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1Kosmos Unveils its BlockID 1Key Solution for Mobile-Free Passwordless Authentication

1Kosmos Unveils its BlockID 1Key Solution for Mobile-Free Passwordless Authentication
By David Penn Posted on
Categories: 1Kosmos, Alumni News, Daily news
  • Identity and authentication platform 1Kosmos launched its BlockID 1Key solution this week.
  • BlockID 1Key is a biometric security key that provides passwordless multi-factor authentication for customer help desks, retail bank branches, and other environments deemed too sensitive to allow access to mobile devices.
  • 1Kosmos won Best of Show in its Finovate debut at FinovateSpring 2023.

Blockchain-powered identity and authentication platform 1Kosmos launched its BlockID 1Key solution this week. BlockID 1Key is a biometric security key that provides passwordless multi-factor authentication for Senstive Compartmented Information Facilities (SCIF). The phishing-resistant solution also works for manufacturing clean rooms, customer help desks, retail bank branches and other environments deemed too sensitive to allow access to mobile devices.

“Passwordless is extremely difficult and costly to deploy in environments such as call centers and manufacturing floors where mobile devices aren’t permitted or used,” 1Kosmos CEO Hemen Vimadalal said. “BlockID 1Key eliminates this roadblock and provides a phishing-resistant, scalable and interoperable passwordless experience for workers in dynamically assigned workspace settings – using a stationary, one-to-many FIDO-compliant key.”

BlockID 1Key enables organizations to verify identity at the initial access attempt and at every subsequent access attempt. This helps defend against attacks like phishing and vishing that exploit password vulnerabilities. The technology also secures the registered biometric to create an immutable chain of custody. Once secured, the biometric provides identity verification that is tamper-evident, and credentials that are phishing-resistant.

The technology is also suitable for workstation-independent contexts. BlockID 1Key’s register-once-use anywhere model lets users authenticate and work on any managed device. All they need is their username and a biometric fingerprint scan. The solution features support for Windows login as well, and is compatible with WebAuthn services and applications.

1Kosmos won Best of Show in its Finovate debut at FinovateSpring last year, and returned to the Finovate stage last September for FinovateFall. Headquartered in East Brunswick, New Jersey, 1Kosmos has raised $15 million in funding, according to Crunchbase. The company includes Gula Tech Adventures and Forgepoint Capital among its investors.

Photo by Alexander Grey

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Europe’s Financial Future: 5 Key Agenda Topics

Europe’s Financial Future: 5 Key Agenda Topics
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2024, List series, Thought Leadership

The European financial services scene is continuously evolving thanks to the pulse of innovation, technological shifts, and advances in consumer expectations. As we stand on the cusp of next month’s FinovateEurope conference, it’s not merely the agenda that awaits, but deep-diving discussions surrounding the pressing issues and new developments waiting to change the continent’s trajectory.

Here, I’m taking a look beyond the conference halls and delving into five agenda items to consider why the topics matter in 2024, how they fit into the landscape, and why I’m excited about them.

Will AI Be More Profound Than The Invention Of The Internet? What Do Financial Institutions Really Need To Understand About Generative AI?

It’s not difficult to understand why Generative AI (Gen AI) is on the top of the agenda for FinovateEurope this year. The topic spiked in conversations following the release of Chat GPT in late 2022 and hasn’t receded since. Gen AI has applications across every financial services sub-sector (and beyond) and holds the potential for major cost savings opportunities. I’m eager to hear what the speaker, Nina Schick, has to say about applications of the technology within financial services and the relatively new threat of deepfakes.

Keynote Address: From Crypto Ice Age To Crypto Winter To Crypto Spring?

For those who still feel like we are in the middle of crypto winter (the downturn in the crypto space) it may seem irrelevant to bring up the topic to a roomful of bankers. However, we started to see a rise in activity surrounding decentralized finance (DeFi) late last year. This session’s speaker, Jillian Godsil, is an award winning journalist, author and broadcaster at Coin Telegraph. She’ll be offering her take on risks and opportunities in the space; what it will take to build a new, internet-native financial system; and how regulators are feeling about crypto. DeFi holds immense potential for financial services and I’m excited to hear Godsil’s inside view.

