Finovate Alumni News

On Finovate.com

  • Switch Announces Early Access to Online Card Account Management Platform.

On FinDEVr.com

  • Excited to see Softjourn at FinDEVr New York on March 21 & 22. Check out our interview with Project Manager Yuriy Kropelnytsky.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Around the web

  • Lleida.net wins 20-year European patent for its registered email technology.
  • Payworks provides SIX Payment Services with mPOS solution, mCashier.
  • Thomson Reuters enhances data analytics platform with ultra high-speed processing of real-time and historical data functionality.
  • France’s PayPlug to deploy ACI PAY.ON Payments Gateway from ACI Worldwide.
  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • BBVA to leverage mobile accounting opening technology from Oracle Communications.
  • GMC Software awarded the Xplor Application of the Year Award.
  • Striata named a Visionary in Gartner Magic Quadrant for Customer Communication Software.
  • Signifyd joins Salesforce Partner Program.

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: Jumio

Screen Shot 2017-01-17 at 1.46.02 PM

FE2017-V2-wdateA look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Jumio’s Netverify offers the ability to accurately capture and verify utility bills and bank statements for proof of address purposes, as intended by the EU AML directives.

Features

  • Mobile or web data extraction of utility bills and bank statements
  • Meets European KYC requirements
  • Secure and easy way to establish proof of residence

Why it’s great
Jumio’s Netverify trusted identity solution now includes Document Verification. Scan utility bills, or other proof of residence, along with bank statements to assure KYC compliance.

PresentersScreen Shot 2017-01-17 at 1.54.49 PM

Philipp Pointner, VP Product
Pointner serves as Jumio’s VP product and facilitates Jumio’s product strategy. With his team of product managers and designers, he turns visions into products.
LinkedIn

John McIntosh, Senior Sales EngineerScreen Shot 2017-01-17 at 1.54.58 PM
McIntosh is the senior sales engineer for Jumio. He has a 15-year history working in fraud, risk, and finance.
LinkedIn

Finovate Alumni News

On Finovate.com

Around the web

  • First Oklahoma FCU to deploy core account processing technology from Fiserv.
  • Yoyo unveils marketing automation platform, Yoyo Engage, at Davos.
  • Misys adds crowdlending module to FusionBanking platform.
  • United Nations FCU chooses digital banking platform from Jwaala.
  • OnDeck and payment solutions provider WEX team up to provide small business financing.
  • ABA Banking Journal column on biometric authentication features Daon and EyeVerify.

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 Adds Biometric Facial Recognition to Netverify

jumio_homepage_october2016

Adding biometric facial recognition to its flagship Netverify digital ID-verification platform will enable Jumio to offer a “three-pronged approach to the KYC process on mobile,” the company said today. The facial recognition technology combines with Netverify’s Face Match and ID-verification functionality to provide financial services companies, banks, and other businesses with a greater ability to prevent digital fraud.

Jumio CEO Stephen Stuut referenced the recent unauthorized, account opening scandal at Wells Fargo in discussing the need for better anti-fraud solutions. “It’s critical to look beyond existing multifactor-authentication solutions whenever any digital transaction takes place,” Stuut said. “The addition of biometric facial recognition, combined with ID verification, will … help ensure that the individual in front of the screen is who they say they are.”

jumio_netverify_homepage_october2016

The biometric facial recognition technology Jumio is adding to Netverify will add “liveness” detection to the platform. “Liveness” detection combats fraudsters who attempt to use static images to trick authentication systems. By monitoring for and identifying even the most minute facial movements, “liveness” detection combines well with other tools like Face Match to grow customer conversions, as well as reduce fraud. And because both “liveness” detection and Face Match work quickly (“no more than five seconds”), the customer experience remains smooth and efficient.

