Finovate Alumni News

On Finovate.com

  • MaxMyInterest Unveils High Yield Account Max Checking.

Around the web

  • Finastra announces two new apps built via its FusionFabric.cloud open development platform.
  • Fiserv inks partnership with DUCA Financial Services Credit Union, a Toronto, Ontario, Canada-based institution with more than 70,000 members.
  • Ripple’s “acqui-hiring” of the engineering team from Icelandic crypto trading company Algrim helps pave the way for its entry to the country.
  • Flywire and JCB International partner to allow select cardholders to use their JCB card to pay tuition.
  • More than 60 lenders join the CrediVia marketplace to source commercial loans.
  • Bill.com now facilitates payments in more than 130 countries and 100+ currencies.
  • Dwolla partners with TransferMate Global Payments to allow customers and their end users the ability to make and receive international payments.
  • Quadient parent company Neopost changes its name to Quadient.
  • InComm partners with Mizuho Bank to expand J-Coin Pay in Japan.

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 Get Funded; Finastra, Avaloq Bring New Leadership to APAC

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Middle East and Northern Africa

  • A partnership between R3 and Dubai’s platform-as-a-service company Wethaq will help digitize Islamic capital markets.
  • Working capital solution provider Demica goes live with supply chain finance technology from Saudi British Bank.
  • National Bank of Bahrain unveils new bulk cash deposit machines with secured with a biometric scan.

Central and Southern Asia

  • BharatPe, a digital payments company based in New Delhi, raises $50 million in new funding.
  • Tech Mahindra teams up with Adjoint to launch blockchain-based enterprise financial management and insurance services.
  • Bangalore-based fintech CRED announces $120 million funding round.

Latin America and the Caribbean

  • Mexican online lender Credijusto announces $42 million investment from Goldman Sachs and Point72 Ventures.
  • Brazilian online personal loan platform REBEL raises $42.2 million via financial loan securitization.
  • Forbes interviews Nubank founder and CEO David Vélez.

Asia-Pacific

  • Finastra taps Wissam Khoury as new head of its Asia Pacific (APAC) team.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • Avaloq appoints Imad Abou Haidar as its new Head of Asia.

Sub-Saharan Africa

  • South Africa’s Nomanini inks $4 million deal with Standard Bank.
  • Brink News looks at the “game-changing” potential of fintech in sub-Saharan Africa.
  • SME financing solution provider Nvoicia takes top honors at Seedstars Ghana competition.

Central and Eastern Europe

  • Tremend Software Consulting announces strategic partnership with Mastercard Romania.
  • CIO of AXA Poland Oliver Schemberg talks about the “people-led strategy” behind the success of its digital transformation.
  • SumUp opens new office in Vilnius, Lithuania.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • LeasePlan Bank Opts for Ohpen’s Core Banking Technology.
  • 3E Software’s Teslar Scoops Up $1.8 Million.

Around the web

  • PNC now using Ripple’s XRP for cross-border payments.
  • Mortgage Media interviews Steve Butler, founder and GM of AI Foundry.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • InSpirAVE is being issued its first patent for the technology underlying its savings social network system. The patent is part of the company’s portfolio of patents published internationally.

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

  • Trade Finance Specialist IIG Bank Goes Live with Temenos Infinity, Transact.
  • Signifyd Offers Ecommerce Protection for Trellis Customers.
  • Ondot’s Transaction Intelligence Deciphers Payment Data.

Around the web

  • Onfido to provide identity verification for blockchain identity and payment solution provider Civic.
  • Ping Identity successfully completes financial grade API (FAPI) conformance testing.
  • EdgeVerve Systems unveils AssistEdge RPA 18.0 to help organizations reach broader automation coverage of their processes.
  • iSignthis inks Australian Principal Member licensing agreement with Visa.
  • Business Insider highlights Flywire CEO’s unique way of attracting investment.

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

  • SheerID Launches Instant Student Verification in 190+ Countries.
  • HooYu and NatWest Collaborate to Offer Account Opening By Selfie.

Around the web

  • Flywire partners with Student Loan Company to provide additional payment options for SLC’s overseas customers.
  • CREALOGIX announces the departure of CFO Philippe Wirth, who has served in this capacity since April 2017.
  • Ascend FCU ($2.5 billion in assets) to deploy Jack Henry & Associates’ Symitar Episys platform.

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.

Flywire Offers Chinese Students and Patients Discounted FX Rates

Global payments platform Flywire is extending its agreement with China’s UnionPay, the Massachusetts-based company announced today.

The two are re-launching a program that discounts foreign exchange rates on cross-border tuition and healthcare transactions. The initiative, which first launched last spring, is available to all UnionPay cardholders making payments originating in China. The rate on foreign exchange payments made to participating education and healthcare facilities will be the same as a local bank transfer.

