Helping Secure Digital Identities; Managing Financial Crime Risk

Two of the biggest themes in fintech – digital identity and the rise of fintech in Central and Eastern Europe – meet in the latest announcement from biometric authentication specialist and Finovate Best of Show winner iProov. The company’s facial recognition technology now makes it easier for users of SK ID Solutions’ Smart-ID Service in countries like Estonia, Latvia, and Lithuania to renew their accounts without having to visit a physical bank branch.

“This is a major development for all digital identity providers,” iProov CEO Andrew Bud said. “Estonia has proved, for the first time, that a remote, automated, biometric ID verification service can deliver the highest possible levels of security.”

Recognized as equal to a handwritten signature throughout Europe, Smart-IDs enable users to authenticate themselves and provide permissions online using a smartphone app. iProov’s facial recognition technology adds a three-second scan to compare the image of the user to the image on their presented ID document to help defend against fraud and identity theft.

Smart-ID also leverages NFC-based ReadID document verification technology from InnoValor.

Financial crime risk management innovator Featurespace will be helping Enfuce combat fraud and money laundering courtesy of a newly announced partnership. Enfuce, a financial services firm based in Finland, will use Featurespace’s ARIC Risk Hub to enhance its ability to protect its customers from fraud and financial crime.

“Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud,” Enfuce co-founder and chair Monika Liikamaa said.

ARIC Risk Hub offers real-time transaction monitoring for fraud and financial crime, enabling institutions to identify and act against anomalous and potentially dangerous behavior as it occurs. The technology also reduces the number of false positives by as much as 70%, keeping anti-fraud processes efficient. Featurespace introduced its fraud-fighting technology to Finovate audiences at FinovateEurope 2016.


Here is a round up of recent news from our Finovate alumni.

  • Sezzle unveils new logo along with its first annual report.
  • Flybits expands its executive team in New York, Toronto, the U.K., and Dubai.
  • ID R&D updates voice biometric solution IDVoice.
  • M1 Finance surpasses $1 billion in assets on its platform.
  • Armor Bank selects Teslar Software’s automated workflow and portfolio management tools.
  • Mastercard partners with myPOS to boost adoption of card payment solutions among European SMEs.
  • Black Hills FCU selects nCino’s Bank Operating System.
  • Bazaarvoice launches partnership program with Yotpo as the piloting partner.
  • Keysafe inks partnership with Salt Edge to access tenants’ bank data without the need to acquire its own PSD2 license.
  • Lending Club appoints Annie Armstrong as Chief Risk Officer.
  • Assaray Trade and Investment Bank selects Temenos Infinity and Transact to power its digital transformation.
  • Long John Silver’s chooses Blackhawk Network for gift card program.
  • Trustly and Fly Norwegian team up to let travelers pay directly from their bank accounts.
  • Pindrop launches Deep Voice 3, the new version of its voice recognition technology.
  • Mastercard CEO Ajay Banga steps down, replaced by Chief Product Officer Michael Miebach.
  • Venmo to launch debit card for teens.
  • Almost 600 banks select Fiserv’s Turnkey Service for Zelle.
  • Finastra to offer ClickSWITCH’s account switching technolkogy to its clients.
  • Simmons Bank partners with Jack Henry to leverage its Banno platform to build a digital presence.
  • Currencycloud and Currensea team up.
  • Yseop and Automation Anywhere join forces to scale intelligent automation.
  • Lighter Capital appoints Kevin Fink at CTO and Patricia Elliott as CSO.
  • InComm launches Roblox gift cards in France and Germany.

Finovate Alum Features and Profiles

Revolut’s $500 Million Round Boosts Valuation to $5.5 Billion – Global financial platform Revolut has secured its place as the U.K.’s most valuable fintech.

Dealing with Deepfakes in Fintech – The fintech industry is ripe with security firms, such as iProov, that use AI to combat both video and audio deepfakes with anti-spoofing technologies.

Envestnet | Yodlee Acquires Indian Data Aggregator FinBit.io – Envestnet | Yodlee has acquired another asset in its strategy to further grow and develop its data aggregation and analytics business.

Meet Sonect: Cash Network Builder, Finovate Newcomer, Best of Show Winner – What’s better than having a large pizza with all your favorite toppings delivered to your front door? How about a side order of cash, saving you a trip to the ATM or bank branch?

Azimo Taps Ripple for Cross-Border Payments to the Philippines – Fueling these payment transfers is Ripple’s On-Demand Liquidity (ODL) solution that uses XRP to source liquidity and complete money transfers within three seconds.

