Last month, the company joined the Marketplace Lending Association to drive responsible fintech innovation.

Finovate Alumni News

On Finovate.com

  • BioCatch and Experian Form Partnership.
  • Finovate Debuts: Icon Solutions’ Instant Payments Helps Keep Banks PSD2 Compliant.

Around the web

  • unblu receives European patent protection for 3rd generation co-browsing technology.
  • Bluefin Payment Systems earns EMV certification from First Data.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.
  • Tech Loop interviews GMC Software Technology’s Michaela Rýdlová and Jan Růža.
  • Infosys recognized as “major player” in IDC MarketScape: Service Providers for EMA Utilities Vendor Assessment.
  • Quantopian to deploy order/execution management technology from FlexTrade.
  • BusinessWorld profiles BankBazaar and co-founder Rati Shetty.
  • Neener Analytics accepted into the Citibank WorldwideT4I Accelerator. Come see Neener Analytics at FinovateSpring on April 26  & 27.
  • Standard Chartered announces digital wealth advisory tool

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

  • Patch of Land Picks Matthew Zall for Chief Investment Product Officer.
  • Dwolla Launches Same-Day Bank Transfers.

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.

Around the web

  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Experian joins Marketplace Lending Association as an associate member.
  • Maine Startups Insider features David Joseph, co-founder of Davo Technologies.
  • Dallas News founder features Bruce Parker, founder and CEO of ModoPayments.

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 Receives Green Light from the FCA in the U.K.

Experian Receives Green Light from the FCA in the U.K.

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Information services company Experian received authorization from the U.K.’s Financial Conduct Authority (FCA) recently. The Dublin, Ireland-based firm applied for full FCA authorization in February of 2016. Experian said that the year-long authorization process has helped it to “stress-test [its] risk management structures and the plans [it has] in place to ensure fair outcomes for [its] customers.”

The U.K. Financial Conduct Authority became responsible for regulating consumer credit agencies in 2014. Some of the activities that require FCA authorization, or permission, include:

  • Credit broking
  • Debt administration and debt collection
  • Debt counseling and debt adjusting on a commercial basis
  • Providing credit information services
  • Providing credit reference agency services
  • Peer-to-peer lending

Experian last demoed at FinovateFall 2012, where it debuted Premium Pre-qualification a credit-screening tool. Late last year, Management Today named Experian Britain’s Most Admired Company in the Business Support Services category. In November, American Banker ranked Experian among the top 100 fintech companies.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Moonraft Innovation Labs

Around the web

  • Huron Community Bank of Michigan to leverage Insuritas to launch insurance agency.
  • Experian partners with reporting and analytics platform dv01 to enable dv01 clients to access to richer borrower credit attributes.
  • FIS teams with Verifone to enable consumers to pay at the point of sale using loyalty points linked to a credit or debit card.
  • Business Insider names Gusto, App Annie, and BlueVine as 3 startups to bet your career on in 2017.
  • Token announces strategic partnership with VirtusaPolaris.
  • TransferTo to provide bridge linking between EcoCash and Mama Money mobile money services.

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

  • NuData Security Brings Behavioral Biometrics to Arvato Financial Services”

On FinDEVr.com

Around the web

  • Token signs memorandum of understanding (MoU) with Fidor Bank for digital payments.
  • PYMNTS.com interviews Nick Thomas, cofounder of Finicity, in the wake of his company’s latest funding round.
  • Aerospike announces 100% year-over-year bookings growth.
  • Touch Bank to deploy FraudNet, online fraud prevention technology from Experian.
  • More than 100,000 customers of Avanza Bank have used Trustly’s real-time deposit service since the two companies forged a partnership last year.
  • Dashlane joins two-factor authentication awareness campaign, #TurnOn2FA.
  • Cortera Decisions‘ credit scorecard capability is now available through Boost, its self-service tool that gives businesses insights on their customers and prospects.
  • TickSmith’s TickVault Big Data management platform is compatible with Thomson Reuters Tick History.
  • NIIT Technologies partners with a top-ranked retirement plan provider to manage their legacy systems.
  • Arxan Technologies wins six industry IoT security awards.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FinDEVr APIntelligence

FDNY17_EventLogo_v1(wdate)FinDEVr Silicon Valley was a success! Tickets for upcoming FinDEVr London and FinDEVr New York are at their lowest prices now. Register today for London or New York to save your spot!

Dev news

  • Check out LTP’s list of 88 international startup accelerators, incubators and innovation labs nurturing fintech innovators.

The latest from FinDEVr Silicon Valley presenters

  • Expensify exclusively endorsed by the world’s leading accounting body.
  • Envestnet | Yodlee integrates with Microsoft Dynamics 365 for Financials.
  • ACI Worldwide named “frontrunner service provider” for EBA instant credit transfer scheme.
  • Xero interviews David Barrett, CEO and founder of Expensify.
  • Hyperwallet begins 24/7 support amidst launch of new Austin contact center.

