Three Canadian Credit Unions Take Fiserv DNA

Fiserv has gained three Canadian credit unions for its DNA core system, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

These are Carpathia Credit Union, based in Winnipeg, Manitoba, and Toronto-based duo, Estonian Credit Union, and Parama Credit Union.

Canadian service provider, Celero, has been recruited to work on the projects, having implemented Fiserv solutions at other Canadian credit unions over the years.

Drivers given for the decision include a desire to automate and streamline operations, simplify the creation of new products, and activate a full range of integrated digital services for their members.

Among other reasons for the selection, Nick Rawluk, CEO at Carpathia Credit Union, cites, “the proven track-record of continuous investment in DNA”.

DNA, which Fiserv acquired with Open Solutions in early 2013, is used by more than 100 credit unions in Canada, including 60 of the top 100 based on assets, serving more than 1.2 million members.

The Microsoft and Oracle-based system started life in the early 1990s as The Complete Banking Solution (TCBS). From the outset there was a credit union version with the same code base, The Complete Credit Union Solution (TCCUS), and this has always been a strong sector for the system.

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.

Amazon Pay Fuels P2P in India; Fenergo Makes Friends in Bahrain

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

  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • Wamda interviews Mohamed Okasha, co-founder of Egypt-based electronic payment gateway, Fawry.
  • Mercury Payment Services, a Dubai-based financial services company, to deploy AML technology from Fiserv.

Central and South Asia

  • TechCrunch: India tops China as destination for fintech investment.
  • Amazon Pay launches P2P payments for Android users in India.
  • Myamar-based financing platform Daung Capital closes Series A round after securing additional funding.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • WealthForge Unveils Alt Investing Platform Altigo.

Around the web

  • Three Canadian Credit Unions select Fiserv’s core platform.
  • Ripple to power instant global payments for Ria Money.
  • Persistent Systems joins Siemens’ MindSphere Partner Program to bring Industrial IoT solutions to market.

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

  • NYMBUS Helps Drive PNB’s New Digital Only Bank.

Around the web

  • Mercury Payment Solutions and Arion Bank select Fiserv AML Technology.
  • Challenger bank Monzo to use Jumio’s Netverify for customer identity authentication.
  • Neener Analytics selected by FIS for investment and participation in The Venture Center Accelerator
  • Launchfire wins Gold at the 2019 Hermes Creative Awards.
  • Jack Henry & Associates named a Best Place to Work in Kentucky for Seventh Consecutive Year.

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.

Indian Fintechs Raise Capital; Expensify Partners with Asian RideShare Startup

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

  • India’s ZestMoney raises $20 million in new funding.
  • Fiserv to streamline and automate cash management processes for Eurasian Bank of Kazakhstan.
  • Indian digital investment advisor Kuvera raises $4.5 million in Series A financing.
  • Telecom operator Tcell and Wallet Factory launch mobile financial app, TezSum, in Tajikistan.
  • Cashfree, an Indian payments company, raised $5.5 million in a round led by Smilegate Investment.

Latin America and the Caribbean

  • Brazilian credit marketplace FinanZero raises $11 million in Series B funding.
  • Tencent Holdings invests in Argentine mobile payments app Uala.
  • Euromoney considers the battle for dominance in Brazil’s emergent fintech space.

Asia-Pacific

  • Expense management specialist Expensify integrates with Southeast Asia-based ride share company Grab.
  • WorldRemit initiates international transfers to UnionPay debit cards in China.
  • Singapore machine learning data analytics firm AIDA picks up investment from Mastercard.

Sub-Saharan Africa

  • Ghanan fintech KudiGO raises $450,000 in seed funding.
  • The Financial Times looks at the rise of mobile money in Kenya.
  • South African accelerator and incubator Founders Factory Africa (FFA) and Standard Bank welcome five fintech startups to their incoming class.

