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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
International banking technology company Veritran announced a collaboration with financial messaging services company Swift.
As part of the collaboration, Veritran has joined the Swift Partner Programme.
Headquartered in Argentina, Veritran made its Finovate debut at FinovateFall 2021.
A new collaboration between Veritran and financial messaging services innovator Swift will empower financial institutions to provide an enhanced and streamlined cross-border payments experience for customers. As part of the collaboration, Veritran has joined the Swift Partner Programme, which will give its customers access to a variety of Swift solutions to increase the transparency and security of cross-border payments.
“Collaborations such as this are improving the experience for those sending payments cross-border, while also increasing transparency and security to improve the ecosystem as a whole,” Swift Global Head of API Acceleration Juan Carlos Botrán said. “It’s vital that industry players work together in this way to overcome increasing fragmentation in the cross-border payments landscape.”
An international banking technology company, Veritran will benefit from access to Swift solutions such as the Swift GPI Tracker, Payment Pre-validation, and SwiftRef. Swift GPI Tracker enables users to check the status of cross-border payments. Payment Pre-validation validates beneficiary data before the payment is sent. SwiftRef is Swift’s payments reference data solution, which streamlines payment operations and helps users easily find the data sets they need in a single location.
“This agreement is designed to align with the changing market demands, prioritizing the need for speed and flexibility with a more transparent and consistent pricing structure for users, the retail sector, small and medium-sized enterprises (SMEs) and large corporates,” Veritran CCO Marcelo Fondacaro said. “At Veritran, we’re fully committed to leading the charge towards an innovative future in international payments.”
Founded in 2005, Veritran made its Finovate debut at FinovateFall 2019 in New York. The company returned to the Finovate stage two years later for FinovateFall 2021. At the conference, Veritran demonstrated how to leverage its enterprise low-code platform to build solutions like its white-label digital wallet. The platform provides optimum time-to-market, boosting development times by 33%; a memorable UX; unlimited integration and scalability; and bank grade security.
Veritran maintains headquarters in Spain and the U.S., as well as in Buenos Aires, Argentina. The company has a major presence in Latin America, with offices in Mexico, Guatemala, Colombia, Peru, Brazil, Bolivia, Chile, and Paraguay.
FinovateFall 2021 wrapped up a little over a week ago. Our return to live fintech conferencing produced one of our largest number of Best of Show winners (nine) to date. The event also gave us the one of the highest percentage of non-U.S. based Best of Show winners for a FinovateFall event.
This week’s Finovate Global Alumni Profile gives us an opportunity to take a closer look at the quartet of international fintechs that wowed our audiences with their latest innovations in New York City last week.
A Finovate alum since 2016, Bambu has made most of its Finovate appearances at our international shows in Hong Kong, South Africa, Dubai, and Berlin. The company is a multiple-time Best of Show winner, earning its first award in its second Finovate appearance at FinovateAsia in 2017, its second Best of Show award a year later at our conference in Capetown, and its third Best of Show trophy just last week in New York.
Bambu offers a next-generation B2B roboadvisory platform for both financial institutions and fintech disruptors. Powered by the company’s proprietary algorithms and machine learning technology, Bambu’s cloud-based platform has 300,000 end users in ten countries around the world. This summer, the company announced the acquisition of investment management technology provider Tradesocio, a move that will help expand Bambu’s reach internationally.
“After five years of building solid foundations, Bambu is now entering a phase of rapid growth,” Bambu CEO Ned Phillips said when the acquisition was announced in July. “This deal helps us in three key areas: it expands our product offering into stocks and crypto, it gives us a wider global footprint, and enables us to scale our team effectively to match exponential demand. We believe this positions us well for our Series C and ambitions of becoming the global leader in WealthTech.”
Headquartered in Stockholm, Sweden, Dreams earned its second Best of Show award last week at FinovateFall. The company, founded in 2014, is among the more recent Finovate alums, joining our roster last year for our all-digital FinovateEurope conference.
Dreams offers engagement banking solutions that leverage insights from cognitive and behavioral science to enhance financial wellbeing. Launched as a B2C offering, the company has expanded into the B2B2C space, offering its solutions to banks to help them boost digital engagement with their customers. This year at FinovateFall, Dreams demonstrated the savings module of its white-label banking platform, which features debt management and micro-investing functionality, as well as new social/viral features.
Over the past year, Dreams has announced partnerships with Singapore-based financial services software provider Silverlake Symmetri and Ukrainian commercial bank UKRSIBBANK, a subsidiary of BNP Paribas Group.
“Our financial wellbeing platform – which is built upon behavioural science and personal finance management principles – will provide the perfect tool for UKRSIBBANK to help its customers make better financial choices and become more sustainable in the way they handle their finances,” Dreams CEO and founder Henrik Rosvall said when the collaboration was announced. “This partnership will also help UKRSIBBANK safeguard the loyalty of its customers and futureproof its digital banking offering against a growing number of challenger banks and fintechs.”
Hailing from Toronto, Ontario, Canada, digital adoption platform Horizn was launched in 2012. The company is dedicated to helping financial institutions leverage micro-learning, social technology, gamification, and advanced analytics to enhance employee performance, fuel client adoption of new technologies, and boost revenues. With a global reach of more than 40 countries in North and South America, Asia, and Europe, the company has enabled its clients to realize 85% employee adoption rates and a 20% increase in mobile platform usage.
Horizn made its Finovate debut in 2017 at FinovateEurope in London. The company earned its first Best of Show honors at FinovateEurope in Berlin three years later, and picked up its second Best of Show award the following year at our all-digital event FinovateFall 2020. “It’s great to see Finovate recognize the impact that Horizn is having on banks worldwide,” company CEO Janice Diner said last year. “While COVID-19 may have accelerated the shift to digital, Horizn ensures bank customers stay digital.”