From Competition To Collaboration & Co-Creation – Why Financial institutions Need More Than Ever To Build Strategic Partnerships.

Whether you’re a bank or a fintech, you don’t need me to explain to you the importance of partnerships. The fintech industry has shifted its mentality from coopetition to collaboration and today, the financial services realm is completely reliant on partnerships. New to the discussion– and much of why I am interested in this age-old topic– is the threat that increased regulatory scrutiny may pose. Moderating this panel discussion is Rashee Pandey, Associate Director of Membership at Innovate Finance.

Digital Payments Are Eating The World – How Will New Competitors & New Business Models Shape The Future?

Regardless of your location, income, or social status, payments are– and always will be– relevant. And with the entire globe as your potential user base, getting into the payments game can be lucrative if done correctly. With new technologies and fresh consumer expectations, however, the payments landscape is changing. I am eagerly anticipating the discussion, led by Andrew Steele, Partner at Activant Capital, around new competitors and business models.

Transforming Lending In The Cost Of Living Crisis

Europe’s cost of living crisis is no secret. The cost of housing, combined with the cost of basic necessities such as groceries and medications, have caused both end consumers and large corporations alike to adjust their habits. Lending has always been an integral element to consumers’ lives, and today’s high interest rate environment, combined with consumers’ increased use of credit, complicates this scene. I’m looking forward to hearing from Jack Spiers, U.K, Banking and Lending Sales Director at Tink, on how traditional affordability models are cutting consumers short and how data can repair the issues.

Now that you have a sneak peek at the FinovateEurope agenda, consider this your formal invitation to join us at the conference, taking place 27 and 28 February at the Intercontinental O2 in London. Register today to save.

Photo by ANIRUDH on Unsplash

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Tink Unveils Risk Signals to Help Prevent Fraud and Reduce Settlement Risk

Tink Unveils Risk Signals to Help Prevent Fraud and Reduce Settlement Risk
By David Penn Posted on
Categories: Alumni News, Daily news, Tink
  • Open banking company Tink has launched its new rules-based risk engine, Risk Signals.
  • Risk Signals leverages account, transaction, and payment data to help prevent fraud and lower settlement risk.
  • Tink won Best of Show in its Finovate debut at FinovateEurope 2014.

Open banking company Tink launched its new rules-based risk engine, Risk Signals this week. Risk Signals leverages account, transaction, and payment data to help prevent fraud and lower settlement risk.

“Risk Signals is an ideal fit for businesses looking to offer a secure and fast payment method especially in markets without real-time settlement – like Germany,” TInk SVP of Payments and Platforms Tom Pope explained. “With Tink’s Risk Signals, you no longer need to compromise between a fast checkout and reducing risk.”

Risk Signal features a suite of risk checks that are customizable to both financial institution and market. These risk checks include verifications of live balances to ensure a user’s ability to pay, transaction history review (including a review of previous non-settled payments), and velocity checks to identify suspicious transaction activity. Tink reports that firms such as payment service provider (PSP) Adyen are already using the solution. Additionally, the company said businesses have been able to fully implement Risk Signals within a week. In part, this is because Tink configures Risk Signals as a service, requiring no integration from the customer.

“By leveraging the real-time risk analysis during payment processes, Adyen can offer a payment option that not only ensures security and reliability but also aligns perfectly with both merchants’ and shoppers’ expectations,” Adyen Payment Partnerships Lead for Europe Dirk Jan Meijers said.

A two-time Finovate Best of Show winning company, Tink first won Best of Show in its Finovate debut at FinovateEurope in 2014. The Stockholm, Sweden-based company returned to the FinovateEurope stage three years later to take home its second Best of Show award.

