Finovate Alumni News

On Finovate.com

  • AlphaPoint Raises $15 Million in a Series A Led by Galaxy Digital Ventures.
  • Nextmarkets Picks Up $6.9 Million in New Funding.

Around the web

  • NetSuite names Expensify Innovation Partner of the Year.
  • Passport hires its first Chief Corporate Development Officer.
  • Signicat to offer Freja eID for customer onboarding thanks to partnership with IT security firm, Verisec
  • Equifax appoints former IBM Watson and Cloud Platform CTO Bryson Koehler as its new Chief Technology 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.

Signicat and Mitek Team Up to Improve Digital Onboarding

Identity assurance provider Signicat and digital identity verification company Mitek partnered to improve the onboarding experience for end customers while helping banks comply with new regulations.

The two teamed up to create a solution specifically for European-based financial services providers, who are facing a handful of new and ever-changing regulations, including PSD2, AMLD5, and eIDAS. The new tool, available in Signicat’s Digital Identity Platform, integrates Mitek’s Mobile Verify solution to authenticate identity documents presented during a remote, mobile onboarding process. To comply with AML and KYC regulations, Mitek’s Mobile Verify captures an image of the identity document to ensure its authenticity.

“Partnering with Mitek enables us to jointly offer European financial services institutions a customer on-boarding solution that is 100% online,” said Gunnar Nordseth, CEO at Signicat. “The partnership is designed to remove friction from the customer on-boarding process to ensure financial institutions can effectively compete in the marketplace.”

Nordseth also noted that Signicat clients can now simultaneously benefit from Mitek’s Mobile Verify solution, as well as Signicat’s secure authentication, electronic signing, and sealed document archival. Signicat also offers an eID hub, which consists of a wide variety of third party eID providers covering regions all over the world.

Founded in 2007, Signicat demoed Signicat Assure and Signicat Sign at FinovateEurope 2017. Assure combines national e-identities, commercial e-identities, and multiple other methods that offer a fast way to verify the customer’s identity for onboarding. Sign is a digital signature solution that ensures the origin and integrity of the document while maintaining non-repudiation from the sender. In January of this year, the company closed a $2 million funding round, bringing its total financing to $3.9 million.

Mitek is publicly traded on NASDAQ under the ticker “MITK” with a market cap of $307 million. Mitek was founded in 1985 and is headquartered in San Diego, California. The company most recently demoed its MobileVerify solution at FinovateFall 2017. Last month, Mitek acquired artificial intelligence and image analysis company A2iA for $49.7 million.

Finovate Alumni News

On Finovate.com

  • Signicat and Mitek Team Up to Improve Digital Onboarding.
  • Meniga Scoops Up $3.6 Million in New Funding Courtesy of UniCredit Investment.
  • OutSystems’ $360 Million Funding Round Boosts Valuation Above $1 Billion.
  • Credit Karma Hires Colleen McCreary as First Chief People Officer.

Around the web

  • Oman’s Bank Sohar to deploy core banking platform from Infosys Finacle.
  • IdentityMind Global announces update of its trusted digital identities platform.
  • Revolut CEO Nikolay Storonsky tells Reuters his company will seek a banking license in the U.S.
  • i-Sight to deploy ACI Worldwide’s Case Management solution to fight bank fraud.
  • D3 Banking Technology unveils new account opening service.
  • collectAI improves Hanseatic Bank’s receivables management with a 24 percent higher collection rate.
  • SMArtX adds 18 new strategies.
  • Kony unveils new digital banking solution – Kony DBX
  • Edwards Federal Credit Union signs with Bankjoy to enhance home and mobile banking functionality.
  • Two of the top 5 US banks (and three of the Top 10) are now using Socure’s ID+ 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.

Signicat Raises $2 Million to Build Out its Identity Assurance as a Service Technology

Identity Assurance as a Service (IDAaaS) innovator Signicat has won phase two funding from Horizon 2020, the EU framework program for research and innovation. The $2 million grant (€1.6 million) will enable Signicat to continue development of its IDAaaS toolbox for use in Europe, and takes the company’s total funding to $3.9 million.

“A single digital ID market in Europe is vital so that financial service providers can easily offer their services across borders without the customer struggling to assert their identity,” Signicat CEO Gunnar Nordseth said. “Cross-border digital ID creates greater choice and convenience for the customer, and opens up new markets for financial institutions.”

