Opentech Partners with Mastercard; Upgrade Pack Raises $5 Million

Opentech has leveraged Mastercard Send APIs to offer a new solution, OpenPay Send, that will give financial institutions across Europe powerful money transfer capabilities.

“Opentech’s mission is to be the enabler of digital payments for banks, leveraging state-of-the-art infrastructures to build highly reliable and flexible solutions, ready to be deployed to the end user,” Opentech CEO Stefano Andreani said. “The partnership with Mastercard and the integration with their worldwide network is a perfect fit to our strategy, bringing a great value and convenience to our customers.” Andreani called OpenPay Send “an important addition to our offering.”

OpenPay Send will also enable firms to offer a broad range of services – from remittance and micropayments to insurance claim distribution and real-time P2P payments. Available via a single integration, the solution helps institutions transfer money to more than 100 corridors – including as many as three billion bank accounts – as well as mobile wallets, payment cards, and cash-out locations worldwide.

The new technology gives banks and other FIs the flexibility to tailor its offering, specifying which countries and sending channels to be activated, and at what costs. OpenPay Send also features a customizable UI for both mobile and web, as well as an administrative portal. Opentech will demo OpenPay Send later this month at FinovateEurope in Berlin, Germany.

Mastercard’s Arne Pache, VP of Digital Payments and Labs, praised the collaboration as an example of how the Mastercard Send platform improves the process of global money transfer. “(We) designed the Mastercard Send platform envisioning a better, faster, and smarter way to send money all over the world in multiple ways by leveraging our expertise and the existing relationships with our customers.” Pache added that the partnership with Opentech and launch of OpenPay Send “brings this vision to life.”

Opentech demonstrated its white-label mobile app, OpenPay for Business, at FinovateEurope 2018. The company is headquartered in both Italy and Switzerland.


Here is our weekly roundup of the latest news from our Finovate alumni:

  • BBVA’s Holvi to expand to the U.K.
  • Cloud 9 partners with Green Key Technologies to enable more efficient and secure extraction of voice trading data.
  • Blackhawk Network sets up development center in India, reveals plans to hire 200.
  • Lighter Capital promotes Joe Silver to Chief Financial Officer.
  • SparkPost announces new features for its Receipt Validation tool.
  • Pensions administrator TKP teams up with Ohpen.
  • Credit Agricole nabs majority stake in Linxo.
  • ID R&D’s new release of IDVoice v.2.11 includes key performance enhancements.
  • Tink launches in France.
  • Revolut offers free airport lounge access to users if their flight is delayed by more than one hour.
  • Billtrust’s Business Payments Network is now integrated with Corporate Spending Innovations to enable their customers to automate supplier payment delivery.
  • Voleo taps Glen Wilson as its interim CEO. Company founder Thomas Beattie will remain as Voleo CCO.
  • Xignite now available in Amazon Web Services (AWS).
  • Jack Henry launches core-agnostic banking platform.
  • DefenseStorm reports zero attrition and 50% customer growth in 2019.
  • FIS partners with alternative SMB funding company LiberisFinance.
  • Pacific Service Credit Union selects Digital Onboarding to enhance member onboarding.
  • Quid merges with social media analytics company NetBase.
  • ndgit and Konsentus partner for PSD2 compliance. This week, ndgit also released version 2 of its API platform.
  • Arxan Technologies recorded 30% subscription growth in 2019.
  • Upgrade Pack raises $5 million in seed round.

Alummi Features and Profiles

Here’s How Far We’ve Come with Voice AI in Customer Service – When it comes to customer service, even in-person interactions can be unpleasant. And doing business over the phone is usually markedly worse, especially if there is a bot involved. There is one fintech fighting that stereotype, however.

Currencycloud Raises $80 Million in New Funding – B2B cross border payments innovator Currencycloud has locked in $80 million in new funding.

Citi Unveils Digital Investment Platform Powered by JemstepLaunched by Citi last week and powered by Jemstep, Citi Wealth Builder is the latest addition to the world of digital investing platforms.

Our latest FinovateEurope Sneak Peeks are up. Meet LeapXpert, Crowdz, Diligend, ITSCREDIT, Crayon Data, Chatvisor, Neonomics, Covr Security, Fidel, and Zelros.

LendUp Tops $2 Billion in Consumer Loans Mark – Since its launch in 2011, socially responsible lender LendUp has surpassed $2 billion in consumer financing via its digital lending platform.

FICO Suite 10 Brings New Precision and Flexibility to Credit Scoring Decisions – The new technology from FICO leverages trended credit bureau data to boost its predictive power, enabling lenders to make more precise decisions on credit risk.

Splitit Taps Stripe to Facilitate Merchant Onboarding for Payment Installments – The agreement makes Stripe the payment facilitator for all new merchants who onboard with Splitit

Also on Finovate.com

PSD2 Turns Two: Where Do We Go From Here? – Break out the PSD2 birthday cake! On January 13 the Second Payment Services Directive (PSD2)– what we now generally think of as open banking– turned two years old.