In the years since, Tink has grown into an open banking leader. The company has 6,000+ connections to major banks in Europe, and 10,000 developers using its platform. Founded in 2012, Tink processes more than 10 billion transactions a year, and is active in 18 markets. The company was acquired by Visa in 2022 in a deal valued at $2.1. billion (€1.8 billion). Daniel Kjellén is CEO.

Interested in demoing at FinovateEurope in London next month? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Allan Mas

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Visa’s Cybersource and Ingenico to Create a Global Commerce Solution

Visa’s Cybersource and Ingenico to Create a Global Commerce Solution
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • Visa’s Cybersource is partnering with payment acceptance company Ingenico.
  • The two will leverage Ingenico’s Android-based AXIUM system, along with Cybersource’s open payment platform, to launch an all-in-one global commerce solution.
  • The aim of the new commerce solution is to reduce costs and complexities associated with technical integrations, increase speed to market, and provide omni-channel capabilities.

France-based payment acceptance company Ingenico announced it has partnered with Visa’s Cybersource. The two are leveraging Ingenico’s Android-based AXIUM system, combined with Cybersource’s open payment platform, to create a unified global commerce solution.  

Ingenico’s AXIUM offers a range of point-of-sale (POS) terminals, along with a suite of business applications. The new unified commerce solution will be available on all AXIUM devices, which will allow for an easy way to scale without having to go through a certification process for each new device.​

Cybersource, Visa’s agnostic global payment and fraud management platform, is part of Visa Acceptance Solutions, a connectivity hub that provides acquirers, independent software vendors, and merchants with access to what they need to create scalable commerce experiences. Crafting a global solution with real-time transaction visibility and data analytics helps acquirers focus on card clearance and settlement. Because the solution leverages both Ingenico’s and Cybersource’s ecosystems, it also allows acquirers to expand into new merchant segments.

“Combining the global reach of Visa and Ingenico and using the Ingenico Android technology stack, will accelerate innovation and reduce complexity,” said Ingenico Chief Customer Officer Nigel Lee. “We believe together we can reduce time to market for customers and allow our clients and partners to realise the benefits of a truly unified omnichannel solution. This is a significant step in our vision to move commerce forward by harnessing the collective strengths of our combined technologies and networks.”

Under today’s partnership, Cybersource will be able to provide a ready-to-use commerce solution that can authorize in-store card transactions across international borders. Ultimately, the two companies aim to use the new global commerce solution to reduce costs and complexities associated with technical integrations, increase speed to market, and provide omni-channel capabilities that suit both consumers and businesses.

Founded in 1980, Ingenico works with more than 1,000 banks and acquirers in more than 37 countries. With 4,000 employees, the company helps power 2,500 payment apps and 40 million terminals across the globe. Last year, Ingenico partnered with Fujitsu Frontech to launch a new solution that authenticates customer identities and facilitates payment using the palm of their hand for in-person transactions.

Photo by Andrea Piacquadio

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ModernFi Raises $18.7 Million for its API-Driven Deposit Network

ModernFi Raises $18.7 Million for its API-Driven Deposit Network
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • ModernFi raised $18.7 million, boosting its total to $23.2 million.
  • Canapi Ventures led the round, which ModernFi will use to market its platform to community and regional banks.
  • ModernFi’s API-driven deposit network helps banks raise, maintain, and manage their deposits.

API-driven deposit network ModernFi boosted its funding total to $23.2 million today after landing $18.7 million in Series A funding. The company will use the funds to market its platform to community and regional banks.

Canapi Ventures led the round, with participation from Andreessen Horowitz and Remarkable Ventures. Three banks, including Huntington National Bank, First Horizon, and Regions, also contributed.

ModernFi’s deposit growth solutions offer an API-driven approach that helps financial institutions efficiently raise and manage deposits. The company helps banks identify and entice potential depositors using personalized marketing campaigns, easy onboarding experiences, competitive interest rates, flexible account options, and by offering depositors extended insurance.

