Finovate Alumni News– October 2, 2012

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  • InComm celebrates 21 years in the payments industry.
  • Backbase introduces My Backbase, a platform supporting integrators, partners, professionals, prospects and customers.
  • ID Analytics and iovation partner to fight online fraud.
  • Yodlee strengthens management team with three key executives.
  • The Financial Brand features SaveUp’s saving gamification model.
  • Monitise announces partnership with eMerit Solutions.
  • Fenergo enhances FATCA Compliance Solution with auto-classification.
  • Cortera appoints Gary Brooks as Chief Marketing Officer.
  • Entrepreneur Magazine features the success of a business recieving financing through Lighter Capital.
  • Geezeo signs Riverside Community CU.
  • TechCrunch reports: Braintree eases signup process for developers
  • Money Marketing takes an in-depth look at FinovateFall demos.
  • MyBankTracker reports MoneyDesktop launches Sleek Mobile Apps.
  • New Dutch bank uses Figlo Platform to offer online financial overview.
  • Citi using Statement Rewards from Truaxis to bring card linked offers to cardholders.
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.

Truaxis Helps FIs Market to their Most Profitable Customers

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First up to the stage, Truaxis (formerly BillShrink and recently acquired by MasterCard) launched a solution to help FIs market to their most profitable customers: 

“Truaxis understands that big data is a profitability gold mine for banks if properly gathered, interpreted and acted upon. With its Profitability Analytics module, StatementRewards will use transaction and banking data to inform banks what their most profitable customers look like and help banks create sophisticated cross-sell campaigns to capture more of their customers’ financial accounts.”

Product Launched: September 2012
HQ Location: Redwood City, CA
Company Founded: June 2007
Metrics: Truaxis currently has 26 employees and has raised $9M in funding
Website: truaxis.com
Twitter: @truaxis
Finovate demo videofinovate.com/fall12vid/ (demo video will be posted next week)
Introducing Samir Kothari (Co-Founder & VP of Product) and Carlo Cardilli (SVP of Sales & Business Development)
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Truaxis Acquired by MasterCard

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Truaxis (formerly BillShrink) announced that it has been acquired by MasterCard for an undisclosed amount.

As part of this deal, the Truaxis platform will be integrated with MasterCard’s network, enabling it to offer merchants and FIs access to Truaxis’ card-linked offers solution.

Additionally, the deal will help Truaxis expand. According to CEO Schwark Satyavolu:

“Being part of the MasterCard family allows us to scale our technology platforms and continue to grow our issuer distribution pipeline globally to deliver highly personalized offers to consumers, through their preferred channels.”

To learn more about Truaxis, watch its FinovateFall 2011 demo and come to FinovateFall 2012 next week to check out its live demo.

Finovate Alumni News– August 23, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFor the second consecutive year, CashStar named 1 of the 2012 Best Places to Work in Maine.
  • The WSJ compares The Currency Cloud, Currency Fair, Wonga & Nutmeg with Britain’s traditional banks. Come check out The Currency Cloud at FinovateFall in NYC September 12 & 13.
  • My Bank Tracker reports on a Dwolla integration at a Pittsburgh-based supermarket chain.
  • Virtual Piggy service will be integrated into Girly Stuff’s e-commerce launch. Check out Virtual Piggy at FinovateFall.
  • FutureAdvisor raises $5 mil, launches 401(k) fee analyzer tool.
  • Currensee and Direct FX form partnership.
  • Jwaala and Truaxis team up to provide credit unions with StatementRewards platform. Come to FinovateFall to check out Truaxis’ live demo.
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.

FinovateFall 2012 Sneak Peek: Part 2

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Here’s part 2 of the sneak peek of the companies that will demoing at FinovateFall on September 12 and 13 in NYC. Each company provided a short summary of the innovation they will debut on stage. We published 20 last week and we will complete the preview next week.

Don’t miss the opportunity to experience the hottest innovations in financial technology. Get your FinovateFall ticket here

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Stock Panorama brings what matters to an investor’s portfolio – combination of 
Thumbnail image for aSparkLogo.jpg“relevant and key” market data, analyst sentiment and social intelligence to your mobile device. Today, you seek this information. Stock Panorama reduces the homework and brings it to you when it matters so that you are never surprised!
The app “follows” key events and information for your stocks and integrates them into your personal calendar – so you can see what’s ahead for your investments. You get the right information anywhere, anytime.
Innovation type: Mobile, PFM, sales


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Backbase Launchpad is a new and unique banking experience, based on Backbase Portal technology. 
Launchpad offers the latest innovations and best practices in user experience design and cross-device customer journeys. The goal of Launchpad is to drastically bring down time-to-market for online and mobile projects.
Launchpad is immediately optimized for use on regular browsers, tablets and smartphones and is entirely manageable by the e-business and digital teams using the Backbase Portal Manager. Launchpad is seamlessly integrated with the Backbase App Center and includes apps such as: Accounts Overview, Payments, PFM, Stock Portfolio Manager, Message Center etc.
Innovation type: Communications, marketing, mobile, online

