Workfusion Brings Robotic Process Automation Global with New Partnership

Robotic process automation (RPA) specialist WorkFusion partnered with NEC Corporation this week to bring AI-fueled RPA to global markets.

Through the partnership, NEC will become a reseller of WorkFusion solutions around the world, starting with its home territory of Japan. The timing for the launch of WorkFusion’s RPA tools in Japan aligns with the country’s recent work reform legislation. In April, Japan implemented a reform designed to help improve employee well-being and productivity. Because of this, many firms are turning to automation and AI to minimize the amount of time workers spend doing repetitive work.

“We designed our platform with intelligence and analytics at the core, which allows businesses to overcome the challenges faced not only with manual repetitive work but with legacy RPA technologies, and deliver true business value,” said WorkFusion CEO Alex Lyashok. “We’re thrilled to work hand in hand with NEC to help businesses in Japan and throughout the world experience the transformative power of AI-driven RPA as they work to adapt to a changing workforce.”

As a part of the deal, WorkFusion worked with NEC to create cognitive bots that facilitate specific finance and accounting processes unique to Japan. The two taught WorkFusion’s Intelligent Automation Cloud software a wide range of business tasks. The software leveraged machine learning to become familiar with a wide range of tasks, and eventually began to independently carry out more tasks on its own.

Founded in 2010 and headquartered in New York, WorkFusion has a mission to help firms deal with the rapid rise of AI by reducing the complexity of the technology. The company helps customers exploit the AI opportunity by leveraging products that pair people with the power of robotic software. Specifically, use cases for WorkFusion’s AI-powered RPA include creating a more efficient account opening process, increasing loan booking accuracy, and automating rule-based processes in trade finance.

At FinovateFall 2014 WorkFusion demoed Active Learning Automation in New York. In April of this year the company unveiled its new AI-powered Intelligent Automation Cloud, along with a go-live program, to help companies automate operations beyond RPA or other existing technologies.

Finovate Alumni News

On Finovate.com

  • Mastercard’s Mobile Payment Service Pay by Bank Teams Up with Yoyo.
  • Trulioo Teams with Refinitiv for Financial Inclusion.
  • Workfusion Brings Robotic Process Automation Global with New Partnership.
  • OneSpan Unveils its Secure Agreement Automation Solution.

Around the web

  • Splitit (formerly PayItSimple) announces partnership with Hong Kong-based EFTPay.
  • bpm’online launches its new tool for collaborative process design, bpm’online Studio Free.
  • Wipro to acquire digital engineering and manufacturing solutions firm, International TechneGroup Inc. (ITI).
  • Business Cloud UK interviews Andrew Bud, CEO and founder of Best of Show winner, iProov.
  • Four Finovate alums – Digital Onboarding, Gremlin Social, Voleo, and Neener Analyticsearn spots in the fourth Venture Center FinTech Accelerator program sponsored by Fidelity Information Services.
  • Inside Secure ships Whitebox Designer, a new software security tool.
  • Featurespace to power transaction monitoring for Permanent TSB.
  • Jumio wins the 2019 Fortress Cyber Security Award for Authentication and Identity from the Business Intelligence Group.

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

  • Zenmonics Lands Funding from FIS
  • USAA Taps StreetShares for Small Business Lending

Around the web

  • Studio Bank Selects Baker Hill’s Statement Spreading Solution as Building Block for Future Growth.
  • TechCrunch: Coinbase adds ZRX to Coinbase Pro.
  • Payfone Partners with Orange to Fight Identity Fraud in Four New Global Markets.
  • Earnix and DataRobot Announce a Strategic Alliance.
  • Azimo launches new service to serve SMBs.
  • Jack Henry & Associates named a Top Workplace by The Charlotte Observer for fourth consecutive year.
  • WorkFusion launches RPA Express Pro to complement its AI automation platform and scale 40,000 users of its free RPA product.
  • Geezeo CTO featured on Amazon Web Services video series This is My Architecture.

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

Around the web

  • Reuters: Mitek rejects takeover offer from hedge fund Elliott Management Corp’s software company ASG Technologies.
  • NetGuardians makes the Chartis Risktech Quadrant for enterprise fraud technology 2018.

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

  • KPMG Acquires Minority Stake in Alternative Credit Scoring Specialist, AdviceRobo.
  • Thinking Capital, National Bank Expand Funding Options for Canada’s SMEs.