Left to right: Business Development Director Robert Kotlarz and Product Expert Kåre Indrøy demonstrating Signicat Assure and Signicat Sign at FinovateEurope 2017.

The development of a single digital identity market for Europe is a goal for the European Commission by the second half of the decade, Signicat noted in a statement. Signicat’s IDAaaS technology, the first of its kind, will give financial service providers and e-commerce businesses the ability to verify new customer identities using electronic identity (eID) and digital verification of paper ID. IDAaaS also enables them to take advantage of a range of other solutions such as facial recognition.

Signicat secured phase two funds following successful completion of phase one, which was begun and funded by Horizon 2020 at the end of 2016. During phase one, Signicat partnered with Innopay to analyze the demand and potential for digital onboarding solutions in a set of European countries. The study uncovered areas where current European eID protocols were lacking in terms of providing sufficient information for effective digital onboarding, and indicated how Signicat’s IDAaaS technology could fill those gaps.

“While eIDAS is a step in the right direction, it does not yet go far enough,” Nordseth said. “Our vision is to integrate eIDs across Europe, making on-boarding customers simple for financial institutions and their customers, while still meeting KYC regulations.”

Founded in 2007, Signicat demonstrated its Signicat Assure and Signicat Sign identity verification solutions at FinovateEurope 2017. The company, which is based in Trondheim, Norway, earned a spot in the European Fintech 100 last September, and launched its mobile authentication solution, MobileID, last year in May. Also that month, the company partnered with Rabobank to launch a Digital Identity Service Provider (DISP) to provide a variety of online login, identity, and signature solutions. Check out our profile of Signicant from last spring: Signicat Delivers On Demand Digital ID Verification.

Finovate Alumni News

On Finovate.com

  • AutoGravity Tops $2 Billion in Financing Requested Milestone.
  • Geezeo Powers PFM Platform for F&M Bank of Virginia.
  • Signicat Raises $2 Million to Build Out its Identity Assurance as a Service Technology.

Around the web

  • Forbes: Atlanta Startup Pindrop Makes Its Push To Power Security For The Voice Economy.
  • Chevy Chase Trust selects FIS for Unified Wealth Management Technology Platform and Services.
  • eMoney Advisor and Capital One announce new API data sharing agreement.
  • Check Point Technologies announces Infinity Total Protection, a new security model to prevent ‘Gen V’ threats and attacks
  • Investment News: Betterment beefs up 401(k) advisory board with ex-Vanguard expert.
  • BMO Financial Group chooses Up Real -Time Payments solution from ACI Worldwide.
  • Global payment providers IDT and Mercury FX to use Ripple’s XRP.
  • The Paypers interviews Roberto Valerio, CEO of Risk Ident, on getting the best from fraud prevention solutions.
  • First Data expands agreement with SBI Card.

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 Alums Earn Spots in European Fintech 100

Powered by collaborative Belgian innovation platform, B-Hive, and Dutch financial consulting firm, Alex van Groningen BV, the European Fintech Awards & Conference recognize fintech innovators working in a variety of areas ranging from the Blockchain/Bitcoin and Financial Inclusion to InsurTech and Payments.

The awards consist of a European Fintech 100 and a Top Three which will be selected from among the top three startups in each of the conference’s nine categories during a pitch contest at the end of September. Here are the Finovate alum finalists who will compete for top honors in their respective categories this fall.

Dorsum (FinovateEurope 2017)

  • Category: Innovative Banking Software
  • Founded in 1996
  • Headquartered in Budapest, Hungary
  • Róbert Kő is CEO and Founder

Meniga (FinovateEurope 2017)

  • Category: PFM / Robo Advisory
  • Founded in 2009
  • Headquartered in London, U.K.
  • Won Finovate Best of Show three times
  • Georg Ludviksson is CEO

Revolut (FinovateEurope 2015)

  • Category: Challenger Banks
  • Founded in 2013
  • Headquartered in London, U.K.
  • Nikolay Storonsky is CEO and founder

TWINO (FinovateEurope 2016)

  • Category: Alternative Finance
  • Founded in 2015
  • Headquartered in Riga, Latvia
  • Jevgenijs Kazanins is CEO

Below are the Finovate alums that have been named to the European Fintech 100.

 

 

 

 

See the full European Fintech 100 list.

Interested in fintech in Europe and the U.K.? Finovate brings its new, expanded format to London in February. With live demos on Days One and Two, and a diverse range of keynotes, panel discussions, and round tables with fintech professionals on Days Three and Four, FinovateEurope 2017 is an event you won’t want to miss. Visit our FinovateEurope page today to learn more and to take advantage of huge early-registration savings.

