On Earth Day (and Every Day) Paperless is the Way to Be

Today is Earth Day, and what better way to celebrate than to take a look at fintechs helping out the environment by promoting eco-friendly habits. Here we feature companies with technology that saves trees by reducing the amount of paper used in the industry.

We’ve rounded up a handful of environmentally friendly fintechs in three categories: digital invoicing, paper-free mortgages, digital receipt printing, and paperless onboarding.

Digital invoicing

By taking the invoicing process digital, small businesses not only save paper, they can also save time and potentially receive payment faster, freeing up working capital they can put back into their operations.

  • Paper.id provides SMEs with invoicing tools and payment integration. The company offers tools to help businesses issue their invoices digitally and receive payment via electronic payment methods. Paper.id demoed at FinovateFall 2018
  • Charlie-India’s Invoicing Hub is a white label e-invoicing platform for banks and service providers. The tools allow SME bank clients to send, view, process, and pay their invoices within the bank’s online interface. Charlie-India demoed at FinovateEurope 2018.
  • Tradeshift offers an e-invoicing service that connects companies with suppliers, customers and partners. Among the applications available on the platform are e-invoicing, electronic purchase orders, and automated document validation. Tradeshift demoed at FinovateEurope 2012.

Paper-free mortgages

Mortgage technology is one of the last frontiers in fintech. Regulation and oversight have made the home-buying process somewhat resistant to disruption. In the past few years, however, we’ve seen a handful of startups working to digitize the mortgage process, removing the need for hundreds of sheets of paper required to close a home loan.

  • Namaste Credit is an India-based startup that serves as an online marketplace for mortgage loans. The service connects borrowers with relevant lenders to help them find the loan that best suits their circumstance. Namaste Credit demoed at FinovateFall 2018.
  • Tavant Technologies offers VELOX, a suite of digital products ranging from searching for a home to closing on the loan. VELOX completely automates the process, making compliance more efficient and reducing the need for paper. Tavant Technologies demoed at FinovateSpring 2017.
  • Roostify seeks to give consumers a better way to find and purchase a home. The company’s digital platform offers everything from digital customer onboarding to transparent, digital fulfillment to help lenders offer their clients a more efficient mortgage borrowing experience. Roostify demoed at FinovateSpring 2018.h

Digital receipt printing

Many retailers ask customers if they want to keep their receipt, but even if the answer is “no” the cashier still prints the receipt and throws it in the trash behind the counter. Digital receipt printing eliminates both the paper– and the awkward line of questioning– all together by sending the customer an email receipt.

  • Dream Payments’ cloud-based platform offers a mobile POS device that not only accepts debit and credit cards, but also provides analytics, reports, and gives customers digital receipts. Dream Payments demoed at FinovateSpring 2015.
  • CardFlight offers an API that allows merchants to accept online and offline payments within their own app. The company’s encrypted mobile magstripe reader, combined with its API, offer flexibility while keeping payments– and receipts– digital. CardFlight demoed at FinovateSpring 2013.
  • ShopKeep’s POS technology takes a merchant’s cash register to an iPad. The register accepts a range of payments, from magstripe, to EMV, to Apple Pay; plus provides inventory management tools and purchase reporting analytics. The company’s mobile checkout flow also offers a paper-free, email receipt option. ShopKeep demoed at FinovateFall 2012.

Paperless onboarding

Considered a must for millennials, paperless onboarding not only speeds up the application process, it also reduces errors, eases compliance, and eliminates the need for in-person bank visits.

  • Five Degrees specializes in core banking technology. The company’s Matrix offering helps banks provide SMEs a fully automated, paperless loan onboarding experience. The paperless process lowers cost for both parties while expediting funds. Five Degrees demoed at FinovateAsia 2017.
  • Quadient, formerly GMC Software, helps organizations create a better customer experience. The company’s Mobile Advantage solution is an omni-channel tool that offers digital statements and billing, paperless onboarding, and client e-signature. In addition to improving the customer experience, this combination speeds up workflows and reduces error. Quadient demoed at FinovateFall 2017.
  • Mitek combines digital onboarding with identity verification tools. The company helps banks authenticate an applicant’s ID document and combines this with additional identifying paperwork. The supplemental documents not only verify the customer’s identity, but also provide additional information that can be used in loan underwriting to create a more complete picture of the applicant’s financial state. Mitek demoed at FinovateFall 2017.


Finovate Alumni News

On Finovate.com

  • Capsilon and Blue Sage Drive Automation in MortgageTech.
  • Tandem Chooses Token as PSD2, Open Banking Partner.
  • Yes, Banks Can Compete with Apple’s New Credit Card.

Around the web

  • TurnKey Lender launches psychometrics for credit decisioning.
  • Xero partners with Aussie government’s digital change project.
  • Avaloq 2018 revenues rise to $582 million, a 6% YoY rise.
  • HarborOne Bank selects Baker Hill to provide direct and digital marketing services
  • Affinity FCU selects Digital Onboarding for automated new account activation.
  • Zillow’s Mortech partners with Roostify to improve the digital mortgage experience.

