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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Fintech was relatively busy last week, and so was the Finovate events team. FinovateSpring makes its San Diego debut next week, kicking off on May 7, and our speaker roster is fabulous! Here’s a look at more of this week’s fintech news. We’ll continue adding news to this post throughout the week, so stay tuned!
Payoneerinvests $2 million over the next three years to support Endeavor, the Global Network of Trust of, by and for entrepreneurs.
Finzly’s AWS-powered platform Payment Galaxycompletes a benchmarking initiative in collaboration with AWS, validating that it can handle large transaction volumes.
Versapaynames Elizabeth Bramlage as Chief Marketing Officer.
Digital banking
NuMark Credit Union selectsAlkami to power its digital banking platform.
Nubank’s Mexico arm receives regulatory approval from the Mexican National Banking and Securities Commission to begin the process of becoming a full-service bank.
Fintech reporting and reconciliation company Kani Payments has tied up with card issuing and acquiring company Cardaq.
Cardaq has selected Kani for its data reporting SaaS platform. Specifically, Kani will provide Cardaq clients with regulatory and compliance reporting, reconciliations, QMR reporting, Mastercard fee and invoice analysis, as well as interchange and acquiring fee analysis. Kani’s technology helps businesses complete multiple weeks’ of complex transaction reporting and reconciliation work in under 30 seconds.
“The partnership between Kani Payments and Cardaq addresses significant industry challenges, including the implementation of automating reconciliations at pace, effective regulatory compliance, and fee apportioning. Ultimately, Kani Payments exists to help disruptive fintechs like Cardaq to thrive and grow with our automated data reporting and reconciliation platform that gives it the space it needs to scale,” said Kani Chief Commercial Officer Roger Binks. “By automating manual processes, improving reconciliation accuracy, and providing detailed reporting and analysis tools, we are enabling Cardaq to focus on giving its customers outstanding products and services. We are proud to do the heavy lifting of making complex data simple and standardized.”
The solution, which will initially be available to Cardaq’s U.K. customers, is scalable and offers the potential to expand via deeper integration, advanced reporting, and continuous regulatory compliance needs as Cardaq grows in the future. Cardaq expects that integrating Kani’s SaaS offering will help it comply with regulations and boost growth while providing a better solution for its customers.
Cardaq was founded in 2011 to offer tools to help businesses instantly accept and process payments anywhere across the globe. In addition to its acquiring services, the London-based company also offers card issuing services, allowing businesses to create customized payment cards. Businesses can choose from a full cycle of services, from card issuing to personalization and delivery.
“Kani Payments was the clear choice for us due to its comprehensive and customizable reporting tools, expertise in regulatory compliance, and the ability to automate complex financial reconciliations,” said Cardaq CEO Hugo Remi. “The option to immediately integrate with existing systems and manage a high volume of transactions were added benefits for us and our customers. We are confident that the implementation Kani’s solution will give all our customers a unique service level and the highest accuracy in financial reporting.”
Founded in 2018, Kani has since reconciled more than $26.5 billion (€24 billion) in processed payments volume for fintech players including Sodexo, Pismo, Earthchain, CLOWD9, and Frost. At FinovateSpring 2023, the U.K.-based company demoed how its reconciliation and reporting services automates back office finance processes for banks and fintechs.
In 2022, Kani was accepted into the Mastercard Start Path Global program, and a year later was selected to participate in the FIS Accelerator program as one of 10 high-potential fintech companies.
This partnership showcases how fintechs are relying on other third party players to leverage data reporting and reconciliation solutions to meet evolving regulatory demands. As regulations become increasingly complex, vague, and variable, Kani’s platform helps firms solve key challenges such as automating complex financial reconciliations, ensuring compliance, and providing cost-effective reporting solutions.
As “Back to School” season begins, we’re looking forward to a surge of fintech news over the next few days and weeks. Finovate’s Fintech Rundown is your one-stop-shop for the latest headlines, announcements, and updates.
Payments
ACI Worldwidepartners with Red Hat to make its Enterprise Payments Platform available on any cloud infrastructure.
Atlantic MoneylaunchesPortals to enable customers to make international money transfers directly from their bank accounts.
Payment service provider Ecommpay adds three Italian Alternative Payment Methods (APMs) to its platform as part of an effort to expand its global presence.
ASAannounces the integration of five fintechs–PortfolioPilot, Guac, One Goal Finance, Credit Rent Boost, and Column Tax–into its embedded app store, ASA Vault.