Central and Eastern Europe

  • Sberbank partners with Digital Horizon and Gazprombank to support biometric technology company Speech Technology Centre.
  • Billon Solutions wins approval from Polish Financial Supervision Authority to operate as a registered e-money institution.
  • N26 announces plans to open a technology and innovation center in Vienna, Austria.

Middle East and Northern Africa

  • Vocalink brings real-time payments to Saudi Arabia courtesy of new partnership with Saudi Payments, a subsidiary of the Saudi Arabian Monetary Authority.
  • Investors from the Qatar Investment Authority believed to participate in SoFi’s $500 million funding round.
  • Financial Times looks at financial inclusion and “homegrown fintech” in Iraq.

Top image designed by Freepik

Kazakh Eurasian Bank Upgrades Cash Tech with Fiserv

Kazakhstan-based Eurasian Bank has signed with Fiserv to streamline and automate its cash management processes with technology from Fiserv, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The bank is implementing a range of cash and logistics solutions to enable web-based cash supply chain management and provide real-time visibility into cash needs.

This can allow the bank to centralize currency management, giving the bank a unified view of cash needs “rather than needing to piece together multiple sets of information.” Staff can then more accurately forecast cash needs across the bank’s ATM and branch network based on customer demand.

“Kazakhstan has a cash-based economy, and our customers have to be able to reliably access cash in order to conduct their daily lives,” said Natalia Iliyashenko, head of operations at Eurasian Bank. “With Fiserv, we will be able to gain a better view of where cash is across our entire network, so we can make sure money is available when and where our customers need it.”

“Access to cash is a defining component of banking convenience for Eurasian Bank customers,” said Lee Cameron, managing director of EMEA at Fiserv.

“Being able to optimise cash levels at our branches and self-service devices allows us to reduce our overall operating expenses,” continued Iliyashenko.

When cash sits idle in a bank or in a self-service device, like an ATM, it is costly for the financial institution because that money cannot be used for another purpose, such as funding a consumer loan.

Yet if there is not enough cash in the device for a customer to make a withdrawal, there is increased risk that a customer will take their banking business elsewhere. Through technology, banks can make certain the right supply of cash is available at branches, ATMs or any other self-service devices.

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.

Finovate Alumni News

On Finovate.com

  • Kazakh Eurasian Bank Upgrades Cash Tech with Fiserv.
  • Token.io Teams Up with Omnio Group to Boost Open Banking.
  • Financeit to Power Mobile POS Financing for ServiceTitan.
  • Expensify Integrates with Southeast Asia Ridesharing Company Grab.

Around the web

  • The Five Minute Founder podcast interviews Jake Tyler, Finn AI CEO.
  • STRANDS and adorsys expand their partnership for digital transformation for global financial services.
  • Signifyd to power fraud protection for Solupay’s NetSuite SuitePayments.
  • Kony ships Kony Quantum for Microsoft Azure and Kony DBX digital banking suite on Kony Quantum for Azure.
  • Connect Financial Software Solutions partners with CuneXus to offer the CuneXus perpetual loan automation platform to its credit union clients.
  • Georg von Brevern joins Ixaris as Chief Legal and Compliance Officer.
  • Telenor to acquire majority stake in the Finnish telecom operator DNA.
  • Crypterium launches Crypterium SX, an AI-based system that ensures all transactions get the best exchange rates available.
  • Omnio Group and Token.io partner to deliver open banking and PSD2 compliance to Omnio’s financial institution customers.
  • Raiffeisen Bank International partners with Feedzai to bring advanced ML to European banking to fight fraud.
  • Jack Henry’s ProfitStars unveils Gladiator Total Protect, a suite of managed IT, network security, and compliance services to enhance banks’ cybersecurity and compliance management.

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.

African Unicorn Jumia Opens on NYSE; UAE’s Finablr Eyes $200M IPO

Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • UAE-based payments company Finablr prepares for a $200 million IPO.
  • Emirates NBD launches its WhatsApp Business Solution.
  • Awok.com, a mass market ecommerce platform based in the UAE, raised $30 million in Series A funding.

