Fiserv and DadeSystems Help Banks Bring Automated A/R to Business Clients

Courtesy of a new partnership between financial services technology solution provider Fiserv and DadeSystems, more banks will be able to access automated account receivables (A/R) technology which they can offer to their commercial clients as either a SaaS or standalone solution.

“Businesses spend too much time manually posting payments to invoices – a process prone to error and costly in terms of time and resources,” VP of Product Management for Fiserv’s Payments Management Solutions division, John Dangoia said. “By offering DadePay AR Automation, we empower financial institutions to further enrich customer relationships by reducing the need for businesses to manually enter payments into their accounts receivable systems.”

Miami, Florida-based DadeSystems leverages machine learning, advanced optical character recognition technology, and its own patented, AI-based algorithms to automate the invoice-to-cash application process. The company’s DadePay AR Automation solution captures both paper and electronic incoming payments automatically, matches them to open invoices and updates the companies’ ERP systems. DadePay also features a mobile AR app and an ePayment portal. Combined, the suite provides faster payment processing with greater efficiency and cash collection, and lower fees.

“Many businesses are demanding new types of electronic payment and data analytics services,” President and CEO of DadeSystems, Bill Zayas, said, “yet their treasury and finance departments are slowed down by manual and outdated processes. Through this relationship with Fiserv, banks can help their business customers overcome these obstacles with technology from a provider they know and trust.”

In its most recent Finovate appearance, Fiserv demonstrated an integration of Samsung SDS biometric authentication and collaboration technology into its Commercial Center: Security solution. The authentication methodology leverages non-duplicative biometric data – fingerprint, voice, and facial scan – to make the user experience more seamless and secure. Real-time video chat, e-signatures, and annotated screen sharing are among the features available via Samsung’s digital collaboration features.

Headquartered in Brookfield, Wisconsin, Fiserv was founded in 1984, and had global revenues of $5.7 billion in 2017. Trading on the NASDAQ under the symbol “FISV,” the firm has a market capitalization of $33 billion.

Finovate Alumni News

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  • IdentityMind Global partners with digital currency risk assessment specialist, CipherTrace.
  • HackerOne now accepts Bitcoin and Bitcoin Cash payments for bug bounties courtesy of new partnership with BitPay.
  • Fiserv taps Lee Cameron as new managing director for EMEA.
  • Siam Commercial Bank is the first bank on Ripple’s RippleNet to pioneer multi-hop, a feature that allows payment settlement on behalf of other financial institutions on the network.
  • Danske Bank leverages Featurespace’s ARIC fraud hub to reduce fraud.
  • Risk Ident wins Best eCommerce Technology Innovation at the London eCommerce Awards.
  • Banco Fassil is the first Bolivian company to migrate its ATM network to TranzAxis from Compass Plus.

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.

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  • FinovateFall 2018 Best of Show Winners Announced.

Around the web

  • Prisma Campaigns partners with Tyfone to bring new personalized, automated marketing solutions to banks and credit unions.
  • CFCU Community Credit Union to deploy solutions from Fiserv to enhance its mobile, online, and in-branch customer experience.
  • CREALOGIX reports record sales in 2017-2018 fiscal year.
  • Bpm’online earns recognition from Gartner for its accomplishments in CRM Lead Management.
  • Indonesia’s Bank Central Asia goes live on iGTB’s digital transaction banking platform.
  • Tinkoff Bank offers access to more than 10,000 global securities via its Tinkoff Investments Premium 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.

 

Finovate Alumni News

Around the web

  • Coinbase teams up with Hong Kong-based crypto trading and risk management platform Caspian to promote institutional use of cryptocurrencies.
  • Insuritas to launch digital insurance platform for 13,000+ member Oklahoma Educators CU.
  • Finastra unveils Fusion Essence in the cloud, an integrated core and digital retail banking service for the U.K. market.
  • Global Debt Registry announces addition of new ABS asset classes to its blockchain platform offering.
  • Fiserv inks deals with a trio of Canadian credit unions: Crosstown Civic CU, Noventis CU, and IC Savings.

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.

Fiserv Helps Bring Voice Banking to the Aloha State

Voice banking is coming to the customers of First Hawaiian Bank, courtesy of Amazon Alexa and the bank’s decision to extend its partnership with Fiserv.

President and COO of First Hawaiian Bank Eric Yeaman highlighted the firm’s long relationship with the Brookfield, Wisconsin-based financial services leader. “We have been working with Fiserv for several years to enhance our digital services and empower our customers with a wider range of choices in banking convenience,” he said. “With voice-driven technology playing a bigger role in people’s lives, the time was right to introduce voice banking into that mix.”

Voice banking capabilities will be available to customers via Amazon Alexa. Initially, customers will be able to check balances and review transactions; the bank will review customer preferences and demand to determine which additional capabilities will be added. The deployment marks the first use of voice banking technology from a bank or credit union based in Hawaii, and seeks to take advantage of the growing number of – and higher engagement from – voice banking users.

