Finovate Debuts: PhotoPay’s BlinkOCR Recognizes Data by Context


PhotoPay’s optical character recognition (OCR) technology helps replace manual data entry. The company demonstrated BlinkOCR at FinovateEurope 2015.

While there are a handful of successful companies with OCR solutions on the market, PhotoPay has three distinguishing features:

  1. Works with no internet connection
  2. Recognizes data type by context (email, URL, reference number, dollar amount)
  3. Flexible enough to capture data from non-standardized paper, computer screens, and unique documents, such as a letter invoice


  • Self funded
  • 13 employees
  • Partnered with banks in 10+ countries
  • Over 16 million end users of PhotoPay technology
  • Based in the UK
  • Creator of the Photomath app calculator

The software works in 40 countries. A total of 15 banks in Europe have implemented the solution, including the second largest bank in Germany and second largest bank in the Netherlands.

The BlinkOCR software development kit (SDK) has 50 lines of code, making it easy to embed into a bank’s existing mobile app. The user experience is simple:

1) Select the desired field


2) Scan the fields necessary for payment (IBAN, reference number, and amount due):


3) Edit the data, if necessary, and select the checkmark to finish and confirm the payment.

Other solutions for financial institutions include:

  • Standardized payment forms
    The user photographs their entire bill, and PhotoPay captures, recognizes, and categorizes the data from the document. This enables the customer to pay the amount they owe without keying in data. The technology currently works with standardized payment forms for 15 European countries.


  • Customer mobile on-boarding solution
    PhotoPay’s BlinkIDScan captures data from ID documents and securely stores the data locally on the phone. Depending on the document type, the user scans elements such as the machine readable zone (MRZ), the form, or barcode, to capture the data.


The technology is free for end-users, and helps remove the sting from the chore of paying bills. In fact, one large European financial institution reported that, after implementing PhotoPay’s technology, the number of bill payments on its mobile app increased six-fold.

PhotoPay demonstrated at FinovateEurope 2015.

The company created the Photomath app in October of 2014 to showcase its OCR technology. The app has been downloaded more than 11 million times on iOS alone in the last 3 months (it will launch on Android soon). Additionally, the Netexpolo Forum and UNESCO recently awarded the Photomath app the 2015 Netexpolo prize in the field of educational technology.

Finovate Alumni News


  • Finovate Debuts: PhotoPay’s BlinkOCR Recognizes Data by Context.
  • Finovate Alums Win Gold, Silver, and Bronze at PYMNTS Innovation Awards 2015.

Around the Web:

  • PYMNTS interviews DealStruck CEO & Co-founder about how the startup works with traditional banks. Come see DealStruck demo at FinovateSpring 2015.
  • BBC News features BehavioSec’s behavioral biometrics security.
  • iZettle integrates with Xero to keep business’ sales, VAT, deposits & processing fees updated with accounting.
  • Consumers Credit Union deploys online, mobile, and tablet banking solutions from Digital Insight.
  • Arxan Technologies earns finalist spot in Info Security Product Guide’s Annual 2015 Global Excellence Awards.
  • Gartner’s CRM Vendor Guide 2015 features Comarch.
  • Robb Gaynor, chief product officer for Malauzai Software, talks about plans for an Apple Watch app. See Malauzai demo its technology in San Jose at FinovateSpring 2015.
  • True Potential launches True Potential One to help investors consolidate and simplify their finances.
  • The Economic Times feature on mobile banking quotes CEO Adhil Shetty.
  • Dealstruck appoints Ryan Campbell as Vice President of Sales.
  • Quantopian-supported research to be published in Stocks & Commodities magazine.
  • Oink featured on NBC 24 Today’s Money Monday program

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.

PhotoPay Debuts BlinkOCR to Replace Data Entry

PhotoPayLogo.jpgThis post is part of our live coverage of FinovateEurope 2015.

PhotoPay showed how its blinkOCR replaces manual data entry.

PhotoPay’s blinkOCR is a camera text recognition SDK for mobile apps. blinkOCR allows real-time operation for customers to replace manual payment or other data entry. It uses a smart scan through a mobile-device camera in customers’ mobile-banking and payment apps.

