Knox Offers Free, Premium Options and Easier API Integration

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What’s better than 18-cent ACH transactions?

For many users of the innovative, ACH-based payments platform from Knox Payments, the answer is “free.”

Knox Payments announced it is now offering both free and premium options for users of its payments platform. Users will be able to make up to 50 transactions a month for free. After that, Professional and Enterprise subscriptions will be available for $40 a month for up to 1,000 transactions a month for Professional, and $100 a month for unlimited monthly transactions at the Enterprise level. All subscribers get real-time reporting; top-tier bank access; PCI/US Patriot/SSAE 16 compliance; and a new feature, the Knox Button, that provides easy integration with the platform.

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Knox CEO and founder, Thomas Eide demonstrated Knox Assured and Knox Verified at FinovateSpring 2015.

Professional and Enterprise subscribers will also get recurring payments functionality and API access. Enterprise-level customers also will be able to add features like balance updating and next-day deposits as well, for additional monthly fees.

Knox also offers a “Good Funds” subscription of 0.5% per monthly transaction volume. The rest of the feature-set for Good Funds subscribers is identical to what is offered at the Enterprise level.

Knox has demonstrated its technologies at both Finovate and FinDEVr conferences. The company’s most recent Finovate appearance was a demonstration of its Knox Assured and Knox Verified solutions at FinovateSpring 2015 in San Jose. See the company’s FinDEVr San Francisco 2014 presentation here.

Are you a fitness developer, builder, or hacker? FinDEVr returns to the Bay Area 6/7 October 2015 for two days of insightful presentations and high-caliber networking with some of fintech’s most innovative technical talent. Find out more at out FinDEVr page. Tickers are on sale now.

Finovate Alumni News

On Finovate.com

  • Klarna Hires former American Express Exec as New CCO
  • Knox Payments Offers Free, Premium Options and Easier API Integration
  • Finovate Debuts: A Look at Stratos’ Digital Card Issuance Platform

Around the web

  • PYMNTS.com looks at the launch of MasterCard’s MasterPass in Belgium.
  • Benzinga’s Jim Probasco interviews AlphaClone CEO Maz Jadallah on “investing like a hedge-fund billionaire.”
  • Adhil Shetty, founder and CEO of BankBazaar.com, comments on handling finances after a job loss in The Economic Times.
  • RIA Biz features BrightScope and its new plan to provide mutual fund data with the launch of Fund Pages.
  • SunGuard chooses Heckyl Technologies to provide sentiment and real-time news analysis for its MarketMap terminal.
  • A look at fintech innovation in Poland features mBank.
  • Management Today profiles Zopa CEO Giles Andrews.
  • Interxion partners with Microsoft Azure to enable users to connect directly to Microsoft Azure in the data center over a secure, high-performance private network.

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.

ACH-based Payments Innovator Knox Payments Presents Knox Asssured and Knox Verified

This post is part of our live coverage of FinovateSpring 2015.

KNOX symbolKnox Payments, an ACH-based payments company, is introducing two new innovations: Knox Assured and Knox Verified.

Knox Payments is a payments and security service that allows merchants to conduct ACH payments. These are transactions wherein customers can pay directly to merchants using their bank accounts. What differentiates the service from its competitors is its primary focus on speed. In addition, Knox Payments does not offer user accounts, and simply functions as a tool for fast online checkouts.

Presenters: Thomas Eide, CEO and founder, and Julius Gartner, director of business development

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Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: San Francisco, California
Website: knoxpayments.com
Twitter: @KnoxPayments

Alumni News– December 18, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFinovate Debuts: Knox Payments Leverages ACH to Reduce Payment Costs for Merchants.
  • Financial Times’ Ian McKenna takes a look at his “gadget of the fortnight”: True Potential Investor.
  • Wired.co.uk features digital fingerprinting technology from Trustev.
  • GoBank users now able to activate cards through banking app without starter kit.
  • FreeAgent expands Self Assessment filing to ease pain for SMEs.
  • Google Cloud Platform releasing SDK in Java for using Cloud Dataflow under an open-source license.
  • American Banker names online marketplace lending, such as Lending Club and Prosper, the innovation of the year.
  • InComm partners with Edenred UK, an employee benefits and solutions provider.
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 Debuts: Knox Payments Leverages ACH to Reduce Payment Costs for Merchants

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The Finovate Debuts series introduces new Finovate alums. At FinovateFall 2014, Knox Payments demoed its platform that leverages ACH to provide cheaper, more efficient payment options for merchants.