Signicat Launches Mobile Authentication

Identity assurance provider Signicat added a new tool this week to help banks meet new PSD2 standards and reduce customer abandonment. The mobile authentication solution, MobileID, leverages the user’s device to offer fast onboarding while providing strong customer authentication and identity assurance.

MobileID’s multi-factor authentication offers a low-friction way for banks to get ahead of upcoming PSD2 compliance standards, which mandate that the consumer must authorize transactions over €30 with at least two-factor authentication. The new solution supplies three factors of authentication: the device (something the user has), a PIN (something the user knows), and a biometric fingerprint (something the user is).

“A speedy onboarding and application experience is a must for financial services providers who don’t want to lose 40% of their potential customers at this stage,” said Gunnar Nordseth, CEO, Signicat. “Keeping these customers means giving them the best experience possible when accessing services and authorizing transactions – MobileID gives customers that simple experience while meeting PSD2 requirements way ahead of these regulations being adopted.”

At FinovateEurope 2017, the company demonstrated Signicat Assure, which combines national e-identities, commercial e-identities, and multiple other methods that offer a fast way to verify the customer’s identity for onboarding. Signicat also showed off Signicat Sign, a digital signature solution that ensures the origin and integrity of the document while maintaining non-repudiation from the sender.

Earlier this month, the Norway-based company teamed up with Rabobank to launch a joint Digital Identity Service Provider branded as Rabo eBusiness. For more on Signicat, check out our overview of the company’s on-demand, digital identity verification service. Signicat was founded in 2007.

Finovate Alumni News

On Finovate.com

  • Signicat Launches Mobile Authentication.
  • 3 Steps to Take During the Countdown to GDPR and PSD2.

On FinDEVr.com

Around the web

  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
  • TSYS enables tokenization across its North American commercial card platforms.
  • Catholic Vantage Financial ($98M) hires Insuritas to deploy and manage their insurance agency solution.
  • AuthenticID enhances CatfishAIR Identity Platform to support real-time identity authorization for CNP transactions.
  • Vera announces support for multi-factor authentication solutions from Duo Security, RSA SecureID, and fellow Finovate alum, Twilio.
  • Amsterdam Trade Bank (ATB) to streamline banking, treasury, and finance operations in partnership with Misys.
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • GMC Software launches Business Partner Track for Partner Advantage Program
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients
  • Jumio announces expansion into new Shoreditch U.K. headquarters.
  • Steve Lewczyk joins Trizic as new Chief Revenue 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.

Finovate Alumni News

On Finovate.com

  • NetGuardians Raises More than $8 Million in Series C.
  • SuperMoney Brings a Kayak-like UX to the Online Borrowing Experience.

On FinDEVr.com

  • Check out previews of upcoming FinDEVr London presentations:

Around the web

  • eWise integrates its Aegis data aggregation platform into Backbase’s Open Banking Marketplace.
  • TickSmith introduces new performance-tracking module, Marketplace Advanced Insights.
  • Bank of Sydney replaces its digital banking platform with DigitalAccess from Fiserv.
  • ProActive Budget launches Android app.
  • NF Innova named Market Leader in IDC MarketScape 2017 with iBanking Solution
  • NIIT Technologies appoints Sudhir Singh as CEO Designate
  • Signicat Launches MobileID to Satisfy PSD2 Requirements.

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

  • Best of Show Winner Alpharank Earns Spot in FIS Accelerator
  • Finovate Debuts: Dorsum Puts the AI in DAISY, its Onboarding ChatBot
  • Trulioo Bolsters Regtech Solution with Mitek Partnership
  • How to Make It In the Fintech Industry: Startup Success Stories Speak Out

Around the web

  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform. Join Trulioo at FinDEVr London next month where the company will lead a lunch roundtable discussion, AML, KYC, OMG: How to manage compliance with a smaller team and a better UX.
  • Greenkey Technologies announces interconnection partnership with iMarket.
  • Misys launches FusionCapital Detect, an AI-powered, smart personal assistant that helps identify errors and anomalies in trade transactions.
  • Daily Fintech profiles blockchain innovator and Finovate Best of Show winner, BanQu.
  • FinDEVr alum OutSystems expands to Asia with new office in Japan.
  • Signicat teams up with Rabobank to launch new, Netherlands-based digital identity service provider.
  • Ohio-based First National Bank of Pandora chooses core account processing platform from Fiserv.
  • BioCatch Receives Frost & Sullivan New Product and Innovation Award for Continued Disruption in Behavioral Biometrics Landscape.

