Helping Secure Digital Identities; Managing Financial Crime Risk

Two of the biggest themes in fintech – digital identity and the rise of fintech in Central and Eastern Europe – meet in the latest announcement from biometric authentication specialist and Finovate Best of Show winner iProov. The company’s facial recognition technology now makes it easier for users of SK ID Solutions’ Smart-ID Service in countries like Estonia, Latvia, and Lithuania to renew their accounts without having to visit a physical bank branch.

“This is a major development for all digital identity providers,” iProov CEO Andrew Bud said. “Estonia has proved, for the first time, that a remote, automated, biometric ID verification service can deliver the highest possible levels of security.”

Recognized as equal to a handwritten signature throughout Europe, Smart-IDs enable users to authenticate themselves and provide permissions online using a smartphone app. iProov’s facial recognition technology adds a three-second scan to compare the image of the user to the image on their presented ID document to help defend against fraud and identity theft.

Smart-ID also leverages NFC-based ReadID document verification technology from InnoValor.

Financial crime risk management innovator Featurespace will be helping Enfuce combat fraud and money laundering courtesy of a newly announced partnership. Enfuce, a financial services firm based in Finland, will use Featurespace’s ARIC Risk Hub to enhance its ability to protect its customers from fraud and financial crime.

“Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud,” Enfuce co-founder and chair Monika Liikamaa said.

ARIC Risk Hub offers real-time transaction monitoring for fraud and financial crime, enabling institutions to identify and act against anomalous and potentially dangerous behavior as it occurs. The technology also reduces the number of false positives by as much as 70%, keeping anti-fraud processes efficient. Featurespace introduced its fraud-fighting technology to Finovate audiences at FinovateEurope 2016.


Here is a round up of recent news from our Finovate alumni.

  • Sezzle unveils new logo along with its first annual report.
  • Flybits expands its executive team in New York, Toronto, the U.K., and Dubai.
  • ID R&D updates voice biometric solution IDVoice.
  • M1 Finance surpasses $1 billion in assets on its platform.
  • Armor Bank selects Teslar Software’s automated workflow and portfolio management tools.
  • Mastercard partners with myPOS to boost adoption of card payment solutions among European SMEs.
  • Black Hills FCU selects nCino’s Bank Operating System.
  • Bazaarvoice launches partnership program with Yotpo as the piloting partner.
  • Keysafe inks partnership with Salt Edge to access tenants’ bank data without the need to acquire its own PSD2 license.
  • Lending Club appoints Annie Armstrong as Chief Risk Officer.
  • Assaray Trade and Investment Bank selects Temenos Infinity and Transact to power its digital transformation.
  • Long John Silver’s chooses Blackhawk Network for gift card program.
  • Trustly and Fly Norwegian team up to let travelers pay directly from their bank accounts.
  • Pindrop launches Deep Voice 3, the new version of its voice recognition technology.
  • Mastercard CEO Ajay Banga steps down, replaced by Chief Product Officer Michael Miebach.
  • Venmo to launch debit card for teens.
  • Almost 600 banks select Fiserv’s Turnkey Service for Zelle.
  • Finastra to offer ClickSWITCH’s account switching technolkogy to its clients.
  • Simmons Bank partners with Jack Henry to leverage its Banno platform to build a digital presence.
  • Currencycloud and Currensea team up.
  • Yseop and Automation Anywhere join forces to scale intelligent automation.
  • Lighter Capital appoints Kevin Fink at CTO and Patricia Elliott as CSO.
  • InComm launches Roblox gift cards in France and Germany.

Finovate Alum Features and Profiles

Revolut’s $500 Million Round Boosts Valuation to $5.5 Billion – Global financial platform Revolut has secured its place as the U.K.’s most valuable fintech.

Dealing with Deepfakes in Fintech – The fintech industry is ripe with security firms, such as iProov, that use AI to combat both video and audio deepfakes with anti-spoofing technologies.

Envestnet | Yodlee Acquires Indian Data Aggregator FinBit.io – Envestnet | Yodlee has acquired another asset in its strategy to further grow and develop its data aggregation and analytics business.

Meet Sonect: Cash Network Builder, Finovate Newcomer, Best of Show Winner – What’s better than having a large pizza with all your favorite toppings delivered to your front door? How about a side order of cash, saving you a trip to the ATM or bank branch?

Azimo Taps Ripple for Cross-Border Payments to the Philippines – Fueling these payment transfers is Ripple’s On-Demand Liquidity (ODL) solution that uses XRP to source liquidity and complete money transfers within three seconds.