Knox Payments reduces interchange fees and cart abandonment with its cost-effective and fast checkout system.

The Stats
    • Founded in February 2014
    • Headquartered in Richmond, Virginia
    • Raised more than $1.5 million in funding
    • 25 employees
    • 70 customers
    • Thomas Eide (CEO) and Thomas Nicholas (President) are co-founders
Getting to Know Knox
Sometimes innovation is a matter of using old tools in new ways. That may be one way to think about the innovation Knox has created.
“We are reducing interchange costs by doing bank payments via ACH,” explained Thomas Nicholas during a pre-FinovateFall 2014 conversation. Running payments through ACH has been possible conceptually, he adds. But until Knox’s technology, the process was too cumbersome.
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“We get rid of barriers,” Nicholas added. “Routing numbers, account numbers, verifications, and the wait time. We eliminate all that.” The goal is to give merchants a payment system that is fast and efficient, lowers costs, and maintains a high level of security. All for 18 cents for payments more than $2. Transactions for less than $2 are free.
One interesting aspect of Knox is that while the process cuts the card companies out of the picture, the use of ACH means that banks are front and center. Nicholas explained that one big issue is that consumers make credit card payments, but banks never have access to key e-commerce data embedded in those transactions. Knox changes that, by “bringing transactions back to the banks.” They use the example of the technology deployed as part of a banking app and helping to increase customer engagement and loyalty as the app becomes a shopping tool. “Banks are going to be powering payments going forward,” Nicholas said.
The Technology
Onboarding with Knox is a four-step process. Find and choose your bank from the list of currently supported FIs (23 banks supported as of this writing). Then login using the same login credentials you use with your online bank account and choose the specific account, checking or savings, to be used and the merchant is ready to begin processing payments
“Usually signing up to accept payments is a really painful process,” Nicholas said from the Finovate stage this fall. But with Knox we do it in a couple of minutes with just a couple of steps.”
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Knox can also be used to quickly and cheaply fund accounts and digital wallets. The company’s partnership with Forex.com (more on that below) will make it much easier for traders and investors on the foreign exchange trading platform add funds to their trading accounts. 
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Where Knox’s technology shines is the way it negotiates the typical three to four-day payment lag in ACH transactions. Knox conducts a real-time balance check to assure funds are present, which allows it to provide next-day funding to the payee. “Knox is the only alternative to the credit card network that will actually underwrite transactions instantly for half a percent and 18 cents,” Nicholas said.
The Future
There are 23 banks integrated right now – all US-based. But the company expects that number to grow into the hundreds soon. The technology itself is “very portable.” Compliance and regulation remain the main barriers to speedier expansion. 
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(Above: Knox Payments President and Co-Founder, Thomas Nicholas demoing at FinovateFall 2014)
Many of the company’s earliest successes have been with currency-related companies – from forex brokerages to digital currency platforms. Knox announced a partnership to power the funding of trading accounts at forex broker Forex.com. With funding by credit card soon to be banned on forex platforms, and other funding options too slow and/or expensive, this service will be a time and money savings for FX traders.
Knox is also working with digital currencies. Many payment processors can’t risk-rate digital currencies, Nicholas said. But Knox’s platform is “robust enough” to do the risk rating. To this end, Knox announced in October that it had formed a partnership with payment processor, Vogogo, that will make it easier its U.S. digital currency clients to accept payments from U.S. bank accounts. And a December agreement with ChangeTip will enable instant Bitcoin payments via ACH.
As Knox sees it, businesses love credit cards because people know how to use them and the funds are guaranteed. Businesses love ACH because it’s cheap. Knox takes what merchants love about cards and what they love about ACH and, with some of their own innovations added in, have created a compelling alternative, especially for digital currencies working their way into the mainstream. 

Watch Knox Payments demo its platform at FinovateFall 2014.