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 Alumni News

Around the web

  • U.K. based financial services company Smith & Williamson to deploy Avaloq’s SaaS technology.
  • Quadient announces partnership with South Africa’s Beehive Online Solutions.
  • Sberbank and its subsidiary Sberbank Technology unveil open source-based communications platform for developers, engineers, and architects.
  • Roostify adds financial services consultant Marshall Lux to its advisory board.
  • Morocco-based CFG Bank chooses Kony to help drive its digital transformation.

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.

Glacier Bancorp Deploys Roostify Powered Digital Mortgage Solution

Technology from Roostify powers the new digital mortgage solution launched by Glacier Bancorp, a regional bank holding company with nearly $12 billion in total assets.

The new solution was unveiled in less than 60 days. The bank, which provides commercial banking services to 100+ communities in Montana, Idaho, Colorado, Utah, Washington, Wyoming, and Arizona, reported that it has already experienced a “significant increase in online applications” since deployment, according to Glacier Bancorp SVP and Corporate Real Estate Manager, Paul Peterson.

Pictured: Travis Kniffen (Senior Manager, Pre-Sales Solutions) and Rajesh Bhat (CEO & Co-Founder) demonstrating the Roostify platform at FinovateSpring 2018.

“When looking at digital mortgage solutions, we wanted a partner that could accommodate our unique needs and provide us with a superior experience for our customers,” Peterson said. The solution features a digital application for borrowers, and all consumer-facing functionality of the solution – including the application – are ADA-compliant. Glacier will also leverage Roostify Adapt – unveiled last summer – to enable it to provide the solution under its multiple brands.

“Glacier Bank strives to meet the unique demands of their customers and, as a result, benefits from an increase in customer satisfaction and in loan production,” Chief Customer Officer for Roostify, Syed Ijaz, said. He added, “it is truly a case where everyone wins.”

The partnership with Glacier Bancorp is the latest win for the San Francisco, California-based mortgagetech innovator. Back in November, the company announced that TD Bank would use its DecisionBuilder lead tool to help TD Bank customers shop for loan products. Also that month, Roostify added Courtney Keating Chakarum as its new Chief Marketing Officer.

In October, Roostify partnered with fellow Finovate alum Ellie Mae in a bi-directional integration that will make it easier for lenders to use both platforms together. The company launched its customization tool in August, teamed up with Tulsa, Oklahoma-based BOK Financial in May, and was honored at the MBA Insights 2018 Tech All-Star Awards last spring.

Founded in 2014, Roostify demonstrated its platform at FinovateSpring 2018. The company has raised $33 million in funding, and includes Cota Capital and USAA among its investors. Rajesh Bhat is CEO and co-founder.

Finovate Alumni News

On Finovate.com

  • Glacier Bancorp Deploys Roostify Powered Digital Mortgage Solution.

Around the web

  • Fiserv Announces Plans to Acquire First Data in $22 Billion Deal.
  • Forrester names CREALOGIX as a leader in the Now Tech: Digital Banking Engagement platforms, Q4 2018.
  • Worldpay and Revel Systems announce enhanced partnership to provide consolidated POS and payments solution.
  • International bookmaker and gaming operator SKS365 picks ARIC Fraud Hub from Featurespace for real-time fraud protection.
  • PayPal appoints marketing executive Allison Johnson to EVP and Chief Marketing Officer.
  • Forbes features iProov in article discussing identity and blockchain technology.
  • FICO teams up with electronics payments specialist Conductor to support payment card fraud protection in Brazil.

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 Alumni News

Around the web

  • Roostify announces enhanced Americans with Disabilities Act  (ADA) compliance for all consumer-facing aspects of his platform.
  • Coinbase adds six new European markets: Andorra, Gibraltar, Guernsey, Iceland, Isle of Man, and Lithuania.

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.

Roostify Powers TD Bank’s Digital Mortgage Experience

The mortgagetech sector saw another large partnership this week, as TD Bank partnered with Roostify to offer customers a digital mortgage lending experience.

“By leveraging Roostify for TD’s Digital Mortgage, we’re able to provide borrowers with online capabilities in addition to face-to-face guidance and support. This is the game changer for today’s buyers – digital when they want to handle it on their own, and human when they need the help,” said Rick Bechtel, head of mortgage banking at TD Bank.

Through the partnership, TD Bank is leveraging Roostify’s DecisionBuilder lead tool to allow customers to explore which loan products they qualify for and shop for the one the suits their needs. After finding a suitable loan option, they can apply for the loan in minutes. The entire process– from application to the closing of the loan– is completely digital.

To amplify the human element and further personalize the borrowing experience, TD Bank is leveraging Roostify’s bi-directional integration with its CRM application. The movement of data helps TD Bank’s loan officers better manage their leads and process applications to close, spending more time connecting with borrowers.