Alumni updates

  • FinDEVr alum Braintree introduces commerce infrastructure tools.
  • InComm partners with Wakefern Food Corp. to expand gift card programs.
  • OnDeck announces new $200 million revolving credit facility with Credit Suisse.
  • “Finicity Scores $42 Million Series B in Round Led by Experian”
  • The Beast Apps introduces comprehensive MiFID II compliance-integration solution, Minotaur.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

Around the web

  • FlashFX to leverage Ripple for its new foreign-exchange payments-solution in Australia, using XRP for liquidity.
  • Blackhawk Network launches HawkCommerce.com B2B and B2C solution for expanding, distributing and managing gift cards and egifts.
  • Philippe Gélis, Kantox CEO and cofounder, and Alexandre Gaillard, InvestGlass CEO and founder, are listed among 10 French Influencers who “rock the global fintech scene.”
  • Luxoft named a Top 15 Outsourcing Service Provider by ISG.
  • Compass Plus updates TranzWare remote banking products.
  • Prosper to launch seventh generation of credit model, switches from Experian to TransUnion.
  • InComm partners with Wakefern Food Corp. to expand gift card programs.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finicity Scores $42 Million Series B in Round Led by Experian

Finicity Scores $42 Million Series B in Round Led by Experian

finicity_homepage_december2016

Real-time financial data-aggregation provider Finicity will use $42 million in new capital to drive new product development, especially financial management and payment solutions for the credit decisioning market. The Series B round was led by Experian (F12), included a venture debt facility from Bridge Bank, and featured participation from Finicity’s existing investors.

Finicity CEO and co-founder Steve Smith said the funding represented a belief in his company’s vision of transforming the financial data services market. “The emergence of the open financial web, and our ability to access and analyze account data, is enabling new thinking in financial services,” Smith said. “This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them.”
finicity_stage_fs2015

From left:
Finicity Data Services President Nick Thomas and CTO Chip Whitmer demonstrated TxPUSH API at FinovateSpring 2015.

Finicity’s recent certification as a credit-reporting agency was a hint that the financial data-aggregation services veteran might add credit decisioning to its set of solutions. To start, Finicity will focus on making the loan origination process more efficient, in part by “digitiz(ing) the legacy pen-and-paper process of asset and income verification.”

Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity demonstrated its TxPUSH API for fintech apps at FinovateSpring 2015, and presented “The Launch of Real-time Transaction Push” at FinDEVr New York 2016. In September, the company unveiled its ACH Account Verification API and, in August, Finicity won the Finance API of the Year award from API World.

Four Fintech Companies in Forbes 100 Most Innovative Public Companies

Four Fintech Companies in Forbes 100 Most Innovative Public Companies

forbes innovators list

We love seeing alums called out in the numerous “most innovative” articles. Usually, those skew to young private startups. But the recent Forbes list of innovators, limited to large public companies (minimum market cap = $10 billion, with 7 years of public ownership), didn’t disappoint. Four financial technology companies made the top-100 list, and all four have appeared on the Finovate stage. Interestingly, financial services firms are excluded by Forbes on the grounds that they “have no measurable investment in R&D.” (I am sure many readers would argue that point).

Here are the financial fab-four in order of their finish (the innovation premium is the extra value investors place on their growth vs. their enterprise value, methodology):

Note: Experian will be showing its latest tech at Finovate this week as well (sneak peek)

FinovateFall Sneak Peek: Experian Fraud & Identity Solutions

FinovateFall Sneak Peek: Experian Fraud & Identity Solutions

Experian_CrossCore_homepage_August2016

FF2016-Logo-wdate-largeA look at the companies that will demo live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Experian’s CrossCore allows you to integrate fraud and identity technology from multiple providers to reduce friction and false positives—meaning more growth for your business.

Features:

  • Operate efficiently with single sign-on to multiple systems
  • Easily create, deploy, and manage strategies that deliver confidence in transactions
  • Quickly make dynamic strategy changes

Why it’s great
Collaboration is power. With every part of your fraud and identity solution working together through a single API, identifying and communicating potential threats has never been easier.

Experian_AdamFingershPresenters

Adam Fingersh, GM and SVP, Fraud and Identity Solutions
Fingersh, general manager of Experian’s fraud and identity business, is responsible for all aspects of those businesses in North America.
LinkedIn

 

Experian_JohnSarrealJohn Sarreal, Senior Director, Product Management
Sarreal is responsible for the integration of FraudNet products and technology into the overall fraud and identity strategy and oversees product development for the CrossCore platform.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Slice Launches Smart Shopping Assistant Extension for Chrome
  • SelfScore Raises $7 Million to Bring Credit to International Students

Around the web

  • Temenos to provide core banking solutions for international microfinance specialist, Microcred.
  • US Bank Wealth Management to launch automated investing courtesy of new partnership with FutureAdvisor.
  • Entersekt brings its Transakt technology to the Middle East in collaboration with IST Networks.
  • Fortune follows CBW Bank’s journey.
  • Lighter Capital launches $25 million AppExchange Fund for Salesforce partners building AppExchange apps.
  • Crowdfund Insider interviews Rob Frohwein, Kabbage CEO and co-founder.
  • Xero named most-loved accounting software for second year in a row.

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.