Finovate Alumni News

On Finovate.com

Around the web

  • Two-time Best of Show winner Finn.ai launches Spanish-speaking virtual banking assistant with Nicaragua’s biggest bank, Banpro.
  • Fiserv to offer Mastercard’s anti-fraud solution, Decision Intelligence.
  • Former LinkedIn executive, Emilie Choi, joins Coinbase as VP of Corporate and Business Development.
  • Kabbage and Citi commit to new cybersecurity-based consortium for fintechs and data aggregators established by the World Economic Forum.
  • Onboarding friction and security concerns remain as obstacles to wider mobile banking adoption for consumers across age groups according to joint review by Javelin and identify verification specialist Jumio.

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 Power KYC for Arro Money.
  • IdentityMind Global Introduces Anti-Fraud Solution for ICOs.
  • Entrust Datacard Teams with Gemalto.

Around the web

  • Fiserv sells 55% of Lending Solutions business to Warburg Pincus.
  • Lendio announces new Lendio franchise in New Hampshire’s Seacoast Region.
  • Financeit appoints Dante Tamburro as general counsel and Chief Compliance Officer.
  • Ripple to power instant payments to China courtesy of new partnership with LianLian International.
  • The Future Laboratory leverages technology from Quid to build its Trends of the Trends 2018 report.
  • Mint2Save reviews universal mobile wallet app, Soundpays.
  • Gartner recognizes NICE as a leader in Workforce Engagement Management for a second year in a row.
  • PYMNTS interviews Jumio Director of Product Management, Reinhard Hochrieser on the challenges of abandonment in online banking.
  • Expensify unveils website enhancements to improve credit card import, simplify billing currency section.
  • Lend Street Financial and Marqeta earn spots in The Tech Tribune’s list of the 10 Best Tech Startups in Oakland.
  • National Australia Bank (NAB) to allow business customers to make payments directly via Xero’s accounting platform rather than its own online banking site.

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

  • Trunomi Closes $3.5 Million Round from CloudScale Capital.
  • Veridium to Power Biometrics for Nordea.
  • Personal Capital Launches Socially Responsible Investing.
  • Coupa Software Teams Up with Tuition.io.
  • Banco Santander to Leverage Ripple Tech to Offer Same Day Mobile International Payments.

Around the web

  • Lend Academy: StreetShares’ Unique Focus Gives Them an Edge in the Small Business Lending Market.
  • Jumio’s Q4 Revenues Up 96% Year-Over-Year.
  • Capital One UK’s use of TSYS Foresight Score with Featurespace wins TCP Award.
  • Xero announces ACH integration with Stripe.
  • Finance Monthly names ACI Worldwide Fraud Innovation Firm of the Year for its UP Payments Risk Management solution.

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.

Jumio Partners with Byteball to Bring KYC to ICO Issuers

When the gold rush is on, popular wisdom says it is often a better business strategy to sell picks and shovels to the miners than to go into business as a miner oneself. Best of Show winner Jumio is the latest fintech to lend its expertise to the world of cryptocurrencies with its newly-announced partnership with cryptocurrency platform, Byteball.

“ICOs have transformed the financial arena as an alternative means for listing companies to raise funds for development projects or to launch new businesses,” Jumio VP of Product Philipp Pointner said. “However, as they are currently unregulated and, as transactions in cryptocurrencies are, by their nature, anonymous, regulatory bodies are becoming increasingly concerned that they provide an avenue for money laundering and other financial crime.”

Byteball provides a distributed, decentralized platform to give clients launching initial coin offerings (ICOs) security against fraud. The platform will use Jumio’s identity verification solution, Netverify, to help ICO operators ensure the people they are dealing with are who they say they are. Netverify uses both ID Verification and biometric Identity Verification to make the process as friction-free as possible for users, while helping ICO issuers become “proactively compliant” with what the company called “imminent regulatory guidelines.”

“By partnering with Jumio, we bring identity to the distributed ledger, both for ICOs and other financial transactions, creating strong connections between the crypto and the real world,” Byteball founder Tony Churyumoff said. “For end users, we offer them a sovereign identity that is totally private, secure, and incredibly easy to use. For business, it is an opportunity to build applications that leverage the identity layer that were not possible before.”

ICO participants on Byteball’s platform will scan a government-issued ID such as a driver’s license or passport. Once the document is verified – Netverify authenticates in real-time – the participant will submit a live selfie which is analyzed by the platform’s Face Match technology. The combined approach makes sure that the selfie image is a match with the ID document, and that both the selfie and the document are physically present at the time of verification.

Jumio added that it is looking at other ways to collaborate with Byteball in the future, such as providing identity verification for credit card payments and lending.

