Five Degrees Teams Up with Bankingblocks

Digital core banking technology company Five Degrees has partnered with Bankingblocks to help challenger banks and payment companies offer new banking solutions to their customers. The firm announced this week that it will leverage Five Degrees’ Matrix solution as its digital core banking platform in order to launch a wide variety of banking services to clients and partners around the world.

“We are looking forward to integrating additional services together into the Five Degrees platform over the coming 12 months to add even more value to our fintech customers,” said Bankingblocks CEO Daria Rippindale. “Five Degrees are the perfect core-banking platform for us, as their flexibility and modularity allow us to expand our banking and payment blocks easily and with speed.”

Bankingblocks provides a modular banking service to the fintech industry. The company combines a traditional European payment institution, agency banking, and acquiring licenses to provide a wide range of products and services including acquiring, alternative payments and banking services (IBANs), foreign exchange, clearing, and card issuing. Customers of Bankingblocks can also access solutions like integrated core banking platforms, front-end banking, and acquiring gateway services. The company’s modular approach enables customers to choose the specific configuration of financial services solutions they need, saving time and money and reducing the complexity of adding new digital offerings.

“It’s great to see how Bankingblocks is leveraging our digital core banking technology to provide ready to go modular banking services to existing and new fintechs,” Five Degrees CEO and co-founder Martijn Hohmann said. “Bankingblocks have built a great proposition by providing modular banking services and we are proud that we are supporting this with our digital core banking platform in the cloud.”

Five Degrees demonstrated its ability to build and configure a complete, end-to-end retail bank in the cloud at FinovateEurope 2019. The company’s “next-next-finish” process and UI enables professionals without IT experience to choose the type of app, the necessary modules, components, and activities, and have a bank-as-a-service ready to go in 45 minutes.

Earlier this year, we highlighted Five Degrees in our Earth Day feature on ways fintechs are helping businesses and consumers develop environmentally-friendly habits. Founded in 2010, the Netherlands-based company has raised $11.3 million (€10 million) in funding from investors including Karmijn Kapitaal and Velocity Capital Private Equity.

Finovate Alumni News

On Finovate.com

  • OurCrowd’s New Partnership Promotes Startup Investment in Europe.
  • Five Degrees Teams Up with Bankingblocks.
  • nCino to Power Digital Banking for South State Bank.
  • Digital Banking Platform Alkami Lands New $55 Million Investment.

Around the web

  • Voleo to participate in Google’s Digital Strategy program to boost user acquisition on its social trading application.

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

  • BeSmartee Unveils New Mortgage TPO Platform.

Around the web

  • Identitii is now a ‘Co-Sell Ready’ partner for Microsoft.
  • Feedzai launches tools to help banks offer account opening solutions with fraud prevention.
  • Bankingblocks leverages Five Degrees’ Matrix solution as its digital core banking platform.
  • Eurobank Group selects TemenosT24 Transact for its subsidiaries.
  • Insuritas Launches Tucson Federal Insurance Agency for Tucson FCU.
  • Former Mastercard executive David Yates joins Yoyo as chairman.
  • AlphaPoint names co-founder Igor Telyatnikov as its new CEO.

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.

On Earth Day (and Every Day) Paperless is the Way to Be

Today is Earth Day, and what better way to celebrate than to take a look at fintechs helping out the environment by promoting eco-friendly habits. Here we feature companies with technology that saves trees by reducing the amount of paper used in the industry.

We’ve rounded up a handful of environmentally friendly fintechs in three categories: digital invoicing, paper-free mortgages, digital receipt printing, and paperless onboarding.

Digital invoicing

By taking the invoicing process digital, small businesses not only save paper, they can also save time and potentially receive payment faster, freeing up working capital they can put back into their operations.

  • Paper.id provides SMEs with invoicing tools and payment integration. The company offers tools to help businesses issue their invoices digitally and receive payment via electronic payment methods. Paper.id demoed at FinovateFall 2018
  • Charlie-India’s Invoicing Hub is a white label e-invoicing platform for banks and service providers. The tools allow SME bank clients to send, view, process, and pay their invoices within the bank’s online interface. Charlie-India demoed at FinovateEurope 2018.
  • Tradeshift offers an e-invoicing service that connects companies with suppliers, customers and partners. Among the applications available on the platform are e-invoicing, electronic purchase orders, and automated document validation. Tradeshift demoed at FinovateEurope 2012.

Paper-free mortgages

Mortgage technology is one of the last frontiers in fintech. Regulation and oversight have made the home-buying process somewhat resistant to disruption. In the past few years, however, we’ve seen a handful of startups working to digitize the mortgage process, removing the need for hundreds of sheets of paper required to close a home loan.

