showed how financial institutions can use CashView
to help business customers control cash flow:
“Bill.com’s complete banking platform utilizes CashView to give your business customers command and control over their cash flow, payables and receivables.
In addition to creating significant new revenue streams for your bank, resulting in deeper relationships with your bank’s most valuable customers, the Bill.com award-winning platform delivers the other 90% of the business cash flow management process to your bank making it the hub of your customer’s financial operations. Bill.com also just happens to be one of the most highly awarded, widely praised financial applications to come along in years.”
Product Launched: February 2012 (beta)
HQ Location: Palo Alto, CA
Company Founded: 2006
Introducing René Lacerte (CEO and Founder) and Dan Lind (VP Bank Solutions)
Getting things started after lunch, Dynamics
brought its ePlate card technology to the stage:
This new payment card allows consumers to choose between two different “experiences” using buttons on the front of the card that, when selected, rewrite the payments strip on the back of the card.
Users can customize which experiences correlate to the buttons on the card by using the Dynamics mobile app or an online interface.
HQ Location: Pittsburgh, PA
Company Founded: September 2007
Product Launched: April 2012
Metrics: Dynamics has raised over $40 million and currently has over 100 employees
Introducing Jeff Mullen (CEO)
In the last demo before lunch, Mitek Systems
discussed how its mobile imaging technology can be used to create alternative financial services for the growing population of underbanked Americans.
It demonstrated a mobile alternative to check-cashing stores that uses its mobile deposit technology, the same technology that powers mobile deposit solutions for the top 8 retail banks and more than 250 other financial institutions.
This new capability will enable the underbanked population to take photos of the front and back of checks and load the funds directly onto a prepaid card. This innovative approach can free unbanked individuals from the confines and sometimes predatory practices of check-cashing facilities.
HQ Location: San Diego, CA
Company Founded: 1986
Introducing Jim DeBello (President & CEO) and Simy Pearson (Account Manager)
Then, Linkable Networks showed how its SKU card-linked capability works with its new mobile apps:
“Linkable Networks is demoing our completely new, industry first patent-pending SKU (individual product) card-linked offer capability to the Finovate audience. We will highlight the capability through our new mobile applications, which enable any type of restaurant, service provider, retailer, or brand to capitalize on card linked offers in a mobile environment.
Additionally, savvy shoppers are empowered to access digital coupons at their fingertips, linking them to their existing credit or debit cards. Our solution leverages a combination of the payment card rails, strategic third party data, and merchant and manufacturer relationships which allows our ad network partners to distribute both merchant and SKU level offers to any consumer in any medium. Both of these differentiating factors translate to a much larger funnel of available and relevant offers as well as an increased reach and frequency of consumer engagement.”
Product Launched: May 2012
HQ Location: Boston, MA
Company Founded: September 2010
Metrics: Currently, Linkable Networks has 25 employees and has raised $11.8 million from several key investors including Bain Capital Ventures, Citi Ventures, Kepha Partners, and Common Angels.
Introducing Tom Burgess (Co-Founder and CEO) and Doug Spear (Co-Founder and Executive Vice President)
Later this morning, PaySimple
showed how its cloud-based management solution can help small businesses:
“PaySimple provides a cloud-based accounts receivable management solution for small business. With PaySimple, businesses can accept credit card and ACH payments and automate billing across channels including recurring billing, electronic invoicing, and web, mail, phone, and mobile payments. This is integrated with customer management and smart reporting to help small businesses not only save time and get paid faster, but also grow their business.
Additionally, PaySimple is available as a turn-key, custom-branded solution for large institutions looking to provide their members with a value-added offering. Partners with custom-branded products in market today include American Express, Chase, Western Union, and Vantiv.”
Product Launched: May 2012
HQ Location: Denver, CO
Company Founded: January 2006
Metrics: PaySimple has raised $28.5 million in capital through three rounds. In its most recent round in September 2011, PaySimple received $16 million of growth capital from Susquehanna Growth Equity. Approximately 10,000 small businesses use PaySimple to save time and get paid faster. Recent results reported by customers say that 85% of them save time, 55% get paid faster, 91% started with ease, and 96% love our support. PaySimple currently has 70 employees.
Introducing Eric Remer (Founder and CEO) and Jenae Wiegert (VP, Product & Marketing)
Today, Silver Tail Systems
showed how its Parameter Injection Detection
keeps personal information safe:
“As malware becomes more prevalent on end-user devices, criminals are devising new ways to exploit these compromised machines. One of the latest threats is parameter injection.
In parameter injection, the malware intercepts the html associated with the website before it is displayed on the end-user’s machine. The html is modified so that new parameters are shown to the user. These parameters request personal information from the end user in an innocuous way. Silver Tail’s Parameter Injection threat score identifies when there are extra parameters in the http stream returned to the banking website. This can be used to determine when an end user’s machine is infected and whether or not any personal information was lost.”
