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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Tradeshiftteams with Genpact to help clients enhance accounts payable and procurement processes.
OurCrowd to join the Millennium Alternative Investment Networkto increase VC opportunities in the U.S.
Finextra talks toNutmeg about expanding the human side of its roboadvisory.
Dwollaunveils The Integration Partner Program for more seamless technical integrations between Dwolla, its partners, and their clients.
Finantixappoints Christine Ciriani as Chief Commercial Officer.
NCRteams with Brightwell to supply ATMs and managed services for Brightwell’s largest cruise line clients.
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.
Digital transformation strategist Luxoft and client lifecycle management specialist Fenergo are joining forces. The agreement, announced earlier this week, makes Luxoft the latest to join Fenergo’s 300-member, worldwide partnership ecosystem.
Luxoft will act as a consulting partner to provide expertise, practical experience, and advice to Fenergo’s clients when its comes to initiatives such as data migration, IT architecture, and change readiness. Other such partners on Fenergo’s platform include Accenture, Capgemini, and Genpact. Fenergo CEO Marc Murphy described Luxoft as an “ideal partner” that will help the company “scale… business at a greater pace.”
Luxoft not only gains a way to fulfill its clients’ needs for digital transformation, the company also stands to gain new clients of its own by becoming a member of Fenergo’s ecosystem. “Our partnership with Fenergo aligns with our strength and success in financial services, and presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients,” said Dmitry Loschinin, executive vice president of DXC Technology, and president and CEO of Luxoft.
Luxoft was acquired by DXC Technologies (NYSE: DXC) which holds a market capitalization of $8.5 billion. At FinovateFall 2014, Luxoft debutedHorizon, a data visualization framework for banking executives.
Arival BankNets $2.3 Million in Equity Crowdfunding Campaign.
Winners Circle: Finovate Honors Fintech’s Finest with New Awards Series.
Around the web
Cinchyvoted “Top Pick” for TechCrunch Disrupt SF 2019 and selected as a CIX Top 20 company for 2019. Check out Cinchy’s upcoming demo at FinovateFall later this month!
Epcor partners with data-driven solution provider Segmint to help FIs better leverage payment data.
Dwollateams up with Currencycloud to make international payments easier for businesses.
Luxoft to collaborate with Fenergo as part of the company’s Global Platinum Partner program.
Menigahelps Grupo Crédito Agrícola launch its new banking app, moey!.
Nomis Solutionsexpands presence in the Midwest with the opening of a Center of Excellence in Cleveland, Ohio.
WePaylaunches same-day deposits to Chase bank accounts for free.
Blackhawk Networkappoints Harel Kodesh as chief technology officer.
Lendio Southwest Michigan franchise opens to offer funding to local businesses.
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.
Credit SesameRaises $43 Million in Advance of IPO.
Around the web
Salt Edgemarks 400+ integrations with open banking APIs.
Payfoneteams up with Digital Matrix Systems to help companies fight fraud.
Fenergoappoints Louise O’Connell to the newly created role of Chief Customer Officer.
StrategyCorpsbrings on former Geezeo executive, Bryan Clagett.
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.
Fenergoenters the Taiwanese market through a partnership with TUNG-I Information Services (TUNG-I).
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.
SoFiAnnounces $500 Million Investment Led by Qatar.
Around the web
Trustlylaunches automated invoice payment solution, Pay Your Invoice.
PayPalreaches $10 billion in small business loans issued via its business financing offerings.
Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
Kofaxlaunches its Intelligent Automation software platform.
Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
Fenergounveils a new suite of CLM tools, Digital Client Orchestration.
Trulioonamed best identity verification and authentication solution at 2019 CNP Expo.
KyckGlobal partners with InComm to provide same-day pay to gig workers.
Sam Kilmer offers 3 takeaways of FinovateSpring 2019 in 3 minutes.
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.
VymoPartners with Microsoft to Help Sales Teams Leverage AI.
Trustly and Collector Bank Bring Instant Payments to Nordic Merchants.
FiservTeams Up with Allegacy Federal Credit Union.
Around the web
Gartner recognizesJscrambler in its 2019 Market Guide for Online Fraud Detection.
Fenergolaunches new suite of CLM tools, Digital Client Orchestration, leveraging APIs to integrate front, middle, and back office systems.
Ping Identityunveils new cloud-based multi-factor authentication and single sign-on bundle do defend against identity-based cyberattacks.