Smart, contextual scanning works from nonstandardized paper, card or other onscreen documents and forms. blinkOCR contextually recognizes data often required to be manually typed in, such as IBAN, BIC/SWIFT, reference numbers, amounts, emails, URL or other data fields. blinkOCR reduces integration costs and risks by performing locally on the device without the use of an internet connection. Its simple API and small footprint makes it very easy to integrate.

Presenting Izet Zdralovic, co-founder & director, sales & marketing;
 CTO Jurica Cerovec, co-founder

Product launch: Q1 2015
Metrics: Self-funded, 13 employees, working with banks in more than 10 countries; more than 10 million end-users of PhotoPay technology
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed
HQ: London, United Kingdom
Founded: March 2013
Twitter: @PhotoPay

Alumni News– October 16, 2014

  • Finovate-F-Logo.jpgFidelity to offer Betterment to 3,000 financial advisers who use its institutional wealth services division.
  • Lending Club named winner of The Economist’s annual Innovation Awards in the consumer products category.
  • TechCrunch reports: Sequoia-Backed Behalf Buys Stuff For Small Businesses Looking To Grow.
  • ReadyForZero PLUS Credit now shows credit scoring factors.
  • FT column on technology and banking features PhotoPay.
  • Pando Daily takes a look at Quantopian’s plan to launch a hedge fund.
  • Jumio teams up with to build ID verification process for RibbitRewards marketplace.
  • Motif Investing iOS app adds account access with Apple TouchID.
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.

PhotoPay Cloud Simplifies Paper, PDF Bill Payment on Mobile Devices


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

Our next presenter is the team from PhotoPay, debuting PhotoPay Cloud:

“Send any kind of payment related document from your mobile device to PhotoPay Cloud service and it will automatically extract necessary payment data for very simple, one tap payment experience. PhotoPay Cloud will handle any type of bill or invoice customers can receive – photo of a paper bill, PDF document and other types of electronic documents.
“Besides simple payment, PhotoPay Cloud can archive documents for users and provide banks with a deeper understanding of customer financial behavior.
PhotoPay Cloud service can be integrated as a mobile banking feature or as a stand-along product. It can be used as a private, on premises installation or through a secure cloud API.”
Presenting Damir Sobol (Founder & CEO) and Jurica Cerovec (Lead Engineer)

Product Launch: February 2014
Metrics: Self-financed, 8 employees, 8 bank customers in 5 countries
Product distribution strategy: Private cloud setup or secure cloud API, direct licensing, through other fintech companies and platforms
HQ: Zagreb, Croatia
Founded: April 2013
Twitter: @photopay

Finovate Alumni News — January 13, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgeToro to allow its members to invest and trade in bitcoin.
  • CaixaBank enables cardholders to make transaction-based, charitable micro-donations.
  • PhotoPay wins spot in this year’s FinTech Innovation Lab London. See them in action at FinovateEurope.
  • Flint Mobile, BillGuard both featured in Forbes column on companies “moving global commerce forward.”
  • Daily Mail takes a look at Zopa and the Zopa Rate Promise.
  • miiCard and Axiomatika partner to power identity verification solutions for the Russian financial industry.
  • CoverHound grows 533% Year over Year in 2013 and Promotes Keith Moore to CEO.
  • ShopKeep POS launches ShopKeep Mobile for iPod Touch.

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.

Innovations at FinovateEurope 2014: Part 2

Thumbnail image for FinovateEurope2014wdatehighres.jpg

A week ago we introduced you to half of the companies that will be demoing their technologies on stage for FinovateEurope 2014.

Today we’re providing the second half of our scheduled roster for February.

For more information, and to get your tickets, visit our Finovate Europe 2014 page here.


Luxoft’s iStockTrack is an innovative iPad solution providing mobile banking services for private and premium banking clients.

Thumbnail image for matchi_logo.jpg

Matchi is an innovative matchmaking platform for banks and innovators to establish collaborative relationships that deliver increased ROI for innovators and banks alike.

Thumbnail image for MenigaLogo.jpg

Meniga is Europe’s leading white-label PFM provider. The company helps banks improve their businesses through data-mining, cross-sales, and improved retention.


Mobino enables mobile payments for 5 billion people, from any phone, no credit card required.


The Moneyer is the future of online Personal Finance Management.

Thumbnail image for Money_on_toast_logo.jpg

Money on Toast delivers independent and whole of the market, FCA-regulated financial advice online via its algorithm-powered adviser.


