Memento Partners with Islandsbanki to Add Money Pool Feature to Digital Wallet

The Best of Show-winning mobile wallet platform from Memento has been successfully deployed by Iceland’s Islandsbanki. The Icelandic bank has added the technology to its digital wallet app, Kass, enabling users to create “money pools” that friends and family privately or publicly can contribute to.

The technology treats each contribution as a “dynamic payment event” without a preset number of potential contributors nor a predetermined total amount. This makes it easy for users to raise money and share the “campaign” via the social network of their choice. Now available to anyone with an Icelandic phone number and bank account, the technology can be used for everything from funding a team lunch or raising money for charitable causes. And because users have their payment details stored on the digital wallet, contributing to a money pool takes only a few seconds.

Arnar Jónsson, CEO of Memento, demonstrating the company’s Bank-to-Social Relationship Platform at FinovateEurope 2017.

Memento CEO Arnar Jónsson said the money pool feature “will not only increase the use cases of wallet platforms, but also drive traffic from many social media straight to these wallet services.” Pointing out that this value-add is a way for banks to differentiate themselves in an “enormously competitive” digital wallet marketplace, Jónsson added, “it is a smart move to provide tools to pool money as it will raise awareness and usability of your digital wallet.”

This news is the culmination of two years of collaboration between Memento and Islandsbanki, a partnership that included the development of the bank’s digital wallet, Kass, which won “App of the Year in Iceland 2016. “Islandsbanki has high ambitions to offer the best digital-wallet service and we value the strong partnership we’ve build with Memento,” Kass Product Manager at Islandsbanki Unnur Johnsen said. He added, “We truly share their vision to bridge the gap between social media and banking and to service a digital wallet that can handle any type of payment needs. The money pool feature is part of that vision.”

Founded in 2014 and headquartered in Reykjavik, Iceland, Memento demonstrated its Bank-to-Social Relationship platform at FinovateEurope 2017, winning Best of Show. The company has more than $450,000 in capital courtesy of a grant in 2016 from the Technology Development Fund.

Finovate Alumni News

On Finovate.com

  • East vs. East: A Comparison of Regional Fintech Trends.
  • BehavioSec Brings Behavioral Biometrics to Identity Management Specialist Crossmatch.
  • Memento Partners with Islandsbanki to Add Money Pool Feature to Digital Wallet.

Around the web

  • Quid looks at Salesforce Ignite’s implementation of its data visualization technology.
  • NBC News features Ping Identity chief information security officer Robb Reck with tips on being safe on Cyber Monday.
  • Zenmonics’ digital account opening technology wins endorsement from American Bankers Association.
  • BAI Banking Strategies podcast interviews nCino CMO Jonathan Rowe.
  • Business Insider features Pindrop and Ripple in roster of startups that will boom in 2018 – as selected by leading VCs.
  • PYMNTS.com interviews Urban FT co-founder Kasey Kaplan.
  • Kantox boosts currency portfolio from 35 to 92, adding markets in Latin America and Asia.

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 2017 Best of Show Winners Announced

IMG_0420

After two days of live demonstrations of some of the most novel innovations in fintech, our FinovateEurope audience has made its voice heard as to which technologies represent the Best of Show.

This year’s award winners are a fascinating mix of Finovate veterans like Backbase, eToro, SaleMove, and Tink, all of whom have been honored with Best of Show trophies in the past, as well as newcomers like Dorsum and Memento, which accompanied their Finovate debuts with Best of Show awards of their own. And how fun is it to celebrate a company like CREALOGIX, a Finovate alum since 2011, that picked up its very first Best of Show honors this week?

A hearty congratulations to all seven of FinovateEurope 2017’s Best of Show winners – and to all of the companies that demonstrated their technologies at our London conference this year. From artificial intelligence and chatbots to technologies that make it easier for us to earn, save, and invest, yours are the innovations that remind us how valuable the relationship between finance and technology can be.

Backbase---Hi-ResBackbase for showing how artificial intelligence and PSD2 can turn a mobile app into a smart virtual assistant.

CREALOGIXCREALOGIX for its predictive banking in virtual reality technology that transcends complex interfaces to provide a user experience that accommodates emotion, creativity, and logic when it comes to making financial decisions.

Dorsum_logo_2016_cmykDorsum for its chatbot factory and botboarding platform that creates chatbots that combine human-like, natural language communication with traditional customer data collection and profiling.

eToro_Logo_VectoreToro for its worldwide social trading network of more than five million members that makes the trading and investing environment more social, more enjoyable, and more transparent.

 

Memento-LogoMemento for its Bank-to-Social Relationship platform and next generation mobile money app that helps banks deepen engagement with current customers and better attract and acquire new customers, as well.

SaleMoveSaleMove for its Engagement Platform that enables FIs and other companies to communicate with online visitors via chat and dual-cursor guided cobrowsing, as well as video and voice.

Tink_LogoTink for its independent, consumer PFM app that brings together aggregation, account information, and payment initiation services to provide a truly PSD2-compliant, virtual bank experience.

We had a great time this year at FinovateEurope and hope you enjoyed getting to know our presenting companies and the unique ways they leverage technology to solve problems. Thanks and gratitude to all of our sponsors, partners, presenters, and – of course – our attendees, for making this celebration of financial technology possible. We’ll see you next year!


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016