Alumni News– February 20, 2015

  • Finovate-F-Logo.jpgInComm to offer Hip Digital access to selection of gift cards and delivery options.
  • Betterment Raises a Fresh $60 Million in Round Led by Francisco Partners.
  • FPS GOLD Partners With MX for Personal Financial Management.
  • US News features MaxMyInterest, Moven, and Level Money in a feature on money-saving and simplifying tools.
  • Alkami Technology Brings its Digital Banking Platform to Patelco Credit Union.
  • Samsung Acquisition of LoopPay Puts Apple Pay on Notice.
  • FIS earns new ISO certification.
  • TheStreet.com column on new security technologies for banks features EyeVerify and Digital Insight.
  • EVO offers processing to underserved direct response merchants.
  • Moneyweb mentions Entersekt’s role in South African-based fintech.
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– February 19, 2015

  • Finovate-F-Logo.jpgAmerican Banker: Retail Banking Vet Deanna Oppenheimer Joins Tech Vendor Finsphere.
  • American Banker: Federal Payments Website Partners with PayPal, Dwolla.
  • Kantox Surpasses $1 Billion in Foreign Exchange Transfers.
  • Pindrop Security Raises $30 Million.
  • eToro launches its Popular Investment Programme to recognize and reward the network’s top traders.
  • Phroogal reviews Motif Investing.
  • MaxMyInterest brings consolidated tax reporting functionality to its cash optimization platform.
  • Encap Security CEO Thomas Boström Jörgensen and Ping Identity Managing Director EMEA Jason Goode weigh-in on Touch ID banking.
  • Digital Retail Apps featured in Toronto Star’s coverage of Canada’s first financial technology cluster.
  • Azimo launches its money transfer service in China.
  • Finsphere Lands $1.8 Million, Partners with Visa.
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– January 23, 2015

  • 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.jpgInternet Retailer looks at the relationship between product reviews and revenue courtesy of a new report from Baazarvoice.
  • Xero highlighted as “our best purchase of 2014” by Business Betties.
  • MakeMoneyYourWay profiles EZBOB and its new business loan promotion, the New Year’s Revolution.
  • Zee News’ Money Guru interviews Abhishek Dwivedi, vice president operations at BankBazaar.com.
  • Liverpool Echo features Toshl Finance in its list of must-have apps for busy moms.
  • Investopedia’s guide to choosing roboadvisors spotlights nine Finovate alums: Betterment, FutureAdvisor, JemstepLearnVest, Motif Investing, Personal Capital, SigFig, TradeKing, and Wealthfront.
  • Benzinga Fintech Awards publishes its video interview with Gary Zimmerman, CEO of MaxMyInterest.
  • American Banker covers OnDeck’s small business loan marketplace for institutional investors.
  • Pymnts interviews René Lacerte, CEO and Founder of Bill.com about how to simplify B2B payments.
  • Mifos welcomes new partners: SkooliLabs and iSystems
  • Google Cloud Platform releases beta of Google Container Registry for secure hosting, sharing, and management of private container repositories.
  • BlueVine Grabs $18.5 Million to Increase Small-Business Lending.
  • Encap Security CEO Thomas Bostrom Jorgensen asks if biometrics provide a “false sense of security” in a column for Bob’s Guide.
  • Akimbo Financial acquired by Payment Data Systems.
  • Kreditech Secures $200 Million Line of Credit.
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– January 20, 2015