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Bolstr is the first crowdfunding platform focused exclusively on main street small businesses and the only platform able to legally operate pre-JOBS Act. 
Bolstr’s innovative platform empowers communities to invest in local, small businesses. We believe that local investment is the key to economic growth. Through Bolstr, we have created a marketplace where individuals can invest in and support the local small businesses that make their communities home.
Innovation type: Small business

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Cachet’s patent-pending CheckReview helps financial institutions identify potential check fraud with the ability to view and validate the check image in real time. In the past, financial institutions could only view a check image after it had been cleared for deposit. By allowing access to the images before clearing, Cachet gives clients greater control in mitigating check fraud.
Innovation type: Back office

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Previously, when offering new financial products and services, the only two options available were to buy or build. You’ve tried buy, but now your business structure can’t sustain innovation and integration is an absolute nightmare. You’ve tried build, but the industry moves quickly and you can no longer keep up. Both options cost a fortune in maintenance. Now there is a third option. 
Open Development Banking Platforms are the new kid on the block and are promising to be transformational for the financial services industry. Let us show you why.
Innovation type: Back office, cards, payments

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Personal finance cannot be properly assessed in a vacuum. Credit Sesame will introduce its new financial fitness indicators, designed to help a user fully understand and optimize their individual financial situation. 
Users can take advantage of current market trends and identify financial successes of their peers to better their financial future, preventing consumers from leaving money on the table by identifying ways to grow their wealth.
Innovation type: Identity, lending, PFM

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Dashlane’s mobile apps enable instant checkouts, registrations, and logins universally across the web without any merchant-side integration. This is powered by proprietary real-time semantic analysis of webpages and a super-secure, locally-encrypted personal data vault. 
Its disruptive apps allow consumers
to conduct keyboard-less transactions on any website from their mobile devices – a critical game-changer on a device that lacks a keyboard. Mobile shopping cart abandonment is over 90% today. Its goal is to slash that down and unlock mobile commerce at scale with a product that is simple, secure, and universal.
Innovation type: Marketing, mobile, payments

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Customers are becoming increasingly integrated with their financial institutions. ACH payments are up about 5% each year. Online and mobile banking continues to rise and nearly two-thirds of online customers are using bill pay. Yet, this integration leaves consumers feeling trapped. 
In a recent Consumer Reports survey, 63% of respondents said concerns about transferring automatic payment and deposits were keeping them from switching banks. Are you prepared to reach this highly integrated customer base? The Switch Is On!
Innovation type: Online, payments, sales

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Emida’s Mobile Wallet (CAT) allows consumers to apply cash to their virtual mobile account without requiring an existing bank account or credit card collateral. Account holders can load value to their Cash and Transact account and then transfer cash or pay for goods and services with anyone, anytime, from anywhere. The Cash and Transact vision is to create a borderless community connected by transactions via the Cash and Transact mobile wallet.
Innovation type: Mobile, payments, PFM

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The U.S. is moving to EMV (Chip & PIN) no later than 2015 meaning the biggest overhaul of payment infrastructure since the introduction of the plastic card.
Handpoint presents a mobile payments platform for developers. It´s simple and secure and allows developers to easily add EMV payments to their applications and get paid for transactions made through their apps. The platform can be white labeled to larger partners, e.g. acquirers and MNOs so they can offer branded mobile POS solutions.
The platform erases all PCI issues, even for large merchants, by using state of the art security measures including Point-to-Point encryption.
Innovation type: Mobile, payments, security

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Ignite Sales is launching the world’s first Bank Product Concierge which will change the way retail banks are able to sell financial products consistently to consumers and to manage their branch network. The solution is turning bank branches, call centers and websites into account opening machines, helping them easily and cost effectively reach their customers to upsell and cross-sell products consistently across channels. 
The Concierge Analytics Dashboard, the first in the industry, provides the only way for bank executives to determine what products should be sold based on eligibility data.
Innovation type: Marketing, online, sales

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Story of My Finances is a completely new approach in digital financial customer service. It takes online banking and PFM to the next level of mass retail financial planning and advice. 
Stories are customer-driven financial life processes, such as “How to spend less”, “Prepare for a rainy day”, “Buy a home” or “Retirement planning”. Stories help end-customers to get financially fit and to have a peace of mind. Stories are the missing link between everyday people and financial products. We believe that we can improve people’s financial life by licensing our white-label technology to financial institutions.
Innovation type: Online, PFM, sales