In addition to the update on Netverify, Jumio also shared the results of a survey it conducted with more than 700 millennials on their mobile banking preferences. Among the insights in Millennials Speak Out on Mobile Banking: Jumio’s 2016 Global Survey of Millennials was the observation that while 93% of those surveyed had abandoned a mobile banking transaction at least once, “the primary challenge millennials cited in these transactions was a forgotten password.” A similar percentage of respondents (94%) said they wanted financial services companies to “offer the ability to scan passports and drivers’ licenses” for authentication purposes. “As concerns around data security reach new heights, the call to action for businesses is clear,” Stuut said, “protect customers from fraudulent account access by creating new ways to validate identity that make the customer experience more seamless, not more complex.”

Founded in 2010 and headquartered in Palo Alto, California, Jumio demonstrated Netverify at FinovateEurope 2015. Earlier this month, the company announced a partnership with UAE Exchange, an Abu Dhabi-based remittance, foreign exchange, and payment-solutions provider with more than 800 branches across 31 countries. Also in October, Novum Bank selected Jumio’s Netverify to accelerate its client-onboarding process. For more on the company, check out our CEO interview with Jumio’s Stephen Stuut from September.

Finovate Alumni News

On Finovate.com

  • Jumio Adds Biometric Facial Recognition to Netverify
  • Full Envestnet | Yodlee Integration Gives Advisers Big-picture View of Client Finances

Around the web

  • Modo to give the Bank of America access to its COIN Operated Digital Payments Hub.
  • Lending Club partners with MileagePlus to offer borrowers and investors a way to earn award miles when they borrow or invest.
  • On Deck Capital, Kabbage, and CAN Capital agree to disclose SMB loan pricing
  • Expensify launches direct integration with Zenefits.
  • Actiance now aids in compliance for Workplace by Facebook
  • Check out the results of the 20-month pilot Filene conducted with Larky.
  • ProfitStars adds Financial Performance Suite Customer Profitability and Pricing module to the Independent Community Bankers of America.

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

  • Pindrop Debuts Phoneprinting Technology with Lloyds Banking Group

Around the web

  • Malauzai Software teams up with Guardian Analytics, adding new fraud detection functionality to mobile banking apps.
  • Q2 launches Centrix Dispute Tracking System Fraud Alerts module.
  • UAE Exchange partners with Jumio for identity verification. Read our interview with Jumio CEO Stephen Stuut.
  • Edison TV interviews Martina King, Featurespace CEO, about the company’s ARIC Engine.
  • CoverHound launches CyberPolicy.com to help small businesses protect against cyber attacks.
  • Pendo Systems announces new application for Gainsight and CRM Systems.
  • Yseop to ship Narrative Charts to Information Builders.
  • GuardStreet and WellCard Savings launch products on Insuritas SmartCard insuretech digital platform.
  • Crowdfund Insider reports: Bitbond receives BaFin license.

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

  • Check out this week’s FinDEVr APIntelligence.
  • Payoneer Closes $180 Million Series E Round
  • Finovate Alums Earn Spots in FinTech Forward 20 “Companies to Watch”

Around the web

  • IBM announces $200 million investment in its Watson IoT business in Munich. See IBM at FinDEVr Silicon Valley, October 18 & 19.
  • Novum Bank chooses Netverify from Jumio to speed client onboarding. Be sure to check out our recent interview with Jumio CEO Stephen Stuut.
  • Thomson Reuters launches ONESOURCE InDirect Tax Development Partner Program.
  • Top Image Systems wins $450,000 deal with U.S. government to deploy eFLOW.
  • BankNXT interviews Dwolla’s Jordan Lampe about real-time ACH.
  • PaySimple introduces an online store built specifically for service providers.

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.

Fintech Favorites

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Featured

  • Mastercard (FD14) launches its developer portal (again). Having originally launched its dev platform in 2010, Mastercard this week announced an expansion of its platform that provides third-party developers single-location access to more than 25 updated APIs in categories such as payments, data, security, and financial inclusion. The platform also features an experimental category with APIs for bot commerce (think chatbots, VR, and augmented reality), and developers will be able to use six different coding languages (Java, Javascript, C#, Ruby, Python, and Node.js).

Mastercard says it has seen a 4x increase in API usage in 2016, which encouraged the company to expand its portal to include open APIs for all of its products. “The APIs are built to be open, flexible and available through a single doorway,” SVP for APIs at Mastercard Oran Cummins told ComputerWorld. “It’s our front door and we’ve been cranking up the volume on this.”