Embedded payments specialist Modulrexpands its integration with online accounting software provider Xero to add payroll services.
Open banking
Comertbank choosesSalt Edge to comply with Moldova’s open banking legislation.
Wealth management and investing
Legal & General choosesMoneyhub to power its Qualifying Pensions Dashboard Service.
Papaya Globalfacilitates changing cross-border payroll, helping companies streamline their global payroll processes in every location in just four weeks.
Real estate
AgoralaunchesReport Builder and Waterfall Automation Tool.
Reconciliation and reporting services provider Kani Payments has partnered with issuer processor CLOWD9.
CLOWD9 will leverage Kani Payments’ platform to power its data reporting and reconciliation capabilities.
Kani Payments made its Finovate debut at FinovateSpring 2023.
Reconciliation and reporting services provider Kani Payments has inked a partnership with CLOWD9. The cloud-native issuer processor selected Kani Payments to power its data reporting and reconciliation capabilities and help the company manage the unique data standardization requirements faced by banks and fintechs alike.
CLOWD9 will use Kani Payments’ SaaS platform to collect and standardize transaction data, including both authorization and settlement data from payment schemes. The platform will enable CLOWD9 to report to clients across the payment value chain faster, as well as provide enhanced and easy-to-understand data customization and visualization via the Kani Payments’ portal dashboard. This will empower clients with the flexibility to configure data as they choose.
“The sweet spot is taking standard data, formatting it for the individual needs of our mutual clients, and accelerating reconciliations with it,” CLOWD9 Chief Product Officer Richard Wray explained. “Kani Payments are the experts in that area and their understanding of the depth, detail, and specializations within the payment data value chain is unsurpassed.”
Headquartered in Newcastle upon Tyne, U.K., Kani Payments made its Finovate debut last year at FinovateSpring in San Francisco. At the conference, the company demoed how its automated reconciliation and reporting platform provides fully automated reconciliations, as well as automated legal, regulatory, and scheme reporting. Kani CCO Marc McCarthy used the example of a simple transaction at a coffee shop to explain the myriad actors – issuing bank, network, processor – that play a role in managing the data of even an everyday purchase. “Each one of those organizations has a different version of that event,” McCarthy said. “We here at Kani Payments provide a reconciliation and reporting platform that helps each one of those actors to have compliance, to have validation of their data, and to have insightful reports of what they can see with their information.”
Earlier this year, Kani Payments announced a partnership with core banking platform Pismo. The collaboration makes Kani’s platform available to Pismo’s bank, marketplace, and fintech clients. Vishal Dalal, Pismo CEO for North America, EMEA, and APAC said that the partnership “will unlock useful insights to help (financial institutions) make better, more informed decisions, shaping a new era for banking and payments.”
Kani Payments was founded in 2018. Aaron Holmes is CEO. Holmes co-founded the company following tenures at Flex-e-card, Global Processing Services, and NBS Card Solutions (now Wirecard).
Reconciliation and reporting platform Kani Payments has forged a strategic partnership with core banking platform Pismo.
The partnership will make Kani’s SaaS platform available to Pismo’s bank, marketplace, and fintech clients.
Kani Payments made its Finovate debut last year at FinovateSpring in San Francisco.
U.K.-based reconciliation and reporting platform Kanihas forged a strategic partnership with Pismo, an issuer processor and core banking platform headquartered in Brazil. The pact will make Kani’s SaaS platform available to Pismo’s clientele of banks, marketplaces, and fintechs. Kani’s technology automates back office processes, enabling financial institutions and financial services companies to more easily fulfill their compliance reporting obligations.
Kani reports that firms ranging from electronic money institutions and BIN sponsors to challenger banks and fintechs have used its technology to complete weeks’ worth of often complex transaction reporting and reconciliation in less than 30 seconds. In a statement, the company noted that it has experienced significant growth since its founding in 2018. The strategic partnership with Pismo is a big part of that, insofar as the Brazilian fintech is Kani’s largest client win to date.
“Having Kani Payments join our partners’ network will help financial institutions to turbocharge report generations and submissions,” Pismo CEO for North America, EMEA, and APAC Vishal Dalal said. “It will unlock useful insights to help them make better, more informed decisions, shaping a new era for banking and payments.”