Lendio Lands $55 Million to Match Small Businesses with Lenders – The investment more than doubles the company’s previous funding, bringing its total to $108.5 million.

SheerID Expands Identity Marketing Platform – The move enables brands to identify and acquire new customers across the globe.

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

Photo by Tirachard Kumtanom from Pexels

How’s $7 billion for good karma? One of Finovate’s earliest alums Credit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.

Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.

If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.


With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.

The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.

And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.


Here’s a round up of recent news from our Finovate alumni.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands focus on growing early stage tech companies.

Finovate Alum Features and Profiles

eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.

Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

FinovateEurope Best of Show Winners Announced

The votes are in and the people have spoken! Congratulations to the winners of Best of Show at FinovateEurope in Berlin, Germany!

Dorsum for its Communication HUB that provides real-time, private, banking customer engagement through automated notifications and instant human and AI chat possibilities.

Glia for its digital customer service platform that connects financial institutions to their customers using chat, voice, video, cobrowsing, and AI.

Horizn for its focus on equipping frontline employees and customers directly with the knowledge to improve customer experience and increase digital adoption.

iProov for its solutions – used in production globally by governments and banks – that use biometrics to authenticate users online.

Sonect for its easy-to-use and accessible for everyone, everywhere global platform for cash transactions.

W.UP for its banking personalization platform that turns data into better banking.

Thanks to all the demoing companies that took the time and effort to demonstrate their innovations live on stage. Thanks also the City of Berlin for being such a wonderful host for our first conference of the new year and new decade. We are already looking forward to returning in 2021!


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2019 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019

FinovateEurope Sneak Peek: iProov

A look at the companies demoing live at FinovateEurope on February 11-13, 2020 in Berlin. Register today and save your spot.

Financial Institutions and governments worldwide rely on iProov’s Genuine Presence Assurance to authenticate users online, with zero effort and unrivaled security.

Features

  • iProov’s remote palm and face authentication is revolutionizing the customer experience
  • Technology extended to unattended terminals, such as ATMs and kiosks
  • Improved inclusivity, accessibility, and ROI

Why It’s Great
FinovateEurope 2018 & 2019 Best of Show winners for our patented face and palm authentication on users’ own devices and now showcasing iProov’s expansion into new territories.

Presenter

Andrew Bud, CEO & Founder
Bud CBE FIET is CEO & Founder of London-based iProov, the world leader in secure, usable authentication. Bud is an experienced technology entrepreneur with a thirty-year career in mobile.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Splitit Secures Partnerships with Shopify, Divido.
  • Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong.
  • OurCrowd Teams Up with Toyota in Search for Tech Talent.
  • Saving for What Matters: A Q&A with INSPIRAVE Founder and CEO Om Kundu.

Around the web

  • FinovateFall Best of Show winner Cinchy earns $500,000 cash prize as one of the winners of the 2019 VentureClash competition.
  • Signicat unveils new capabilities, including a new technical interface and new third party integrations, that extend the reach of its digital identity verification technology.
  • Arkose Labs VP of Marketing and Strategy Vanita Pandey and Senior Producer Hedda Peters win Women in Cybersecurity honors at the Cyber Defense Global Awards sponsored by Cyber Defense Magazine.
  • nCino partners with Seacoast Bank ($8.6 billion in assets).
  • iProov earns a finalist spot in the 2019 Go:Tech Awards.
  • Compliance and risk management firm Middesk brings its business verification tool to the Dwolla Partner Ecosystem.
  • Kinetica opens office in Melbourne, Australia.
  • Ping Identity adds to its North European operations with a new office in Utrecht, Netherlands.

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

  • Nice Actimize introduces surveillance system, SURVEIL-X.
  • Scalable Capital teams up with Raisin to offer its customers the ability to invest in fixed-term deposits at partner Baader Bank.
  • Standard and Premium customers of Revolut in 26 markets now have access to stock trading via the platform.
  • Financial Times highlights Meniga as a fintech to watch. Come see Meniga’s live demo at FinovateFall next week in New York!
  • NYMBUS appoints Dr. Joerg Richter as its new Chief Operating Officer, Platforms. NYMBUS will showcase its newest technology at FinovateFall next week in New York!
  • Tradeshift to help Spendency app users leverage their transaction data.
  • iProov releases HTML v.2 Beta on GitHub to help users secure user identity in HTML5.
  • Onfido earns the top spot in FinTechCity’s 2019 Fintech 50 roster.

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

  • Mastercard’s Mobile Payment Service Pay by Bank Teams Up with Yoyo.
  • Trulioo Teams with Refinitiv for Financial Inclusion.
  • Workfusion Brings Robotic Process Automation Global with New Partnership.
  • OneSpan Unveils its Secure Agreement Automation Solution.

