Ripple Technology Drives Invoice Trading Platform

Ripple Technology Drives Invoice Trading Platform

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Remember this spring when Ripple’s $28 million series A round overshadowed same-day news of the company’s expansion to Asia?

This week we learned that distributed-ledger technology from Ripple is driving a blockchain-based invoice trading platform built by Standard Chartered Bank, DBS Bank, and the Infocomm Development Authority of Singapore.

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Ripple CEO Chris Larsen demonstrated the Ripple protocol at FinovateSpring 2013.

“This custom solution was the result of a collaborative effort by many industry players with a wealth of experience in trade finance,” Chris Larsen, Ripple CEO said. “It is also on the forefront of the trending use of distributed financial technologies in the Asia-Pacific region.”

The platform, currently in proof-of-concept stage, converts invoices into digital assets on a distributed ledger. Parties involved get cryptographic identities, which enables the invoice information to be shared by banks (for example, to avoid duplicate financing) without revealing identifiable information.

This last issue is significant enough for FIs. But other potential applications of distributed-ledger technology like Ripple are already being considered. Talking with GTReview, Standard Chartered’s Gautam Jain, global head of digitization and client access for transaction banking, says the technology can also be extended to other trade instruments, such as bills of lading. “We believe that the assembly of all the various documentation and processing stages involved in a trade transaction can happen on a distributed ledger,” Jain told GTR. He added that he thinks the platform, which took six months to develop, can be commercialized in 2016.

Founded as Open Coin in 2012 and rebranded as Ripple in October, the company demonstrated the Ripple network at FinovateSpring 2013. Ripple is headquartered in San Francisco.

Finovate Alumni News– March 14, 2013

  • Thumbnail image for Finovate-F-Logo.jpgTemenos to partner with Caisse Financial Group, providing T24, Insight, Temenos Connect.
  • ACI Worldwide completes Online Resources Corporation acquisition.
  • Standard Chartered Bank moves Africa headquarters from Dubai to Johannesburg.
  • TechCrunch reports: Intuit launching Intuit Pay mobile payments service in the UK.
  • LearnVest aims to hit 100 planners by year-end.
  • TechCrunch reports: PayPal Here takes on Square Register with new iPad payments app.
  • SafetyPay and giropay join forces to secure internet payments in Germany.
  • TIBCO enhances real time loyalty marketing platform.
  • PrintWeek interviews GMC Software Technology COO Michael Watts.
  • CSI Enterprises set to announce updates to its globalVCard pay systems solution at the Innovation Project 2013 in March.
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– March 11, 2013

