Finovate Alumni News

On Finovate.com

  • ID R&D Unveils Passive Facial Liveness Detection.
  • Finovate Global: Brazil’s NuBank Scores $400M; Poland Launches $737M Co-Investment Project.

Around the web

  • On Deck earns spot in Selling Power’s 50 Best Companies to Sell for in 2019 roster.
  • Mambu named a “Challenger” in Gartner’s 2019 Magic Quadrant for Global Retail Core Banking.
  • Data-in-use security specialist Enveil is honored at the FCA Global AML and Financial Crime TechSprints showcase.
  • The IDCo. makes the finalist list in the Affordability Assessment Solutions category of the Credit & Collections Technology Awards.
  • NuData Security wins Gold and Silver in the 14th Annual 2019 IT World Award in CIO of the Year, Company of the Year, and Women in Technology.

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

  • Betterment Now Wants Your Liquid Cash, Too.
  • Finovate Alums Honored at PayTech Awards 2019.
  • BlueRush Inks IndiVideo Deal with Nikia Dx.

Around the web

  • DriveWealth announces collaboration with U.S.-based registered investment advisor Vested Finance to give investors in India access to U.S. stock.
  • Mastercard forges new partnership with SumUp, boosting the number of electronic payment acceptance locations across 27 countries in Europe.
  • Singapore-based Cheers Paytech chooses core banking technology from Mambu.
  • New Zealand’s seventh largest bank, TSB, goes live with Temenos Infinity for online account opening and onboarding.
  • ThetaRay launches version 4 of its analytics platform to help banks detect and prevent cybercrime.
  • BeSmartee announces direct integration with real estate document collaboration and recording technology solution provider Simplifile.

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.

Mambu Strikes First Deal in Brazil; Twisto Sets Sights on Poland

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Southern Asia

  • Indian financial services marketplace MyMoneyMantra raises $15 million in funding.
  • Razorpay, a payments solutions provider based in India, reports a 40% increase in the number of digital transactions in the country during the second quarter of 2019.
  • Credit Suisse and NASSCOM agree to promote the growth of Indian fintech startups.

Latin America and the Caribbean

  • Mambu forges partnership with its first Brazilian customer, Acesso.
  • MercadoLibre announces plan to allow users of its e-wallet in Mexico to earn interest on funds saved on the app.
  • Bloomberg looks at Goldman Sachs’ Special Situations Group and its pursuit of investment opportunities among Latin American fintechs.

Asia-Pacific

  • China Merchant Bank to deploy regulatory reporting technology from Wolters Kluwer.
  • Philippines Union Bank picks Refinitiv to power its electronic trading business.
  • Samsung partners with a cohort of South Korean banks on a blockchain-based digital identity project.

Sub-Saharan Africa

  • Central Bank of Kenya reaches fintech cooperation agreement with the Monetary Authority of Singapore.
  • Standard Bank leverages mobile teller technology from Infosys Finacle.
  • Kenyan payment solutions provider WAPI Pay pledges to support faster adoption of Wechat Pay and Alipay across Africa.

Central and Eastern Europe

  • Czech Republic’s Twisto announces plans to expand to Poland this fall, with expansion to Romania to follow.
  • Revolut makes Apple Pay available to its customers in Hungary.
  • Austrian insurtech Bsurance and fintech Cashpresso team up to provide automatic buyer protection Cashpresso customers.

Middle East and Northern Africa

  • Nasdaq and Iraq Stock Exchange ink new market technology agreement.
  • Emirates NBD’s Liv leverages gamification to raise money for charity.
  • Abu Dhabi Global Market’s Financial Services Regulatory Authority issues guidelines for robo advisors operating in ADGM.

Top image designed by Freepik

Finovate Alumni News

Around the web

  • Entrepreneur.com features Xero in its round up of solutions to help companies better control their business expenses.
  • SaaS banking engine Mambu inks deal with its first Brazilian client, Acesso.
  • Worldpay to deploy UP eCommerce Payments solution from ACI Worldwide as part of new international partnership.
  • Czech Republic’s Twisto announces plans to expand to Poland this fall, with expansion to Romania to follow.

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.

Mambu and Salt Edge Team Up to Boost PSD2 Compliance

A new collaboration between SaaS banking engine Mambu and open banking solution provider Salt Edge will help FIs become more PSD2 compliant and, in the process, accelerate fintech innovation in the banking sector.

Salt Edge CEO Dmitrii Barbasura highlighted the company’s significant background in helping FIs become PSD2 compliant faster and with less cost, having launched more than 60 PSD2 API sandboxes this spring. “(Our) vision is to transform the way financial institutions interact with each other under the aegis of the PSD2 and other open banking initiatives,” he said. “One of our main specializations is building open banking APIs for interoperability between banks, payment service providers, and end customers.”