“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” said Ryan Frere, vice president of global payments for Flywire. “For Chinese students and patients making cross-border payments, UnionPay is the most preferred and trusted brand. We’re pleased to expand this program and bring valuable savings to more payers and institutions.”

UnionPay is a smart partner pick for Flywire. The bank’s home country is the number one origination of students studying abroad. More than 662,000 Chinese citizens studied abroad last year, a figure up 9% from 2017. Medical tourism is also popular among Chinese citizens; more than 630,000 Chinese patients traveled abroad for medical care in 2018.

Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.

In addition to its Boston headquarters, the company has offices in Chicago, London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, and Sydney.

Finovate Alumni News

On Finovate.com

  • Simple’s Payments Go Analog with Paper Checks.
  • Fenergo Supports Bahrain’s Blockchain-Based KYC.
  • Flywire Offers Chinese Students and Patients Discounted FX Rates.
  • doxo and Plaid Team Up to Bring Overdraft Protection to Billpay.

Around the web

  • ACI extends partnership with Vocalink into Saudi Arabia to facilitate the adoption of real-time payments through ACI’s UP Real-Time Payments solution.
  • First National Bank selects ProfitStars’ Commercial Lending Center Suite.
  • Centrale Kredietverlening selects nCino for its Bank Operating System.
  • Wipro develops blockchain-based solution with R3 to power digital currency transactions for Thailand banks.
  • Klarna and Stripe partner to offer Klarna’s Pay in 3 to Hideout festivalgoers through ticketing platform Kaboodle.
  • Forbes highlights BioCatch’s behavioral biometrics fraud prevention technology.
  • Insuritas and Tower Hill Specialty partner to bring Tower Hill’s property products to market through Insuritas’ bank partner network.
  • NIIT Technologies partners with Blue Chip to bring its wealth management application to Blue Chip’s IBM POWER.

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

  • Capital Bank of Jordan Selects Backbase for Digital Transformation.
  • StockTwits Launches Free Online Trading.

Around the web

  • Validis’ DataShare to integrate with Baker Hill NextGen.
  • Insuritas partners with Nymeo FCU to launch digital insurance agency.
  • SGX orders Ayondo to shelve planned disposal of unit.
  • TechCrunch reports: Coinbase launches in 11 countries with crypto-to-crypto conversions.
  • Jack Henry & Associates recognized on Forbes’ America’s Best Employers List for third consecutive year.
  • Flywire integrates with TRUE North to connect the application, enrollment and cross-border payment and receivables processes to bring transparency to education payments.

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.

How Flywire Uses Machine Learning

With all of the talk about the benefits of enabling technology such as AI and machine learning, it’s not a surprise to see global payments platform Flywire getting in on the action. The Massachusetts-based company recently announced that it is leveraging machine learning to improve its payments and receivables solution.

Flywire’s recent machine learning updates allow the company to improve payment-to-settlement time, increase security, and automate payment reconciliation. The updates replace a legacy, rules-based system that was used to perform invoice reconciliation. Using machine learning reduces manual effort, supports changing business requirements, and minimizes human error.

Additionally, the machine learning algorithms can easily learn and support new payment methods, confirm payment sources, and optimize foreign exchange conversion. They also help reduce fraud by detecting anomalous payments and flagging them for Flywire’s compliance team.

“Accepting payments across borders is a highly complex process that increases the cost of collecting monies, opens up FX and fraud risks, and requires enormous operational investment,” said Jason Moens, VP of Product at Flywire. “As more and more businesses and institutions leverage our platform to address these challenges, we continue to look for new ways to enhance its capabilities. The addition of advanced machine learning further streamlines our clients’ payment and receivable operations and removes more of the potential risks that can negatively impact fundamental parts of their business.”

Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. While this flagship market makes up 80% of Flywire’s revenue, the company has since rebranded and expanded to tackle international payments for healthcare, travel, and businesses. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.

Last summer, Flywire raised $100 million to promote global expansion and fuel its bourgeoning healthcare and business segments. The investment boosted the company’s total funding to $143 million. Mike Massaro, who EY named a finalist for Entrepreneur of the Year, is Flywire CEO.

Finovate Alumni News

On Finovate.com

  • NIIT Technologies to Acquire WHISHWORKS IT Consulting.
  • How Flywire Uses Machine Learning.

Around the web

  • NetGuardians partners with the University of Applied Sciences and Arts in Western Switzerland to improve ML and AI software for financial fraud detection and prevention.
  • Brewin Dolphin, one of the U.K.’s largest wealth managers, selects Avaloq’s software as a service solution for its back office infrastructure.
  • The Paypers: Worldline rolls out payment solution for online marketplaces.
  • Payjo relaunches as Interface.ai with a new interface, a new brand, and a platform for intelligent virtual assistants.
  • TurnKey Lender receives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
  • Mambu to open a second North American-based office this year.
  • Authority Magazine interviews Ed O’Brien, CEO of eMoney Advisor.

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.