FinDEVr APIntelligence

FDNY17-Logo-RevFinDEVr New York will be here in just two short weeks! Check out company features and take a look at the previews from upcoming presentations. And of course, don’t forget to register today to save!

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.
  • PwC Brings Blockchain PoC to London’s Specialty Insurers
  • Shwayhat Steps Up: GreenKey Technologies Announces New CEO
  • Scotiabank and AlphaPoint Wrap Up Blockchain Trial
  • Check out these previews from upcoming FinDEVr New York presentations:

Alumni updates

  • BBVA Compass adds cash-back incentive to stimulate interest in mobile banking app.
  • OutsideIQ teams up with Genpact to bring better risk management, KYC, and AML compliance solutions to banks.
  • Bluefin Payment Systems joins forces with The Pinnacle Corporation, bringing point-to-point encryption (P2PE to the latter’s Palm POS platform.
  • Top 10 global bank deploys mobile capture technology from Kofax.
  • IBM forges strategic partnership with Salesforce, connecting AI platforms IBM Watson and Salesforce Einstein.
  • Arxan Application Protection named Best IoT product at the 2017 Cybersecurity Excellence Awards.
  • Kontomatik nominated at the Dutch FinTech Awards 2017.
  • Mambu goes live in the Americas with new offices in Miami and new regional managing director.
  • PayPal partners with Oro ecommerce platform.
  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Dallas News features Bruce Parker, founder and CEO of ModoPayments.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Envestnet | Yodlee Launches Suite of Risk Reporting Tools

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Data aggregation and analytics platform Envestnet | Yodlee launched a Risk Insight Suite today. The collection of reporting tools are aimed to help lenders bolster information gained from traditional credit reports by leveraging consumer financial data.

Using a co-brandable experience, the reports pull information directly from a prospective borrower’s banks to offer lenders an up-to-date picture of the borrower’s assets, income, and expenses. This detailed level of account information helps lenders with underwriting, origination, pre-qualification, and account review. The system leverages machine learning, along with a risk-based engine to simplify the review process and highlight any issues that may indicate a riskier borrower.

In the press release, Terry McKeown, Practice Manager, Credit Analytics at Envestnet | Yodlee said, “By using consumer permissioned financial data, lenders can obtain a complete financial picture of a borrower. This is especially true for credit invisible consumers who have no credit file or cannot be scored with traditional models, and for subprime consumers whose transactional data can help lenders make more accurate assessments of risk.”

Along with providing more valuable metrics for the lender, the Risk Insight Suite creates a smoother user experience for the end client. Because Envestnet | Yodlee pulls all necessary information directly from the user’s bank, there is no need for the client to supply paper bank statements and tax returns.

This is similar to the company’s Mortgage Asset Verification product launched in December of last year. In comparison, that offering is exclusive to mortgage borrowers, while the Risk Insight Suite of reporting tools caters to a larger audience. Envestnet | Yodlee most recently demoed at FinovateFall 2016 and at FinDEVr Silicon Valley 2016 where Deviprasad Kocherry, director of platform and product management, and Deven Maru, senior product manager of mobile platform, presented on fast integration using the company’s APIs. Since acquiring Yodlee in August 2015 for $660 million, Envestnet | Yodlee has built out its Advisor Now solution and landed a partnership with Morgan Stanley’s wealth management arm.

Finovate Alumni News

On Finovate.com

  • Patch of Land Picks Matthew Zall for Chief Investment Product Officer.
  • Dwolla Launches Same-Day Bank Transfers.

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.

Around the web

  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Experian joins Marketplace Lending Association as an associate member.
  • Maine Startups Insider features David Joseph, co-founder of Davo Technologies.
  • Dallas News founder features Bruce Parker, founder and CEO of ModoPayments.

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.

FinDEVr APIntelligence

FDNY17-Logo-Rev

FinDEVr New York is just over one month away. Visit our registration page today and save your spot as our developer’s conference returns to New York City, March 21 & 22, for two days of APIs, SDKs, case studies, coding examples, and more.

