FICO Acquires EZMCOM

Analytics and decision management technology company FICO announced two new products this week as it snapped up security access provider EZMCOM. Transactional details of the acquisition were undisclosed.

The acquisition has facilitated the launch of FICO Identity Proofing, digital onboarding technology; and FICO User Authentication, a suite of multi-factor, biometric, and behavioral authentication capabilities.

EZMCOM was founded in 2006. The company’s identity proofing, biometric, behavioral and risk-based authentication technology is used by tier-1 banks across the globe, ultimately serving 60 million customers.

“As our clients expand their digital offerings, they are requesting more sophisticated identity proofing and authentication capabilities to complement our fraud, compliance, customer lifecycle, and customer engagement applications,” said FICO CTO Claus Moldt. “Behavioral and biometric authentication are becoming the gold standard to prevent identity spoofing and improve customer protection, while reducing friction. By adding this technology to our portfolio, we will provide our clients with a seamless approach to authentication and customer onboarding – across digital channels, mobile devices, servers and workstations.”

Founded in 1956 as Fair Isaac Corporation, FICO presented “Rapidly Deliver Contextually-Powered Stream Processing” at FinDEVr New York 2016. 

Finovate Alumni News

On the web

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  • Starling Bank Offers Income Protection Insurance Via Anorak Partnership.
  • Q2 Closes Acquisition of PrecisionLender.

Around the web

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  • Chief Administrative Officer of the Royal Bank of Scotland interviews BioCatch CEO.
  • ITSector inaugurates 6th Software Development Center that will focus on the financial sector, AI, and 5G.

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Finovate Alumni News

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  • Drumroll … Finovate Award Winners Announced

Around the web

  • Technology from Tink helps power the new PFM app, DABOX, from Portuguese bank Caixa Geral de Depósitos (CGD).
  • Juvo introduces its Financial Identity-as-a-Service (FiDaaS) technology suite.
  • MX teams up with U.S. Bank to provide customers with secure access to their financial data.
  • FICO forges KYC/AML partnership with Dutch PSP Visma Connect.

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Finovate Alumni News

On Finovate.com

  • Featurespace Partners with Elavon to Fight Payment Fraud
  • Fueling the Fire: How Venture Capital Empowers Fintech Today
  • Plaid Adds Credit Card Details to Liabilities Offering

Around the web

  • Enrichment Federal Credit Union selects Jack Henry’s ProfitStars Commercial Lending Center Suite create efficiencies in commercial lending.
  • PYMNTS: BlueVine hires PayPal exec as CCO.
  • Wisconsin’s First National Bank and Trust Company to deploy core and digital banking technology from Finastra.
  • Revolut announces new CEOs for its businesses in Lithuania and Ireland.
  • Global Payments completes its merger with TSYS.
  • FICO and risk investigation solutions provider Arachnys partner to help FIs improve their client onboarding and record management processes.
  • Bill.com celebrates grand opening of new Houston office.
  • Finicity ships new Verification of Income and Employment (VOIE) solution using TXVerify technology.
  • SecureKey collaborates with Digital Bazaar to streamline organizational identity proofing.

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On Finovate.com

  • Onfido Delivers ID Verification to Mobility-as-a-Service Firm Drover.
  • Segmint powers data analytics for Buzz Points.

Around the web

  • Paysend announces its new stablecoin will be available on the Stellar Network in June.
  • LoanScorecard forges partnership with Calyx Software, merging its SimpleCECL solution with Calyx’s Path LOS.
  • Digital Onboarding will join Best of Show winners Voleo and Neener Analytics as part of the fourth annual FIS Fintech Accelerator program.
  • Chartis Research recognizes FICO as a category leader in AI for Financial Services.
  • Judo Bank of Australia goes live with Temenos’ T24.
  • Xero launches new feature in the Xero Projects iOS app that suggests project time based on geolocation

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Finovate Alumni News

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  • SoFi Goes InsurTech with Lemonade and Root.
  • Lending Club Shutters SMB Lending Arm, Redirects Customers to Other Lenders.