The company reduces reliance on manual processes and built its deposit network on a modern tech stack, which reduces friction for end users and facilitates integration for banks.

Today’s high interest rate environment, combined with the shift toward real-time money movement in the U.S., have changed both the speed and stability of consumer deposits. These factors, combined with increased regulatory scrutiny on liquidity and funding, have required financial institutions to change how they manage their deposits. “Deposit management is a key priority for the banking sector right now,” explained First Horizon Bank Director of Transformation – Fintech & Emerging Technology Tyler Craft. “ModernFi’s technology to streamline onboarding and operations for depositors and banks provides an innovative additional way for our industry to serve clients.”

“Community and regional banks form the foundation of the American economy, providing an outsized amount of credit and banking services to critical industries and areas that might otherwise be overlooked,” said ModernFi CEO and Cofounder Paolo Bertolotti. “Faced with fundamental shifts in the behavior of deposits, institutions benefit from modern tools to manage and grow their funding. ModernFi has been privileged to help institutions of all sizes protect their deposit base, and the team looks forward to continuing its support of the sector.”

Bertolotti and his co-founder Adam DeVita founded ModernFi in 2022.

Photo by Monstera Production

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MX Unveils Customer Analytics to Help Firms Leverage the Power of Financial Data

MX Unveils Customer Analytics to Help Firms Leverage the Power of Financial Data
By David Penn Posted on
Categories: Alumni News, Daily news, MX
  • Open finance company MX introduced Customer Analytics for financial services providers this week.
  • Customer Analytics leverages enhanced transaction data and actionable consumer insights to help financial services companies increase deposits and customer engagement.
  • Lehi, Utah-based MX is a multiple-time Finovate Best of Show winner.

Open finance innovator MX introduced Customer Analytics for financial services providers this week. The new offering uses enhanced transaction data and actionable consumer insights to enable financial services providers to grow deposits and boost engagement. Customer Analytics helps these firms spot opportunities for cross-selling and secure greater ROI on their marketing efforts. The technology also helps financial services companies better anticipate and mitigate customer churn.

“Financial services providers have a tough assignment when it comes to piecing together disparate data to truly understand their customers and meet their needs,” MX Chief Product Officer Nandita Gupta said. “MX’s Customer Analytics takes out the guesswork by providing actionable financial data intelligence in a single source.”

Customer Analytics provides a set of intelligent models, dashboards, and tools to analyze both consumer-permissioned and enhanced transaction data. These tools can be readily embedded into marketing platforms and CRMs to help organizations get a more holistic view of their customers’ finances. This helps financial services providers improve customer segmentation and conduct more effective marketing initiatives.

Since its Finovate debut in 2012 (as Money Desktop), MX has won Finovate’s Best of Show award eight times. The Lehi, Utah-based fintech helps financial services providers and other organizations connect and verify account and transaction data. This enables them to uncover insights that can lead to new revenue streams, as well as better, more personalized money experiences for consumers. Founded in 2010, MX most recently demoed its technology on the Finovate stage at FinovateFall in 2021. Jim Magats is CEO. Ryan Caldwell is Founder and Executive Chair.

Photo by Uva Rova

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Onfido Unveils Compliance Suite to Enhance Customer Onboarding for Growing Businesses

Onfido Unveils Compliance Suite to Enhance Customer Onboarding for Growing Businesses
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Onfido
  • Automated identity verification specialist Onfido announced the launch of its Compliance Suite.
  • The Compliance Suite features qualified electronic signatures, one-time passwords, and no-code compliance workflows.
  • Onfido made its Finovate debut at FinovateEurope 2018.

Automated identity verification specialist Onfido unveiled its Compliance Suite this week. The new offering helps companies meet the regulatory requirements for customer onboarding as they expand into new markets.

