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.

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.

Finovate Alumni News

On Finovate.com

  • Credit Karma Acquires Noddle to Launch in the U.K.

Around the web

  • Moneyhub announces integration with PensionBee API.
  • Outsystems unveils new program, outsystems.ai, to leverage AI and machine learning to improve software development.
  • Finastra introduces Open Banking Readiness Index for Asia Pacific region.
  • Trulioo reports ability to verify five billion people via its identity verification platform, Global Gateway.
  • Wipro collaborates with Check Point Software to offer cloud security services.
  • Unison expands with Goldwater Bank Partnership.
  • Flywire partners with the Dallas-Fort Worth Hospital Council to offer members payment solutions.
  • How I Built This podcast features Betterment founder Jon Stein.
  • Roostify names Courtney Keating Chakarun as new Chief Marketing Officer.

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

  • Onfido to Help Crowdfunding Platform Indiegogo Fight Fraud.

Around the web

  • The Technology Transformation Service of the U.S. General Services Administration awards $2 million bug bounty contract to HackerOne.
  • Mortgage Cadence integrates LoanBean’s income calculation solution into its end-to-end loan origination platform.
  • Minnesota-based Glenwood State Bank ($289 million in assets) to deploy Jack Henry SilverLake core banking platform.
  • Avaloq taps former Credit Suisse executive Michael Pahlke as Chief Service Delivery Officer (CSDO).
  • ID.me founder and CEO Blake Hall earns spot on Washingtonian’s Tech Titans 2018: Washington’s Top Tech Leaders.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
  • PromonTech integrates its POS platform, Borrower Wallet, with GSF Mortgage.
  • Forbes features Tina Hsiao is COO at WePay.
  • Fenergo doubles revenue for 2nd year & expands into new market segments.
  • ISARA partners with DigiCert and Gemalto to develop digital certificates and secure key management for connected devices.
  • Flywire partners with Allianz Global Assistance to enable families to purchase Allianz’s GradGuard Tuition Protection Plan.
  • Trustly’s Pay N Play solution to power Gaming Innovation Group fast-registration and withdrawal feature.

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.