The collaboration stems from a partnership between the two companies launched last month that will give account servicing payment service providers (ASPSPs) working with Mambu the ability to gain PSD2 compliance without having to develop their own in-house, public APIs.

“Mambu continuously works to bring best of service partners to our ecosystem marketplace to help in composing innovative financial services architectures,” Mambu Chief Product and Technology Officer Ben Goldin said. “We chose Salt Edge, as they are a leader in open banking and are a good match in their service approach and company culture. Salt Edge’s capabilities go beyond a single region or standard, which complements a good global presence.”

Salt Edge demonstrated its Open Banking Platform at FinovateEurope earlier this year. The company is connected to more than 3,400 financial institutions in 66 countries, including more than 200 banks in Europe, and has offices in Toronto, London, and Chisinau. In addition to supporting account data and payment initiation, Salt Edge provides added value with data enrichment services such as financial categorization and payee verification during the transaction flow.

Salt Edge earned its Account Information Service Provider (AISP) license from the U.K.’s Financial Conduct Authority (FCA) this spring. The company also announced a new partnership earlier this year, teaming up with U.K.-based money management app Emma.

Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013. The company is also an alum of our developers conference, presenting Smart Consumer Lending: Platform and Scoring Architecture at FinDEVr New York 2016.

More recently, Mambu announced core banking technology partnerships challenger banks in the U.K. and South Africa. The company began the year with a significant fundraising, picking up a $34 million investment via a round led by Bessemer Venture Partners. Co-founder Eugene Danilkis is Mambu’s CEO.

Finovate Alumni News

On Finovate.com

  • Mambu and Salt Edge Team Up to Boost PSD2 Compliance.
  • RightCapital Partners with Wealth Manager CircleBlack.
  • Mastercard Works with P27 to Launch Real Time Payments in the Nordics.

Around the web

  • Product and pricing control solution provider Zafin announces alliance with end-to-end IT services firm DXC Technology.
  • Trade finance and supply chain expert David Hennah joins IGTB.
  • LoanScorecard to powerACORN, the new automated underwriting system from Sprout Mortgage.
  • FinovateFall Best of Show winner SpyCloud takes home top honors at SourceMedia’s 2019 Digital Banking conference.

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.

Mambu Provides Core Banking Tech to RBS Challenger Bank Bo

RBS’s challenger bank Bo has reportedly selected Mambu as core banking technology provider. Mambu’s flagship solution will be delivered on a hosted basis, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Bo is RBS/NatWest’s digital alternative to the likes of Monzo and Starling, with former operations chief Mark Bailie leading the project.

Reportedly, around 100 staff have been briefed on the new project.

Bo is expected to launch to retail customers in 2019, with the aim of migrating one million Natwest customers to the new mobile platform. It will offer savings and deposits products to consumers.

Fintech Futures has reached out to Mambu and Bo; both firms have declined the request for comment.

For payments, Bo will be using Starling’s Payments-as-a-Service offering.

Mambu already has a couple of users in the U.K., namely OakNorth (which runs the system on the AWS cloud) and N26 (which uses Mambu’s tech in its home market in Germany and across international locations).

Founded in 2011, Mambu participated in our developers conference, FinDEVr New York, in 2016. The company’s CEO, Eugene Banilkis, presented Smart Consumer Lending: Platform and Scoring Architecture and discussed how Mambu developed its social, data-driven consumer credit scoring engine.

Mambu is also a veteran of Finovate’s demo-only event, having demonstrated its technology live at at FinovateAsia in Singapore in 2013.

Finovate Alumni News

On Finovate.com

  • NIIT Technologies to Acquire WHISHWORKS IT Consulting.
  • How Flywire Uses Machine Learning.

Around the web

  • NetGuardians partners with the University of Applied Sciences and Arts in Western Switzerland to improve ML and AI software for financial fraud detection and prevention.
  • Brewin Dolphin, one of the U.K.’s largest wealth managers, selects Avaloq’s software as a service solution for its back office infrastructure.
  • The Paypers: Worldline rolls out payment solution for online marketplaces.
  • Payjo relaunches as Interface.ai with a new interface, a new brand, and a platform for intelligent virtual assistants.
  • TurnKey Lender receives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
  • Mambu to open a second North American-based office this year.
  • Authority Magazine interviews Ed O’Brien, CEO of eMoney Advisor.

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 Global: Vymo Launches in Vietnam; ZagTrader Helps FIs Go Crypto

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • ZagTrader and BeQuant team Up to help institutions go crypto.
  • Temenos partners with Saudi Arabia’s Al Rajhi bank.
  • Emirates NBD to work with Intellect Design Arena for a planned digital transformation of its transaction banking platform.

