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Tracking fintech, banking & financial services innovations since 1994
One month after digital core banking provider Five Degreesannounced its collaboration with fellow Finovate alum W.UP, the company is back in the fintech headlines with another round of partnership news: digital security platform Entersektwill join its Open Banking Marketplace.
“Partnering with Entersekt is testament to our vision for the future of banking and finance so we are delighted to welcome the company as part of our Open Banking Marketplace,” Five Degrees EVP Peter-Jan van de Venn said. “Our marketplace is championing a culture of collaboration throughout the industry, enabling us to provide a better customer experience via interconnected APIs.”
In their statement, the companies indicate that the partnership between the two companies will help financial service providers perform better both at home in Europe as well as in their global banking and finance operations. Five Degrees Open Banking Marketplace is designed to encourage financial services companies and fintechs to work together to build engaging digital customer experiences, increase their own efficiencies, and make regulatory compliance easier.
“(We) help tens of millions of end users across the globe, securing 150 million digital transactions every month in 45 countries,” Entersekt CEO Schalk Nolte said. “We look forward to being part of five degrees’ Open Banking Marketplace and are confident that our partnership will drive further innovation in (digital services) and help our mutual customers differentiate themselves from the competition.”
Entersekt’s Chief Technology Officer presented “Securing Mobile Applications through Transport Layer Diversity” at our developers conference, FinDEVr Silicon Valley, in 2014. The South African company, which was founded in 2008, opened its second office in Cape Town in April, and that same month was named to the Wealthtech 100. Entersekt teamed up with fellow Finovate alum BioCatch in March to offer financial services companies a “one-stop-shop” for security solutions such as continuous and multi-factor authentication, passwordless login, and enhanced remote user registration.
In its most recent Finovate appearance at FinovateEurope 2018, Five Degrees demonstrated its digital wealth management solution, Prospery. Founded in 2009 and headquartered in Amsterdam, the Netherlands, the company was selected last month to join the Kickstarter Innovation Program. In June, Five Degrees announced a partnership with Bankingblocks to assist challenger banks and payment companies as they offer new solutions to their customers.
With $11 million (€10 million) in funding, Five Degrees includes Karmijn Kapitaal and Velocity Capital Private Equity among its investors.
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.
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.
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’sInvoicing 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.
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.
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.
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.
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.
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