On FinDEVr.com

  • Braintree Hires John MacIlwaine as New CTO.

The latest from FinDEVr New York presenters. Catch them at FinDEVr New York next month!

  • ChartIQ to provide Fidessa with HTML5 charting options.

  • Clutch recognizes Softjourn as one of the top web and software developers in the Ukraine.

  • Fiserv wins inaugural Technology Association of Georgia (TAG) Fintech ADVANCE Award for its Verifast palm authentication technology.

  • Vantiv to provide debit, credit, and ATM processing services for Financial Technology Solutions International.

  • Massachusetts-based bank, Salem Five ($4.2 billion in assets) picks Fiserv as its new technology partner.

  • Vantiv partners with CardFlight to Offer EMV Mobile POS Solution.

Alumni updates

  • Intuit deploys VersaPay ARC for its SME customers and accountant clients.

  • Wave to offer OnDeck business loans and lines of credit courtesy of new partnership.

  • IBM leverages Hyperledger Fabric to support a trade finance-oriented blockchain project in Dubai.

  • Entersekt CIO Gerhard Oosthuizen shares advice on passwords and protecting personal data in Moneyweb.

  • ACI Worldwide teams up with Chargebacks911 to help merchants handle fraudulent chargebacks.

  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

  • Envestnet | Yodlee partners with mobile-only banking startup, Varo Money.

  • Xero partners with Sasfin Bank to offer next generation financial management to small businesses.

  • Betterment unveils new multi-plan offering with access to human advisors.

  • Fidor partners with EPAM Systems to gain access to additional product development and software engineering talent.

  • Avoka names former KPMG executive Matt Lewis as new CFO.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

On FinDEVr.com

  • Braintree Hires John MacIlwaine as New CTO.

Around the web

  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins. Join EyeVerify in London for FinovateEurope.
  • Envestnet | Yodlee partners with mobile-only banking startup, Varo Money.
  • Bloomberg Technology talks with Misys CEO Nadeem Syed on IPO plans, AI, and P2P lending. See Misys at FinovateEurope in London next week.
  • OutsideIQ’s Founder and CEO featured in InfoWorld.
  • Xero partners with Sasfin Bank to offer next generation financial management to small businesses.
  • Prosper Appoints Usama Ashraf Chief Financial Officer.

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.

FinDEVr APIntelligence

FDNY17_EventLogo_v1(wdate)FinDEVr Silicon Valley was a success! Tickets for upcoming FinDEVr London and FinDEVr New York are at their lowest prices now. Register today for London or New York to save your spot!

Dev news

  • Check out LTP’s list of 88 international startup accelerators, incubators and innovation labs nurturing fintech innovators.

The latest from FinDEVr Silicon Valley presenters

  • Expensify exclusively endorsed by the world’s leading accounting body.
  • Envestnet | Yodlee integrates with Microsoft Dynamics 365 for Financials.
  • ACI Worldwide named “frontrunner service provider” for EBA instant credit transfer scheme.
  • Xero interviews David Barrett, CEO and founder of Expensify.
  • Hyperwallet begins 24/7 support amidst launch of new Austin contact center.

Alumni updates

  • FinDEVr alum Braintree introduces commerce infrastructure tools.
  • InComm partners with Wakefern Food Corp. to expand gift card programs.
  • OnDeck announces new $200 million revolving credit facility with Credit Suisse.
  • “Finicity Scores $42 Million Series B in Round Led by Experian”
  • The Beast Apps introduces comprehensive MiFID II compliance-integration solution, Minotaur.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • Check out the week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: Uniken Introduces Relationship-Based Authentication”
  • BlueVine’s $49 Million to Fuel Product Expansion”
  • Empyr Powering Yelp’s New Cash Back Program”