MyOrder provides a m-commerce mobile app that serves businesses in parking, catering, and entertainment.

Thumbnail image for mywishboard_logo.jpg

myWishBoard is the first crowdfunding platform for personal dreams and wishes.

NF Innova_losres_logo.jpg

NF Innova’s Personal Experience Module, a part of iBanking product suite, enables banks to offer their customers a truly unique and tailored user experience.


Nostrum Group has built a virtual collection product that automates and optimizes the delinquency management process.

Thumbnail image for nous_net_logo.jpg’s Spark Feed is a real-time financial data service that helps you understand and predict the markets.


payworks is the provider of a mobile POS, Software-as-a-Service platform that lets developers quickly build payment functionality into their shopper and merchant apps.

Thumbnail image for Thumbnail image for PhotoPay_logo.jpg

PhotoPay’s technology allows users to extract data from any document, paper or electronic, enabling billpay on mobile devices.


Pixeliris’s CopSonic is the first universal contactless mobile payment system powered by our unique technology based on sonic communication.


Plutus Software’s KreditAja credit scoring system is designed to better serve the unbanked and underbanked in Asia.

Thumbnail image for SaasMarketsLogo.jpg

SaaS Markets is an enterprise cloud marketplace company whose MarketMaker platform helps FIs deploy their own branded, cloud-based business app store.

Thumbnail image for smartengine_logo.jpg

SmartEngine stands for personalization and target marketing. As pioneers in the field of customer loyalty, Smart Engine is a driver of innovation and a leader in personalized target marketing.


SoftWear Finance’s HACU PLATFORM enables banks to provide customers with the best possible user experience on any platform or device.

Thumbnail image for sqli_logo_new.jpg

SQLI’s Augmented Banking is a new take at Online Banking. It is aimed at positioning a bank at the very center of people’s digital lives.

Thumbnail image for TemenosLogo.jpg

Temenos’s Treasury Management Dashboard tablet app has been developed for Microsoft Windows 8 and enables the transformation of treasury operations.


Tink is a free personal finance service that allows you to follow your money, where ever you are.

Thumbnail image for TooTpayLogo.jpg

Tootpay’s solution is a mobile financial solution for payments, banking, telecommunications, and remittance industries.


Top Image Systems has leveraged its deep recognition and imaging expertise to develop a powerful suite of image processing applications for mobile devices.


Topicus Finan is a software vendor specializing in enterprise-level financial analysis. Its solution enables banks to provide self-service business lending processes for SMEs.


Toshl Finance is a personal finance manager made fun. Find out where your money is going, keep on top of bills and spending, and set up budgets.


Truphone, the innovative mobile operator, introduces the only global network-based recording solution for the Financial Industry.


Trustev provides a new approach to fraud prevention through a real-time, online identity verification platform, which ensures that merchants know exactly who they are selling to.


Yseop Sales Force Productivity Suite and its email writing application (YseMail) support financial advisors through the entire sales cycle.

PhotoPay Makes Real-Time Paper Bill Payment Mobile

This post is a part of our live coverage of FinovateEurope 2013.
Next to take the stage is Croatia-based PhotoPay:

Thumbnail image for PhotoPay_logo.jpg
“PhotoPay and PDFpay are greatly improving 
the paper and electronic bill payment experience on mobile devices. PhotoPay uses a phone camera to extract payment data from paper bills and payment slips.   PDFpay is used to extract payment data from bills and offers received electronically (in PDF, HTML, or other electronic format), allowing very simple payment without manual data entry.
Our unique smartphone technology recognizes payment slips in real-time and intelligently extracts payment data in a few seconds from paper or electronic bills. And users love it – it is much simpler and up to 10 times faster than typing payment data.”
Product Launched: February 2012
HQ Location: Zagreb, Croatia
Company Founded: June 2011
Metrics: Our first bank customer has seen a 2,000% increase in mobile bill payments after implementation
Twitter: @photopay
Presenting Damir Sabol (Founder and CEO) and Jurica Cerovec (CTO)

FinovateEurope 2013 Sneak Peek: Part 3


With just a few weeks to go before FinovateEurope, here’s the third and final part of our Sneak Peek preview of the companies demoing in London (click here for part 1, here for part 2).

There still time to get your ticket and be a part of the conference in London on February 12 & 13 at Old Billingsgate Market Hall. For more information or to register, visit our FinovateEurope page here.