Founded in Brazil in 2016, Pismo counts domestic banking firms Itaú and BTG among its clients. The company works with the world’s largest card networks, and processes $208 billion in transactions a year across 97 million accounts and 53+ million issued cards worldwide. Visa International acquired Pismo at the beginning of 2024 in a deal valued at $1 billion. We reported on the pending deal in our Finovate Global column back in the summer of 2023.
“Pismo’s cloud-based platform empowers teams to build fast and companies to launch rapidly, and as such, it shares many of our values and a core aim of helping businesses drive efficiency,” Kani Payments founder and CEO Aaron Holmes said. “As a global business, Pismo is the perfect partner to help us realize the next phase of our growth strategy, and we’re looking forward to making our solution available to a much wider market.”
Founded in 2018 and headquartered in Newcastle, U.K., Kani made its Finovate debut at FinovateSpring 2023. At the conference, the company demoed how its automated reconciliation and reporting platform conducts fully automated reconciliations, and automates legal, regulatory, and scheme reporting requirements. The platform also gives users the ability to explore and investigate data to better understand consumer and product behavior.
With FinovateSpring only days away (May 23 through May 25), this week’s edition of Finovate Global will showcase those innovators demoing at the event that are headquartered outside the United States.
There’s still time to register and join us in San Francisco, California for our annual Spring fintech conference. Visit our FinovateSpring 2023 hub today and get your ticket today!
9Spokes
Founded in 2012 and headquartered in New Zealand, 9Spokes unlocks open banking and data, giving financial institutions a powerful set of tools to engage SMB customers. LinkedIn.
FinTech Insights by Scientia
Founded in 2016 and headquartered in London, U.K., FinTech Insights by Scientia offers a competitive analysis tool for banks and fintechs to help them create compelling digital banking experiences. LinkedIn.
FINTEQ
Founded in 2017 and headquartered in Poland, FINTEQ removes credit risk from the supply chain, giving suppliers a healthy and sustainable trade finance alternative. LinkedIn.
Flybits
Founded in 2013 and headquartered in Toronto, Canada, Flybits offers a personalization platform that enables financial institutions to deliver best-in-class personalized digital banking experiences. LinkedIn.
Fundica
Founded in 2017 and headquartered in Montreal, Canada, Fundica is a government funding platform used by some of the largest financial institutions in North America to acquire clients at scale. LinkedIn.
Horizn
Founded in 2012 and headquartered in Toronto, Canada, Horizn helps financial institutions maximize the impact of digital and accelerate returns on digital investments with customers and employees. LinkedIn.
HyperSwitch
Founded in 2022 and headquartered in India, HyperSwitch is an open source payments switch designed to make payments fast, reliable, and affordable. LinkedIn.
Kani
Founded in 2018 and headquartered in Newcastle, U.K., Kani offers end-to-end reconciliation and reporting, automating the back office for payments companies and fintechs, and ensuring accuracy and compliance. LinkedIn.
Lucinity
Founded in 2018 and headquartered in Reykjavik, Iceland, Lucinity combats financial crime with innovative GenAI technology for smarter and faster FinCrime compliance. LinkedIn.
PayTic
Founded in 2020 and headquartered in Charlottetown, Canada, PayTic is a SaaS platform that automates and manages all key aspects of program management: network fees, reconciliation, reporting, and fraud. LinkedIn.
SESAMm
Founded in 2014 and headquartered in Metz, France, SESAMm specializes in big data and artificial intelligence, providing analytics from more than 20 billion articles and messages using NLP. LinkedIn.
Here is our look at fintech innovation around the world.
A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.
Kani Payments’ automated reconciliation and reporting services for payments companies and fintechs globally allows them to report accurately and fulfill compliance obligations fast.
Compliance: Legal, regulatory, and scheme reporting requirements
Intelligence: Explore data and understand consumer and product behavior
Why it’s great
Electronic money institutions, BIN sponsors, challenger banks and fintechs use Kani to do weeks of complex transaction reporting and reconciliation work in under 30 seconds.
Presenters
Marc McCarthy, Chief Commercial Officer McCarthy was appointed Chief Commercial Officer for Kani Payments in 2022 and has a wealth of experience in the financial services sector, with a background in banking, technology and business development. Linkedin
Priya Jadeja, Head of Pre-Sales Jadeja was appointed Head of Pre-sales for Kani Payments in 2023 with over seven years in financial services. She will be heading and shaping the pre-sales demo function for new opportunities. LinkedIn
