Finovate Alumni News

On Finovate.com

  • Personetics Accommodates Digital-Only and Challenger Banks.
  • Diebold Nixdorf Brings its Bank-Like Kiosk to Emirates NBD Customers.
  • Munnypot Announces Strategic Partnership with Capita.
  • Switch Speeds Virtual Card Adoption with CardSavr API.

Around the web

  • aixigo wins top honors in the Outstanding Front-End Digital Solutions Provider (Vendor) category of the Private Banking Conference & Awards in Germany for its wealth management platform.
  • Trunomi announces partnership with blockchain-based digital ID solution, Shyft.
  • Mambu and Form3 team up to launch cloud-based payments processing service.
  • Fiserv collaborates with Rippleshot to provide early breach detection solution, Card Risk Office Fraud Warning.
  • Mitek adds identity document verification and biometric facial recognition technology to its platform courtesy of a new agreement with Experian.
  • Earnix introduces AcceleRate-it with Direct Deploy technology.
  • Trulioo wins Startup Canada’s Global Entrepreneurship Award.

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.

Switch Launches Cardsavr API To Get Cards Into Circulation Faster

Healthy credit card circulation is an underestimated aspect of what makes e-commerce work. In a world in which the average consumer carries more than three credit cards and a growing number of consumers are using those cards to shop online, it is critical that the infrastructure that delivers these cards works as seamlessly as possible – as well as for the benefit of all participants in the process.

This is what makes the new technology from Switch so compelling. The Seattle-based company unveiled Cardsavr today, the first API of its kind to give card issuers the ability to get new and re-issued cards into circulation with thousands of online merchants immediately after activation.

“Until Cardsavr, banks and merchants were held hostage by archaic credit card networks’ issuing and replacement processes and the inability alone to digitally help their cardholders manage online payments,” Switch CEO Chris Hopen explained. “This is the first time an API provides all card brands with direct control over a large source of potential and/or lost revenue.”

Switch made its name as a platform that enables consumers to easily manage their credit card accounts. With Cardsavr, the company is leveraging its core platform to help issuers and merchants increase or recapture revenues lost through the current, inefficient process.

“Our platform increases both their bottom line around credit card circulation issues and enhances cardholders’ online purchasing experiences. All parties of the e-commerce ecosystem benefit,” Hopen said. He added that Cardsavr API currently supports thousands of e-commerce sites and leverages machine learning to add more merchants daily. This enables faster card updates, Hopen explained, which was a feature merchant issuers especially liked because of the way getting cards into circulation drives outside spend, as well.

A standard REST API with support for basic CRUD (“create, read, update, and delete”) operations for cards on-file, the Cardsavr API makes it easy for card issuers to integrate Switch’s technology into their online and mobile banking apps. Mark Morrison, President and CEO of MountainCrest Credit Union and a member of the focus group that explored the Switch app, underscored this point in the statement accompanying the Cardsavr launch. “The Switch application is extremely easy to use and provides a much faster way to pay and shop at card-on-file sites,” Morrison said.

Founded in 2014 and with $1.6 million in funding, Switch demonstrated its platform at FinovateSpring 2016. The company anticipates naming a “significant list” of partners for its new Cardsavr API soon.

SWITCH Lands $400,000 Angel Investment

Switch_homepage_March2017

SWITCH, a Seattle-based startup that makes it easy to manage your online payment information, has raised $400,000 in funding from angel investors. The company, which made its Finovate debut at FinovateSpring last year, now boasts $1.9 million in total capital.

Chris Hopen, SWITCH co-founder and CEO, called his technology the “first of its kind, credit card updater for online accounts.” SWITCH makes it easy for card holders to update their payment methods at online merchants and e-commerce sites, as well as for subscriptions and recurring repayments like cable and utility bills. It also helps card issuers get new and replacement cards to cardholders faster, and provides issuers with analytics and data on card usage to better understand their competition. Hopen highlighted the benefit this analytics component provided for issuers, saying “If I’m in 10,000 wallets, I want to know who my top five competitors are in those wallets, so I can do something about increasing my profile and getting more sites using my card.”

SWITCH was founded in 2014 by Chris Hopen and David Pool. The company demonstrated its technology at FinovateSpring 2016, and has 10 employees. SWITCH opened early access to its free, credit card updating service in February.

Finovate Alumni News

On Finovate.com

  • SWITCH Lands $400,000 Angel Investment.