Compliance Suite brings qualified electronic signature (QES) and One-time Password (OTP) functionality, as well as no-code compliance workflows, to Onfido’s Real Identity Platform. QES offers a digital signature solution that relies on signals unique to the signer. The technology is also backed by a qualified digital certificate that provides a reliable way to confirm the identity of the individual associated with the signature.

Along with the company’s AI for fraud prevention and global document coverage, the result is a fully customizable identity verification solution that enables businesses to manage both local and global compliance needs under a single provider and control center. Compliance Suite has successfully passed its conformity assessment board checks and will be deployed by Onfido customers across Europe.

“Onfido’s Compliance Suite eases the regional compliance headache and delivers a one-stop-shop compliance offering that allows leaders to focus on their expansion, register customers faster, and remain agile to future regulatory demands,” Onfido Chief Product Officer Yuelin Li said. “With Compliance Suite, we now have the most comprehensive verification offering in the market, making Onfido the go-to scaling partner for globally trusted institutions.”

Onfido made its Finovate debut at FinovateEurope 2018 and returned to the Finovate stage later that year for FinovateFall. The announcement of Compliance Suite follows news last month that Onfido had teamed up with digital investment platform InbestMe. The partnership made InbestMe the first roboadvisor in Spain to integrate identity verification technology as part of its onboarding process.

Headquartered in London, Onfido has raised more than $182 million in funding, according to Crunchbase. Crane Venture Partners and TPG Growth are among the firm’s most recent investors. Mike Tuchen is CEO.

Interested in demoing at FinovateEurope in London next month? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Towfiqu barbhuiya on Unsplash

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Bite-Sized Budgeting: Can it Help a New Generation of Savers?

Bite-Sized Budgeting: Can it Help a New Generation of Savers?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Thought Leadership

I had an interesting conversation last week with two of fintech’s brightest minds, Theo Lau and Barb Maclean. The discussion, which was around personal financial management (PFM) and budgeting, shed light on the financial habits of Generations Z and Alpha.

The issue

As a bit of context, these generations are faced with high student loan debt and a high cost of monthly rent. In my town, the cost to rent a studio apartment is more than double the cost of the mortgage on my five bedroom, two bath home. This is only part of the problem, however.

The other half of the issue for these young adults is the lack of, or even poor, financial education. Not only is this generation growing up without Mint.com, but the best tools fintech has to offer them are buy now, pay later (which can be a useful tool but is just bad advice in general) and early paycheck advances. Perhaps the worst part of the equation is that many of these young people are heavily swayed by impulse purchases promoted by influencers on Instagram and TikTok.

Bite-sized budgeting

While it may be difficult to get folks to regularly engage in actively managing their budget, fintech may have an answer to this problem. The good part is that it already exists.

Bite-sized budgeting is a concept built to suit users with short attention spans. The PFM tools that fit into the bite-sized budgeting category have three attributes– they don’t require much input from the user, they are straightforward and easy to understand, and they only require a small amount of follow-up.

Here are a few examples of bite-sized budgeting tools already on the market:

  • Subscription management tools that highlight users’ recurring expenses to check for fraud, flag forgotten subscription expenses, and ensure the user is still benefitting from the subscription.
  • Discretionary spending tools that analyze users’ transactions, identify non-essential expenditures, and offer insights into where their money is going.
  • Automated savings widgets that allow users to schedule automatic money transfers into savings accounts on a regular basis.

According to a 2015 Microsoft study, the average attention span of Gen Z individuals is about eight seconds. That is four seconds less than Millennials’ attention span. By breaking the chore of budgeting down into manageable tasks, younger users are more likely to look at their budget.

What’s next for bite-sized budgeting?

The missing piece in this de novo budgeting method is offering an aggregated approach. Many of these tools, such as subscription management and automated budgeting exist either as standalone apps or as an added feature of an existing fintech. However, each of these needs to be brought under a single hub that is either standalone or offered by an existing fintech or bank.