Lendio Lands $55 Million to Match Small Businesses with Lenders – The investment more than doubles the company’s previous funding, bringing its total to $108.5 million.

SheerID Expands Identity Marketing Platform – The move enables brands to identify and acquire new customers across the globe.

YSEOP Garners $9.3 Million in New Funding Round

Natural language generation (NLG) technology company YSEOP is boosting its capital by $9.3 million this week, bringing its total investment to $12.6 million. The funds come from existing investor NextStage, an investment platform that shares YSEOP’s Parisian roots.

While previous investments have allowed YSEOP to roll out its NLG platform and enter into the pharmaceutical market, the company plans to use today’s round to accelerate its expansion into the U.S. In fact, by 2022, YSEOP expects to generate almost half of its revenue in the U.S.

“We are proud of NextStage’s confidence in YSEOP and the continuation of our shared adventure. The understanding NextStage shows of the challenges at play on the artificial intelligence and natural language market, as well as their knowledge of the U.S. market, confirm that they are the right partner to support us in our entrepreneurial journey,” said Emmanuel Walckenaer, YSEOP CEO. “Artificial Intelligence is a technology that transforms the approach to markets for companies and their organizations. We intend to continue honing and deepening our expertise in this field on behalf of our key accounts in order to realize the market potential of transforming data into natural language.”

YSEOP, which demoed Augmented Analytics earlier this year at FinovateSpring, leverages AI to deliver analysis using a human-like dialogue. The company’s tools can be used for a range of use cases, including wealth management, automated news briefs, report writing, and adding narrative to visual analytics.

Finovate Alumni News

On Finovate.com

  • InComm Makes Third Acquisition this Year with Purchase of Meridian Loyalty.
  • Email Security Specialist GreatHorn Locks in $13 Million Investment.

Around the web

  • Monzo partners with Xero and Free Agent.
  • Temenos to power digital transformation for Rwanda’s Bank of Kigali.
  • BuiltIn features HooYu in its look at how AI is changing the banking industry.
  • ACI Worldwide teams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
  • Entrepreneur magazine names Lendio Franchising as a Top 100 Franchise for Less Than $50,000 in 2019 and as the Best Financial Services Franchise Brand for the second year in a row.
  • Yseop recognized as a representative vendor in Gartner’s first Market Guide for Natural Language Generation Platforms.
  • Saga selects FIS to deploy its Integrity SaaS solution.
  • iSignthis launches third European office in Gzira, Malta.
  • In June Personal Capital surpasses $10 billion in assets under management, an increase of more than $2 billion since Q4 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

  • CallVU Teams Up with Banca Transilvania to Boost Mobile Banking.
  • Finovate Global: Fintechs Merge and Rebrand in Vietnam; Tinkoff Launches New Voice Assistant Oleg.
  • Hi Oleg! Tinkoff Launches Virtual Assistant.

Around the web

  • Jscrambler introduces self-healing JavaScript to fight code tampering.
  • AlphaPoint sets up shop in Switzerland to access the growing market for tokenization in the country.
  • BlueRush announces that its Best of Show winning IndiVideo platform has topped $100,000 in committed monthly recurring revenue.
  • AiThority interviews founder and CEO of Arkose Labs, Kevin Gosschalk.
  • Global alternative asset manager EJF Capital joins the Artivest platform.
  • INTELid Digital ID blockchain platform integrates ValidSoft’s voice recognition technology.
  • Choosemycompany.com recognizes YSEOP on itsAtWork and HappyIndex.
  • Ayondo’s COO and CFO resign.
  • NDGIT receives Finance IT Innovation Award 2019.
  • Fenergo enters the Taiwanese market through a partnership with TUNG-I Information Services (TUNG-I).

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.

Yseop Pairs Up with Larsen & Toubro Infotech

Natural language generation (NLG) expert Yseop teamed up with technology consulting and digital solutions company Larsen & Toubro Infotech (LTI).

Yseop CEO Emmanuel Walckenaer said that the deal “significantly advances” the company’s NLG efforts while expanding its global reach.

Founded in 1997 as a subsidiary of India-based Larsen & Toubro Limited, LTI has operations in more than 30 countries. Through today’s partnership, LTI will provide Yseop’s NLG technology as part of its global project delivery services, offering the intelligent automation solution to more than 300 clients.