Alumni News– December 9, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCachet Financial Solutions to offer Mitek’s Mobile Photo Account Opening SaaS suite.
  • CrowdFlower CEO Lukas Biewald writes personally about the relationship between startups and their boards of directors.
  • Investor Junkie reviews roboadvisor, iQuantifi.
  • Knox Payments partners with ChangeTip to support bitcoin transaction via ACH.
  • CardNotPresent takes a look at Klarna’s US expansion plans.
  • Yodlee introduces transaction data enrichment service.
  • Fox News compares funding of Wealthfront, Personal Capital, Betterment, and SigFig.
  • Blackhawk Network’s closed loop gift cards available at some USPS locations.
  • VentureBeat: App Annie now tracks stats from Windows and Windows Phone stores.
  • SecondMarket wins 48,000 Bitcoin in U.S. Marshals auction.
  • Actiance extends security capabilities to email.
  • TechCrunch: Trustev Uses Fraud Detection Software to Crack Down on Internet Trolls.
  • Dashlane launches one-click password changer.
  • BehavioSec Lands $6 Million Led by Northzone and Octopus Investments.
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.

Alumni News– November 17, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBoku announces a pair of C-level appointments: Ingo Lippert as CBO, Christian Hinrichs as CFO.
  • Zopa partners with AltFi Data; plans to open loan book to the public in Q1 in 2015.
  • The Sunday Times profiles TransferWise founders Kristo Kaarmann and Taavet Hinrikus.
  • Bolstr surpasses $200,000 in 2014 investor payouts
  • Expensify featured in Slate. Check out the video.
  • Billhighway’s 523% Four-Year Growth earns it the #193 Spot on the Deloitte Technology Fast 500 List.
  • ChicagoInno features Arroweye Solutions and Rippleshot for their listings on the FinTech Forward Rankings.
  • Check out Finovate Debuts: Minetta Brook’s Knewsapp.
  • MetaIntelli and Arxan Technologies partner to help developers mitigate mobile security and privacy risks.
  • Venmo gets Touch ID security, tagging, and direct linking to bank accounts.
  • MyBankTracker examines how 1U is using Hoyos‘ facial recognition security technology.
  • InComm launches New eCommerce Site for B2B Bulk Gift Cards.
  • Bluefin joins the New York Bankers Association.
  • Google Compute Engine now features intelligent horizontal Autoscaling.
  • Wharton Fintech blog features Knox Payments.
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.

Alumni News– October 30, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTemenos announces availability of its new mobile banking app.
  • Mitek reports more than 3,000 FIs have signed up for its mobile deposit solution.
  • BBVA Compass partners with Dwolla to bring real-time payments to bank customers.
  • Personal Capital announces $50 million series D round.
  • xconomy profiles anti-fraud innovator, Trustev.
  • Fiserv launches Popmoney for Disbursements.
  • Insuritas to open and manage turnkey insurance agency for Heritage Community Credit Union.
  • Knox Payments recognized in emerging startup category at Venture Forum RVA event.
  • Cardnotpresent.com features how SimplyTapp uses host card emulation (HCE).
  • Lendio partners with The UPS store to help SMBs.
  • Cardlytics pulls in $70 million in Series F round, prepares for IPO.
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.

Alumni News– October 29, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSmall Business Computing features Flint Mobile in its short list of small business financial apps.
  • MasterCard announces launch of MasterPass in Taiwan.
  • Segmint raises $9 million in new funding.
  • Vaamo raises $3.2 Million, Launches Out of Private Beta.
  • Coinbase adds multi-signature tech to its Vault for high net worth Bitcoin holders.
  • Vogogo partners with Knox Payments to enable its future US clients to accept payment from any US bank account.
  • Google Cloud Platform announces Beta For Local SSD.
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.

FinDEVr 2014: Knox Revolutionizes Payments with its New Approach to ACH

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This post is part of our live coverage of FinDEVr San Francisco 2014.

Knox Payments demoed its technology that leverages ACH rails to make transactions cheaper for merchants.

ACH That Doesn’t Suck: No Account and Routing Numbers Needed
Developing ACH processing the traditional way is horrible. Your users don’t know their account and routing numbers and you don’t know if they actually have the money. Knox has solved these problems with the ease of just logging into your online banking, making ACH cheaper, safer, and easier.
Presenter: Tommy Nicholas, Co-Founder
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About:
Knox allows people to make ACH payments using only their online banking login information, providing the cheapest, safest, and easiest way to accept payments.
Twitter: @knoxpayments