Around the web

  • Expensify exclusively endorsed by the world’s leading accounting body.
  • Scalable Capital hits €100m in assets 10 months after launch in Germany and 4 months after U.K. launch
  • vaamo receives license for portfolio management by German supervisory authority BaFin.
  • Morningstar’s HelloWallet launches free student-loan calculator.
  • Signifyd and ThreatMetrix team up to combine machine learning and digital IDs to reduce ecommerce fraud.
  • Cartera Commerce launches Offerlink, a free Google Chrome web-browser extension to help online shoppers save money.
  • Envestnet | Yodlee integrates with Microsoft Dynamics 365 for Financials.
  • Kalypton wins the Dassault Systemes 3DS fintech challenge.
  • FinDEVr alum Braintree introduces commerce infrastructure tools.
  • ACI Worldwide named “frontrunner service provider” for EBA instant credit-transfer scheme.
  • Overbond integrates DBRS credit ratings into its platform.
  • DarcMatter earns first-place honors at Next Money Shanghai Semifinal Pitch competition.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Envestnet | Yodlee’s New Launch Helps Mortgage Lenders Verify Applicants’ Assets

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Data aggregation and analytics platform Envestnet | Yodlee is reaching multiple big fintech trends this year, starting with the company’s wealth-tech solution, Advisor Now, that launched at FinovateSpring in May. Today, the California-based company has landed on another hot trend, real estate technology, with the launch of its Mortgage Asset Verification product.

The Mortgage Asset Verification solution gives U.S. lenders a report that helps them verify an applicant’s assets without requiring the consumer to supply account statements. The report, which is built around the Fair Credit Reporting Act framework, offers real time account, transaction, cash, and investment asset data sourced from the applicant’s financial institutions. It is available as a PDF or data package so that it can be shared easily with third parties. The solution can also be integrated into a lender’s existing system via API.

According to John Bird, vice president of product marketing at Envestnet | Yodlee, the Mortgage Asset Verification solution eliminates two major headaches loan officers face—a poor client experience combined with slow time to closure. In a press release, Bird said, “The Envestnet | Yodlee Mortgage Asset Verification report provides a simple, secure and highly flexible way for lenders to request and receive in-depth reports verifying a borrower’s assets.” The simplified process helps “close loans faster through more efficient processing” and “eliminates a serious pain-point for … customers during the application and underwriting process.”

Since acquiring Yodlee in August 2015 for $660 million, Envestnet | Yodlee has built out its Advisor Now solution and landed a partnership with Morgan Stanley’s wealth management arm. Envestnet | Yodlee most recently demoed at FinovateFall 2016 and at FinDEVr Silicon Valley 2016 where Deviprasad Kocherry, director of platform and product management, and Deven Maru, senior product manager of mobile platform, presented on fast integration using the company’s APIs.

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Daon Brings Security and Convenience to Mobile Authentication”
  • “Quid Unveils New Data Visualization Solution, Opus

Around the web

  • Thomson Reuters partners with FX analytics firm, BestX.
  • Visa announces two-day, digital payments hackathon during 2016 UAE Innovation Week.
  • First Financial Bank chooses Fiserv as new technology partner.
  • FXCM and QuantConnect team up to offer live trading integration.
  • Kontomatik expands to Italy, now the tenth country served by Kontomatik’s banking API.
  • Envestnet | Yodlee unveils incoming 2016-2017 incubator class.
  • The Age reports SocietyOne to start making profits within the next 12 to 18 months.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

 

Envestnet | Yodlee to Support Morgan Stanley Wealth Management Business

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In October, Envestnet | Yodlee reported the full integration of Yodlee’s technology into the Envestnet platform. A month later, the company has announced the full integration’s latest win: a partnership that will put Envestnet | Yodlee’s data aggregation, reconciliation, and digital apps at the core of Morgan Stanley’s wealth-management business.

Anil Arora, Envestnet | Yodlee CEO, cited the partnership as evidence of his company’s ability to sell “more comprehensive solutions to large sophisticated financial institutions.” Managing more than $2 trillion in client assets, Morgan Stanley will integrate digital apps and data-aggregation technology from Yodlee and data-reconciliation solutions from Envestnet. “We look forward to building value for Morgan Stanley’s advisers and clients with our combined market leading technology,” Arora said.