  • 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.jpgACI Worldwide partners with ATM provider LD Systems.
  • Nutmeg hires former Google financial search ad specialist, Scott Eblen, as Chief Product Officer.
  • Azimo customers can now send money to another eight West African countries.
  • The American Bankers Association endorses PFM and BFM platforms from Geezeo.
  • New app from no-fee, no-branch BankMobile is powered by Malauzai Software.
  • Wall Street Journal’s top tools for retirement planning features BillGuard, blooom, HelloWallet, MaxMyInterest, Mint, True Link Financial, and Yodlee.
  • Check out our latest CEO interview: Global Debt Registry CEO Mark Parsells Brings Transparency to Debt Ownership. 
  • Top Image Systems and SQN Banking Systems deploy signature verification project at Singapore bank.
  • TechVibes highlights Trulioo founder, Stephen Ufford.
  • Integrity now offers CardFlight mPOS to its merchant customers.
  • Credit Karma now has more than 35 million members, accounting for 16% of US population with an open credit profile at a major bureau.
  • Continuity named one of Connecticut’s 2015 Best Places to Work.
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– December 16, 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.jpgTop Image Systems announces closing “six-figure eFLOW5 deal” with leading Asia-Pacific bank.
  • ACCESSbank to deploy turnkey insurance agency courtesy of Insuritas.
  • Klarna payment solution now integrated into ekmPowershop.
  • D3 Banking partners with ProfitStars to offer iPay Consumer Bill Pay.
  • Pymnts interviews Jingit, Spreedly, and TSYS CEOs on what they think will make or break 2015.
  • Pymnts: PayPal Loan Program to Compete with Lending Club.
  • ShopKeep gives free NFC reader to new customers wanting to accept ApplePay.
  • Finovate Debuts: EyeLock’s Myris Device Authenticates Using Iris Identification.
  • Arroweye Solutions to Provide Debit and Prepaid Card Production to DMS Bank & Trust Ltd. 
  • ZenPayroll now lets companies match employees’ charitable donations.
  • Arxan Integrates With IBM Security AppScan and Trusteer Products.
  • Mint launches bill pay and management platform.
  • Entersekt Receives Honorable Mention in 2014 Gartner Magic Quadrant for User Authentication.
  • Interactions closes strategic deal to acquire AT&T Watson speech recognition and natural language understanding platform.
  • Consumer Reports features AnchorID, Betterment, Blooom, EverSafe, FutureAdvisor, iQuantifi, MaxMyInterest, and Wealthfront in its column, “Bright Ideas for a Prosperous 2015.”
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: MaxMyInterest from Six Trees Capital

MaxMyInterestLogo_FF2014

The Finovate Debuts series introduces new Finovate alums. This past September, Six Trees Capital made its Finovate Debut with MaxMyInterest, an innovative cash management solution for high net worth individuals and their families.