Around the web

  • Australia’s business bank Tyro to offer flexible same-day settlement and payroll integration courtesy of a partnership with Xero.
  • Spreedly unveils latest version of its Account Updater solution.
  • Dwolla discontinues its last branded solution Transfer; pivots to focus on Dwolla Platform, the company’s white-label API.
  • Klarna to acquire Close Brothers Retail Finance (CBRF).
  • Saudi Arabia’s National Commercial Bank partners with Ripple for instant settlement of cross-border money transfers.
  • WorkFusion launches Partner Portal to support rise in AI-driven automation engagements.
  • Solna launches its intelligent invoicing tool powered by credit score data.
  • Personal Capital Promotes Craig Birk to Chief Investment Officer.
  • Moody’s Analytics partners with Cortera on a small business solution.
  • Arxan launches advanced protection for client-side eeb apps.
  • Checkbook celebrates topping two million user milestone.

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.

How Fintech is Disrupting the Modern Workplace

From the way payroll and benefits are administered to the nature of work itself, fintech innovation is helping build the 21st century workplace.

Will “pay day” be a thing of the past? How long until companies across the country are competing on the basis of their ability to help you pay off your student loans?

Technology has done much to change the nature of work in recent years. The same can be said for specific areas like financial technology. Here’s a look at how fintech innovations are making their own contributions to the 21st century “office”.

Getting Paid

Many of us work because we enjoy what we do. But whether you consider getting paid a top priority or just a perk, who wouldn’t love the flexibility of being able to get income when you need the money most – rather than on an arbitrary, twice a month schedule?

Companies like Gusto are among those making this possibility a reality. This summer, the payroll, benefits, and HR technology company introduced Flexible Pay, a new solution that enables employees to get paid on a date other than their employer’s standard pay date. Calling bi-weekly pay schedules a “relic” of the days when payroll taxes were calculated manually, Gusto co-founder and CEO Joshua Reeves has set out to prove that “with modern technology, employees shouldn’t have to wait weeks to get paid.”

The New Workspace

Even the word “telecommute” sounds more like something from a bygone time rather than the way a growing number of Americans are “going to work”. But the reality of remote employment for a growing number of people is here and fintech companies have both encouraged and participated in this trend. “Millennials simply don’t feel they need to be in the office, or at their desk, to get a job done — especially since the evolution of technology has made portability very possible,” Demetrios Gianniris, a director at MG Engineering, wrote for Forbes.com earlier this year in a post called The Millennial Arrival and the Evolution of the Modern Workplace.

To this end, innovations in mobile technology and messaging (consider Eltropy’s innovations in providing secure, compliant communications via popular messaging apps) have helped accelerate the revolution in remote work. There are also fintechs removing friction from some of the more mundane aspects of working outside the office. Expensify, for example, has partnered with Uber to make it easier for workers who use the ride-sharing service to separate business from personal expenses. And speaking of expenses, the tools offered by companies like Ondot empower workers to make necessary purchases while ensuring control and accountability for managers and employers.

Doing the Work

The flip side of the convenience that technologies like chatbots and IVR provide is that, for a growing number of financial professionals, these technologies are virtually co-workers. As machine learning and AI become increasingly commonplace, workers are more likely to rely on interacting with processes than communicating with people when it comes to getting their daily tasks done.

For financial advisors, fintechs are developing a wide variety of tools to make it easier for them to communicate with customers, and build highly personalized investment portfolios and financial plans. Onist, which announced a partnership with Quovo this summer, enables financial advisors to set up a virtual family office to facilitate collaboration between advisors and clients.

Technology also promises to make it easier for workers to leverage the work of other workers more effectively. One of the key insights of New York-based WorkFusion was the way a combination of machine learning and crowdsourcing of human talent could enable smaller businesses to “punch above their weight” when it comes to managing data. The company has since leveraged this technology to produce the first integrated RPA (robot process automation) and cognitive automation platform: Smart Process Automation (SPA) currently deployed in verticals including financial services, healthcare, and insurance.

Managing the Gains

Fintechs are in the lead when it comes to helping workers make better financial decisions. A firm like DoubleNet Pay helps employees manage cash flow by automating their billpay and savings obligations and coordinating payouts around paydays. Wealthucate, a financial wellness specialist out of San Jose, California, provides an automated financial wellness program that helps businesses enhance their own offerings. Wealthucate’s solution leverages gamification and personalization to increase the participation rate in benefit programs and help companies better explain their benefit offerings.