Each presenting company supplied a few teasers about the innovations they will be showcasing at the event.


Thumbnail image for AkamaiLogo.jpg

In a unique demonstration, Akamai will command agents and attack servers across the Internet to launch attacks commonly directed at financial services sites (including SQL injection, slow HTTP post, and DDoS attacks) at a pair of live demonstration banking sites on the public Internet. One site in the clear, and one protected by Kona Site Defender.

The demonstration will show how these attacks can compromise an unprotected site, and how Kona Site Defender is able to detect and mitigate these attacks automatically, live, in real-time. The demonstration will feature innovative adaptive rate control and real-time Web security monitoring security technologies.

Innovation type: Security



A lot is happening on the front-end of payments: Mobile POS, mobile wallets, NFC payments … The back-end of payments, however, remains untouched. A card transaction is nothing more than a money transfer.  Meanwhile, developers dread the prospect of having to develop native applications for each of these new, front-end payment platforms.

So why not an API that sits at the very heart of the transaction network, on top of the most widespread means of payment: the payment card? What if one could link applications to payment cards, essentially turning what’s already in consumers’ pockets into a loyalty card, a discount voucher or a means of sending them digital receipts?

Innovation type: Rewards, cards, back office

Device Ident


Device Ident will showcase its new solution to prevent online fraud in real time. Our product identifies and evaluates any device interacting with our customers’ online services, and analyzes history and behavior of the visiting device to prevent fraud and misuse for all our customers.
It is easily integrated into our customers’ online services and it fully complies with European privacy laws.

Innovation type: Security, identity

Five Degrees


Watch a fully automated model bank with an unparalleled level of self-service giving both customer and bank imminent insight and control in the process.

Through our Web-based, mid-office portal, Five Degrees offers the potential of enormous business benefits in terms of efficiency in adapting new business processes on the go. As today’s market demands, our open services hub integrates with external services like KYC checks, Passport Validation, and PFM.

Come and view the fast and instant response for the next banking generation: rapid deployment, rich customer experience, instant and transparent insight for bank and client alike.

Innovation type: Back office, banking, communications, sales


Thumbnail image for FreeAgent_logo.jpg

FreeAgent is the UK’s market leader in SME cloud accounting software. The FreeAgent platform’s capabilities extend far beyond traditional accounting software, and are developing toward performance and health measurement tools, providing vital information for both the businesses themselves and current or prospective lenders.

We will demonstrate how cloud accounting and the associated data creation, aggregation and interpretation functions can provide financial institutions with real-time insights into the underlying fundamentals and risk trends existing within a single business or across a base of clients.

Innovation type: Back office, lending, small business


GMC Inspire Dynamic Statement is an interactive and engaging way to present your customers’ statements, online or offline.

Instead of the standard online statements, GMC Inspire can generate thousands of dynamic statements in minutes, presenting your customers’ data through attractive charts and graphs that are fully clickable.

Areas that require attention and action can be highlighted and customers can even drill down to granular level detail, providing a fully intuitive service. GMC Inspire also allows you to track usage of every statement and use this data to populate relevant offers and marketing messages for every customer.

Innovation type: Mobile, PFM


Thumbnail image for MenigaLogo.jpg

“To Buy or Not to Buy” is a white-label module for mobile banking applications that uses PFM functionality to empower and infl
uence consumers at the point of sale or when considering buying something.

It allows users to check if they can afford what they are about to purchase or see how much closer to their savings goals they would be if they saved the money and used it to feed their goal instead.

One unique aspect of this innovation is allowing the users to leverage their social networks and direct messages to crowd-source the decision and instantly collect feedback before making the purchase. This fun and simple feature uses gamification to engage users and their network of friends.

Innovation type: Mobile, online, PFM, rewards


PhotoPay provides the easiest and fastest way to pay paper and PDF bills using mobile devices.

Paying bills on a mobile phone is often difficult. Manual data entry is cumbersome and frustrating for smartphone users. PhotoPay has developed an advanced technology that significantly improves the mobile bill payment experience for both paper and electronic bills.

Banks and payment providers love PhotoPay because it can dramatically improve user experience and increase bill payments transactions. Our first bank customer has seen a 2,000% increase in mobile bill payments after implementing PhotoPay.

Innovation type: Payments, cards