Harsh Naidu, Chief Business Officer of Banking and Financial Services at LTI said, “We are excited to partner with YSEOP to foster NLG adoption across a wide spectrum of use cases in banking, financial services, and other sectors. Our customers demand unprecedented experience of intelligent automation which we will be able to deliver by leveraging YSEOP’s unique NLG approach.”

Paris, France-based Yseop offers an AI platform that powers human-like interactions in customer support, sales, and reporting applications. The company demoed its Augmented Analyst last week at FinovateSpring. The demo video will be available soon.

Previously, Yseop demonstrated its business intelligence solution that turns data into written reports at FinovateFall 2015. The company has raised $3.4 million since it was founded 2007. Last month, Yseop announced that the solution it created for Société Générale won the award for most innovative initiative of the year at the 2019 Digital Finance Awards.

Finovate Alumni News

On Finovate

  • Holvi Expands to Five New European Markets.
  • Artivest Inks Deal with Institutional Investment Manager LaSalle.
  • BioCatch Brings on New Chief Revenue Officer.
  • Yseop Pairs Up with Larsen & Toubro Infotech.

Around the web

  • Inc. names Blend, Kabbage, Lendio, Plaid, Pendo, Signifyd, and Ripple among the best places to work.
  • Alt Coin Magazine interviews Steven Parker, Crypterium CEO.
  • Interactions‘ IVA was named the top virtual assistant in Speech Technology Magazine’s 2019 People’s Choice Awards.
  • Salt Edge Open Banking API now supports eIDAS PSD2 certificates.
  • NIIT Technologies launches Cognitive Service Desk Audit, a tool to help applications understand and interpret user needs through natural communication.

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

  • Mitek recognized by Deloitte as one of the fastest growing technology companies in North America.
  • FinDEVr alum Hyperwallet teams up with music and media rights company, USA Media Rights.
  • San Diego Union-Tribune adds Jack Henry & Associates to its Top Workplaces list.
  • Yseop wins Information Technology Innovation award from Ventana Research.
  • Liferay opens new office in Dubai.

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

  • Pindrop Debuts Phoneprinting Technology with Lloyds Banking Group

Around the web

  • Malauzai Software teams up with Guardian Analytics, adding new fraud detection functionality to mobile banking apps.
  • Q2 launches Centrix Dispute Tracking System Fraud Alerts module.
  • UAE Exchange partners with Jumio for identity verification. Read our interview with Jumio CEO Stephen Stuut.
  • Edison TV interviews Martina King, Featurespace CEO, about the company’s ARIC Engine.
  • CoverHound launches CyberPolicy.com to help small businesses protect against cyber attacks.
  • Pendo Systems announces new application for Gainsight and CRM Systems.
  • Yseop to ship Narrative Charts to Information Builders.
  • GuardStreet and WellCard Savings launch products on Insuritas SmartCard insuretech digital platform.
  • Crowdfund Insider reports: Bitbond receives BaFin license.

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.

Yseop’s Smart Business Intelligence Turns Data Into Written Reports

This post is part of our live coverage of FinovateFall 2015.

YseopLogoYseop showed how its business intelligence transforms data:

Yseop Smart BI is a Self-Service BI Tool that makes data speak. Businesses have automated data collection, storage, and visualization, but despite all of these investments, they still cannot draw insight from data in real time. Visualizations show you trends, but they don’t tell you what actions to take and why. This conventional process is too slow for the market, too expensive, and too laborious as data reserves grow. Yseop Smart BI turns data into written reports with just the click of a button. These Yseop-generated reports not only explain trends, identify outliers, and offer context, but also go further by offering advice and explaining why the advice was given. Yseop Smart BI turns big data into big revenue instantly.

Presenters: Arden Manning, SVP, global marketing; Mathieu Rauscher, director, pre-sales engineering

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Product Launch: September 2015
Metrics: Yseop is a privately owned company with offices in New York, Dallas, London, Paris, and Lyon servicing clients globally. Yseop’s largest customer has more than 12,000 staffers using Yseop’s software on a daily basis.
Product distribution strategy: Direct to Business (B2B); licensed

HQ: Dallas, Texas
Founded: 2010
Website: yseop.com
Twitter: @yseopai

Finovate Alumni News

On Finovate.com

  • “Last Call! FinovateFall Tickets Going … Going … “
  • “FinovateFall 2015: Mapping Fintech’s International Neighborhood”

Around the web

  • The Forrester Wave: Omnichannel Banking Solutions report recognizes Backbase as leader.
  • BizEquity signs contract with Security Mutual Life Insurance Company of New York.
  • North American retailer Newegg chooses Payoneer to simplify its cross-border payments.
  • Zopa and Nostrum Group earn spots on The Sunday Times Tech Track 100 roster.
  • Philippine bitcoin-remittance service Rebit teams up with mobile money-transfer specialist, ZipZap.
  • Let’s Talk Payments looks at Wealthfront and Betterment in a discussion on the effectiveness of robo-advisers.