Digital Dollars and E-Euros: The Case for National Digital Currencies – In recent weeks and months, we’ve heard news of a growing number of central banks investigating the pros and cons of digitizing their money supply

Stop Looking at Your Customer Base as a Faceless Mass – f you ask Balázs Vinnai, president of W.UP, one size does not fit all when it comes to banking. In fact, his company’s entire premise is built around creating a personalized user experience.

Follow the Money: FinovateEurope’s VC All Stars Talk Fintech Investment in Europe – This year at FinovateEurope, we’ve added a panel called Investor All Stars. It’s stacked with investors who will offer up their take on the top topics for venture capital funding in fintech. 

Finovate Alumni News

Around the web

  • Opentech ranked third in the Mastercard’s worldwide Directory of Digital Wallet providers. Come see Opentech’s live demo at FinovateEurope next week.
  • Yoyo named Best Mobile Payment Solution at MPE Awards. Come see Yoyo’s demo at FinovateEurope next week in London.
  • CapitaWorld launches smart loan disintermediation ecosystem for micro, small, and medium (MSM) enterprises.
  • Unison launches 5% down payment program in conjunction with an 80% LTV mortgage.
  • Sberbank adds Google Pay and Samsung Pay services for the customers using its business cards.
  • Railsbank partners with Carta Worldwide.
  • Lendio Franchise Announced in Clemson Region.

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.

Opentech Teams Up with MasterCard, Swiss Bankers to Launch Card Management App

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Swiss Bankers Prepaid Services has leveraged OpenPay, the wallet service platform from Opentech, to build a new version of its card management app, MyCard.  The app gives users the ability to fully personalize security settings for their MasterCard Prepaid cards, receive notifications and alerts, and make notes and add photos to transactions. “We are proud of the results we have achieved with this solution,” Swiss Bankers CEO Thomas Beck said. “With the new app, we now have a best-in-class user experience, inline with Swiss Bankers tradition of user-centered design.”

The app is available for free and can be downloaded from the Apple Store and at Google Play. MyCard supports English, Italian, German, and French.

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Calling the new release “an important milestone for our OpenPay platform,” Opentech CEO Stefano Andreani praised his company’s partnership with MasterCard and highlighted the functionality of the OpenPay platform. Andreani noted that e-commerce features such as MasterPass and proximity payment via MDES give banks a solution that can be easily customized. All of this, Andreani added, with the “scalability and robustness of a product distributed on a global scale.” The OpenPay platform features a direct interconnection with the MasterCard ecosystem, giving FIs the ability to get personalized, feature-rich wallets quickly to market without excessive burdens on IT.

Founded in 2003 and headquartered in Roma, Italy, Opentech demonstrated its Enhanced Hybrid Apps at FinovateEurope 2013.

Finovate Alumni News

On Finovate.com

  • “Shoeboxed Partners with ScanSnap Cloud for Receipt Scanning”
  • “Finovate Debuts: Race Data Helps Community Banks Turn Customer Data into Market Intelligence”
  • “Opentech Teams Up with MasterCard, Swiss Bankers to Launch Card Management App”
  • “HelloWallet Launches Savings and Debt Guidance Tool”
  • “Kasasa Reaches One Millionth Account”
  • Check out this week’s FinDEVr APIntelligence

Around the web

  • Fiserv announces its new biometric authentication solution, Verifast: Palm Authentication.
  • Markit to provide fixed income pricing data and liquidity metrics for the European Commission.
  • INETCO to power real-time transaction monitoring for Turkey’s Central Processor for Bank Payment Cards, Bankalararasi Kart Merkezi (BKM).
  • ThinkAdvisor looks at how Blackrock is taking on Schwab and Vanguard with FutureAdvisor.
  • ebankIT expands its headquarters facilities in Porto to grow R&D team.
  • Corezoid moves platform-as-a-service core banking engine to AWS.
  • Blackhawk Network Appoints Sachin Dhawan as CTO and SVP.
  • PCWorld votes Xero as its top-choice accounting software in 2016.

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.

 

OPENTECH Launches Enhanced Hybrid Apps for Mobile Banking and Payments

This post is a part of our live coverage of FinovateEurope 2013.

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Just before lunch, OPENTECH debuted its Enhanced Hybrid apps:
“At Finovate we are launching a revolutionary approach to mobile finance with our suite of Enhanced Hybrid (TM) apps for mobile banking and mobile payment.
Not happy with HTML5 UX, neither with native app complexity? Enhanced Hybrid is the solution:
•  User experience same as native apps
•  Development “server side” instantly available cross platform
•  Minimized testing effort thanks to a common codebase across all supported devices
•  Multiplatform rollout without additional development costs
•  Change management without publishing a new version on the app stores”

Product Launch: February 2013
HQ: Roma, Italy
Founded: May 2003
Metrics: In the last 4 years revenues have grown from €800K to over €4M. Five out of top 10 banks in Italy chose OPENTECH mobile banking product.
Website: opentech.com
Presenting Stefano Andreani (CEO) and Alessandro Borghini (Head of User Experience)
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