Finovate Alumni News

On Finovate.com

  • Ledger Partners with Intel to Boost Blockchain App Security.
  • BioCatch to Power Behavioral Biometrics for Samsung SDS America.
  • Clinc Teams with Enacomm to Bring AI Chatbots to Small Banks and Credit Unions.
  • Finn.ai Powers Facebook Messenger’s First, Fully-Featured, AI-Powered, Virtual Banking Assistant.

Around the web

  • PayPal launches PayPal for Marketplaces
  • Forbes: Banks Wanted To Sink Kantox— Now They’re Vying For Its Technology
  • Zumigo’s  Zumigo Assure now prevents payment fraud even when card numbers are compromised.
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Finicity launches online platform that allows lenders to order, manage and monitor digital verification reports.
  • DAVO’s Sales Tax App, now available in the Square App Marketplace.
  • D3 Banking partners with P2P payments network, Zelle.
  • Behavioral biometric technology from BioCatch to be integrated into Samsung’s Nexsign platform.
  • Top Image Systems introduces its eFLOW AP solution for SAP.
  • Zafin offers its miRevenue platform as a cloud-based SaaS solution.
  • Scalable Capital provides BlackRock employees with streamlined access to its investment management services.

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.

National Bank of Canada Joins SecureKey’s Digital Identity Network

At the beginning of the year, SecureKey announced that it had won an $800,000 grant from the U.S., Department of Homeland Security in support of the company’s development of a blockchain-based digital identity network. Today, the Toronto, Ontario-based authentication specialist unveiled the latest institution to join that network: the National Bank of Canada.

“Adding National Bank to our digital identity network is critical to the success of our ecosystem and brings us one step closer to ensuring consumers are able to prove who they say they are, in person, online, and over the phone,” President and CEO of SecureKey Technologies Greg Wolfond said. Speaking for National Bank, Lionel Pimpin, SVP of Digital Channels, Personal and Commercial Strategies called SecureKey’s network “innovative in the online verification process,” adding that the company’s “blockchain technology will ensure people connect conveniently and privately to their trusted online services.”

With $240 billion in assets, National Bank joins a handful of Canadian FIs that have partnered with SecureKey, such as BMO, CIBC, RBC, and Scotiabank. When the network is fully operational, consumers in Canada will be able to opt-in to the service with their mobile device and use their trusted digital identity credentials that users have established with their preferred partner institution. SecureKey’s network uses IBM’s Blockchain service on top of open source Hyperledger Fabric from the Linux Foundation.

Founded in 2008 and headquartered in Toronto, Ontario, Canada, SecureKey demonstrated its technology at FinovateFall 2012, having won Best of Show two years earlier. The company partnered with IT business and consulting firm Levio last month to add identity authentication services to the latter’s digital transformation projects in Quebec, Canada. Named to Planet Compliance’s RegTech Top 100, SecureKey has raised more than $90 million in total funding and includes Blue Sky Capital and Intel Capital among its investors. Finovate Director of Strategy Lisa Moyle highlighted SecureKey in her look at blockchain and digital identity earlier this year.

Finovate Alumni News

On Finovate.com

  • National Bank of Canada Joins SecureKey’s Digital Identity Network.
  • P2Binvestor Launches Bank Partnership Program.
  • doxo Surpasses 30,000 Payable Billers on its Platform
  • Contextual Commerce Platform Omnyway Raises $12.75 Million in Series A.

Around the web

  • ConnectOne Bank ($4.7 billion in assets) to deploy nCino’s Bank Operating System.
  • ACI Worldwide partners with European clearing and settlement firm, STET, to bring real-time payment solution to PSPs.
  • FICO reports increased accuracy of its Enterprise Security Score when it comes to predicting data breaches.
  • Finastra moves its payments solution to the cloud via Microsoft Azure.
  • Trusted Knight partners with eTECH Channel.
  • CloudTrade and Taulia partner to enable businesses to transition to paperless invoicing.
  • iSignThis’ ISXPay initiates further Australian card acquiring/processing contracts.
  • BancPass announces license agreement with mobile tolling provider PayTollo.
  • EFL a finalist in the 2017 MIT Inclusive Innovation Challenge.
  • Datanami article on bot technology features insights from Narrative Science CEO Stuart Frankel.
  • MoneyMarketing highlights SpyCloud in a look at the safety of life and pensions company data.

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

  • Ayondo Pursues IPO After Reverse Takeover Deal Lapses.
  • Personal Capital Launches Education Planner to Prepare You for College Costs.
  • Finastra Partners with VASCO to Offer Customers eSignLive Capability.
  • Trustly Teams Up with Emric to Broaden Payment Options for Businesses.

Around the web

  • Cuffelinks features Jon Medved, CEO and Founder of OurCrowd.
  • Openbank, the digital bank of Santander Group, selects Temenos Core Banking.
  • Interxion working with global institutional agency-model broker INSTINET to host the firm’s BlockMatch.
  • Arroweye Solutions selected by Obsidian to produce custom local open-loop prepaid cards.
  • SecureKey Technologies adds National Bank of Canada to its digital identity network.