As with the pie chart PFM budgeting technology of 2012, bite-sized budgeting will face the issue of miscategorized transactions. When users’ transaction data is incorrect, the tools may flag the purchase incorrectly or offer poor follow-up advice. Both of these issues will make users less willing to rely on them to help manage their finances.

Photo by Andrea Piacquadio

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Digital Conversations Platform Eltropy Enhances In-Branch Experience with Lobby Management

Digital Conversations Platform Eltropy Enhances In-Branch Experience with Lobby Management
By David Penn Posted on
Categories: Alumni News, Daily news, Eltropy
  • Digital conversations platform Eltropy has unveiled its Lobby Management solution.
  • The offering will help community financial institutions (CFIs) create better branch lobby experiences for customers and members.
  • Eltropy made its Finovate debut in 2017. The company most recently demoed at FinovateFall in 2022.

Digital conversations platform Eltropy launched its Lobby Management solution last week. The new capability will enable community financial institutions (CFIs) to offer a better branch lobby experience for their customers.

“The branch remains an essential member and customer touchpoint in community banks and credit unions, yet inefficient queues and resource allocation often undermine the experience for both visitors and employees,” Eltropy co-founder and CEO Ashish Garg said. “With Lobby Management, we can make every visit effortless while unlocking many operational efficiencies and equipping staff to serve members better.”

Lobby Management is a part of Eltropy’s Branch Management solution portfolio within its Unified Digital Conversations Platform. The new offering gives branch managers the ability to manage walk-in customer flow, and to enhance convenience with tools such as virtual queuing. Integrated with Eltropy’s Appointment Management, Lobby Management also enables members and customers to use a check-in kiosk to check-in for scheduled appointments or to book new ones. Lobby Management also provides lobby traffic analytics to help branch managers best allocate staff and service offerings.

“Lobby Management, powered by the Eltropy Unified Platform, allows CFIs to tie their branch operations with digital operations, thereby holistically serving their members and customers in physical and digital channels seamlessly and simultaneously,” Eltropy VP of Products Jack Chawla said. “With our unique approach to resource management in physical and digital channels, we can help CFIs efficiently service the members in the channel of their choice, including the branch lobby.”

Eltropy made its Finovate debut at FinovateSpring in 2017. In its most recent appearance on the Finovate stage two years ago, the company demoed its Eltropy One solution. Eltropy One is the company’s all-in-one omni-channel solution that enables FIs to manage both in- and outbound communications from a universal console. With Eltropy One, FIs can leverage text, secure chat, video, audio, cobrowsing, and conversational bots to handle both simple and complex customer communication.

Founded in 2014, Eltropy is headquartered in Milpitas, California. The company began the year surpassing the 600th customer milestone. In a statement, Eltropy noted that it was the fastest CFI-focused fintech to achieve this accomplishment. The new milestone announcement came with news that the company was increasing its investment in Generative AI and product R&D by 36% this year.

Photo by micheile henderson on Unsplash

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Crédit Agricole Acquires 7% Stake in Worldline

Crédit Agricole Acquires 7% Stake in Worldline
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Credit Agricole, Daily news, Mergers & Acquisitions, Worldline
  • Credit Agricole is taking a 7% minority stake in Worldline.
  • The announcement comes six months after the two initiated their partnership in July of 2023.
  • Credit Agricole is making the move to “reaffirm confidence” in Worldline, which was hit with scrutiny over its AML practices last year.

French bank Credit Agricole announced this morning it has taken a 7% minority interest in payments services company Worldline.

Today’s agreement comes six months after the two first partnered in July of last year. According to Credit Agricole, today’s move to deepen this relationship will help strengthen the partnership to create “a major player” in the French merchant payment services market.

“Through this transaction,” the bank said in its press release, “Crédit Agricole Group is reaffirming confidence in its partner: a strong franchise, leading-edge technologies, and proven innovation capabilities, at the service of its customers.”

Credit Agricole’s other aim in taking a minority interest is to demonstrate its intention to not only support Worldline’s development, but also to implement its strategy as a player in the European payments sector. In the long-term, Credit Agricole seeks to remain a minority shareholder in Worldline.