MaxMyInterest

From Six Trees Capital, MaxMyInterest is an automated cash management technology that dynamically allocates cash balances between online savings accounts to ensure FDIC insurance coverage while earning superior yields. Financial institutions gain wallet share and increase customer stickiness from high-net-worth clients.
MaxMyInterest1
The Stats
  • Founded in July 2013
  • Headquartered in New York City, NY
  • Gary Zimmerman is CEO and Founder
  • Technology launched in April 2014
The Story
Some technology, as the saying goes, is almost indistinguishable from magic. Other technology, is almost indistinguishable from “why in the world didn’t I think of that!?”
MaxMyInterest was initially developed as a way to preserve capital rather than a way of helping grow it. Founder and CEO Gary Zimmerman was working as an investment banker recently relocated to Japan when the financial crisis hit in 2008. And to put it mildly, his experience trying to manage and reallocate his cash from the other side of the world in the midst of global financial turmoil was instructive. 
Sure, the FDIC would insure cash deposits up to $100,000 (the limit before October 2008). But as far as the rest of Zimmerman’s cash was concerned, it was every dollar for itself.
MaxMyInterest_Art2
Zimmerman found himself manually moving hundreds of thousands of dollar around from one newly-opened online bank account to the next for three years. And in the process, he realized he had earned tens of thousands of dollars in interest shuffling his money around. In the beginning, Zimmerman explains, it had “nothing to do with interest rates – just protecting the cash.” But his revelation after three years of manual cash management had him thinking: hmmm, if only we could automate this …
The Solution
So what does MaxMyInterest do and how does it do it? Put simply, MaxMyInterest lets high-net-worth savers, those for whom the FDIC’s $250,000 insurance limit is not enough, move their cash holdings dynamically to whichever account provides the highest rate of interest. The money movement is automatic and keeps cash savings accounts under $250,000 so that depositors can make the most of FDIC insurance guarantees. 
Signing up is straightforward. Members link a checking account and at least one savings account in a process that takes less than 15 minutes. Users set up a Target Balance, which tells Max how much money to keep in the checking account. The rest of the cash is allocated into the highest yielding FDIC-insured savings accounts available in a process MaxMyInterest calls “optimizing”. Optimization takes place monthly, but the company says that rebalancing with greater frequency is possible.
MaxMyInterest_Art1
Members track their balances, the status of the optimization or transfer, and have access to their cash at any time (except during the 2-3 day ACH transfer). MaxMyInterest also has an “Intelligent Funds Transfer” feature that allows members to transfer funds back and forth between checking and savings with a single click. Note that Max ever takes actual custody of the funds of its members. 
The service costs 0.02% of the cash being optimized each quarter, or 0.08% per year. This is competitive with money market management fees which can range as high as 0.16%. Zimmerman said his platform can deliver cash returns of 0.80% net of fees.
Where can you use MaxMyInterest? The technology is compatible with checking accounts at:
    • Bank of America
    • Citibank
    • First Republic Bank
    • JPMorgan/Chase
    • Wells Fargo
MaxMyInterest is also compatible with FDIC-insured online savings accounts at:
    • Ally Bank
    • American Express
    • Barclays
    • Capital One 360 (formerly ING Direct)
    • GE Capital
The Technology
Zimmerman admits that initially he wasn’t sure that “MaxMyInterest the Concept” could actually be turned into “MaxMyInterest the Product.” “There’s a lot of difference between having an idea and executing an idea,” he said. Then after four months of work proved that the cash management solution could be built, the sprint to see just how fast it could be built was on. And while there were plenty of moving parts, working with banks and navigating their various security protocols proved to be the biggest challenge.
Zimmerman and Director of Engineering Richard Wu turned to a major security firm to help them build out the architecture and do the requisite testing. The goal was to make MaxMyInterest as secure as the banks they worked with. The lack of common standards for interfacing with the banks was one challenge, especially when much of it was automated. “There were a lot of solutions available,” said Wu, “but none really worked for us.”
MAXMy1
Starting from the ground up, they were able to construct a platform with a simple user interface, smooth and prompt execution, and security strong enough to convince major banks like Bank of America, Citibank, and Wells Fargo to make the service available. 
The Future
Why do banks like MaxMyInterest? Zimmerman admits that some banks he thought wouldn’t like his cash management service actually did. “A lot of banks have a problem with clients holding too much cash,” he said. MaxMyInterest also gives banks the opportunity for competitive advantage. Brick-and-mortar banks can be at a disadvanta
ge of as much as 150 basis points compared to online banks, Zimmerman explained. And online banks pass this savings on to their customers in the former of better returns on cash.
MAXMy2

With MaxMyInterest, banks can offer higher yielding opportunities to their clients. “The irony,” he said, “was that by reducing the stickiness of bank deposits, you increase the stickiness of bank relationships.” Zimmerman thinks that early adopters of his technology will have a major advantage over those that hesitate.

For many in fintech, “cash” is simply shorthand for paper bills and coins. But in reality, “cash” is a $12 trillion dollar field of assets sitting idly in banks and money market funds. “The average American is 40% in cash,” said Zimmerman, cash that is paying on average between zero and 0.15% annual percentage yield. 
MaxMyInterest helps high net worth savers make the best of a low-interest rate world by automatically moving cash to online banks where yields are greater (averaging between 0.75% and 0.95% APY).  And if Zimmerman and his team are able to grow MaxMyInterest in the current environment, it is easy to imagine a bright future for the company – and its members – as online savings options grow and interest rates (eventually) normalize and begin to move higher.