  • American Banker reports: Union Bank signs up for Fiserv’s Bill Pay.
  • Bolstr featured on MSNBC’s Your Business.
  • Backbase gives a glimpse of the Digital Marketing Module it showed at FinovateEurope.
  • Triple Pundit looks at how the SEC is holding SoMoLend and other debt/equity crowdfunding platforms hostage.
  • USA Today considers Lending Club’s success.
  • CIO lists Expensify as 1 of 3 apps to help at tax time.
  • BellaDati releases updates to its platform.
  • Credit Karma launches app for Android.
  • Med Gadget interviews Diversinet CEO, Dr. Hon Pak.
  • Finextra reports Geezeo signs 1st United Services Credit Union.
  • CashStar announces availability of tablet gifting.
  • Android, iOS updates now provide card-to-card payments with Pageonce.
  • Dough Roller blog names PocketSmith one of the best calendar-based personal finance apps.
  • Continuity Control to partner with cbanc Network to provide regulatory briefing via RegAdvisor.
  • Koolspan and DeviceFidelity team up to build TrustSleeve, bringing microSD-based voice encryption to the iPhone.
  • Locaid and Life360 join forces to help parents stay in touch with their kids.
  • The Financial Brand highlights 50 of the most spectacular website designs in banking: Simple (formerly BankSimple), Standard Chartered, Mint, & Moven. See Netbanker’s take on the list here.
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– January 22, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgNetbanker reports: SmartyPig Launches OneClick, Goal-Based Savings Account Browser Plugin.
  • Bridge Community Bank becomes first in the U.S. to adopt TASCET’s Financial ICONN.
  • EZBOB offering interest-only small business loans to online merchants.
  • Fenergo‘s FATCA solution featured in Datamonitor.
  • ING BusinessMobile for iOS and Android leverages Comarch Mobile Banking.
  • Corduro wins partnership, investment from Shopforbags.com.
  • Standard Chartered Bank launches “Remote Causes” to promote charitable giving through Internet Banking.
  • Ribbit Capital initiates $100 million venture capital fund.
  • Dwolla brings government payments partnership to Iowa.
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– January 17, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBillFloat announces $21 million in new funding.
  • Jack Henry & Associates launches retail and commercial lending platform.
  • Compass Plus completes benchmark testing on HP servers.
  • ImpulseSave releases Google Chrome e-commerce plug-in.
  • Dashlane partners with Pwnedlist to enhance security alerts. Check out Dashlane’s live demo at FinovateEurope next month.
  • Mitek to launch Mobile Deposit Alliance, allowing participant banks to share deposit data.
  • TechCrunch reports: eBay And PayPal Expect To Do $20 Billion Each In 2013 Mobile Commerce.
  • El Paso Electric Company partners with TIO Networks Corp to launch EPE MobilePay.
  • Dwolla introduces Guest Send to help developers building bank software make payments from one account to another.
  • Bill.com wins Best Software as a Service category of the 2012-2013 Cloud Awards Program.
  • Clearstream chooses Standard Chartered Bank as its clearing and settlement agent for its investments in South Africa.
  • Payments.com profiles MasterCard Worldwide’s initiatives in Africa.
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– January 10, 2013

  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgIBM developerWorks features Rich Killmar from Keynote DeviceAnywhere.
  • Thomson Reuters unveils FATCA compliance toolkit.
  • Temenos is one of the most significant global banking platform vendors according to Forrester Research.
  • Check out Toshl Finance’s cool infographic on how people around the world earn and spend their money.
  • Money Smart Life blog reviews Personal Capital.
  • TIBCO Software announces partnership with University of Chicago Medicine.
  • Credit Union Journal reports: Congressional FCU Chooses Geezeo.
  • PlayMoolah launches Moolah It, a new iOS App.
  • Central Bank of Myanmar grants license to Standard Chartered Bank.
  • EZBOB to partner with ChannelGrabber.
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 Website Traffic in September

Each month we survey the Web-traffic performance of Finovate alums using data from Web-analytics company Compete.
Out of 268 alumni, 80 had more than 10,000 unique U.S. visitors in September 2011 and are included in the tables below. Of those, 33 (41%) had more visitors in September than August. Year-over-year, 42 (52%) had traffic increases.
Private Companies
  • Seeking Alpha and Cortera had the highest traffic in September with 2.1 and 2.0 million unique visitors, respectively. Cortera also had the highest increase in number of unique year-over-year visits with over 1.5 more visits in 2011 than in 2010.
  • Kabbage had the highest percentage growth year-over-year, up 280x.
  • Weemba saw the highest monthly growth percentage with more than 7.5 times the number of unique visitors in September compared to August.
  • SmartCredit.com had the highest increase in number of unique year-over-year visitors, growing by 126,000.
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Source: Compete.com retrieved the week of October 26, 2011
 
1) The previous month recorded was August 2011
2) Sears Credit Score is powered by CreditKarma.com
3) Truaxis was formerly BillShrink
4) Kasasa is powered by BancVue
Public companies
 
  • CheckFree had the highest percentage growth year-over-year, with over 7 times the number of visitors this year than last year.
  • Intuit had a notable increase in number of unique, year-over-year visitors, increasing by 300,000 visits.
  • Check Point had the highest month-over-month percent growth, with 41% more visitors in September than in August.
PublicWebTrafficSeptember2.jpgSource: Compete.com retrieved the week of October 26, 2011

1) The previous month recorded was July 2011.
_______________________________________________________
Notes:
1. We reviewed 268 Finovate alumni. Only those with at least 10,000 unique visitors in July are listed.
3. NM = not measurable
4. t= tie
5. Compete estimates online visitors based on the activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic and may undercount at-work usage.

