IBM Launches Hyper Protect Accelerator for Pre-Series A Startups

Early-stage, next generation fintechs are the target of the new accelerator program launched by IBM this week: The IBM Hyper Protect Accelerator Powered by IBM LinxuOne. Selected companies will collaborate with IBM and its partners, IBM Alpha Zone, Queen City Fintech, and MEDICI as they work to turn their startups into “sustainable and scalable companies.”

A total of fifteen early-stage, pre-Series A startups from both fintech and healthtech will be selected for the program. The application window closes at the end of July, and companies are expected to be selected in September. Later that fall, startups will participate in an in-person workshop event where they will have the opportunity to demo their solutions before an audience of IBM partners, customers, and investors.

IBM will provide the companies with a virtual mentorship of monthly one-on-one and quarterly all-hands check-ins for two years after completing the program. The startups will also benefit from a one-year business mentorship, with monthly and quarterly consultations, and the opportunity for the startup to participate in a second in-person demo day.

Companies in the program will be able to access technical workshops from IBM, and take advantage of a 300+ member network of business mentors and technical support. Startups will also have access to up to $10,000 a month in IBM cloud technology credits that can be applied each month to access IBM Cloud Hyper Protect Services. Up to $120,000 in credit can be earned by startups by the end of the program.

IBM will leverage its LinuxONE server platform to power IBM Cloud Hyper Protect Services and provide the kind of highly secure environment necessary for fintech and healthtech companies that need to protect sensitive data in cloud native apps. The highly scalable platform will also ensure that program participants will enjoy maximum uptime and availability.

IBM has been a Finovate alum since 2016 when it demonstrated its Client Insight for Wealth Management solution. The company has also been a participant in our developers conferences, presenting the Implementation of the Hyperledger Project at IBM with Blockchain as a Service at FinDEVr Silicon Valley 2016. Most recently, IBM Security demonstrated its IBM Trusteer New Account Fraud solution at FinovateEurope 2018.

Categories: IBM

Finovate Alumni News

On Finovate.com

  • When Stockholm Met Silicon Valley: Trustly to Merge with PayWithMyBank.
  • IBM Launches Hyper Protect Accelerator for Pre-Series A Startups.

Around the web

  • Multiple Finovate alums listed on Growjo’s list of 10,000 fastest growing companies.
  • Minna Technologies partners with Visa to enable subscription management through European retail banks.
  • Trust Science partners with Inovatec Systems Corporation to release an automated lending platform.
  • BeSmartee integrates with LoanBeam to streamline the mortgage loan application process.
  • Lendio CEO Brock Blake named EY Entrepreneur Of The Year finalist.
  • Revolut goes live in Australia as beta offering.

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

  • Gusto Teams with Trainual to Automate Job Role Training.
  • Finovate Global: Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA.

Around the web

  • Green Dot helps Walmart customers move more than $2 billion through the program’s virtual Vault savings program.
  • Top Image Systems shareholders approve acquisition by Kofax.
  • BuyerQuest joins the Tradeshift platform as an app partner.
  • American Banker highlights how PayNearMe helps marginalized cash users partake in ecommerce.
  • Trustly grows to 300 employees.
  • Silicon Canals features SumUp, Aire, Revolut, and Zopa in its list of top fintech companies to work for in London.
  • Ripple, IBM, SWIFT and nearly 100 other organizations launch the International Association of Trusted Blockchain Applications (INATBA).
  • Forrester Research recognizes bpm’online as a “strong performer” in digital process automation for wide deployments in Q1 of this 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.

IBM Debuts Blockchain Network for Cross-Border Payments

 

IBM has unveiled a global blockchain network, Blockchain World Wire, that will offer near real-time cross-border payment exchange and international settlement. Blockchain World Wire can transfer funds in 47 currencies to locations in 72 countries, and the company is calling it the first blockchain network of its kind to integrate payment messaging, clearing and settlement in a single unified network.

“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most,” General Manager of IBM Blockchain Marie Wieck said. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”

Blockchain World Wire leverages the Stellar protocol to support point-to-point money transfers, cutting out the intermediaries of conventional correspondent banking. World Wire also shortens settlement time by transmitting value via digital assets (i.e., cryptocurrencies or stable coins).

The network currently supports settlement with Stellar Lumens and a U.S. dollar-based stable coin. Six global banks have signed letters of intent to issue their own stable coins on the network, which will add the Euro, the Indonesian Rupiah, the Philippine Peso, the Korean Won, and the Brazilian Real to the mix.