“The new TD Bank Digital Mortgage improves the lending process for both consumers buying a home, and loan officers managing their clients,” said Rajesh Bhat, CEO and co-founder of Roostify. “Since the experience is built on Roostify’s API-based platform, it provides the flexibility to meet TD Bank’s business needs right now and in the future.”

Roostify presented at FinovateSpring 2016 where the company demoed account aggregation capabilities for asset verification, as well as integrations with TurboTax and Equifax. Last month, the company partnered with Ellie Mae to launch a bi-directional integration with the mortgage expert, enabling the seamless passage of information between the two platforms.

Finovate Alumni News

On Finovate.com

  • Roostify Powers TD Bank’s Digital Mortgage Experience.

Around the web

  • iQuantifi launches RoboPlanner roboadvisory tool for millennials.
  • Nummo selects MX to power user account aggregation.
  • Signicat digitizes in-store signing of credit agreements for Resurs Bank retail partners.
  • Kony helps PSECU deliver an updated digital banking application to enhance the digital user experience.
  • InComm partners with Japanese pharmacy chain Welcia to launch four mobile barcode payment solutions in its stores.
  • Sezzle adds ShipStation as client.
  • Ocurrency interviews Radoslav Albrecht, Founder & CEO of Bitbond.
  • Insuritas partners with Sound Community Bank to launch bank-owned digital insurance agency platform.
  • Bill.com partners with First National Bank of Omaha (FNBO) to offer enhanced digital business payments solutions.
  • Lighter Capital’s investment in Springboard Retail reaches $1.1 million.
  • Provident Bank chooses Gro Solutions to boost mobile-first user-experience and drive account growth.

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 Alumni News

On Finovate.com

  • Credit Karma Acquires Noddle to Launch in the U.K.

Around the web

  • Moneyhub announces integration with PensionBee API.
  • Outsystems unveils new program, outsystems.ai, to leverage AI and machine learning to improve software development.
  • Finastra introduces Open Banking Readiness Index for Asia Pacific region.
  • Trulioo reports ability to verify five billion people via its identity verification platform, Global Gateway.
  • Wipro collaborates with Check Point Software to offer cloud security services.
  • Unison expands with Goldwater Bank Partnership.
  • Flywire partners with the Dallas-Fort Worth Hospital Council to offer members payment solutions.
  • How I Built This podcast features Betterment founder Jon Stein.
  • Roostify names Courtney Keating Chakarun as new Chief Marketing Officer.

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.

Roostify Teams Up with Ellie Mae to Boost Efficiency in Mortgage Lending

A bi-directional integration between Roostify and Ellie Mae announced last week is a boon for lenders who will be able to seamlessly pass information between the two systems. The partnership, in the words of Roostify VP of Products, Sandeep Aji, “makes it easier than ever for lenders to move loans forward faster with fewer manual touches, reducing operating costs and further improving the consumer experience.”

Applications created in Roostify will automatically appear in Ellie Mae’s Encompass platform thanks to the new integration, and documents created in Encompass can be read and signed in Roostify. Uploaded documentation such as bank statements also will be accessible on both platforms.

“We believe our customers will benefit significantly from this industry-leading integration that will improve the loan process for consumers and lenders alike,” Mark McLaughlin, SVP of Business Development for Roostify, said.

Founded in 2014, Roostify demonstrated its digital home lending platform at FinovateSpring 2018. The company’s solutions help firms from enterprise banks to independent brokerages close faster, reduce excess paperwork, and give mortgage consumers a smoother, end-to-end experience. Supporting digital customer acquisition with a self-service component that enables loan applicants themselves to fulfill much of the loan process, Roostify’s platform has transacted billions of dollars in mortgages and helped close thousands of home loans across the U.S.

This August, Roostify unveiled Adapt, a tool to help mortgage lenders with complex workflows to improve process management, and announced a new Chief Financial Officer, Eric Amblard. The previous month, Roostify partnered with Colonial National Mortgage, improving the online experience for customers of the Texas-based FI. Honored this spring at the MBA Insights 2018 Tech All-Star Awards, Roostify has raised $33 million in funding, and includes Cota Capital and USAA among their investors. The company is headquartered in San Francisco, California.

A provider of cloud-based mortgage financing solutions, Ellie Mae processes 35% of all U.S. mortgage applications. Founded in 1997 and headquartered in Pleasanton, California, the company participated in our developers conference, FinDEVr New York 2017. At the event, the company’s VP for Platform Engineering, Jeff Collins, introduced Ellie Mae Encompass Developer Connect, which enables developers to leverage RESTful APIs to access loan data, real-time web-hook notifications on the loan file, and launch Ellie Mae Network services.

In August, Ellie Mae announced a partnership with First Data to make it easier for Ellie Mae customers to securely accept payment for loan origination and other costs. In May, the company teamed up with fellow Finovate alum, Blend, which will integrate Ellie May’s electronic disclosure delivery technology. Other partnerships forged this year include pacts with Lender Price, Pacific Union, and COCC.

Ellie Mae trades on the New York Stock Exchange under the ticker symbol “ELLI” and has a market capitalization of $2.8 billion. Jonathan Corr is CEO.