Finovate Alumni Website Traffic in August

Each month we survey the Web-traffic performance of Finovate alums using data from Web-analytics company Compete
Out of 268 alumni, 75 had more than 10,000 unique U.S. visitors in August 2011 and are included in the tables below. Of those, 41 (55%) had more visitors in August than July. Year-over-year, 45 (60%) had traffic increases.
Private Companies
  • Seeking Alpha — the most-trafficked in August with 2.5 million unique visitors — also had the highest increase in number of unique month-over-month visits with 300,000 more visits in August than in July.
  • Budgettracker.com saw the highest monthly growth percentage with more than 6.5 times the number of unique visitors in August compared to July.
  • Betterment had the highest percentage growth year-over-year, up 88x.
  • Cortera had the highest number of unique year-over-year visitors, growing by 1.5 million. 
August2011PrivateWebTraffic4.jpg
Source: Compete.com retrieved week of October 3, 2011
1) The previous month recorded was July 2011
2) Truaxis was formerly BillShrink
4) Kasasa is powered by BancVue
5) Checkingfinder.com is powered by BancVue

Public Companies

  • Fiserv had the highest month-over-month percent growth, with 50% more visitors.
  • CheckFree had the highest percentage growth year-over-year, with over 5 times the number of visitors.
  • S1 also had a high percentage growth year-over-year, doubling its visitors.
August2011PublicWebTraffic5.jpg
Source: Compete.com retrieved the week of October 3, 2011
1) The previous month recorded was July 2011.
_______________________________________________________
Notes:
1. We reviewed 268 Finovate alumni. Only those with at least 10,000 unique visitors in July are listed. 
3. NM = Not measurable
4. t= Tie
5. Compete estimates online visitors based on the activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic and may undercount at-work usage.

Finovate Alumni Website Traffic in July

Each month we survey the Web-traffic performance of Finovate alums using data from Web-analytics company Compete
Out of 255 alumni, 59 (23%) had more than 10,000 unique U.S. visitors in July 2011 (see tables below). Of those, 19 (32%) had more visitors than in the previous month and 25 (42%) were flat. Year-over-year, 26 (44%) had an increase, 10 (17%) were flat, and 23 (39%) were down. 

Private Companies
Notable successes:
  • Seeking Alpha had the most traffic in July with more than 2 million unique visitors.
  • eToro saw the highest monthly growth percentage with 3 times the number of unique visitors in July compared to June.
  • Bundle had the highest increase in number of unique month-over-month visits, with 450,000 more visitors in July than in June.
  • eRollover had the highest percent year-over-year traffic increase, with 260,000 more visitors from last July. 
JulyWebTrafficPrivate6.jpg
Source: Compete.com retrieved week of August 15, 2011
1. The previous month recorded was May 2011
2. Sears Credit Score is powered by CreditKarma.com
3. Kasasa is powered by BancVue
Public Companies
Notable successes:
  • PayPal had the highest number of U.S. visitors in July, with more than 30 million visitors.
  • Jack Henry & Associates saw the highest monthly growth with twice as many visitors in July than June.
  • Wipro Technologies had the highest year-over-year growth, with 3 times as many visitors this year compared to last year.
  • FIS Global and Online Resources also doubled their traffic compared to last year. 
JulyWebTrafficPublic4.jpg
Source: Compete.com retrieved the week of August 15, 2011
1. The previous month recorded was May 2011.
_______________________________________________________
Notes:
1. We reviewed 255 Finovate alumni. Only those with at least 10,000 unique visitors in July are listed. 
3. NM = Not measurable
4. Compete estimates online visitors based on the activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic and may undercount at-work usage.