Rizal Commercial Banking Corporation (RCBC) of the Philippines and Banco Bradesco of Brazil are among the banks that have announced their participation in IBM’s new initiative. Representatives from both institutions highlighted “innovation” and the need to “enhance” or “add value” to the customer experience as key factors in the decision to join the network. Also believed to have signed a letter of intent is South Korea’s Banco Busan.

IBM participated in our developers conference, FinDEVrNewYork 2017, discussing the IBM Cloud for Financial Services. The company’s security division, IBM Trusteer, demonstrated its latest technology to fight new account fraud at FinovateEurope earlier this year. A leader in open source blockchain technology solutions for the enterprise, IBM has a market capitalization of $124 billion, and trades on the New York Stock Exchange under the ticker “IBM.”

Categories: IBM

Finovate Alumni News

On Finovate.com

  • IBM Debuts Blockchain Network for Cross-Border Payments.
  • Finovate Global: PayPal in Argentina; Temenos Backs African Challenger Bank.

Around the web

  • Envestnet to acquire PIEtech, maker of MoneyGuide, in $500 million deal.
  • HooYu partners with online lottery betting operator, Lottomart, to help the Gibraltar-based firm meet AML requirements.
  • Wipro launches its AI and machine learning-powered accounts payable, KYC, and other solutions on Amazon Web Services.
  • Polish neo bank Nest Bank unveils new lifestyle services module, Finanteq’s SuperWallet, to its mobile banking app.
  • FindBiometrics interviews Biometric Signature ID CEO, President, and founder, Jeff Maynard.

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 Global: Fintech News from Around the World

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-based investment app Groww picks up $6.2 million in BBVA-led Series A funding.
  • Uzbekistan’s Digital Trust Fund inks deal with tokenization and securitization service provider BANKEX to bring blockchain technology to government agencies.
  • Entrepreneur.com India interviews Razorpay CTO and co-founder Shashank Kumar.

Latin America and the Caribbean

  • Jamaica Stock Exchange announces successful digital asset trading pilot with Canadian fintech Blockstation.
  • Bolsa de Valores de Panamá goes live with new trading system from Nasdaq.
  • Private equity firm Advent buys $1.42 billion majority stake in Prisma Medios de Pago, an Argentina-based payments firm.
  • Mexican challenger bank Albo raises $7.4 million Series A.

Asia-Pacific

  • IBM announces $250 million partnership with the Bank of the Philippine Islands.
  • UNPay founder Zhang Zhenghua named as 2018 Golden Shell Award’s inaugural “Payment Industry Pioneer.”
  • Hong Kong’s Atom cryptocurrency exchange, AAX, prepares for Hong Kong launch in the first half of this year.

Sub-Saharan Africa

  • Absa to deploy AI to help customers in South Africa switch bank accounts.
  • Nigeria’s Nairametrics lists its Fintech companies to watch out for in 2019.
  • The first online insurance distribution solution in Mozambique, Askari Fintech, opens for business.

Central and Eastern Europe

  • Bankart wins final approval from Slovenian Central Bank to go live with Net’s instant payment solution.
  • CryptoNews looks at the rise in interest in fintech and blockchain technology in Lithuania.
  • Czech fintech Twisto to launch operations in Romania.

Middle East and Northern Africa

  • New partnership helps Moven grow in MENA.
  • Iraq’s Al Mustashar Islamic Bank goes live with ICS Financial Systems’ core banking system, ICS Banks Islamic.
  • Entrepreneur.com talks with Padmini Gupta, co-founder and CEO of UAE-based fintech Rise about democratizing access to financial services.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Onfido to Accept Bitcoin Payments Courtesy of Partnership with BitPay.

Around the web

  • eToro adds decentralized payments network, ZCash, to its product suite.
  • IBM announces $250 million partnership with the Bank of the Philippine Islands.
  • Ping Identity announces significant updates to its PingIntelligence for APIs cybersecurity solution.
  • OutSystems reports record revenue in 2018, as well as adding hundreds of new customers and nearly 60,000 new developers.
  • Privakey unveils the latest version of its Privakey CX solution.
  • AlphaPoint hires former R3 chief sales officer Scott Grayson as its new SVP and head of enterprise sales.