Product Launched: March 14, 2012
HQ Location: Menlo Park, CA
Company Founded: January 2008
Introducing Laura Mather (Founder and Chief Visionary)
demonstrated how its platform can help you achieve your financial goals:
“iQuantifi goes beyond budgeting by providing the ability to take that next step. The combination of financial advice and the ability to implement that advice is what separates our software platform from other financial sites. iQuantifi is the first company to provide automated and personalized financial advice with the platform to immediately use financial products and services to reach goals – all online.”
Product Launched: June 2012
HQ Location: Franklin, TN
Company Founded: June 2011
Metrics: Money raised to date: $250,000; number of employees: 4; revenues: pre-revenue; registered users: 100 Alpha testers
Introducing Tom White (Founder and CEO) and Karen White (Co-Founder)
Then, IP Commerce
showed how Multi-Party Payments
can help groups exchange money using rule-based scenarios:
“With their new Multi-Party Payments (MPP) Commerce Playlist, IP Commerce is offering a development solution to enable multiple parties to exchange funds based on a set of rules governing the exchanges. When combined with the IP Commerce [Payments] Platform, the MPP Playlist will provide a robust solution to the issues associated with payment acceptance and funds disbursement between one-to-many payers and one-to-many payees – all through a seamless user experience.”
Product Launched: May 2007
HQ Location: San Francisco, CA
Company Founded: 2007
Introducing Chip Kahn (Founder and CEO) and Tyler Hannan (Platform Evangelist)
Next, edo Interactive
and showed how its card-linked offers use geolocation:
“Following FinovateSpring 2011 where edo unveiled the world’s first ever real-time redemption of a card-linked offer, we’re returning in 2012 to take the next step forward in our vision to transform shopping and saving.
The innovation we’ll demo – the ability for a purchase at one merchant to trigger the awarding of an offer to a second, nearby merchant in real-time – shifts the focus of mobile advertising from “check-in” to “check-out.” Introducing GeoCommerce by edo, the next wave of innovation in the card-linked offers space.”
Product Launched: May 2012
HQ Location: Nashville, TN
Company Founded: 2007
Metrics: $35M raised to date ($20M Series B raised in August 2011), 50 employees, live with more than 140 financial institution partners
Introducing Alex Gershman (SVP of Product Development) and Thomas Bernstein (Director of Product Development)
Second up in this session, BankersLab
demonstrated an exciting way for retail bankers to learn technical skills and concepts:
“CreditLab is simulation gaming for retail bank risk managers. The launch Web App product supports team competition in a facilitated learning environment and when offered as an institutional license, future versions will support multiplayer online competition and individual seat license. Is it e-learning? Thankfully, no. Is it Angry Birds for bankers? Regrettably, no. It is engaging, but designed to reinforce important skills and technical concepts. That’s right – flight simulators for bankers! CreditLab focuses on credit risk management skills, pitting teams against each other to make tough choices and tradeoffs with their portfolios.”
Product Launched: May 2012
HQ Location: Seoul, Korea
Company Founded: March 2011
Metrics: BankersLab is a privately held firm, with multiple institutional client sites signed prior to product launch or demo.
Introducing Kurt Gingher (CTO) and Gail Galuppo (CMO)
Starting off the second session, Personal Captial
showed off its new money movement features:
“Personal Capital is demoing its iPad app and previewing its iPhone app at FinovateSpring. Personal Capital believes that individuals should be able to access their financial information anywhere, anytime.
The iPad and iPhone apps include never-seen-before features:
- FaceTime allows the unique ability to communicate “face-to-face” with your financial advisor
- The Stock Options Tracker enables entrepreneurs, start-ups, and private investors to monitor private company stock and restricted public equity values, helping them better understand stock options. The apps are secure, free, and interactive, while allowing for real-time financial updates and asset allocation monitoring, all on-the-go.”
Product Launched: iPad app: 3/14/12; iPhone app: debuting at FinovateSpring
HQ Location: Redwood City, CA
Company Founded: July 2009
Metrics: Money raised to date: $27M (IVP & Venrock), Number of employees: 45
Introducing Bill Harris (CEO) and Jim Del Favero (VP of Products)
Wrapping up the first session, Actiance
showed how financial institutions can encourage consumer engagement without compromising their brand:
“Socialite Engage helps Financial Advisors share relevant and pre-approved content, ensure authenticity of voice, measure impact and increase engagement to grow their business. The Socialite platform helps Financial Institutions protect their brand and ensure compliance, while allowing employees to share relevant content, measure impact, and increase engagement.”
Product Launched: June 2011
HQ Location: Belmont, CA
Company Founded: 1998
Introducing Sarah Carter (VP of Marketing) and David Cho (Sales Representative)