Alumni News– October 21, 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.jpgTechCrunch: Coinbase CEO Brian Armstrong talks about the future of Bitcoin at Disrupt London.
  • Jumio launches BAM Checkout: a credit card and ID scanning app for mobile merchants.
  • Encap Security integrates Apple Touch ID into its Smarter Authentication platform.
  • Fiserv adds document-to-document comparison functionality to the Comparalytics module of its LoanComplete solution.
  • Firebase joins Google Cloud platform to make it easier to build mobile apps.
  • Tradier appoints former E*TRADE President & COO Jarrett Lilien to its Board.
  • Dubai Financial Market signs memorandum of understanding with Kony to develop a series of “Smart Borse” applications.
  • The Financial Brand: How PayPal’s Venmo is winning the battle for social 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.

Six Trees Capital Introduces its Cash Management Solution, MaxMyInterest

MaxMyInterestLogo_FF2014

This post is part of our live coverage of FinovateFall 2014.

Making its way to the stage next is Six Trees Capital introducing MaxMyInterest, a way of helping investors dynamically allocate their cash in an optimal manner to maximize returns on cash and FDIC insurance.

“MaxMyInterest is a new automated cash management solution that helps depositors earn more on their cash balances via their existing checking account and online savings accounts. Max’s patent-pending technology platform uses proprietary algorithms to help ensure cash is dynamics allocated to the member’s banks offering the best interest rates at any given point in time. Max also helps keep cash below the FDIC limits at each bank. Max includes other powerful cash management tools, including monthly cash sweep and Intelligent Funds Transfer (SM) technology, which makes managing a portfolio of online bank accounts as simple as ‘checking’ and ‘savings’.”
Presenting: Gary Zimmerman (CEO & Founder) & Richard Wu (Director, Engineering)
MaxMyInterestHomepage_LiveBlog
Product Launch: April 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, licensed
HQ: New York, NY
Founded: July 2013
Twitter: @maxmyinterest

FinovateFall 2014 Sneak Peek: Part 5

FinovateFallWithDateLogo

After resting up over the weekend, we hope you’re ready to take a look at six more companies that will demo their newest fintech creation in New York City at FinovateFall this September 23 and 24.

Over the course of the past few weeks, we’ve seen:

Don’t miss out; get your ticket here to be a part of the action.



BCSGLogo2.jpg

Business Centric Services Group (BCSG) is a cloud- services brokerage offering business apps for small businesses via FIs with a platform reaching over 4 million SMBs worldwide.
Features:
    • Modularized platform that allows FIs to tailor their offering
    • 24×7 support for SMBs on all apps
    • Client support: from proposition design, to go-to-market strategy, to ongoing delivery
Why it’s great:
Its platform will continue to evolve with the market. Whatever it does, it will always start with the small business need.
JohnDavisBCSG

Presenters:

1) John Davis, Managing Director
Prior to BCSG Davis spent 10 years at Barclays where he was Marketing and Product Director for Barclays Business, and also Managing Director of Clearlybusiness.
AndrewBCSG

2) Andrew Garney, Commercial Manager

Before joining BCSG Garney held various technical and project delivery roles at Hewlett Packard Enterprise Services and De La Rue.

DieboldZenmonics
Diebold’s evolution of Relationship Banking lowers the costs of self-service channels in the branch, combined with a seamless extension of tablet-based Sales, Servicing and Account Opening
Features:
    • Advanced teller transactions moved to self-service terminals
    • Personalized Account Opening, Sales & Service via Tablet
    • Shared customer history and product promotion across channels
Why it’s great:

Diebold furnishes the ability to effectively identify, engage, service and anticipate the needs of customers across your self-service and assisted channels will differentiate your brand.
Presenters:
1) Shelly Ewing, New Business and Solution Incubation for Diebold  
2) Chris Siemasko, SVP Product Solutions for Zenmonics  

LarkyLogonew

Larky delivers engagement and loyalty through a unique platform that provides point-of-sale discounts at local and national merchants and magically reminds users of offers at the right time and place.