Central and South Asia

  • BankBazaar announces partnership with Ujjivan Small Finance Bank for Personal Loans.
  • Victoria Commercial Bank Kenya goes live with corporate banking technology powered by i-exceed’s Appzillon.
  • Aurora interviews Bernhard Klemen, international partner with venture capital fund Sarmayacar on opportunities for venture financing for Pakistani fintech startups.

Latin America and the Caribbean

  • German challenger bank N26 announces plans to expand to Brazil.
  • BBVA Colombia looks at its role in helping promote fintech innovation in Peru. In Spanish.
  • FXCompared profiles Argentina-based PayPal rival, MercadoLibre.

Asia-Pacific

  • Leading Vietnam-based consumer finance firm, FE Credit, chooses Vymo’s AI-powered personal sales assistant.
  • Bambu and CredoLab earn spots on Fintech News Singapore’s 29 Hottest Fintechs in Singapore 2019 roster.
  • Accenture and nCino partner to better serve FIs in the Asia-Pacific and EMEA regions.

Sub-Saharan Africa

  • Tymebank goes live with core banking tech from Mambu.
  • Nigerian digital banking solution provider TeamApt raises $5.5 million in funding.
  • South Africa’s Standard Bank to launch private cloud-based distributed ledger platform for payments and settlement.

Central and Eastern Europe

  • Russia’s Tinkoff Bank joins the country’s Faster Payments System.
  • Ukraine finishes its pilot project, begun in December, in support of its national digital currency, the e-hryvnia.
  • UK-based Rimilia and Association of Credit for Central and Eastern Europe to promote adoption of AI-based technologies to automate AR in the CEE region.

Top image designed by Freepik

Tymebank Goes Live with Core Banking Tech from Mambu

South African challenger TymeBank has officially launched and is using Mambu’s Software-as-a-Service (SaaS) core banking system, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

As reported on 15 February, it went live on a limited basis in preparation for this formal launch.

The bank says customers will be able to open a Financial Intelligence Centre Act (FICA) compliant bank account in Pick n Pay and Boxer stores, and get a Visa debit card.

This follows on from a soft launch in December 2018 when it went live at 20 Pick n Pay and Boxer stores. Since that launch it has got 50,000 customers.

With the bank up and running, it explains that it is using Amazon Web Services (AWS) platform. This links with Mambu’s system, which is used as a ledger for customers’ accounts, and managing the debits and credits.

While not offering specifics, Mambu tells Fintech Futures that this is its “first bank client in the region.”

Chief information officer of TymeBank, Dieter Botha, tells BusinessTech that 180 IT staff worked on creating its digital platform.

The bank offers an Android app and the iOS app is currently in development.

Internal service orchestration, payment flows, and backend services are developed in Java as microservices on the Netflix stack, it explains.

According to Botha, TymeBank embraced Facebook’s React framework in developing the web-based customer channels, while the Android app was developed using Java.

It uses machine data platform Splunk’s cyber incident monitoring capabilities, which means the bank’s cyber-response team “listens” to more than 40GB of network traffic a day.

According to the bank, the kiosks in the Pick n Pay and Boxer stores are equipped with real-time biometric recognition.

Customers don’t require an ID document or any other paperwork to open an account. It takes under five minutes and they will be issued with a personalised, activated Visa debit card that can be used at any Visa merchant in the country.

TymeBank won’t charge monthly fees – meaning no fee for cash withdrawals at ATMs, no account initiation fee, no card issuing fee and no fees for the use of the card for payment.

It does state that cash deposits at Pick n Pay and Boxer stores will cost ZAR 4 ($.028).

On top of all that it offers “high interest on savings” – and says customers can earn up to 10% interest per annum on their savings after three months.

The Johannesburg-based digital bank was officially founded in 2012 under the name of TYME. In 2015, it was acquired by Commonwealth Bank of Australia (CBA) and became TymeDigital.

Three years later CBA sold it to African Rainbow Capital, which describes itself as a “fully black-owned and controlled investment company”.

The majority shareholding of African Rainbow Capital makes TymeBank – as it is now known – “the first majority black-owned retail bank in South Africa”, the new owner says.

Mambu demonstrated its cloud-native, SaaS banking solution at FinovateAsia 2013. The company is also an alum of our developers conference, presenting a discussion titled Smart Consumer Lending: Platform and Scoring Architecture at FinDEVrNewYork 2016.

Founded in 2011, Mambu is headquartered in Berlin, Germany. Eugene Danilkis is CEO and co-founder.