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 Sneak Peek: Yseop

Yseop_homepage_FF2015

The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

Yseop_logo_FF2015Yseop Smart BI’s Excel plug-in turns complex spreadsheets into written narrative and insight. With Yseop, understanding big data is as simple as clicking a button and reading.

Features of Yseop (easy-op):

  • First self-service software that writes like a human
  • Explains trends, outliers, and rationale behind recommendations
  • Writes in multiple languages, and at speeds of thousands of pages per second.

Why it’s great
Data-visualization tools can show you trends, but only Yseop Smart BI can explain what your data means, what actions to take, and why—all in real time!

Presenters

Yseop_A_Manning_FF2015Arden Manning, SVP Global Marketing
Manning has over a decade’s experience in public relations, marketing, and communications strategy. Manning has extensive experience in both the private and public sectors.
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Yseop_M_Rauscher_FF2015Matthieu Rauscher, Global Director of Pre-Sales Engineering
Rauscher has extensive experience working in the North American, Asian, and European markets. Rauscher’s technical and business administration background allow him to seamlessly interface with both technical and business worlds.
LinkedIn

 

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Finovate Alums Win Leading Vendor Honors from MyPrivateBanking Research

MyPrivateBankingResearch_homepage

eMoney Advisor, MicroStrategy, Yseop. What do these three companies have in common? In addition to being Finovate alums, all three were recognized by MyPrivateBanking Research as “leading vendors” in the field of digital solution providers for wealth managers and financial advisers.

The three companies join 12 others in MyPrivateBanking Research’s latest report “Digital and Mobile Solutions for Financial Advisers 2015”. The report focuses on innovations and technical contributions to the wealth management industry that take the form of “mobile apps, digital communications, and analytical and social media solutions.”

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Swiss-based MyPrivateBanking Research has for over a decade provided analysis on how financial services companies use the Internet, social media, and mobile to engage customers. The judging process for the report included looking at 45 different potential features for mobile apps, 15 factors in assessing digital communications technology, and eight features for social media solutions. The report includes analysis of each company and its technology, as well as “individual recommendations for each vendor on how to improve its offerings.”

From the report’s executive summary:

We see that traditional wealth managers cannot defend their business model against robo-advisers and other digital do-it-yourself tools by merely pointing out that their advisers offer a ‘human touch’ and specific banking know-how. They need to reinvent their business model from the ground up in order to arrive in the 21st century.

Microstrategy_homepage

eMoney Advisor was highlighted in the report in the mobile app category. eMoney Advisor made its Finovate debut at FinovateFall 2014, introducing a “reboot” of its wealth-planning system for financial advisers, EMX. The company was founded in 2000, and is headquartered in Conshohocken, Pennsylvania. Last month, eMoney Advisor announced that it had been acquired by Fidelity Investments for $250 million. Read our Finovate Debut post for eMoney Advisor.

Founded in 1989 and based in Tyson’s Corner, Virginia, MicroStrategy specializes in enterprise software. The company’s solutions range from its Business Intelligence (BI) platform to its Mobile Platform and Applications to Usher, the mobile identity network MicroStrategy unveiled at its Finovate appearance in San Francisco in the spring of 2013. Like eMoney Advisor, MicroStrategy was also recognized by MyPrivateBanking Research for its mobile app development platform.

Yseop_homepage

Yseop may seem an unlikely member of this trio; however, the company distinguished itself as a resource for financial managers in the “analytics, natural language generation and other solutions” category. An innovator in the field of putting artificial intelligence to use to support business operations, Yseop has developed technologies like Yseop Sales Force Productivity Suite (demoed at FinovateSpring 2014) and Yseop Financial Suite (demoed at FinovateFall 2013). The company was founded in 2008, and is headquartered in both Dallas, Texas, and Lyon, France. John Rauscher is CEO.

Also noted in the report were Finovate alums Crealogix (mobile apps), Temenos (mobile apps), and Narrative Science (analytics, natural language generation, and other solutions).