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 Debuts: Signicat Delivers On Demand Digital ID Verification

01.Value

Signicat provides a cloud- and web-based identity verification service to more than 200 institutions mostly in the Nordics. The company’s platform leverages live video and identity document verification, as well as authentication by bank account and the GOV.UK Verify system, to enable digital signing, speed customer on-boarding, and remove friction from the online experience for financial services consumers.

“At Signicat our business is providing digital identity on demand in the cloud,” company Business Development Director Robert Kotlarz explained from the Finovate stage in February. “The concept is that you can call a web service to validate the identity of the individual,” he said. “(And) by identifying your digital customer, you can actually provide them with the products and services they want very immediately.” In addition to improving the experience for the consumer, the company’s solutions also help FIs and fintechs grow while remaining compliant with privacy and data protection regulations.

Signicat_stage_FEU2017

Pictured (left to right): Business Development Director Robert Kotlarz and Product Expert Kåre Indrøy demonstrating Signicat Assure and Signicat Sign at FinovateEurope 2013.

Signicat’s innovations are driven in part by what the company called “the battle to on-board.” A survey of 2,000 financial service professionals commissioned by Signicat revealed online application abandonment rates of 40%, with “length of process” and “too much personal information required” among major hurdles. As such, clients have used Signicat’s solutions, which also include Signicat Preserve for document archiving and Signicat Connect to enable safe and secure access to business applications, for everything from accelerating the credit card application process (EnterCard/Barclays) to helping launch new banks (Bank Norwegian).  “We work with over 200 financial institutions,” Kotlarz said, “calling into our cloud 100 million transactions every year.”

During their FinovateEurope demonstration, Kotlarz and Product Expert Kåre Indrøy presented two of the company’s products: Signicat Assure and Signicat Sign. Signicat Assure is a verification technology that uses a combination of government-issued identification such as ID cards or passports, digitally-verified documents such as utility bills, social media, and other resources to establish identity. Signicat Sign is the company’s digital signature technology which helps ensure the integrity, origin, and non-repudiation of digital documents. Kotlarz and Indrøy walked the audience through a new customer loan application scenario using bank account verification, a minimum of personal information, and esignature technology, noting that the customer would also be able to access their account via a mobile app secured with a biometric footprint. “A frictionless process for on-boarding new customers,” Kotlarz said, “by using identity at the heart to know who your new customer is.”

Company Facts

  • Headquartered in Trondheim, Norway
  • Founded in January 2007
  • Maintains 62 employees in eight different offices in seven countries
  • Anticipates 2016 revenues of 10 million euros
  • Serves 252 customers on its cloud solution (IDaaS)
  • Won the Norwegian Fintech Achievement Award in 2017
  • Gunnar Nordseth is CEO

Signicat_RobertKotlarzWe met with Robert Kotlarz (pictured) and Kåre Indrøy during FinovateEurope and followed up with a few questions by email. Below are our questions and their responses.

Finovate: What problem does your technology solve?

Robert Kotlarz: Signicat is the first and largest Identity Assurance Provider in the world providing regulated markets with the technology to create mutual trust between organizations and their publics. Our products are divided in 4 parts:

  • Signicat Assure: To help ensure that the user is who he or she claims to be during an onboarding process. The user typically claims the identity, and then provides evidence for the claim.
  • Signicat Connect: To verify existing user’s identity during an authentication process. Used when user wants to access services, and has to prove identity.
  • Signicat Sign: To digitally sign contracts or other legal documents, or seal similar documents.
  • Signicat Preserve: To ensure long term validity of signed documents.

02.List of methods

Pictured: Signicat provides multiple, configurable identity verification options including live video and identity paper verification.

Finovate: Who are your primary customers?

Kotlarz: Our primary customers are in the banking, financial, and insurance areas.

Finovate: How does your technology solve the problem better?

Kotlarz: With Signicat, service providers can build and leverage existing customer credentials to connect users, devices, and even “things” across channels, services, and markets, transforming identity into an asset rather than an obstacle. By ditching manual, paper-based processes and replacing them with digital identity assurance, customer onboarding is accelerated and access to services is made simple and secure. Service providers can rapidly grow market share, easily acquire new customers, and ensure compliance with financial, privacy, and data protection regulations, including AML and KYC.