Founded in 2010 and based in Palo Alto, California, Jumio demonstrated its Netverify Document Verification platform at FinovateSpring 2017. Last month, the company announced a partnership with socially-responsible financial health company Meed to provide identity verification and document verification services. Also in December, Jumio Business Development Manager Gordon Harrison participated in our webinar, Solving the Identity Problem for PSD2 and GDPR.

Jumio has raised more than $55 million in funding, $40 million of which was picked up before the company was acquired by Centana Growth Partners in May 2016. Stephen Stuut is CEO.

Finovate Alumni News

On Finovate.com

  • Coinbase Brings on Engineering Talent from Memo.AI.
  • ThreatMetrix Teams Up with GlobalOnePay.
  • Jumio Partners with Byteball to Bring KYC to ICO Issuers.

Around the web

  • YellowDog celebrates 3 years, shares how it went from 1 to 17 employees, from £0 to £2.8 million in funding, and 4 awards. YellowDog will demo at FinovateEurope in March.
  • Computer Weekly interviews Tink CEO Daniel Kjellén, one of our featured speakers at FinovateEurope in London.

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.

Meed Leverages ID Verification Solutions from Jumio to Serve the Underbanked

Identity verification innovator Jumio is teaming up with Santa Monica, California-based fintech Meed. The Finovate Best of Show winner will provide the Meed with ID verification, identity verification, and document verification services to accompany Meed’s suite of financial services.

“Our innovative business model puts a premium on global coverage, KYC/AML compliance and a seamless customer experience,” Meed Chief Operating and Technology Officer Stephen Landry said. “We looked at many providers, but found the Jumio solution to be superior based (on) the quality of their global footprint and the sophistication and accuracy of their biometric-based identity verification.”

Jumio leverages biometric facial recognition, machine learning, and human review to provide ID verification, KYC and AML services to companies in the financial services, higher education, retail, and sharing economy industries. To date, the company has verified almost 100 million identities issued by more than 200 countries from real time online and mobile transactions.

A wholly-owned subsidiary of GlobeOne, Meed is a socially-responsible financial health firm that partners with banks and other FIs to deliver financial services to the underbanked. The company will deploy Jumio’s Netverify solutions to verify the authenticity of government-issued ID, as well as the digital identities of new users. Successfully authenticated users are then routed swiftly and directly to regional member banks. The company is active in Vietnam and plans to expand to the United States and Latin America in 2018. Les Riedl is CEO.

Founded in 2010 and headquartered in Palo Alto, California, Jumio demonstrated its Netverify Document Verification solution at FinovateSpring 2017. The technology enables users to scan a wide variety of documents even when those documents are folded, crumbled, or wrinkled. Jumio teamed up with Plynk in August, providing identity verification for the European money messaging app and partnered with Branddocs TrustCloud, bringing its technology to Spain and Latin America. Named to the European Fintech 100 this fall, Jumio unveiled eyeball tracking as a new aspect of Netverify’s “liveness” check in July and announced a collaboration with Monzo in June. Jumio was acquired by Centana Growth Partners in May 2016 for $850,000.

Finovate Alumni News

On Finovate.com

  • Tinkoff Brings Stories to Mobile Banking
  • Meed Leverages ID Verification Solutions from Jumio to Serve the Underbanked

Around the web

  • The 61-member Japan Bank Consortium launches Ripple pilot with South Korean banks Woori Bank and Shinhan Bank.
  • Thomson Reuters adds compliance training courses to help ensure MiFID II compliance.
  • PayPal makes undisclosed investment in Berlin-based deposit marketplace Raisin.
  • ACI Worldwide partners with HyperPay to bring real-time fraud prevention solutions to ecommerce merchants in the MENA region.
  • SME Finance Forum honors Strands with Best Partnership award at its First Membership Engagement Awards event.
  • nCino EVP of Product Development Trisha Price joins Jim Marous’ fintech roundtable to discuss the future of digital banking disruption.
  • Stash Invest presents its Auto-Stash feature to help investors make automatic, recurring investment contributions.
  • SuiteBox introduces its VideoSign Proof of Signature technology.
  • defi SOLUTIONS earns recognition as one of the top 100 fastest-growing privately-held businesses in Dallas, Texas area.

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 Webinar: Solving the ‘identity problem’ for PSD2 and GDPR

The Second Payment Services Directive (PSD2) mandates banks across the European Union to add two-factor Strong Customer Authentication (SCA) and Strong Customer Identity Verification (SCeID) on all remote access to customer accounts.

Both SCA and SCeID are mandated by PSD2, although the latter is not well understood. And failure to implement these capabilities exposes banks to penalties up to 2% of global annual turnover under GDPR.