On FinDEVr.com

Around the web

  • Customers can now host Actiance Vantage on Microsoft Azure
  • Handpoint launches EMV Tip Adjustment feature for MPOS.
  • Financial Times reports: Starling Bank strikes money transfer deal with TransferWise
  • ShopKeep expands into online ordering and delivery with ChowBOT acquisition.
  • Narrative Science launches Narratives for Business Intelligence API.
  • Strands to power PFM for Kenya’s largest bank, Commercial Bank of Africa.
  • Citi introduces new mobile passcode solution for its Treasury and Trade clients. See Citi at FinDEVr New York next week.
  • BBVA to focus on identity, AI, and “fintech for companies” in ninth installment of its Open Talent innovation competition.
  • Cachet Financial Solutions aims to raise more than $9 million in initial public offering this week.
  • Following its platform limit announced in December, Zopa has set up a waiting list for new prospective investors.
  • Capital One Financial Corporation appoints Amy Lenander as UK CEO.
  • Putnam-Greene Financial Corporation to deploy core banking technology from Fiserv. Join Fiserv in New York next week for FinDEVr New York.
  • PaySwag to power mobile loyalty and instant rewards to the underbanked for Sionic Mobile.

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.

Switch Announces Early Access to Online Card Account Management Platform

Switch_homepage_February2017

Seattle-area startup Switch announced today that it is providing “early access” to its free payment management service. By enabling cardholders to manage all of their accounts from one dashboard, the company says its technology is making e-commerce “faster, safer, and easier.”

Switch enables shoppers to easily match payment options with specific online merchants, subscriptions, and payments, as well as automating both the checkout and card updating processes. CEO Chris Hopen called the technology “the first ever consumer payment solution that automates both the challenge of secure account access and the ‘card on file’ problems users face every day.” In a statement, the company cited the average 3.7 credit cards carried by the average American (according to a study by CreditCards.com) and the growing number of payment options from ApplePay and Visa Checkout as reasons why technologies like Switch are a valuable for consumers.

Another value comes when cards have to be replaced due to loss, data breach, or other issue. “How many people have ever had to replace a credit card?” Hopen asked from the Finovate stage during his company’s live demo last spring. “Was it fun?” He added, “(Switch) is about reducing the negative impact of card replacement on end users, and getting cards into circulation as quickly as possible to end users.” For card issuers, the platform includes a set of analytic reports that leverages data on card usage from throughout the entire Switch user base.

Founded in 2014 and headquartered in Seattle, Washington, Switch demonstrated its technology at FinovateSpring 2016. The company has raised more than $1 million in funding and has more than 10 employees. Find out more about the app, including how to be among the first to try Switch.

Finovate Alumni News

On Finovate.com

  • Switch Announces Early Access to Online Card Account Management Platform.

On FinDEVr.com

  • Excited to see Softjourn at FinDEVr New York on March 21 & 22. Check out our interview with Project Manager Yuriy Kropelnytsky.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Around the web

  • Lleida.net wins 20-year European patent for its registered email technology.
  • Payworks provides SIX Payment Services with mPOS solution, mCashier.
  • Thomson Reuters enhances data analytics platform with ultra high-speed processing of real-time and historical data functionality.
  • France’s PayPlug to deploy ACI PAY.ON Payments Gateway from ACI Worldwide.
  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • BBVA to leverage mobile accounting opening technology from Oracle Communications.
  • GMC Software awarded the Xplor Application of the Year Award.
  • Striata named a Visionary in Gartner Magic Quadrant for Customer Communication Software.
  • Signifyd joins Salesforce Partner Program.

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.

FinovateSpring Sneak Peek: SWITCH

SWITCH_homepageApril2016

FS2016-wdateA look at the companies demoing live to 1,500+ fintech professionals on May 10 & 11. Register today.

SWITCH is a Seattle-based fintech company developing the first automated payment card and online account updater to help consumers update their cards and payment methods wherever they shop online.

Features:

  • Users can update their credit cards where they shop online.
  • Card issuers can get their cards into circulation faster.
  • Merchants can ensure the card they have on file stays current.

Why it’s great
SWITCH’s innovative technology for card updating and visibility utilizes patent-pending machine-learning technology to benefit card issuers, merchants, and consumers alike.

Switch_ChrisHopenPresenter: CEO Chris Hopen, founder
Now on his third startup, Hopen combines deep experience in networking and security technologies along with a savvy business sense to developing solutions for the fintech market.
LinkedIn

Finovate Alumni News

On Finovate.com

  • “Malauzai to Offer Geezeo-Powered PFM Tools”

On FinDEVr.com

  • “FinDEVr New York Presentation Videos Live on FinDEVr.com”

Around the web

  • Top Image Systems appoints Kristian Niklasson as its new chief services officer.
  • Alkami Technology teams up with Easy Solutions to add anti-fraud technology to its digital banking platform.
  • Irish Tech News interviews Moven CEO Brett King. See Moven at FinovateSpring next month in San Jose.
  • Fiserv Investment Services President Cheryl Nash named executive leader for Envestnet Institute On Campus’ “Women in Wealth Management” program.
  • API report covers Streamdata.io.
  • ThreatMetrix launches new release with deeper decision analytics, enhanced mobile offering, and stronger authentication capabilities.
  • BehavioSec, Nationwide, Unisys Team Up on Biometrics.

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.