Around the web

  • elEconomista interviews Finect’s Antonio Botas (in Spanish).
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  • Ixaris adds new Chief Legal and Compliance Officer Georg von Breven and Commercial Director Sean Ashton.
  • FICO unveils the latest version of its Decision Management Platform, FICO DMP.
  • Visa launches a suite of beta APIs and tools to help developers design and test payment solutions.

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.

FICO and Equifax Forge Strategic Partnership

A new strategic partnership between FICO and Equifax will help financial institutions better manage risk, marketing, and fraud. The two companies have introduced the Data Decisions Cloud: an end-to-end data and analytics suite that integrates Equifax Ignite, a data and analytics management solution, with FICO Cloud applications and Decision Management Suite, FICO’s digital decisioning platform.

“Our common mission is to empower financial institutions to leverage data-driven decisioning in all their customer interactions,” FICO CEO William J. Lansing said. “With this strategic partnership, FICO and Equifax will help organizations operationalize the best data with unparalleled predictive analytics and applied AI, and do so in a streamlined and cost-effective way.”

The Data Decisions Cloud will enable institutions to better navigate differentiated data to find insights and build highly-predictive models that add greater personalization and protection to the customer experience. For FIs in particular, the solution aims to accelerate the pace of innovation around data and decisioning by helping them take advantage of technologies like explainable AI and neural networks.

Via the partnership, the two companies plan to launch additional joint initiatives later in 2019. Among the upcoming products are a connected system that promotes data science collaboration by providing real-time access to raw and trended data, and an AML/KYC compliance-as-a-service solution. FICO and Equifax also plan to introduce an integrated, pre-screen marketing automation solution that creates FCRA-compliant, customer acquisition and retention campaigns.

“We are energized about this broad partnership between Equifax and FICO,” Equifax CEO Mark W. Begor said. “Two industry leaders are joining forces to help financial institutions better meet the needs of consumers and improve business agility.”

FICO (which stands for Fair Isaac Corporation) participated in our developers conference, FinDEVr NewYork in 2016, with a presentation called Rapidly Deliver Contextually-Powered Stream Processing. Members of the company’s product management and product engineering teams discussed how its Decision Management Platform transformed data “from raw to decision-ready” to help companies better manage risk, fraud, marketing, and customer service.

The company began the year with news of a partnership with electronics payments specialist Conductor to fight payment card fraud in Brazil. Also this year, FICO announced winning five new patents for fraud prevention, AI, and advanced analytics technologies. Founded in 1956 and headquartered in San Jose, California, FICO trades on the New York Stock Exchange under the ticker FICO, and has a market capitalization of $7 billion.

Atlanta, Georgia-based Equifax demonstrated its mobile app at FinovateFall 2011. More recently, the company introduced its Ignite solution in the U.K., and teamed up with fellow Finovate alum Experian to provide free credit monitoring via its TrustedID Premier service.

The global data analytics and technology company is active in 24 countries in the Americas, Europe, and the Asia Pacific region, and employs 11,000 workers around the world. With a market capitalization of $14 billion, Equifax trades on the NYSE under the ticker EFX.

Finovate Alumni News

On Finovate.com

  • FICO and Equifax Forge Strategic Partnership.

Around the web

  • Motive Partners closes investment in Finantix announced in December.
  • Since launching in the region last year, Plaid expands coverage in Canada, adding support for Desjardins, National Bank of Canada, President’s Choice, and Simplii.
  • NDGIT’s API platform enables UBS to deliver PSD2 APIs for TPPs.
  • Ledger partners with Hong Kong-licensed Legacy Trust to introduce institutional-grade custody solution to accelerate the flow of institutional money into digital assets.