Features:

  • Location-triggered alerts when a discount is near
  • Tracks 2,000+ memberships. Users never miss an offer they deserve (including yours!)
  • White-labeled platform seamlessly ties in with your brand
AndrewBankLarky

Presenter:

Andrew Bank, Co-Founder
Successful start-up entrepreneur with substantial experience identifying and developing products, services, and business relationships with high ROI. Passion for creating compelling new solutions.

MaxMyInterestLogo

MaxMyInterest by Six Trees Capital LLC is an intelligent cash-management solution that helps investors earn up to 0.80% more on FDIC-insured bank deposits, rebalancing funds automatically as rates change.

Features:

    • Earn up to 0.80% more on cash without changing your checking account
    • Get the best interest rates, automatically, even as rates change
    • Fund
      s move to and from checking as needed
Why it’s great: 
Max brings efficiency and transparency to the $12 trillion market for cash, making it easy for investors to securely and effortlessly increase the yield on the cash portion of their portfolios.
MaxInterestGary

Presenters:

1) Gary Zimmerman, Founder and Chief Executive Officer
Zimmerman is an investor and entrepreneur, focused on financial technology. Prior to founding MaxMyInterest, he was an investment banker at Citigroup. He graduated from Harvard University with a degree in economics.
MaxInterestRichard

2) Richard Wu, Director of Engineering

Wu leads the technology development team and is an expert in interface design. He graduated from the University of Illinois at Chicago with a degree in Computer Engineering.  

SonavationLogo

Sonavation empowers trust through ultrasound technology by creating more secure environments in which to access sensitive financial data, conduct non-cash transactions and offer peace of mind.

Features:
    • Impenetrable security using ultrasound technology and cloud-based Identity-as-a-service infrastructure
    • Protection of sensitive banking information
    • ATM, credit and debit card protection
Why it’s great:
Sonavation is on a mission to replace passwords and PINs with highly secure biometric solutions, leveraging the power of ultrasound to deliver piece of mind.
BobStewart

Presenter:

Bob Stewart, Chief Operating Officer
Stewart is the Chief Operating Officer at Sonavation, currently focused on delivering the convergence of physical and cyber security.

TickSmithlogo

TickSmith has built the first commercial Big Data platform for financial data.

Features:
    • Powerful and scalable Big Data technology and analytics
    • Management of all types of financial data
    • Solve compliance, reporting, analytics and distribution problems on huge data sets
Why it’s great:
TickSmith provides out-of-the-box, previously unavailable possibilities to exploit financial big data.
FrancisWenzel

Presenters:

1) Francis Wenzel, CEO
Seasoned financial data and technology executive and entrepreneur with 28 years of experience.
LinkedIn
DavidCote

2) David David Côté, CIO

Entrepreneur, consultant and IT Architect with 17 years of experience developing, architecting, deploying and running technology solutions and infrastructure for banks, travel and IT companies.
LinkedIn

Check back this Thursday to see another six companies that will demo at FinovateFall 2014.

Alumni News– August 4, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOink adds payment solutions provider Merchant e-Solutions to its Channel Partner program.
  • American Banker takes a look at Credit Karma’s plan to provide free, weekly credit reports to its 25+ million members.
  • Allied Payment Network announces 99.2% read success rate when processing payments via PicturePay.
  • Intuit to acquire tax filing software startup, KDK Software.
  • MorningStar’s Christine Benz interviews MaxMyInterest founder, Gary Zimmerman. See MaxMyInterest at FinovateFall 2014 in New York.
  • EZBOB reports boost in client volume.
  • Wall Street & Technology talks gamification and compliance training with True Office.
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.