  • Namaste Credit is an India-based startup that serves as an online marketplace for mortgage loans. The service connects borrowers with relevant lenders to help them find the loan that best suits their circumstance. Namaste Credit demoed at FinovateFall 2018.
  • Tavant Technologies offers VELOX, a suite of digital products ranging from searching for a home to closing on the loan. VELOX completely automates the process, making compliance more efficient and reducing the need for paper. Tavant Technologies demoed at FinovateSpring 2017.
  • Roostify seeks to give consumers a better way to find and purchase a home. The company’s digital platform offers everything from digital customer onboarding to transparent, digital fulfillment to help lenders offer their clients a more efficient mortgage borrowing experience. Roostify demoed at FinovateSpring 2018.h

Digital receipt printing

Many retailers ask customers if they want to keep their receipt, but even if the answer is “no” the cashier still prints the receipt and throws it in the trash behind the counter. Digital receipt printing eliminates both the paper– and the awkward line of questioning– all together by sending the customer an email receipt.

  • Dream Payments’ cloud-based platform offers a mobile POS device that not only accepts debit and credit cards, but also provides analytics, reports, and gives customers digital receipts. Dream Payments demoed at FinovateSpring 2015.
  • CardFlight offers an API that allows merchants to accept online and offline payments within their own app. The company’s encrypted mobile magstripe reader, combined with its API, offer flexibility while keeping payments– and receipts– digital. CardFlight demoed at FinovateSpring 2013.
  • ShopKeep’s POS technology takes a merchant’s cash register to an iPad. The register accepts a range of payments, from magstripe, to EMV, to Apple Pay; plus provides inventory management tools and purchase reporting analytics. The company’s mobile checkout flow also offers a paper-free, email receipt option. ShopKeep demoed at FinovateFall 2012.

Paperless onboarding

Considered a must for millennials, paperless onboarding not only speeds up the application process, it also reduces errors, eases compliance, and eliminates the need for in-person bank visits.

  • Five Degrees specializes in core banking technology. The company’s Matrix offering helps banks provide SMEs a fully automated, paperless loan onboarding experience. The paperless process lowers cost for both parties while expediting funds. Five Degrees demoed at FinovateAsia 2017.
  • Quadient, formerly GMC Software, helps organizations create a better customer experience. The company’s Mobile Advantage solution is an omni-channel tool that offers digital statements and billing, paperless onboarding, and client e-signature. In addition to improving the customer experience, this combination speeds up workflows and reduces error. Quadient demoed at FinovateFall 2017.
  • Mitek combines digital onboarding with identity verification tools. The company helps banks authenticate an applicant’s ID document and combines this with additional identifying paperwork. The supplemental documents not only verify the customer’s identity, but also provide additional information that can be used in loan underwriting to create a more complete picture of the applicant’s financial state. Mitek demoed at FinovateFall 2017.


FinovateEurope Sneak Peek: Five Degrees

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

fiveºdegrees is an end-to-end digital core banking solution provider. The company will demonstrate how it can spin-up and configure on the spot a complete end-to-end bank in the cloud.

Features

  • Spin up a new bank from scratch
  • Speed up innovation and digitization
  • Accelerate the entire fintech ecosystem

Why it’s great
You are only a few steps away from starting your new bank tomorrow.

Presenters

Peter-Jan Van De Venn, Managing Director, Business Development
Van De Venn built a career as a consultant and became a specialist in IT strategy and management at various companies, including setting up a practice focused on online financial business.
LinkedIn

Fridrik Reynisson, Director, Product Development
Reynisson has 20 years experience in the IT industry. He has led the development of the Matrix platform from the start. He is currently focusing on the strategy of fiveºdegrees’ product development.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Finovate Alums Raise More Than $4 Billion in 2018; $802 Million in Q4.

Around the web

  • Symbiont closes $20 million Series B in round led by Nasdaq Ventures.
  • New partnership helps Moven grow in MENA.
  • UNPay founder Zhang Zhenghua named as 2018 Golden Shell Award’s inaugural “Payment Industry Pioneer.”
  • Envestnet|Yodlee acquires Abe AI to drive Yodlee’s latest conversational AI solution.
  • Experian unveils first affordability check for gaming websites.

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.

Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio

A new partnership between U.K.-based ieDigital and Dutch fintech Five Degrees will pave the way for the launch of a new premier digital banking portfolio. The new solution marries ieDigital’s Interact digital engagement platform with Five Degrees’ digital core banking platform, Matrix, to help FIs develop end-to-end banking products that will help them spot and capitalize on revenue-generating opportunities.