Central and South Asia

  • Indian fintech BharatPe secures $15.5 million in Series A round to help provide UPI QR codes to merchants.
  • TechCrunch: PayU’s $70 million acquisition of Wibmo signals the company’s interest in the Indian market.
  • Entrepreneur India takes a look at what investors like about Indian fintech.

Latin America and the Caribbean

  • Brazilian SME lender Weel raises $30 million courtesy of investment from Franklin Templeton.
  • Mexico’s Banco BASE partners with Volante Technologies for end-to-end payment processing solutions.
  • PaymentsJournal reviews the surge in the number of new unicorns among Latin American fintech startups.

Asia-Pacific

  • TurnKey Lender receives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
  • WeLab, a Hong Kong based mobile lender, earns virtual banking license.
  • Fintech Singapore features its list of the top 10 fintech firms in Thailand for 2019.

Sub-Saharan Africa

  • The ecommerce marketplace known as the “African Amazon,” Jumia, begins trading on the New York Stock Exchange.
  • Top African finance app Branch lands $170 million in financing led by Foundation Capital and Visa.
  • Nigeria-based bank agent network Kudi raises $5 million in Series A.

Central and Eastern Europe

  • Microblink introduces new document scanning app, BlinkCard.
  • Estonia to bid for developing national ID system, PhilSys, in the Philippines.
  • Fiserv helps Hellenic Bank streamline payments.

Top image designed by Freepik

Fiserv Helps Hellenic Bank Streamline Payments

Fiserv announced a partnership with one of the most innovative banks in the Mediterranean region today. The financial services technology company will help Hellenic Bank pursue its digital transformation by providing the Cypress-based institution with its Dovetail Payments Platform.

“Hellenic Bank is leveraging advanced payments technology to ensure that they are well positioned to meet the needs of their customers in a rapidly changing digital landscape,” Fiserv President of Enterprise Payment Solutions Jan Kruger said.

The technology will give Hellenic Bank a single platform from which to manage all payment types and clearing schemes, enabling the bank to move away from multiple siloed payment systems, streamline its payments architecture, and support process automation.

In a statement, Hellenic Bank COO Phivos Leontiou highlighted this aspect of the Dovetail platform. He pointed out that the diverse needs of the bank’s customers have traditionally been met with “a variety of payment systems.” With Dovetail providing a centralized payment platform, Leontiou explained, “we have been able to streamline our payments operations while offering the payment options customers expect. We’re also able to easily add capabilities, such as support for new real-time payment schemes.”

One of the largest banks in Cyprus, Hellenic Bank opened for business in 1976. The firm has 180 retail branches; ten business, corporate, and shipping centers; three international business centers, and 2,600 employees. In 2018, the bank acquired “certain assets and liabilities” of the Cyprus Cooperative Bank which helped establish Hellenic Bank as the island’s leading retail and SME bank.

Fiserv demonstrated its Commercial Center: Security platform at FinovateFall 2017. The technology protects Fiserv’s business banking and cash management application, Commercial Center, as well as other online banking apps such as lockboxes, business billpay, and remote deposit. Commercial Center: Security also offers data reporting, electronic payment, and file transfer processing, and features cash management functionality that is optimized for digital channels.

Last year at FinovateSpring, the company partnered with Samsung SDS to present the integration of the company’s SDS biometric authentication with its Commercial Center platform.

More recently Fiserv announced that it was working with NationalLink to support the use of smart safes in supply chain management. The company has been busy forging partnerships with banks and credit unions in 2019, inking deals with HealthCare First CU and Portland Local 8 FCU in March, and partnering with Kazakhstan’s Halyk Bank, Kentucky’s Forcht Bank, and New York Community Bancorp in February.

In January, Fiserv launched a new mortgagetech solution, Mortgage Momentum, that leverages workflow automation to streamline the loan origination process.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv began the year with an announcement that it was merging with payments giant First Data Corporation in a deal valued at $22 billion.