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.

Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters

Left to right: A representative from Alipay joins Tinna Hung, Director of Marketing for EyeVerify during a demonstration of Eyeprint ID at FinovateAsia 2016.

This month we’re highlighting the issue of security in fintech. Our first installment was our interview with ENVEIL CEO Ellison Anne Williams.

Today we use the lens of our Best of Show awards to take a look at companies innovating in the security space for financial services companies and institutions. Three security companies have won Best of Show awards in more than one conference. Biometric specialists EyeVerify and BehavioSec have both earned Best of Show trophies on three separate occasions. Interestingly, both companies won one of their Best of Show awards at FinovateAsia; BehavioSec in Singapore, EyeVerify in Hong Kong. (Speaking of FinovateAsia, remember that Finovate returns to the Far East November 7 & 8.)

Earning two Best of Show awards was Silver Tail Systems (now a part of RSA, the security division of EMC, which acquired the company in 2012). Founded in 2008 and headquartered in Menlo Park, company was a pioneer in leveraging real-time behavior analysis to spot and stop business logic abuse on financial institution websites.

BehavioSec CEO Neil Costigan demonstrating BehavioWeb and BehavioMobile at FinovateEurope 2014.

EyeVerify, which was acquired by Ant Financial last fall, announced in August that it was rebranding as Zoloz. In a blog post at the company’s website, CEO Toby Rush said the new company would be focused on providing a hosted identity platform geared toward the Asian market. “Underserved and underbanked consumers in this region are moving to mobile so quickly that they have leapfrogged biometrics adoption and identity services in other geographies,” Rush wrote. “The platform is centered around the idea that I am me, my phone should just know me, and my apps and services should know me – automatically, conveniently, and securely,” he explained.

Zoloz is headquartered in Kansas City, Missouri, and was founded in 2012. The company most recently demonstrated its technology at FinovateEurope 2017.

BehavioSec, the behavioral biometric innovator, forged a partnership with Gemalto earlier this summer, to provide end-user verification and identity solutions as FIs increasingly embrace digital technologies. “Removing bottlenecks to achieve full digitization of a business goes hand-in-hand with conquering online fraud, through a layered an collaborative approach,” Costigan said. In May, BehavioSec teamed up with fellow Finovate alum Kount, integrating its behavioral biometric technology with Kount’s fraud management platform. A partnership with Appdome this spring produced AppFusion for BehavioSec, a solution that makes it easier for app developers to add behavior-based biometric authentication to their mobile apps.

Based in Stockholm, Sweden, BehavioSec was founded in 2009. The three-time Best of Show winner most recently demonstrated its technology at FinovateFall 2015.

Making it on the Finovate stage as a security solutions provider is one challenge. Taking home a Best of Show trophy as a company dedicated to helping stop fraudulent transactions, prevent unauthorized access, and create truly “safe spaces” in a connected world is quite another. Here is the full list of security companies that have won Best of Show awards at Finovate conferences.

FinovateFall 2017

FinovateSpring 2017

FinovateAsia 2016

FinovateFall 2016

FinovateEurope 2016

FinovateEurope 2015

FinovateFall 2014

FinovateSpring 2014

FinovateEurope 2014

FinovateAsia 2013

FinovateFall 2012

FinovateSpring 2012

FinovateFall 2011

FinovateFall 2010

Finovate 2009

FinovateStartup 2009

  • Silver Tail Systems (demo)

Finovate Alumni News

On Finovate.com

  • You Know It’s Gonna Be Alright: Revolut Raises $66 Million Series B.
  • Finicity Inks Data Sharing Deal with JPMorgan Chase.
  • Fintech 71 Accelerator Application Deadline Less Than One Week Away.

Around the web

  • Forrester names Backbase a leader in digital banking solutions.
  • Alpha Payments Cloud earns Fin5ive Payments Award at BankTech Asia.
  • Let’s Talk Payments interviews SecureKey CIO Andre Boysen.
  • Finland-based Aktia goes live with T24 core banking system from Temenos.
  • FICO enables identification of fourth party risks with new Security Score upgrade.
  • iSignthis subsidiary iSignthis eMoney teams up with Worldline to provide Paydentity services in EU.
  • CashStar adds real-time card activation, improved security, and streamlined ordering in new platform upgrade.
  • Dream Payments opens Centre of Excellence in Moncton, New Brunswick.

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.

 

Blockchain – a Revolution for the Patient

Written by Lisa Moyle, Director of Strategy, Finovate

The excitement surrounding blockchain or the somewhat less jazzy sounding Distributed Ledger Technology (DLT – in all its forms and incarnations) has been much discussed and taken up many column inches over the past few years. The conversations around the potential of the technology to upend entrenched processes has extended well beyond financial services and use cases have been explored across a broad range of industries – from music and entertainment copyrights to the provenance of organic coffee beans. And what has followed, more recently, is the almost inevitable questioning of whether it’s all been overly hyped. A recent estimate from Gartner indicates that 90% of enterprise blockchain projects launched in 2016 and the first half of 2017 will fail within two years.