Standard Chartered Bank Goes Mobile With Apple

Standard Chartered, a heavyweight in the banking industry with 80,000 employees in over 70 

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countries and territories, was recently featured on Apple’s website. An entire page in the iPad Customer Stories section highlights the bank’s innovative use of the iPad and iPhone.  A three-minute video describes why Standard Chartered chose Apple and how the technology benefits employees and clients. 
Mobile apps
Standard Chartered has developed more than a dozen in-house iPhone apps that employees and customers can download through an internal app store called The Standard Chartered App Centre. Here are a few highlights:
For Consumers: 
  • Breeze: A suite of mobile banking and lifestyle applications.Thumbnail image for AppleIMG2.1.jpg
  • FX Rates: A continuously refreshed, holistic view of exchange rates for currency traders (pictured on right).

For Employees:

  • Straight2Bank: A mobile authorization app that gives corporate treasurers better control over transactions. 
  • TradePort: An iPhone app that enables Trade Finance Relationship Managers to securely perform and monitor trades on the go.
  • iNeeds: An iPad app that allows bank Relationship Managers to organize clients by using customized profiles. It can also be used as an interaction platform to explain the benefits of products such as savings accounts or mortgages, which will ultimately lead to up-selling and/or cross-selling more products.
Security
In addition to the security that’s already built into the iPad and iPhone, Standard Chartered also uses:

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  • Restricted VPN access for internal systemsExchange servers to remotely wipe data from lost or stolen items
  • Consumer confirmation of ATM activity using text messaging to complete transactions
What’s Next?
Standard Chartered has started using location-based services and is in the midst of creating a profound user experience by introducing augmented reality.
More Information

Finovate Alumni Chosen for Institutional Investor’s Tech 50

Institutional Investor’s Tech 50 List ranks technological leaders and innovators in the financial 

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industry. It includes nominations and input from industry experts and is finalized by the editors and staff of Institutional Investor who assess the nominees on 4 attributes:
  • Experience and contributions over the course of a career
  • Scope and complexity of responsibilities 
  • Influence and leadership inside and outside one’s organization
  • Technological innovation or achievement
Below are the three Finovate alum chosen for this year’s Tech 50 list.

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Founded: 2007

Located: New Orleans, LA with offices in New York
Funding: $29.8 million from Fidelity Ventures, Prism VentureWorks, RedPoint Ventures, and Bain Capital Ventures
Market: Online Accounts Receivable Trading
FinovateFall 2010 Demo
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Founded: 1969
Located: Worldwide with headquarters in Singapore
Market: Global Bank
FinovateFall 2010 Demo

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Founded: 2003
Located: Paris
Market: Online Trading and Investments
FinovateEurope 2011 Demo
More Information

Alumni News — Week of July 11, 2011

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Last week, AlwaysOn released its 2011 AlwaysOn Global 250 Top Private Companies List that represents the top emerging companies Worldwide. Twelve Finovate Alumni were selected:
  • BillFloat
  • Bling Nation
  • Boku
  • Cardlytics
  • ClairMail
  • Expensify
  • IDAnalytics
  • Lending Club
  • SecondMarket
  • Wikinvest
  • Wonga
  • Yodlee
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In other Alumni News:
Aptys Solutions

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Aptys Solutions announced that the ACH functionality in its PayLogics payment platform provides same-day settlement. Link 
Balance Financial
  • Balance Financial launched Balance Certified Pro, a new software that is geared toward professionals. Link
  • Balance Financial released an iPhone App. Link
BillGuard
TechCrunch reported that BillGuard’s “Anti-virus for Bills” is now completely free for users. Link
BrightScope
CNNMoney’s article, Simplify Your Retirement Savings, pointed to BrightScope to provide a clear understanding of retirement savings. Link
ChargeSmart
ChargeSmart announced that its Bill Payments customers can now pay many of their utility bills with an American Express card. Link
Continuity Control
Continuity Control raised $1.1 million in financing from convertible promissory notes and warrants. Link
Cortera