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Remember the last time you refinanced your mortgage? Or was it so painful, time consuming and costly you’d like to forget it? Imagine if your FI let you click a button on a website and lower your rate with no appraisal, credit or income check, $0 fees added back to your loan and not starting over with a new 30 year term. 
Mortgage Harmony Corp., a financial services company, will demo web-based software which FIs can use to offer a consumer-initiated rate, resetting mortgage with a patented compensation model for their originators. (It’s actually more advantageous for them, too.)
Innovation type: Back office, lending, PFM

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Payfone is the remote mobile commerce company that solves mCommerce checkout by linking mobile identity with the payment process to provide merchants with the easiest, fastest and most secure mobile checkout possible. 
Because it authenticate
s through the bank and carrier network, Payfone mCommerce Service requires no changes to backend systems, no new payment mark and nothing for consumers to download or install.
Innovation type: Identity, mobile, payments

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Today, the people with the least amount of money are charged the most to pay bills and get checks. Plus, they have to jump through more hoops. PreCash Flips that model with mobile. 
Come learn about Flip Money, the first viable mobile app for underbanked consumers with immediate check deposit and free bill pay transactions.
Innovation type: Mobile, payments, PFM

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Imagine a world where, as a consumer, you can use things you already have to enhance your online and mobile experience (your smart phone, bank card, tablet or PC). Imagine a world where, as a bank card issuer, you can minimize card-not-present fraud and provide value-added services based on strong authentication, to your consumers and commercial partners. 
Imagine a world where, as a merchant, you can sell to your clients through extended channels, securely, and with little risk of card-not-present fraud. And imagine a world where online service providers such as governments can actually transact with their constituents after ascertaining their identity, while still transacting anonymously.
Innovation type: Identity, payments, Security

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Segmint’s breakthrough analytics anticipate real-time consumer spending patterns and help FIs deliver a personalized mix of cross-sell and up-sell offers on their public and private websites. 
Segmint’s new and highly-advanced One Button application allows FIs to create customized online product and service campaigns in under a minute – automatically targeting the offer, creating a banner and assigning website delivery locations. With analytics that refresh daily, this One Button application empowers FI marketers to achieve unprecedented speed-to-market and deliver highly targeted cross-sell and up-sell campaigns while increasing campaign ROI.
Innovation type: Banking products, marketing, online

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Thomson Reuters is pleased to introduce their new App Store solution that enables access to the latest innovative capabilities and tools for use across the digital enterprise. 
The Thomson Reuters solution enables financial institutions and third party developers to effortlessly create pioneering market monitoring and investing apps. By seamlessly integrating the combination of Thomson Reuters content assets with a firm’s customer account data and other data sources, Thomson Reuters is helping institutions leverage the providers of financial insight to deliver a differentiated experience for their customers while lowering both development costs and time to market.
Innovation type: Investing, mobile, online, PFM

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Truaxis understands that Big Data is a profitability gold mine for banks if properly gathered, interpreted and acted upon. With its Profitability Analytics module, StatementRewards lets banks easily reach their most profitable customers and create campaigns to further improve customer value and loyalty.
Innovation type: Cards, rewards

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Data is power. Whether you’re managing personal finances or running a business, the right data and tools enable the right decisions. Good data informs, educates, projects, and even anticipates future actions. Who doesn’t want a crystal ball? Yodlee brings data to life. 
At Finovate, you’ll see what that means for Pete, a small business owner running a successful exotic automotive parts business. Parts is parts? Not in our world! Do you have the (data) power? Come find it at Finovate! Yodlee. 
Innovation type: Online, PFM, small business
Stay tuned next week for another sneak peek of FinovateFall 2012 presenting companies. 

Truaxis to Provide ORCC with StatementRewards Loyalty Program

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Truaxis (formerly BillShrink) announced yesterday that it has teamed up with Online Resources (ORCC).

As part of the partnership, the over 3.5 million end-members of ORCC’s financial institutions will have access to Truaxis’ loyalty rewards program,StatementRewards.

StatementRewards will also provide FIs with a dashboard that:

    • Details customer engagement
    • Allows control of merchants, rewards, and offers
    • Allows FIs to recruit merchants for exclusive promotions

To learn more about Truaxis, come see its live demo at FinovateFall in NYC next month and check out its FinovateFall 2011 demo. ORCC demoed at Finovate in 2007. Here’s a link to their demo video.

Finovate Alumni News– August 15, 2012

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  • MyBankTracker lists Mint, LearnVest, and HelloWallet as the best PFM tools. Come to FinovateFall to check out LearnVest.
  • PYMNTS.com recognizes Mitek as 1 of the “most innovative” companies in payments space.
  • Google Product Alum, Joe Wolf, joins FreeMonee as VP of Product.
  • Payment solutions provider, Payvision, partners with Virtual Piggy. Check out Virtual Piggy at FinovateFall in NYC next month.
  • Outright now integrates with Etsy Direct Checkout.
  • BehavioSec selected by military research organization DARPA to provide IT security.
  • Truaxis to provide ORCC with StatementRewards Loyalty Program. Check out Truaxis at FinovateFall September 12 and 13.
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 Best of Show Winners: 2007 to Present

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We recently looked back at Finovate’s Best of Show Awards archives and wanted to share the list of the 41 award-winning companies.