“Most revolutions occur over time rather than in a high profile moment and whilst commentators may be impatient for results, there is a lot of activity going on,” Lisa Moyle, Director of Strategy, Finovate

Operating from the assumption that the broad range of stakeholders involved haven’t collectively lost the plot or the ability to apply an economic calculus to an assessment of technology, interest is clearly being propelled by some powerful drivers. The potential to make significant cost savings, streamline processes and create more secure and, indeed, tamper proof systems, are powerful incentives to explore and invest in use cases and proof of concepts. High levels of failure are not therefore a signal that the technology has a weak use case but rather that interest remains high and the potential rewards considerable.

Given JP Morgan’s recent exit from R3, following other large players like Goldman Sachs and Morgan Stanley last year, it is easy to yearn for the tangible and believe that the ‘trial’ stage will continue for the foreseeable future. Yet, we need to follow the practical implementations that are happening and there are a good many examples across financial services.

“Identity is an area where DLT is being explored by many financial institutions in partnership with start-ups,” Lisa Moyle, Director of Strategy, Finovate

Ripple [FS13] has recently added 11 new banking members to its network and now has 75 bank customers using its Interledger protocol. Whilst still far off from overtaking Swift’s 11,000 member banks, it is creating the standards for financial institutions to follow and use DLT. Creating a new process in a new institution is likely to be far easier than attempting to get agreement on changing incumbent processes from 11,000 members. Enabling financial institutions to connect to payment networks and distributed ledger technology to send and settle international payments among one another in almost real time presents a powerful alternative to the current model.

Identity is also an area where DLT is being explored by many financial institutions in partnership with start-ups. SecureKey [FF12], for example, is creating an identity and authentication network underpinned by DLT. It has signed up a number of financial services institutions to its network and received grant funding from the Department of Homeland Security in the US. There are many start-ups operating in the Identity space and beyond (think KYC/AML), harnessing blockchain technology to provide RegTech solutions to the financial services industry where the opportunity to cut costs and provide more robust regulatory compliance is enormous. Regulators at the national, supranational and international levels have taken notice and are compounding interest rapidly.

“Central to the potentially transformative potential of DLT technology is not simply to replace old tech with new but to fundamentally change processes in ways that have not yet even been formulated,” Lisa Moyle, Director of Strategy, Finovate

Looking at a newcomer, blockchain based start-up banki Humaniq, which is targeting the unbanked across emerging markets though a mobile app, recently received investment from Deloitte. It also raised funding through an Initial Coin Offering. Included in its ambitious objectives to harness the blockchain for good to meet the needs of unserved communities are to leverage biometric, voice and location technologies to overcome the hurdles of a customer base who often lack conventional identity proofs.

Big tech is also forging ahead with the creation of blockchain products and services and with both IBM and Microsoft creating blockchain-as-a-service applications for businesses, one can assume that DLT technologies are no flash in the pan. It takes time to work through both the use cases and practical implementation of new technologies; legacy technology cannot be simply replaced in short order. Central to the potentially transformative potential of DLT technology is not simply to replace old tech with new but to fundamentally change processes in ways that have not yet even been formulated. Most revolutions occur over time rather than in a high profile moment and whilst commentators may be impatient for results, there is a lot of activity going on.

Finovate Alums Populate RegTech Top 100 Power List

RegTech_image

Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

Temenos_stage_FD15

Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

NetGuardians_stage_FA16

Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

Mitek_stage_FE17

Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

BehavioSec_stage_FF15

Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Finovate Alumni News

On Finovate.com

  • Finovate Alums Populate RegTech Top 100 Power List.

Around the web

  • Moven announces five-year extension of partnership with TD Bank.
  • PyraMax Bank selects DNA account processing platform from Fiserv. Visit our FinDEVr video archives soon to see Fiserv’s presentation this month from FinDEVr 2017 New York.
  • BBVA and SecureKey among the latest companies to join Hyperledger.
  • E-commerce services from Vantiv achieve Oracle Validate Integration. Video of Vantiv’s FinDEVr 2017 New York presentation will be available soon.
  • Netverify from Jumio to validate customer drivers licenses for mobility app, Free2Move. See Jumio at FinovateSpring 2017 next month.
  • Forrester recognizes FinDEVr newcomer Outsystems as a leader in low-code development platforms. Check back soon for video of Outsystems’ FinDEVr presentation from last week.
  • Trulioo expands coverage to Republic of Korea.
  • DAVO Technologies reaches 1,000-customer milestone for its sales tax platform.
  • Blackhawk Network rebrands incentives division as Hawk Incentives.

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

  • Celebrate the Start of Spring with the Return of FinDEVr New York.
  • Sentifi Brings Market Insights from Social Media to Bombay Stock Exchange.

Around the web

  • SecureKey and IBM team up to develop digital identity and attribute sharing network using blockchain technology.
  • MarketInvoice announces Zopa co-founder and former CEO Giles Andrews as new board chairman.
  • Ripple joins Bank of England fintech accelerator program to demo blockchain solutions for cross-border payment and settlement.

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.