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The Miami Herald reported that Cortera’s Risk Data and Reporting is now an SAP-endorsed business solution. Link
Cortal Consors
Institutional Investor ranked Oliver Le Grand, CEO of Cortal Consors, number 13 of 50 in its Tech 50 ranking of financial tech leaders and innovators. Link
Credit Karma
Credit Karma’s new feature, Credit Alerts is available for free to the first 200 people to click the link. Link
Credit Sesame
The Hands On Home Buyer blog recommended Credit Sesame for its interactive property taxes tool. Link
Currensee
The Business Insider reported that Currensee plans to launch its Trade Leaders program in China. Link
Dwolla
  • The E-News publication, Business Record, commented on Dwolla’s positive impact on Iowa’s startup culture. Link
  • Financial Plus Credit Union adopted Dwolla’s FiSync integration. Link
Dynamics
Dynamics revealed its angel investors in Series A and Series B funding rounds. Link
Guardian Analytics
  • American Banker reported that Guardian Analytics is planning to launch an outsourced fraud prevention service that will help financial institutions meet new FFIEC guidelines. Link
  • Guardian Analytics introduced its FraudDESK service to provide fraud analytics support to financial institutions. Link
  • Guardian Analytics is hosting a free webinar on Tuesday that will explore FFIEC guidance. Link
iPay Technologies
iPay Technologies helped Generations Community Federal Credit Union increase bill pay adoption and its number of transactions. Link
Lending Club
  • San Francisco ABC News Channel 7 explained the benefits of P2P loans from Lending Club. Link
  • Finextra news blog discussed Lending Club’s success. Link
  • American Banker reported that, in June, Lending Club saw an increase of 7% in loans originated that totaled a record $20 million. Link
Lodo Software
The Silicon Prairie News reported that Lodo Software is seeking to raise $5 million in a round of Series D funding. Link

mFoundry
Columbia Credit Union announced that it deployed mFoundry’s mBanking, a mobile banking platform. Link
Mitek

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MSN Money reported that Mitek Systems began a NASDAQ market listing on July 14th, and is trading under the symbol MITK. Link
Monitise 
  • CNBC reported that Monitise’s ReliaCard will be offered to U.S. Bank’s Visa cardholders in some states. Link
  • Monitise, US Bank, and FIS announced that they are planning to offer a mobile app for Visa’s ReliaCard users. Link
Prosper
  • San Francisco’s ABC News Channel 7 explained the benefits of P2P loans from Prosper. Link
  • Finextra news blog discussed Prosper’s success with its P2P lending service. Link
Q2ebanking
Q2ebanking’s director of security solutions, Ward Howell, published an article detailing a Credit Union’s perspective of the FFIEC guidelines in The Credit Union Ti
mes. Link
Receivables Exchange
Institutional Investor ranked Justin Brownhill and Nicolas Perkin, Co-Founders of The Receivables Exchange, as number 42 of 50 in its Tech 50 ranking of financial tech leaders and innovators. Link
Standard Chartered
Institutional Investor ranked Jan Verplancke, CIO of Standard Chartered, as number 37 of 50 in its Tech 50 ranking of financial tech leaders and innovators. Link
TILE Financial

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Daily Finance interviewed Amy Butte, CEO of TILE Financial. Link
TradeKing
TradeKing announced the public availability of its API. Link
Tyfone 
CoVantage Credit Union chose to implement Tyfone’s mobile wallet solution. Link
Zopa 
  • Zopa founder Giles Andrews was interviewed on BBC’s The Bottom Line. Link
  • Finextra news blog discussed Zopa’s success as a P2P lending service. Link