If the latest dev news is at the top of your daily agenda, then join us October 18 & 19 for FinDEVr Silicon Valley 2016. Our developers conference features two days of the latest in developer tools, platform, and case studies, along with hours of high-caliber networking with fintech developers, VPs of engineering, CTOs, and more. Visit our registration page and pick up your ticket today.

Trends

  • Look out London! A new report from the Association of Chartered Certified Accountants (ACCA) suggests that Singapore’s fintech industry could be a major beneficiary of rising regulatory restrictions and political uncertainty in the U.S. and Europe. “Singapore … is benefiting from a supportive regulatory framework and extremely high digital capacity, which means there is a potential for her to become the regional hub for Asia-Pacific and beyond,” said Joseph Alfred, head of policy and technical, ACCA Singapore.
  • Manulife unveils new “Lab of Forward Thinking” location in Singapore. This is Manulife’s third location (the other two are in Boston and Toronto). “We are using emerging technologies and platforms such as blockchain and artificial intelligence to build competitive advantages,” Greg Framke, EVP and CIO for Manulife said.
  • Mastercard launches its first B2B mobile app to connect small business buyers and suppliers in Hong Kong: the Mastercard Commercial Network App. Hang Chong, Mastercard’s division president for Hong Kong, Macau, and Taiwan, said, “Small and medium sized businesses are the lifeblood of a thriving economy. To maximize the success of these enterprises, we will continue to innovate and develop a broad range of solutions that address evolving business needs.”
  • And speaking of Hong Kong, don’t forget that FinovateAsia 2016 will be in Hong Kong, November 8th. For more information, check out our FinovateAsia registration page.

ICYMI

  • “Gimme That Old Time Navigation!” Mobile UI takes a look at Capital One Wallet and its new, old-school user interface

Milestones

  • Samsung Pay celebrates its first anniversary in the U.S.
  • Under PayPal (F12), Braintree (FD16) transactions grew 25x.
  • Dash is the first digital currency to cooperate with a blockchain-compliance platform.

Tech

  • Monzo integrates with Siri on iOS to enable sending and receiving money using voice commands.

CEO Interview: Jumio’s Stephen Stuut

jumio_homepage_september2016

A few weeks ago, we sent some questions to Jumio CEO Stephen Stuut (pictured). The digital ID-verification company he runs made headlines a little over a month ago with news that it had raised $15 million from its new owner, Centana Growth Partners. A Best of Show winner from FinovateEurope 2015, Jumio fell on challenging times this spring when it filed for Chapter 11 protection. Stuut, who took the helm at Jumio in May jumio_stephenstuut2015, struck a positive tone, saying that the “restructuring process will allow us to strengthen the company’s financial structure and extend our leadership position in ID verification.”

So far so good. In addition to its recent funding, Jumio has forged ID verification and KYC/AML partnerships with companies ranging from European online gaming operator, Tipico; to the Paris-based mobile scooter-sharing network, Cityscoot; to Spanish crypto-currency specialist Krypto Commerce—all in the past few months alone. Combined with Jumio’s summer announcement that it has completed more than 30 million ID verifications, and it looks like the comeback trail for Jumio is clear.

Here’s what CEO Stuut had to say about his company, its current initiatives, and what we can expect from the Palo Alto-based security specialist in the months and years to come.


Finovate: Where will ID scanning and technologies like FaceMatch make the biggest impact in terms of replacing passwords and security codes?

Stephen Stuut: With the rise of online and mobile transactions, the growth of banking transactions like mobile account opening, money transfer, and bitcoin, and the rapid adoption of shared services, individuals are at greater risk to protect their security, and companies are further challenged to provide processes that will both build trust with their customers, while ensuring safety and security by helping reduce fraud.

Multifactor-authentication methods are missing the mark; the use of a password or security code is not a secure enough way to verify an individual is in fact the owner of the account. Passwords and codes passed via mobile devices can be hacked, and there is no proof that the mobile device is in the possession of the owner.