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 Global: Fintech News from Around the World

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 Eastern Europe

  • Poland’s Horum Bank, a mobile bank based on blockchain technology, prepares for launch, most likely in the Baltics.
  • VTB Bank in Armenia goes live mobile banking and enhances internet banking services.
  • Emerging Europe examines the fintech industry in Romania “and beyond.”

Middle East and Northern Africa

  • Turkey’s İşbank opens API portal with 14 APIs including payments plans, credit scores, and customer accounts.
  • UAE’s Trriple announces upgrades to its mobile wallet app, making top-ups easier and adding a loyalty program.
  • Growth Business UK features Dubai-based crowdfunding platform, Eurecca.

Central and South Asia

  • Mastercard launches its Simplify Commerce platform in Sri Lanka.
  • Forbes looks at how the election of Imran Khan as Pakistan’s new prime minister could impact the country’s fintech industry.
  • Paysense, a fintech based in Mumbai, India, raised $18 million in funding in a round led by PayU.

Latin America and the Caribbean

  • Worldline and Brazilian fintech EBANX produce new payment method for Brazilian users of Spotify.
  • Bradesco and Banco do Brasil launch urban mobility payment company, Veloe.
  • International Tax Review looks at the tax policy and the crowdfunding industry in Mexico.

Asia-Pacific

  • Experian leads $28 million investment in C88 Financial Technologies Group as part of effort to boost financial inclusion in Southeast Asia.
  • U.K.-based Online Blockchain introduces ManilaCoin, a cryptocurrency designed to promote financial inclusion in the Philippines.
  • IBM lands managed services deal with Thailand’s Krungsri (Bank of Ayudhya) valued at $140 million.

Sub-Saharan Africa

  • Kenyan fintech Tulaa raises $627k in seed funding. The Nairobi-based company helps small farmers access credit and markets.
  • Alpha Code, an accelerator and incubator headquartered in South Africa, begins accepting applications for its AlphaCode Incubate Programme.
  • Nigeria’s National Identity Management Commission encourages private and public sector IT leaders to focus on digital inclusion.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Revolut Launches Cryptocurrency Trading.
  • CRMNEXT to Enhance Customer Journeys for $4.4 Billion First Bank.
  • Payoneer Lands Funding from China Broadband Capital

Around the web

  • TechCrunch examines IBM’s new chip for AI.
  • Bill.com and CPA.com expand Accountant Partner Program.
  • Baker Hill integrates LenderLink into its NextGen solution as part of strategic partnership with Lowenstein and Associates.
  • Roostify announces integration with Black Knight’s LoanSphere Empower loan origination system (LOS).

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.

IBM Security Introduces New Solution to Help Banks Spot Fraudulent Accounts

A new feature from IBM Security will help banks spot fraudulent accounts before they are opened. The New Account Fraud Detection solution combines machine learning and analytics with device and network information gained during the new account opening process to identify fraud. Information such as IP address, geolocation and time zone, and health of the device are some of the data points that the technology can leverage to determine if there is fraudulent activity taking place.

Discussing the new offering at the Security Intelligence blog, IBM Security Director of Offering Management Jason Keenaghan noted, “You don’t even need to be a customer of the bank where a fraudulent account request occurs!” He added, “Wherever IBM Trusteer New Account Fraud is running, analysis will be performed to help banks separate the fraudulent users from the legitimate ones by looking at the positive information they provide and comparing that with the negative indicators surrounding the transaction.”

The new capability will be available as an add-on to IBM Security Trusteer Pinpoint Direct. Pinpoint Direct is used by hundreds of financial institutions and banks around the world to protect their websites against account takeover, fraudulent transactions, as well as detect the presence of high risk malware on end users’ devices.

IBM Security demonstrated its cognitive approach to fraud detection and protection, IBM Trusteer Rapport, at FinovateSpring 2017. IBM acquired Trusteer in 2013 and has since leveraged the purchase to offer a range of cognitive and cloud-based cybersecurity solutions. In July of this year, IBM Security announced it was launching testing services for the internet of things (IoT). The previous month, the company partnered with Cisco to allow security teams from both companies to exchange threat intelligence when investigating major cyber incidents. IBM Security’s VP of Threat Intelligence Caleb Barlow addressed the Wired Security 2017 conference in London last month, warning that companies remain “unprepared” for the damage a successful cyberattack can do to their businesses “causing more damage, financially and otherwise, than the breach itself.”

Categories: IBM