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Katy Gibson, VP, product applications, demonstrated Envestnet | Yodlee’s dynamic intelligence technology at FinovateFall 2016.

The news from Envestnet | Yodlee comes as the company ramps up its relationships with wealth managers and financial planners. Earlier this month, CUNA Mutual Retirement Solutions announced a partnership with Envestnet | Yodlee that will help its financial plan-sponsors satisfy regulatory requirements. In October, Envestnet | Yodlee reported that it had “deepened its integration and relationship” with the National Advisors family of companies and in August, Envestnet | Yodlee announced that it would power United Capital’s FlexScore solution. And, yes, that’s the same FlexScore Finovate alum that was acquired by United Capital earlier this year.

Founded in 1999 and headquartered in Redwood City, California, Yodlee was purchased by Envestnet for $660 million in August 2015. The company demoed its Tandem PFM app at FinovateAsia 2013, earning a Best of Show trophy, and was a crowd favorite a year later at the inaugural FinDEVr developers conference in 2014. More recently, at FinovateFall2016, Envestnet | Yodlee’s Katy Gibson (pictured above) and Sam Tomushev demonstrated the company’s dynamic intelligence technology.

Finovate Alumni News

On Finovate.com

  • Envestnet | Yodlee to Support Morgan Stanley Wealth Management Business.
  • True Link Financial Lands $3.6 Million Investment.

Around the web

  • Backbase to power commercial banking platform for Metro Bank.
  • Crowdfund Insider features OurCrowd’s Jon Medved.
  • CNBC interviews Thinknum co-founder Justin Zhen.
  • Coverhound announces new partnership with pay-per-mile auto insurance innovator, Metromile.

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/FinDEVr Alums Featured Among Monitise FINkit Platform Partners

monitise_homepage_november2016

Monitise is launching its FINkit partner program with a roomful of fintech heavyweights. FINkit is a cloud-based platform and toolkit that enables banks to collaborate with fintech firms and gain access to technologies and services such as tokenization, geolocation, biometric security, and digital wallets.

In addition to founding partner and fellow Finovate alum MasterCard (F14, FD14), Monitise has signed up another 12 founding FINkit members including another six Finovate/FinDEVr alums:

  • BehavioSec (F15, FD15)
  • Currencycloud (F16, FD15)
  • Envestnet | Yodlee (F16, FD16)
  • Experian (F16)
  • Fastacash (F14)
  • FICO (FD16)
  • HID Global
  • iGeolise
  • LivePerson
  • MYPINPAD
  • Syniverse
  • WorldFirst

Mark Barnett, president of MasterCard U.K. and Ireland, says FINkit is “a fantastic platform for banks and partners to come together in a live production environment to deliver innovative services—securely, reliably, and quickly.” Nick Cheetham, Monitise-FINkit managing director, says the kind of collaboration enabled by FINkit is “vital” and warned against allowing new technologies to “stagnate in banks’ ‘innovation theaters.'” Cheetham pledged that his founding group of partners “will enable significant progress to be made in digital service delivery.”

monitise_finkit_diagram

The news from Monitise adds to an increasingly positive year for the company. A new COO and business structure announced in May have been credited for lowering costs and turning a profit by fall. The company said that the launch of FINkit, which was developed using IBM’s Bluemix platform, also helped generate initial revenues.

Founded in 2003 and headquartered in London, Monitise went public in 2007. One of Finovate’s earliest alums, demoing in 2007, the company raised more than $309 million in post-IPO equity from investors including Banco Santander, First Eastern Investment Group, MasterCard, Telefonica, and Visa International Service Association. Former Deputy CEO and COO Lee Cameron was promoted to CEO in September 2015. The following month, Monitise announced a new cloud platform agreement “to explore potential projects” with telecom giant, Telefonica Digital.