Around the web

  • Splitit (formerly PayItSimple) announces partnership with Hong Kong-based EFTPay.
  • bpm’online launches its new tool for collaborative process design, bpm’online Studio Free.
  • Wipro to acquire digital engineering and manufacturing solutions firm, International TechneGroup Inc. (ITI).
  • Business Cloud UK interviews Andrew Bud, CEO and founder of Best of Show winner, iProov.
  • Four Finovate alums – Digital Onboarding, Gremlin Social, Voleo, and Neener Analyticsearn spots in the fourth Venture Center FinTech Accelerator program sponsored by Fidelity Information Services.
  • Inside Secure ships Whitebox Designer, a new software security tool.
  • Featurespace to power transaction monitoring for Permanent TSB.
  • Jumio wins the 2019 Fortress Cyber Security Award for Authentication and Identity from the Business Intelligence Group.

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.

FinovateEurope Demo Videos Are Live!

Just in time for your weekend viewing, the demo videos from FinovateEurope 2019 are now available for free in our video archives.

Whether you joined us in London at the Tobacco Dock last month, or will be watching the show for the first time, we think you’ll enjoy our high quality videos of each company that took the stage.

As a sampler, here are the demo videos from the eight companies that won Best of Show awards at FinovateEurope this year.

CREALOGIX

Dorsum

Glia (formerly SaleMove)

iProov

Launchfire

PayKey

Voca.ai

W.UP

Finovate Alumni News

On Finovate.com

  • Bill.com Bans Wire Transfer Fees for Small Businesses.
  • TransferTo Rebrands as DT One and Thunes.
  • SaaS Banking Specialist Mambu Scores $34 Million in Funding.

Around the web

  • Real Business profiles biometric authentication solution provider – and FinovateEurope Best of Show winner – iProov.
  • Artivest partners with Sudrania Fund Services to provide shadow fund accounting services for its line of mutual fund products.
  • Social investment platform Voleo is featured in the Financial Post.
  • Insuritas teams up with Truliant FCU (+$2 billion in assets) to launch digital insurance agency.
  • Entersekt SVP of North American Operations, Sherif Samy, named to One World Identity’s Top 100 Influencers in Identity roster.
  • Fenergo introduces Rules as a Service (RaaS), a cloud-based regulatory rules 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.

FinovateEurope Best of Show Winners Announced

The votes have been tallied and the people have spoken! Here are the winners of our Best of Show awards for FinovateEurope 2019.

CREALOGIX for its TimeWarp insights platform that enables banking customers to simulate various scenarios in their financial lives. Video.

Dorsum for its My Wealth solution for hybrid advisory processes in wealth management. Video.

Glia (formerly SaleMove) for its technology that creates digital-first moments that simplify and transform communications between businesses and their customers.  Video.

iProov for its solutions that assure the genuine presence of your user by leveraging controlled illumination with uniquely powerful anti-spoofing. Video.

Launchfire for its leadership in game-based employee and customer engagement for financial institutions. Video.

PayKey for its technology that bridges the gap between banks and social apps with a unique smartphone keyboard that enables frictionless access to key banking services. Video.

Voca.ai for its intelligent virtual assistant for call centers that enables businesses to reach their customers at scale with a personal, human touch. Video.

W.UP for its technology that transforms the way banks generate digital revenue and interact with clients through AI-powered experiences. Video.


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The eight companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018

Finovate Alumni News

On Finovate.com

  • Tink Raises $63 Million, Goes Live in Five New European Markets.
  • DataSine Scores $5 Million Investment in Round Led by BBVA.

Around the web

  • iProov announces meeting the NIST standards for genuine presence assurance by the National Physical Laboratory (NPL).
  • BBVA Compass hires new chief information security officer, Brian Fricke.
  • Ping Identity announces updates to its PingFederate, PingAccess, and PingDirectory.

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.

FinovateEurope Sneak Peek: iProov

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.

iProov’s Flashmark technology detects genuine presence. The company is expanding from facial verification into alternative biometrics, launching a solution that is the first of its kind.

Features

  • World-class liveness detection for secure authentication
  • Simple, intuitive journey creates a frictionless user experience
  • Cloud-hosted solution independent of device and platform

Why it’s great
iProov’s distinctive user experience offers quick and effortless authentication, not only with face, but now with an alternative, less-intrusive biometric.

Presenter

Andrew Bud, CEO
Bud is founder and CEO of iProov, whose core technology he invented. With a 30-year career in mobile, he is a highly experienced technology entrepreneur.
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