Among the more interesting ways that fintechs are helping workers manage their money is the approach by Student Loan Genius. This company enlists employers in the fight to help Millennial workers in particular pay off their student loans while simultaneously investing in their own employer-based retirement plan as soon as possible.

Fintech and the Work of the Future

It may be only a matter of time before we are able to watch the real-time flow of micropayments into our accounts or a be a part of a workforce in which most of us have both a robot supervisor and a robot subordinate. In any event, it is clear that whatever innovations the workplace of the future holds, fintech companies will be very much a part of making them happen.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • KeyBank Acquires Small Business Lending Platform Bolstr.

Around the web

  • Threat detection specialist Zighra announces support for FIDO authentication.
  • BBVA and energy company Repsol collaborate to develop blockchain-based financial products.
  • Etsy partners with Klarna, bringing new payment options to its German website and app.
  • IdentityMind Global inks licensing agreement with KYC2020.
  • Insuritas to launch member-owned insurance agency for Financial Resources FCU.
  • Streamdata.io unveils its API Gallery featuring more than 360 different entities with 14,400+ API paths spanning 420 topics.
  • Interactions wins Customer Contact Week ‘Omnichannel Provider of the Year’ award.
  • Dashlane reaches 10 million users around the globe.
  • WorkFusion wins Awards for Best Application of AI in Financial Services.
  • Lendio’s employee contribution program has funded 2,800 loans in 78 countries through Kiva.
  • Gusto’s Flexible Pay lets employees choose their own payday.

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

  • Kinetica Taps Dell for Hardware.

Around the web

  • Workfusion announces Smart Process Automation 9.0 — the newest evolution of its flagship AI-powered RPA software.
  • Trulioo and Acuant join forces on AML/KYC Compliance.
  • SnapCar and Revolut team up to offer instant payouts to SnapCar drivers (in French).
  • InComm achieves HITRUST CSF Certification to mitigate security and compliance risk.
  • Glassdoor lists PayPal as one of 20 companies that champion LGBTQ equality hiring.

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.

WorkFusion Closes Add-On Funding Round

WorkFusion promises what many banks are seeking: to help clients outpace change. And fortunately, the New York-based company has funds to back up that idea. Robotic process automation (RPA) specialist WorkFusion quietly added to the $50 million funding round it received last month. Last week, the company closed on an undisclosed amount of funds from strategic investors including Guardian, New York-Presbyterian, PNC Bank, and Alpha Intelligence Capital.

Pete Cumello, WorkFusion CFO, tells us that the company’s aggregate funding stands at $120 million– and the undisclosed investment boosts the total up over that amount. Cumello also noted that the add-on round added “somewhat” to the company’s value.

WorkFusion’s goal with the new capital is to fuel growth and boost acquisitions. The company was founded in 2010 and offers products for financial services, insurance, and healthcare sectors. Broadly, WorkFusion’s mission is to help firms deal with the rapid rise of AI by reducing the complexity of AI and helping customers exploit the AI opportunity by leveraging products that pair people with the power of robotic software. Specifically, use cases for WorkFusion’s AI-powered RPA include creating a more efficient account opening process, increasing loan booking accuracy, and automating rule-based processes in trade finance.

The company began with a simple question, “What if software could learn to identify high-quality work and manage the people who perform it?” By 2014, WorkFusion had expanded on that idea and at FinovateFall 2014 it demoed Active Learning Automation in New York. The company’s goals for 2018 and beyond are to make software-as-a-service automation products that offer elastic, on-demand capability with the Automation Cloud.

Finovate Alumni News

On Finovate.com

  • Lidya Scores $6.9 Million in Series A Investment.
  • Azimo Raises $20 Million in New Funding.
  • WorkFusion Closes Add-On Funding Round.

Around the web

  • Baker Hill to provide loan origination technology for Old Point National Bank, a Virginia-based FI with $988 million in assets.
  • Multiple-time Best of Show winner CREALOGIX adds cryptocurrency and blockchain market data to its Digital Banking Hub.
  • EdgeLab honored as MarketPlace Provider of the Year at the Temenos Partner and Customer Awards.
  • MarTechSeries features Persado’s AI platform.
  • CryptoGlobe: Currencies Direct Completes Successful European Pilot of Ripple’s xRapid and Calls XRP ‘A Game Changer.’
  • Payworks teams with Visa to enable omnichannel payments for CyberSource’s merchants.
  • ThetaRay wins Asian Banker Risk Management Award for “Regulatory Technology Implementation of the Year.”
  • Revolut unveils its “App Store for Business Banking” solution, Revolut Connect.

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.