Tinkoff Bankintroduces its own branded online travel agency.
RightCapitalannounces technology integrations with advisor technology platform Capitect and independent research firm Morningstar.
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.
Coinbaseextends support for USD Coin (USDC) trading in 85 countries.
Finastrahires Mark Miller as new Chief Financial Officer.
Fenergoannounces API integration with global financial markets data provider Refinitiv.
Hastings Direct extends deal with Equifax by signing a multi-year deal.
SDC and Tinkpartner to give 120 Nordic banks access to account aggregation and payment initiation services.
Kony Quantumpowers Qualifacts’ new CareLogic mobile app.
WireBarley partners with Currencycloud to boost its operations in the U.S.
Lendionamed to Fortune’s Best Workplaces in Financial Services & Insurance.
BlueVinetaps Herman Man as new Chief Product 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.
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.
Asia-Pacific
Singapore-based financial supermarket GoBear scoops up $80 million in new funding.
Wiprobuilds prototype for central bank digital currency project in Thailand.
Chinese fintech Pintec Technology opens international headquarters in Singapore.
Sub-Saharan Africa
Chipper Cash, an African cross-border payment startup, raiseded $2.4 million in funding – including a contribution from football Hall of Famer Joe Montana’s Liquid 2 Ventures.
Central Bank of Kenya and the Monetary Authority of Singapore to launch the first Afro-Asia Fintech Festival.
Remoney winsInnovation in Lending award at the Nigerian Fintech Awards.
Bahrain’s Electronic Network for Financial Transactions (Benefit) is designing and implementing a Know Your Customer (KYC) utility that incorporates blockchain technology, in partnership with Fenergo, a provider of digital Client Lifecycle Management (CLM) solutions, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
The utility platform will support sectors including retail and corporate banking and asset management, as well as insurance and telecommunications in the future. Fenergo says it deployed the first phase of the eKYC implementation project in four weeks.
Financial institutions that subscribe to Benefit can instantly complete KYC and anti-money laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo’s eKYC hub and rules engine utilising blockchain.
The centralisation of customer data removes the need for duplicate requests for information, while the elimination of manual processes reduces costs and improves operational efficiencies.
The Fenergo API-first solution enables financial institutions to verify customer identity via biometric identity and verification (ID&V) technology, which links to Bahrain national identity card data before instantly connecting to the eKYC hub.
This will prompt Fenergo’s rules engine to determine the required KYC and AML data and documentation for customer due diligence (CDD) as subscribed by Central Bank of Bahrain. Once the customer is quickly and successfully onboarded, Fenergo will write data attestations to the blockchain for reuse by other financial institutions within the Bahrain ecosystem.
Fenergo CEO Marc Murphy said, “Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience and help drive regulatory certainty. In a digital economy, where open banking and customer choice are at the forefront, making the KYC process digital is a huge enabler for any digital transformation initiative.”
Fenergo is developing the cloud-based utility as part of an initiative mandated by the Central Bank of Bahrain (CBB) to enable financial institutions to seamlessly perform CDD checks for enhanced customer experiences and regulatory certainty. The initiative is part of a wider government scheme, Economic Vision 2030, to improve the kingdom’s economy.
Insuritas and Tower Hill Specialty partner to bring Tower Hill’s property products to market through Insuritas’ bank partner network.
NIIT Technologiespartners with Blue Chip to bring its wealth management application to Blue Chip’s IBM POWER.
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 central bank issues open banking guidelines for the country.
Crunchbase News looks at VC funding trends in Latin America and their impact on fintech investment.
LATAM Tech explores Argentina’s investment in blockchain technology.
Asia-Pacific
ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
China makes moves to ease cross-border ecommerce settlement.
Monetary Authority of Singapore (MAS) and Central Bank of Canada team up to trial DLT technology for cross border payments.
Sub-Saharan Africa
ESI Africa reports on the potential for fintech to drive economic growth in Africa.
Kenya’s 4G Capital, a financial services solution provider for micro, small, and medium-sized enterprises (MSMEs) opens offices in Uganda.
Fintech News Switzerland profiles the fintech scene in South Africa.
Central and Eastern Europe
Token helps drive Open Banking with new Sberbank Croatia partnership.
Lithuanian fintech Paysera announces plans to raise €2.5 million in a security token offering.
Banks in Hungary and Slovakia choose core banking technology from Oracle Financial Services.
Middle East and Northern Africa
Fenergoworking with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