Finovate Alumni News

On Finovate.com

  • Kabbage Pulls in $700 Million in Debt Funding.
  • Fiserv Helps Hellenic Bank Streamline Payments.

Around the web

  • Eurobits Technologies and Trustly partner to help form European Third Party Suppliers Association (ETPPA), a non-profit that strengthensThird Party Suppliers (TPP) around PSD2.
  • Flywire adds machine learning capabilities to its payment platform.
  • Altfi: SocietyOne plans to triple peer-to-peer market share despite Australian ‘challenges.’
  • OnDeck offers same day funding for small business.
  • Cardtronics integrates FIS’ Cardless Cash into ATMs.
  • Identitii partners with Trace Financial Limited to enable the conversion from MT to MX message formats without data truncation or loss of payment message information.
  • Azimo earns license from Dutch Central Bank.
  • InComm named 2018 Vendor of the Year by 7-Eleven.
  • Varo Money chooses NICE Actimize as its AML technology vendor.
  • Capsilon partners with Home Point Financial to launch its new underwriting solution, Capsilon Digital Underwriter.

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 NationalLink Maximize Smart Safe Technology

Just a few weeks after revealing a pair of new credit union clients, Fiserv is back in the fintech headlines. The company announced that NationalLink will deploy Fiserv’s CorPoint cash supply chain management software to help maximize its use of smart safes. This will include gaining the ability to access smart safe data regardless of location.

Smart safes support the accounting and validation of in-store cash payments, and are typically only able to run on the proprietary cash management software of their manufacturer. Fiserv’s CorPoint can accept data from any smart safe, as well as consolidate data from different smart safes into an all-encompassing view of cash status.

CorPoint also provides real-time access to audit-level views of cash deposits, balances, and pickups. The platform allows users to aggregate and segment data by cashier, denomination, location, and other factors.

“For many consumers, cash remains a preferred form of payment, but cash is labor-intensive for merchants to manage,” Fiserv SVP and GM for Fraud, Risk, and Compliance Shawn Holtzclaw explained. “Merchants are actively seeking ways to improve cash management efficiency, and NationalLink is meeting this demand with a single platform that provides a holistic, hardware-agnostic view of smart safe transactions.”

NationalLink provides cash handling solutions, including complete ATM solutions and armored cash management services. The firm’s network of 16,000 ATMs reaches all 50 states of the U.S., as well as the Virgin Islands, Puerto Rico, and American Samoa. The company was founded in 1992 as a merchant services acquirer.

Fiserv joined Samsung SDS on the Finovate stage last spring to demo the integration of Samsung SDS’ biometric authentication and collaboration solution into its Commercial Center: Security (CC:S) product. Founded in 1984 and based in Brookfield, Wisconsin, Fiserv announced at the beginning of the year that it would merge with First Data Corporation in an acquisition valued at $22 billion.

Finovate Alumni News

On Finovate.com

  • Fiserv Helps NationalLink Maximize Smart Safe Technology.
  • Mastercard to Acquire Digital Commerce Fraud Fighter Ethoca.

Around the web

  • Carsharing firm HyreCar leverages identity verification technology from Mitek for its mobile onboarding app.
  • PayPal invests $750 million in Argentina’s e-commerce company, MercadoLibre.
  • Tinkoff Bank reports 2018 highlights including launch of new mortgage app, a joint P2P money transfer offering with Sberbank, and more than 2.7 million new active credit customers.
  • Best of Show winner Voleo chosen to participate in Netherlands-based fintech research program.
  • ThreatMetrix teams up with Blue Turtle Technologies to help market its fraud prevention solution to customers in Africa.
  • ArthaYantra wins Fintech of the Year (India) at The Asset Triple A Digital Awards.
  • Stash launches Stock-Back, a rewards program to bridge banking and investing.
  • Jack Henry to collaborate with the Zelle Network to launch JHA PayCenter.
  • InComm expands into lottery industry with Linq3 Technologies acquisition.

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.