Signicat delivers an online electronic signing service that is fast and easy to use. It allows users to sign multiple documents, upload own documents, and write personal information which gets integrated in the signed documents. For organizations, this means saving time and money by automating previously manual processes and increasing self-service capabilities. Signicat has the technology to connect the market, the expertise to scale the systems, and the experience to build the trust.

03.Bank

Pictured: Bank account verification is one of a number of verification options for customers.

Finovate: Tell us about a favorite implementation of your technology.

Kotlarz: In 2009, Bank Norwegian set a new standard when they introduced the concept “Switch banks in 90 seconds.” Using eID, customers could easily switch banks without the time-consuming processes involving meetings, phone calls, and application forms. As the first bank in Norway, and among the first in the Nordic region, Bank Norwegian set the standard for self-service banking.

Customers of the bank were introduced to a concept that was simple, straightforward, and practical. Bank Norwegian has also benefited from the solution, because they don’t have to spend unnecessary time and resources on phone calls and form processing. This is a good solution for the bank’s customers, who have previously had to deal with complicated processes to switch banks. Now, the customers simply fill out an application form online and submit it by identifying themselves and signing using BankID.

By using eID as a key function in Signicat’s product base, the bank has been able to streamline the structure and organization of the company, both in terms of cost-effectiveness and workability.

Finovate: What in your background gave you the confidence to tackle this challenge?

Kotlarz: Signicat already has a history of 10 years connecting banks and financial institutions into services required to securely onboard, identify clients, and sign and preserve documents. The solution is already available all over Scandinavia, where Signicat is a market leader in the area.

04.Sign

Picture: Signicat’s technology enables a variety of ways to provide esignatures.

Finovate: What are some upcoming initiatives from Signicat that we can look forward to over the next few months?

Kotlarz: Preparing the solution for the British market, connecting several ID verification methods into the solution. For example, address lookup, ID paper verification, bank account verification, and video assurance.

Finovate: Where do you see your company a year or two from now?

Kotlarz: Since its beginning in 2007, Signicat has established itself as a market leader in the Nordic region. The company has been a pioneer in establishing cloud-based Identity-as-a-Service as a real alternative to on-premise installations. The most demanding customers in the bank and finance sector have now accepted that cloud-based Identity-as-a-Service and Identity-Assurance-as-a-Service is just as secure and with a much lower cost of use than on-premise installations.

Since 2015, Signicat has been extending the coverage of its services to European markets outside of the Nordic region. There is a window of opportunity that is opened by the combined forces of banks looking for more cost-effective and user-friendly means of onboarding and authenticating users, and the new European legislation in the areas of payment (PSD2), privacy (GDPR) and electronic trust (eIDAS).

Signicat aims to use this opportunity and its head-start from the Nordic market to become the preferred provider of identity services to regulated industries in Europe.


Robert Kotlarz (Business Development Director) and Kåre Indrøy (Product Expert) demonstrating Signicat Assure and Signicat Sign at FinovateEurope 2017.

FinovateEurope Sneak Peek: Signicat

Screen Shot 2017-01-31 at 1.29.52 PM

Screen Shot 2017-01-23 at 4.27.53 PMA look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Signicat is the leading innovator in the provision of digital identity assurance services in the cloud, offering regulated markets the technology to create frictionless customer onboarding experiences.

Features

  • Offers a flexible solution for integrating eID-methods into the customer onboarding journey
  • Provides eID and digital signing of documents in one integrated process
  • Enables organizations to gain speed to market

Why it’s great
Signicat offers a readily deployable solution for leveraging e-identity in digital customer onboarding which satisfies demanding customer onboarding expectations, and provides real competitive advantage.Screen Shot 2017-01-31 at 1.44.12 PM

Presenters

Robert Kotlarz, International Business Development Director
Kotlarz is responsible to the founding members of Signicat to establish the business out of the foundation markets of the Nordics where the company underpins the digital customer onboarding strategies of many large banks.Screen Shot 2017-01-31 at 1.44.36 PM
LinkedIn

Kåre Indrøy, Product Expert
Indrøy is a product expert for Signicat’s products and services.
LinkedIn

Arne Vidar Haug, VP Business Development/Co-FounderScreen Shot 2017-01-31 at 1.45.31 PM
Haug is a specialist in the fields of international business development and planning. He’s in charge of building strategic alliances and innovation initiatives.
LinkedIn