“Voice banking is another way the bank is expanding the spirit of service and connecting with customers through intelligent interactions that reflect how people live today,” President of Digital Banking for Fiserv Kevin Schultz said. He referred to the $20 billion institution as a “customer-focused bank” with a “reputation for exceptional service.”

With assets of more than $20 billion, First Hawaiian Bank was founded in 1858 as Bishop & Company. The firm has 55 branches in Hawaii, with another three on Guam, and two on Saipan. It is the largest bank in the state.

Fiserv most recently demonstrated its technology at FinovateSpring 2018 – partnering with Samsung SDS America to show the integration of biometric authentication with its Commercial Center platform. Founded in 1984, Fiserv serves more than 12,000 clients around the world and reported global revenues of $5.7 billion last year.

Fiserv trades on the Nasdaq under the ticker “FISV,” and has a market capitalization of $32 billion. Jeffrey Yabuki is CEO.

Finovate Alumni News

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  • Fiserv Helps Bring Voice Banking to the Aloha State.

Around the web

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  • Insuritas teams up with 42,000+ member Enrichment Federal Credit Union.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.

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.

Fiserv Launches New Digital LOS, Originate

Fiserv’s new digital loan origination system has been launched with account opening functionality, including credit cards and personal loans, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Called Originate, it is integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform.

The first solution in the suite, Originate Deposits, features a user interface with optional ID scanning, autofill, and facial recognition to allow consumers to open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch.

Maryland-based Hamilton Bank is the first bank to beta test it.

“We’ve been looking at options for a better digital account opening experience, regardless of where or how our customers choose to complete the process,” said Sherri Wilson, SVP of Hamilton Bank.

Credit Union 1 in Illinois is another early taker.

Paul Simons, CEO of Credit Union 1, said: “While we maintain a high volume of account openings, only a small percentage of our members were completing the process online. It was just too complex. The interface and flow in Originate Deposits are as intuitive as buying from a leading online retailer.”

Fiserv said that additional Originate solutions will come at the end of 2018 including retail, auto and mortgage.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv demonstrated its Commercial Center at FinovateSpring 2018 (in partnership with Samsung.) 2018 has been a busy year of partnerships for the company, which teamed up with Philippine Veterans Bank earlier this month, with Your Legacy Federal Credit Union in August, and with cybersecurity firm, BlueVoyant in July.

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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.

Sub-Saharan Africa

  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.
  • WorldRemit unveils new digital money transfer service for Kenya, Rwanda, Tanzania, and Uganda.
  • Forbes looks at the presence of fintech specialists – including representatives from Azimo and Standard Chartered – during UK Prime Minister Theresa May’s recent visit to South Africa, Nigeria, and Kenya.

Central and Eastern Europe

  • Entrepreneur.com features Fintech OS in a discussion on fintech innovation in Romania.
  • Fortytwo Data opens its first international office in Kiev, Ukraine.
  • Hungary to go live with instant payments in July of 2019.

Middle East and Northern Africa

  • Finastra joins Bahrain FinTech Bay to promote fintech innovation in the Middle East.
  • FinTech Hive, the biggest accelerator in the Middle East, Africa, and South Asia introduces its incoming startup cohort – 50% of which is fintech.
  • Sarwa, a wealth tech innovator based in the UAE, raises $1.3 million in pre-Series A funding.
  • United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.

Central and South Asia

  • India-based IT consultancy Wipro inks agreement with Alight Solutions.
  • Legendary investor Warren Buffett reportedly casts his gaze on India’s fintech market.
  • Tech in Asia features the 20 top-funded fintech companies in India.

Latin America and the Caribbean

  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Fintech Futures publishes a look at neobanks in Latin America.
  • LATAM Tech features Christine Chang of Startupbootcamp on the fintech startup scene in Latin America.

Asia-Pacific

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Bangkok Bank invites fintech startups to apply to its 12-week, InnoHub accelerator program.
  • Standard Chartered appoints Deniz Güven as CEO for its virtual bank in Hong Kong.
  • Visionet Data International and SmartPesa bring mPOS payment service, Mobey, to Indonesia.

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Finovate Alumni News

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  • Fiserv to power Philippine Veterans Bank’s digital transformation.
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  • Housing Wire profiles Mortgage Cadence‘s LOS, Borrower Center.
  • Thomson Reuters launches new targeted reporting solution, RTS 27, for newly-registered MiFID II Systematic Internalisers.
  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Tinkoff Bank enables movie ticket booking on the iOS version of its mobile app.
  • NCR releases managed services bundle for Community Financial Institutions (CFIs) to NCR channel partners.
  • WePay appoints Jennifer Parker as Chief Revenue Officer.
  • Neustar and Thunder join forces to deliver better customer experiences.
  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.

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.