The aim of this webinar is to examine the links between SCeID and SCA in the context of PSD2 and GDPR, sharing insight into how legislation mandates regulated firms to digitally verify customer identity and what technology helps to achieve this objective.

This Finovate webinar, in association with Jumio, hears from Jumio, Consult Hyperion and leading FinTech businesses to discuss the challenges – and opportunities – of SCA and SCeID. During an interactive panel discussion, the speakers will address a number of key questions, including:

  • How are SCeID and SCA connected?
  • How are the various regulatory mandates which require secure authentication and verification, such as PSD2 and GDPR, similar, and how do they differ?
  • What are the pitfalls to avoid when implementing SCeID and SCA?
  • Why does the reset process become so critical – and how can banks make sure they have robust protections in place around reset?
  • What technology solutions can banks leverage to meet their obligations around security and identification?

Speakers

Moderator: Ruth Wandhöfer
Global Head of Regulatory & Market Strategy
Citi

 

 

 

Gordon Harrison
Business Development Manager
Jumio

 

 

 

Tim Richards
Principal Consultant
Consult Hyperion

 

 

 

Pascale-Marie Brien
Senior Policy Adviser
European Banking Federation

 

Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

Image Designed by Freepik

Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.

 

Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters

Left to right: A representative from Alipay joins Tinna Hung, Director of Marketing for EyeVerify during a demonstration of Eyeprint ID at FinovateAsia 2016.

This month we’re highlighting the issue of security in fintech. Our first installment was our interview with ENVEIL CEO Ellison Anne Williams.

Today we use the lens of our Best of Show awards to take a look at companies innovating in the security space for financial services companies and institutions. Three security companies have won Best of Show awards in more than one conference. Biometric specialists EyeVerify and BehavioSec have both earned Best of Show trophies on three separate occasions. Interestingly, both companies won one of their Best of Show awards at FinovateAsia; BehavioSec in Singapore, EyeVerify in Hong Kong. (Speaking of FinovateAsia, remember that Finovate returns to the Far East November 7 & 8.)

Earning two Best of Show awards was Silver Tail Systems (now a part of RSA, the security division of EMC, which acquired the company in 2012). Founded in 2008 and headquartered in Menlo Park, company was a pioneer in leveraging real-time behavior analysis to spot and stop business logic abuse on financial institution websites.

BehavioSec CEO Neil Costigan demonstrating BehavioWeb and BehavioMobile at FinovateEurope 2014.

EyeVerify, which was acquired by Ant Financial last fall, announced in August that it was rebranding as Zoloz. In a blog post at the company’s website, CEO Toby Rush said the new company would be focused on providing a hosted identity platform geared toward the Asian market. “Underserved and underbanked consumers in this region are moving to mobile so quickly that they have leapfrogged biometrics adoption and identity services in other geographies,” Rush wrote. “The platform is centered around the idea that I am me, my phone should just know me, and my apps and services should know me – automatically, conveniently, and securely,” he explained.

Zoloz is headquartered in Kansas City, Missouri, and was founded in 2012. The company most recently demonstrated its technology at FinovateEurope 2017.

BehavioSec, the behavioral biometric innovator, forged a partnership with Gemalto earlier this summer, to provide end-user verification and identity solutions as FIs increasingly embrace digital technologies. “Removing bottlenecks to achieve full digitization of a business goes hand-in-hand with conquering online fraud, through a layered an collaborative approach,” Costigan said. In May, BehavioSec teamed up with fellow Finovate alum Kount, integrating its behavioral biometric technology with Kount’s fraud management platform. A partnership with Appdome this spring produced AppFusion for BehavioSec, a solution that makes it easier for app developers to add behavior-based biometric authentication to their mobile apps.

Based in Stockholm, Sweden, BehavioSec was founded in 2009. The three-time Best of Show winner most recently demonstrated its technology at FinovateFall 2015.

Making it on the Finovate stage as a security solutions provider is one challenge. Taking home a Best of Show trophy as a company dedicated to helping stop fraudulent transactions, prevent unauthorized access, and create truly “safe spaces” in a connected world is quite another. Here is the full list of security companies that have won Best of Show awards at Finovate conferences.

FinovateFall 2017

FinovateSpring 2017

FinovateAsia 2016

FinovateFall 2016

FinovateEurope 2016

FinovateEurope 2015

FinovateFall 2014

FinovateSpring 2014

FinovateEurope 2014

FinovateAsia 2013

FinovateFall 2012

FinovateSpring 2012

FinovateFall 2011

FinovateFall 2010

Finovate 2009

FinovateStartup 2009

  • Silver Tail Systems (demo)