In addition to their Best of Show winning technology demonstrations, Horizn has also provided Finovate with some of its most compelling keynote speakers. Both Diner and Senior Vice President for Global Sales Steve Frook have shared their insights during the Conference Days component of our Finovate events. Frook’s FinovateEurope presentation, Landing Your First Bank Customer, was a highlight of our Berlin conference last year. And Janice Diner’s epigrammatic reminder that “if you build it they will come is a myth” remains as a good a piece advice for fledgling fintechs as you’ll ever hear.
The rise of fintech in Latin America has been one of the most impressive developments in global financial services in recent years. This is partly why the Best of Show award won by Uruguayan fintech Infocorp last week at FinovateFall feels so special.
Making its Finovate debut in the spring of 2017, Infocorp demonstrated its IC Campaigns platform that enables financial institutions to coordinate marketing and commercial operations via all available channels to better identify the optimal, next action for each client. The technology takes the omnichannel banking and seamless user experience requirements of modern banks to another level by helping institutions set up shorter-cycled, more agile campaigns that deliver increased conversion rates and higher ROI. Last week at FinovateFall, Infocorp introduced its Mobile Native App, a new solution that brings hyper-personalized experiences for every user in a single bank app.
Inforcorp CEO Ana Inés Echavarren spoke to the importance of “the mobile challenge” in a conversation with fintech analyst and thought leader Jim Marous in the weeks leading up to Infocorp’s return to the Finovate stage in September. “Everywhere the mobile channel is the one of choice now among users,” she explained. “Adoptions have gone up in all the implementations that we have in all the countries that we know of.” As far as Echavarren is concerned, this means that there has been a “mindset shift” in which the mobile experience and the user experience increasingly have become synonymous. To this end, Echavarren said, “we are no longer talking about the bank application, but about the user application.”
Founded in 1994 and headquartered in Montevideo, Infocorp has more than 40 successful deployments, 10+ million active users on its platform, and processes more than 120 million transactions a year.
Here is our look at fintech innovation around the world.
Low-code fintech platform provider Veritran has secured a strategic growth investment from Trivest Partners, a private equity fund based in Miami, Florida. The specific amount of the investment was not disclosed, but the company did report that funding gives the Buenos Aires, Argentina-based firm a valuation of $225 million.
“Today marks a major milestone for Veritran’s team, as we embark upon a new chapter of becoming the next fintech unicorn,” Veritran CEO and co-founder Marcelo Gonzalez said, “while continuing to democratize access to the digital economy.” Gonzalez highlighted Trivest Partners’ successful track record of working with “founder-owned businesses” and said the collaboration would help Veritran expand “into new geographies and reach new customers.”
Founded in 2005 and maintaining offices in the U.S., Spain, Mexico, Colombia, Uruguay, Chile, Peru, and Guatemala, Veritran offers a low-code platform that helps companies integrate new, enabling technologies into their legacy systems. Companies looking to enhance customer engagement via digital channels ranging from mobile banking and digital wallets seek out Veritran’s technology to future-proof their retail and corporate banking operations, as well as digital payments and onboarding processes.
With 50 bank clients and 25 million users, Veritran processes 25 billion transactions a year on its platform. In August, the company announced that it had partnered with Visa to promote push payments, tokenization, and Click to Pay projects in Latin America and the Caribbean. The previous month, Veritran teamed up with behavioral biometric-based online fraud detection platform Revelock to help banks reduce fraud losses and call center costs. The partnership with Revelock – a Feedzai company – followed Veritran’s collaboration with another biometric technology company, FaceTec, which brought its facial recognition technology to the Buenos Aires-based firm’s low code platform.
Veritran’s funding announcement comes less than a month before it makes its return to the Finovate stage at FinovateFall in New York. The company will join what may be the largest contingent of Latin America-based fintechs ever assembled at a Finovate event (see below).
FinovateFall 2021 takes place at the Marriott Marquis Times Square in New York City, September 13 through 15. For more information, including how to attend our autumn fintech conference live or on-demand, visit our FinovateFall hub today.
Here is our look at fintech innovation around the world.
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
VeriTran’sLow-Code Platform streamlines the creation, development ,and roll-out of digital business applications in record time with a visual and intuitive model and drag-and-drop interface. Creating an app with its Low-Code Platform is simple and does not require technical expertise in programming, security, graphic design, or UX to put world-class apps at an end user’s fingertips.
Why it’s great Clients can execute in months what often takes years. A project that takes upwards of twenty-four months can be created with VeriTran in just six months.
Omar Arab, VP Corporate Business Development – U.S. Market Arab combines advisory, creative, and technological capabilities with an innovation culture and specialist knowledge of the financial sector. LinkedIn
Greynier Fuentes, Solutions Manager Fuentes has 15 plus years of achievement leading areas of solutions development for financial services. He is entrepreneurial and innovative by nature. LinkedIn
Klarnadeepens ties with H&M to enable customers to shop now and pay later using the H&M app.
NICE’s AML and fraud SaaS solutions to power financial crime strategy for both anti-money laundering compliance and enterprise fraud protections.
Terafinato power Listerhill Credit Union’s omnichannel sales strategy and continue its digital transformation to increase member satisfaction and deepen relationships.
OurCrowdexpands U.S. operations, opens office in Chicago.
ID R&D’sIDLive Face to power remote customer account openings and digital ID verification for Innov8tif’s EMAS eKYC.
ndgit and Synpulse launch international fintech marketplace in Switzerland.
Onfidoreports strong revenue growth momentum for Q2 2019; earns recognition from The Sunday Times as one of the fastest growing private companies in the U.K.
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.