A recent report from the National Institute of Standards and Technology referred to this process as insecure because the phone may not be in possession of the number and the SMS may be interrupted.

However, for a better approach, utilizing a combination of one or two government-issued IDs, with live photo and facial recognition, companies can ensure that an ID is valid and the person in possession of the ID is in fact the genuine ID owner.

Finovate: As much as most people hate passwords, they are a fairly embedded part of online and mobile culture. What will it take to start moving people away from passwords and toward these new technologies in significant numbers?

Stuut: To enable these markets to foster, regulations are being put in place that force compliance with KYC (know your customer) and address AML. These issues are driving the need for more robust ID-verification models that move beyond common passwords and security codes to more robust verification like ID scanning with Face Match.

Finovate: What is unique about Jumio’s approach to ID verification?

Stuut: Jumio replaces laborious and unreliable systems including knowledge-based authentication (KBA), inferred verification, and in-person verification by untrained individuals. The Jumio technology platform is industry-leading, providing computer vision technology, and face-match with human ID experts. This process provides the optimal combination of accuracy and user convenience while providing KYC requirements.

In addition, Jumio is PCI Level 1 compliant and regularly conducts security audits, vulnerability scans and penetration tests to ensure compliance with security best practices and standards. To ensure our security remains PCI compliant year after year, we have a yearly on-site validation assessment by a Quality Security Assessor (QSA).

Finovate: What are the advantages to working in so many different verticals—from financial services to travel to online gaming—beyond the opportunities for growing the company?

Stuut: Our work with companies in varying verticals has led to many opportunities for Jumio, but this opportunity, most notably and arguably most importantly, has allowed us to transform a more robust solution.

As varying industries seek ID-verification solutions to aid their business processes, success via these technologies may look different. For example, many of Jumio’s customers in the travel vertical use our ID-verification solution to deliver great mobile customer experiences with mobile check-in. Conversely, Jumio customers in the financial services vertical utilize our solution to help verify customer identity while also improving remote account-opening completion rates.

Because Jumio is focused on meeting the requirements and regulations of specific verticals, each industry benefits from the added expertise gained across these major markets. As a result both our platform and our customers have immensely benefited. Instead of a solution that is adequately built to address needs in one industry, Jumio’s solution is built to meet the needs of varying verticals, allowing for a more robust solution.

Finovate: You’ve been on the job as CEO for Jumio for just over a year. What accomplishments in this time are you most proud of and what do you hope most to accomplish in your second year?

Stuut: Over this past year I have been exceptionally proud to work with the talented individuals across the Jumio organization. Our team of highly skilled developers and seasoned executive team have been leading the industry, delivering on our vision of the next generation of digital ID-verification solutions.

The team is delivering great success and we recently closed out Q2 2016 with a greater than 65% growth in recurring revenue year-over-year, and a record 30 million transactions completed to date. Jumio’s customer base continues to expand, closing more deals than at any other time in company history, with Q2 2016 resulting in a more than 50% increase in deals year-over-year. This high momentum has been fueled by continued growth across every aspect of its business.

In addition, in August of 2016, Jumio continued its momentum, securing a $15 million round of financing from Centana Growth Partners LP and Millennium Technology Value Partners. The investment will enable us to continue to lead the digital ID verification space, aggressively expand sales and marketing, and accelerate product development and international expansion.


Check out Jumio’s Best of Show demonstration from FinovateEurope 2015.

Finovate Alumni News

On Finovate.com

  • WealthForge to Raise $2.5 Million in New Convertible Note Offering

Around the web

  • Green Dot unveils Visa credit card for thin-file consumers.
  • First National Bank of Pennsylvania upgrades its mobile banking and payments platform from Fiserv to enable debit card management.
  • Martech Advisor interviews Radius CEO and co-founder Darian Shirazi.
  • PYMNTS.com talks with Hyperwallet VP Tomas Likar about the challenge of payments in the on-demand workforce. See Hyperwallet at FinDEVr Silicon Valley 2016, October 18 & 19.
  • Radius announces the Radius Customer Exchange (RCX), a solution to advance co-marketing for B2B marketers.

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.