“Our joint partnership strengthens the ability to help financial institutions transform progressively in order to meet future market needs, while ensuring a superior customer experience,” ieDigital CEO Jerry Young said. He called the collaboration with Five Degrees both “strategic and timely” and pointed to potential opportunities to help banks in Europe and around the world successfully execute their digital transformations.

Young joined the company as CEO at the beginning of the year. He brings more than 20 years of experience to ieDigital, including a tenure as VP of EMEA at Fiserv, and time spent as head of retail banking and insurance at Oracle.

Five Degrees CEO Martijn Hohmann said that the joint venture “provides financial institutions with the tools to offer a better experience for consumers when managing their finances on a daily basis.” He added that the partnership would add “world-class consumer oriented solutions” to its platform and help the company fulfill its goal of making it easier and more convenient for consumers to choose and interact with financial products.

In their press release, ieDigital and Five Degrees cited a Forrester study that indicated that too many financial services firms are focusing on making changes to their digital front end without paying similar attention to the core system. Referring to this as the “Potemkin Effect,” the companies noted that by offering a solution that combines the core with the engagement platform resolves this problem by providing a “seamless, digital, end-to-end experience that customers require.”

Founded in 1984, ieDigital demonstrated its Money Fitness solution at FinovateFall 2018. Money Fitness is a personalized, forward-looking PFM tool that helps consumers make better financial decisions while helping credit unions build their brands and strengthen their presence in their local communities. Formerly known as Intelligent Environments, ieDigital has partnered with four of the five largest banks in the U.K. and has deployed its Interact customer engagement platform in more than 28 countries.

With more than $11.4 million (€10 million) in funding, Five Degrees made its most recent Finovate appearance earlier this year at FinovateEurope. At the conference, the company demonstrated an implementation of its Matrix core banking technology with the wealth management platform, Prospery, developed by ABN AMRO.

Since then, Five Degrees purchased core banking IT systems provider, Libra, and teamed up with international business payments specialist, BillPro, to launch a new European cross-border banking service. The company was founded in 2009, and is headquartered in Amsterdam, Noord-Holland, the Netherlands.

Finovate Alumni News

On Finovate.com

  • Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio.
  • Sezzle’s $100 Million Line of Credit to Fuel Delayed Payment Tool.

Around the web

  • LoanScorecard unveils SimpleCECL, its solution for loan-level analyses for Current Expected Credit Loss (CECL).
  • Onfido wins 7th place in Deloitte’s 11 fastest growing tech companies in the U.K. roster.
  • OutSystems earns recognition in two categories of the 2018 Gartner Peer Insights Customers Choice reviews: Mobile App Development Platforms and Enterprise High-Productivity Application Platform as a Service (HPaPaaS).
  • Payment Ninja introduces new invoice management feature of its platform.
  • Diebold Nixdorf inks Memorandum of Understanding with Europol to boost cybersecurity knowledge sharing.
  • Entersekt announces plans to expand to Nordic region.
  • RightCapital partners with Commonwealth.
  • Onfido, Azimo, TransferWise, and Kantox earn spots on Deloitte U.K.’s Fast 50.

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

Around the web

  • Dutch fintech Five Degrees purchases core banking IT systems provider, Libra.
  • QuickBridge to participate in Lendio’s turndown lending program.
  • PasswordPing announces new Chief Executive Officer, Michael Greene. See PasswordPing at FinovateFall next month.
  • Identity-as-a-service specialist Onfido forges partnership with Claim Technology.
  • Alphacomm Solutions to deploy ACI Worldwide’s UP eCommerce Payments technology.
  • CurrencyFair acquires Hong Kong-based Convoy Payments.
  • PYMNTS.com interviews Entersekt SVP of engineering, Richard Bailey.
  • Bluefin and payment service provider Anderson Zaks partner to provide Bluefin’s PCI-validated Point-to-Point Encryption (P2PE) security solution to merchants and retailers.

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

  • Flywire Raises $100 Million for Global Expansion.
  • Five Degrees Acquires Icelandic IT Software Company Libra.
  • Yoyo Tops One Million User Milestone.
  • Coinbase Enables European Customers to Buy Virtual Gift Cards with Crypto.

Around the web

  • The Motley Fool interviews Q2 Holdings CEO Matt Flake.
  • AlphaPoint hires Kristin Boggiano as Chief Legal Officer.
  • Entrust Datacard unveils TruCredential 7.5 software that enables tablet and mobile-based capture and issuance of ID cards.
  • America’s Credit Union partners with Insuritas to launch member owned insurance agency.

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.