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

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  • Worldpay and Revel Systems announce enhanced partnership to provide consolidated POS and payments solution.
  • International bookmaker and gaming operator SKS365 picks ARIC Fraud Hub from Featurespace for real-time fraud protection.
  • PayPal appoints marketing executive Allison Johnson to EVP and Chief Marketing Officer.
  • Forbes features iProov in article discussing identity and blockchain technology.
  • FICO teams up with electronics payments specialist Conductor to support payment card fraud protection in Brazil.

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

  • Braintri Drives Insurtech Innovation in Europe.
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  • Cardlytics CEO Scott Grimes appointed board chair of FinTech Atlanta.
  • FICO awarded five new patents for fraud, AI, and advanced analytics technologies.
  • PYMNTS.com interviews Ondot CEO Bharghavan Vaduvur.
  • Akamai Technologies reveals plans to acquire customer identity access management firm, Janrain.

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 Global: Fintech News from Around the World

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 Nubank announces 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).

Asia-Pacific

  • UNPay expands QR code payments.
  • Indonesian lending and payments firm, Pohon Dana, picks up investment from Mayapada Group.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.
  • Juvo expands across Asia with regional headquarters in Singapore.

Sub-Saharan Africa

  • Experian purchases South African credit information and analytics firm Compuscan for $263 million.
  • Ecobank partners with MFS Africa to offer cross-platform digital payments to customers.
  • Emergent Technology acquires Ghana-based Interpay Africa.

Central and Eastern Europe

  • Sberbank offers clients new strategies for investment life insurance.
  • Finastra opens new offices in Romania.
  • Backbase powers omni-channel digital services for Poland’s BGŻ BNP Paribas bank.
  • International Bank of Azerbaijan (IBA) to deploy technology from FICO to fight money laundering.

Middle East and Northern Africa

  • UAE and Saudi Arabia launch blockchain-powered, cross-border payments proof of concept.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • Token brings open banking to MENA region.

Central and South Asia

  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • Fintech News Singapore features BankBazaar in its round up of 10 Hot Fintech Startups from India to Watch Closely.

Top image designed by Freepik

Finovate Global: Fintech News from Around the World

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.

Central and South Asia

  • Visa takes minority stake in Indian payment gateway BillDesk.
  • Swift India partners with MonetaGo to pilot blockchain-based banking.
  • India FinTech Forum (IFF) announced the 20 companies recognized at its India FinTech Awards (IFTA), including Finovate alums Hydrogen, iProov, Ocrolus, and James Finance.

Latin America and the Caribbean

  • Elevar Equity leads $5.25 million investment round for Uruguayan fintech, Bankingly.
  • Banco Original, a Sao Paulo, Brazil-based FI, to deploy FICO Origination Manager and FICO Application Fraud Manager.
  • First Data launches Clover Mini and Clover Flex in Argentina.

Asia-Pacific

  • Finastra gives Singapore banks top marks in its inaugural Open Banking Readiness Index.
  • FinLab accelerator introduces its smart business transformation program for Thailand small businesses.
  • SmartPesa brings its softPOS contactless card acceptance via NFC phone running Android – to Singapore and South East Asia.

Sub-Saharan Africa

  • South African financial services company, Discovery, to launch “behavioral bank.”
  • Nigeria’s central bank proposes fintech licensing regime to help manage cyber risk, capital adequacy, and operational oversight issues.
  • A “hands-off” attitude toward regulation is credited for helping boost Uganda’s emergent fintech sector.

Central and Eastern Europe

  • Poland’s Braintri merges with iCompass.
  • The Polish Financial Supervision Authority names the Heart as one of operators for its regulatory sandbox for companies developing fintech solutions.
  • Ingenico Group teams up with Russia’s Sberbank to enable MOIR card payments for online purchases.

Middle East and Northern Africa

  • Study from Mena Research Partners calls for major gains in fintech funding in the MENA region over the next ten years.
  • Egypt Innovate features ten Egyptian startups “following the world’s fintech trend.”
  • The Tehran Times looks at the “challenges and opportunities” of fintech innovation in Iran.

Top image designed by Freepik