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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Wells Fargo announces data sharing agreement with Plaid.
Austin, Texas-based Velocity Credit Union picksFiserv as its key technology provider.
Technology from MicroStrategy to help power analytics behind Freddie Mac’s mortgage insights tool.
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.
Fintech developer tools expertPlaidannounced today it enhanced Liabilities, a product it launched in July to offer developers access to information about how much money a consumer owes.
Upon launch, Liabilities was limited to offering insight into consumers’ student loan balances. Today the tool has added support to show consumers’ credit card details. While Plaid has always offered information about consumer credit card transactions, today’s update broadens the information available by returning details about payment terms, APR type, APR percentage, interest charge amount, minimum payment, last payment date and amount, due dates, and more.
User experience of credit card connection from the end consumer’s perspective
This new launch will allow developers create tools that help borrowers gain a clear picture of their financial obligations, consolidate debt, and pay down their credit card balance faster.
The credit card data tool is now available in Plaid’s sandbox, development, and production environments. The company will add more debt categories in the future to give developers more options to help their users manage and overcome their debt.
At FinDEVr San Fransisco 2014, the company’s founder, Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has raised $310 million since it was founded in 2013. After the company’s most recent investment last year, TechCrunch estimated Plaid to be valued at $2.65 billion.
FICO and risk investigation solutions provider Arachnys partner to help FIs improve their client onboarding and record management processes.
Bill.comcelebrates grand opening of new Houston office.
Finicityships new Verification of Income and Employment (VOIE) solution using TXVerify technology.
SecureKeycollaborates with Digital Bazaar to streamline organizational identity proofing.
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.
DorsumBuilds Wealth Management Platform for BNP Paribas in Poland.
Around the web
Plaiddiscloses role of Visa and Mastercard as strategic investors in its $250 million Series C round from December.
iSignthissecures patent from European Patent Office for PSD2, SCA, and KYC.
SoFiinks 20-year arrangement for exclusive naming rights for the new Sofi Stadium where National Football League teams the Los Angeles Chargers and the Los Angeles Rams play.
Payoneer amps up cybersecurity efforts to significantly reduce phishing attempts.
Larkylaunches its nudge code library to bundle geo-location and engagement technology directly into mobile banking apps.
SpreedlylaunchesSpreedly 3DS2 to help execute 3DS2-compliant transactions across multi-gateway environments.
BNP Paribas Bank Polska to implementDorsum’s wealth management platform.
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.
Tax Compliance Innovator AvalaraPartners with Billing Automation Platform Ordway
Finovate Global: Indian Fintech Get Funding; Finastra, Avaloq Bring New Leadership to APAC
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Plaidbecomes a Nacha Preferred Partner for account validation.
Finastrataps Wissam Khoury as its new head of its Asia Pacific (APAC) team.
Revolutteams up with the WWF and The Rainforest Alliance to raise support for the Amazon rainforest.
Frost & Sullivan namesOnfido the winner of its 2019 European Technology Innovation award for its AI-based hybrid identity verification solution.
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.
TransUnionlaunches its consumer data mapping solution, TrueVision.
Coinbase to offer exclusive trading data to all customers.
Plaidunveils its Liabilities endpoint to support development of apps to help combat student loan debt.
Signifydannounces general availability of its Signifyd INR Protection add-on, bringing coverage of item-not-received (INR) chargebacks to its fraud protection solution.
Klarnapartners with Superdry to enable the company’s customers in the U.K. to pay later or pay in three installments.
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.
PlaidlaunchesInvestments to give developers and financial institutions the ability to build holistic views of customer investment accounts.
Equifaxforges strategic alliance with GIACT Systems.
PayPal COO Bill Ready to leave company at the end of the year to “pursue entrepreneurial interests” beyond PayPal.
CurrencyFairannounces its Come Home campaign offering Irish nationals living abroad the opportunity to win a €30,000 relocation package to return to Ireland.
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.
Insuritas to launch insurance ecosystem platform to disrupt insurance delivery while creating new sources of recurring fee income for banks.
TechCrunch reports on the leadership shift at Plaid in which co-founder, CTO, and president William Hockey will step down.
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.
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.
Plaid, a provider of APIs for financial infrastructure, announced its expansion into the U.K. this week. The move makes a lot of sense– an open banking fintech is launching in the motherland of open banking.
“We’re building a financial network that will deliver on the promise of open banking with the best in both local expertise and global opportunity,” Keith Grose, International Lead at Plaid said in a blog post.
The U.K. is Plaid’s second international market after launching in Canada last year. The expansion overseas initiates the San Francisco-based company’s more comprehensive launch into Europe as a whole.
Plaid elected to launch in the U.K. because, as some have argued, the region is the fintech capital of the globe. More than 1,600 fintech companies have come out of the U.K. and that number is projected to double in the next ten years.
Today’s news is as much about Plaid launching in the U.K. as it is about opening up the possibility for its client applications to do business in the region, as well. Venmo, Robinhood, Coinbase and Acorns all use Plaid to connect to their customers’ U.S. bank accounts, and can now more easily expand into Europe using existing integrations.
Plaid, which was granted its AISP license from the U.K.’s Financial Conduct Authority last October, currently offers five of its products in the U.K.:
Auth, an account authentication tool
Balance, which pulls account balance information in real-time
Identity, which leverages bank data to verify consumer identity
Transactions, which pulls bank statement data across banks
Assets, a verification of assets tool
Missing from this list is Plaid’s Income product, a tool that validates a consumer’s income and verifies direct deposit data.
At FinDEVr San Fransisco 2014, the company’s founder, Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has raised $310 million since it was founded in 2013. After the company’s most recent investment last year, TechCrunch estimated Plaid to be valued at $2.65 billion.
Plaid began 2019 by acquiring its competitor Quovo in a $200 million deal. At FinovateSpring earlier this month bill payment platform doxoannounced it is leveraging Plaid to bring customers overdraft protection when paying their bills online. And last week, Plaid unveiled Plaid Direct, a lightweight integration that makes banks and fintechs a data source in the Plaid network, allowing end customers to enjoy open banking connectivity across financial service providers.
SoFiAnnounces $500 Million Investment Led by Qatar.
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Trustlylaunches automated invoice payment solution, Pay Your Invoice.
PayPalreaches $10 billion in small business loans issued via its business financing offerings.
Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
Kofaxlaunches its Intelligent Automation software platform.
Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
Fenergounveils a new suite of CLM tools, Digital Client Orchestration.
Trulioonamed best identity verification and authentication solution at 2019 CNP Expo.
KyckGlobal partners with InComm to provide same-day pay to gig workers.
Sam Kilmer offers 3 takeaways of FinovateSpring 2019 in 3 minutes.
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.
CheckbookTeams Up with Event Management Platform Castifi.
TransferWiseDoubles Valuation with $292 Million Funding.
Bill.comUnveils New Intelligent Business Payments Platform.
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CardFlightpartners with payment solutions provider Talus.
Revolutintroduces social savings solution, Group Vaults.
Plaidunveils its easy integration toolkit, Plaid Direct.
Temenosforges partnership with UBX, the fintech subsidiary of Philippines-based UnionBank.
Wiprodevelops blockchain-based payment solution for Travacoin.
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.