Here’s the Best of Show history that stretches back to 2007, the inception of Finovate:

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Held October 2, 2007
Mint: Online PFM for individuals
Mortgagebot’s Mortgage Marvel: Mortgage marketplace
Prosper: P2P lending network
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Held April 29, 2008
First ROI (now BancVue): Develops products and services for community financial institutions
Jwaala: Provides software solutions to help financial institutions compete
Zecco: Online stock and options trading
Zopa: P2P lending network
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Held October 14, 2008
CheckFree: Online banking platform 
Credit Karma: Provides a free and easy way for consumers to understand, monitor and monetize their credit profile
Mint: Online PFM for individuals
Neosaej’s MoneyAisle: Platform where banks compete in live auctions for an individual consumer’s business 
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Held April 28, 2009
BillShrink (now Truaxis): Provides a free cost-savings tool that saves consumers money on everyday bills
Prosper: P2P lending platform
Silver Tail Systems: Predictive analytics to prevent fraud abuse
SimpliFi: A web service that allows anyone to create and update their own financial plan
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Held September 29, 2009
BancVue’s Kasasa: national checking/ savings account brand for community financial institutions
Credit.com: Provides free interactive tools, education, and unbiased comparisons of quality financial products and services
Digital Insight from Intuit: Provides on-demand banking services to help financial institutions serve clients
Silver Tail Systems: Provides online fraud detection platform 
Yodlee: Provides personalized financial solutions to financial institutions
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Held May 11, 2010
Bobber Interactive: Money management platform for youth
Expensify: Online and mobile expense report platform
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
Wikinvest: A platform for investors to share trading tips
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Held October 4-5, 2010
Betterment: Investment account for savings management 
BillShrink (now Truaxis): Loyalty rewards provider
Bundle: Provides socially informed money management for individuals
Dynamics: Produces and manufactures intelligent powered cards
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
PayNearMe: Cash transaction network for the underbanked
SecureKey: Token-based authentication technology
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Held February 1, 2011
eToro: Social investment network
Finantix: Provides sales and advice solutions for financial services 
Liqpay: Payments platform
Meniga: Online PFM for financial institutions
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Held May 10-11, 2011
BancVue: Develops products and services for community financial institutions
BankOns: Mobile app offering consumers real-time savings at local merchants
Dwolla: Online, mobile, and social peer-to-peer payment platform
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
Mitek Systems: Provides apps for smartphones that allow users to deposit checks and pay bills via their devices’ cameras
PayNearMe: Cash transaction network for the underbanked
Wikinvest: A platform for investors to share trading tips
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Held September 20-21, 2011
BillGuard: People-powered antivirus for bills
Dynamics:  produces and manufactures intelligent powered cards
eToro: Social investment network
FamZoo: Online “virtual family Bank”
FeeFighters: Platform that simplifies the process of choosing a merchant account provider
LearnVest: Online PFM for women
Offermatic: Targeted online offers provider
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
Personal Capital: Online financial advisor helping people manage their investments
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Held February 2, 2011
Cardlytics: Transaction-based rewards
Dynamics: produces and manufactures intelligent powered cards
eToro: Social investment network
Nutmeg: Online investment manager that democratizes saving and investing

Finovate Alumni News– March 1, 2012

  • Kony and VASCO form alliance to offer a higher level of security for mobile applications.
  • Daily Disruption features Matt Fellowes, HelloWallet CEO, as the disruptor of the day.
  • Credit Union Times reports Fiserv melds P2P services ZashPay & Popmoney.
  • Finextra talks with Cartera Commerce, Cardlytics, Segmint, and Truaxis (formerly BillShrink) about how banks can use reward programs.
  • Finsphere awarded U.S. patent recognizing innovation in mobile identity authentication.
  • T8 Webware wins interactive media award at the 2012 ADDY Awards.
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– November 4, 2011

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  • Plastyc launches UPside Visa Savings Purse.
  • Diversinet receives U.S. Patent for securely storing information on a mobile device.
  • American Banker reports Ohio Valley CU is working with Truaxis to offer discounts.
  • Xero calls on UK Gov to deliver better reporting, not simpler reporting for micro businesses.
  • Lendio adds 40 Banks, offers local business loans to 70% of the U.S.
  • Lending Club reaches $400 million in
    loan originations.

  • Huntington Bank works with Kony to
    create an iPad app.
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.