France-based Worldline, which faced scrutiny over its AML practices last year, saw its shares cut in half after the allegations arose regarding its AML safeguards. After today’s announcement, Worldline’s shares jumped 5%.

Worldline began facilitating card transactions in 1973 and currently has 18,000 employees in more than 50 countries and counts annual revenue of around $4.4 billion. Gilles Grapinet is CEO.

Interested in demoing at FinovateEurope in London next month? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Anna Shvets

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Fintech Rundown

Explore the latest and most pertinent fintech news in our weekly digest. Stay informed as we continuously update this post with breaking news throughout the week. Check back for real-time updates on how the fintech landscape evolves this week.

Lending

Moody’s Analytics partners with Numerated to boost its lending capacity.

Welsh, Carson, Anderson & Stowe to acquire EquiLend.

LoanDepot experiences cyberattack with 16.6 million customers’ personal information stolen.

Payments

Mastercard and The Clearing House announce an extension of their real-time payments partnership.

International payments and digital card platform BlinkSky secures $1.5 million in funding.

Bluefin announces global availability of PCI validated P2PE SmartPOS payment devices.

Thomson Reuters fronts $626 million cash bid for Pagero.

Viamericas partners with 24Xoro to expand real-time cross-border remittances to Mexico. 

Visa inks partnership with Pesaflow to offer customers in Kenya better access to digital payment solutions.

Torpago and Marqeta launch Sunwest Bank’s Visionary card program.

Chris Cordes is named Head of People at ClassWallet.

Members of Fiserv’s uChoose Rewards program can now use their card rewards balances towards fuel purchases at bp and Amoco stations.

Mondu raises additional €30 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank.

Regtech

Regtech solution provider AQMetrics partners with CMC Markets.

European digital banking provider Satchel taps regtech AMLYZE to enhance its compliance standards.

Identity management

Automated identity verification specialist Onfido launches its Compliance Suite.

Identity security platform Silverfort secures $116 million in Series D funding at a valuation “around $1 billion”.

ATB Ventures’ Oliu teams up with Flinks to deliver frictionless digital ID verification using bank connectivity.

SF Fire Credit Union deploys Illuma’s Illuma Shield voice verification technology in its call center.

Digital banking

Varo to offer free tax prep and filing.

Pinwheel adds to its direct deposit solution courtesy of a partnership with Jack Henry.

Grow Financial Federal Credit Union streamlines, enhances self-service banking through partnership with NCR Atleos.

CSI appoints Roxanne Martinez as Chief People Officer.

Jack Henry’s Banno unveils Banno Business, a business banking solution for community and regional financial institutions.

Challenger banking

Starling Bank unveils new brand platform, The Bank Built for You.

Wealth management

Personal finance hub Plannix partners with open banking solution provider Salt Edge.

Objectway acquires digital wealth solutions provider Nest Wealth.

TIFIN announces the spin-off of TIFIN AG, an AI platform to help wealth enterprises drive net new assets.

Digital investment and wealth planning firm Marstone raises an $8 million Series B financing round led by Mendon Venture Partners and South Rose Capital.

Insurtech

Ansel, the insurtech previously known as Brella, raises $20 million in funding in a round led by Portage.

Cybersecurity/Fraud Prevention

Fraud prevention and AML platform SEON introduces new Chief Technology Officer Björn Heckel.

Fenergo appoints Andrew Brandman as Chief Customer Officer.

Photo by Pixabay

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Luma Financial Technologies Taps Yieldstreet for Alternative Investments

Luma Financial Technologies Taps Yieldstreet for Alternative Investments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Luma Financial Technologies is deepening its partnership with Yieldstreet.
  • Luma Financial Technologies will bring Yieldstreet’s alternative investment offerings to Luma’s customers.
  • Yieldstreet provides access to alternative investments, including real estate, private equity, art, supply chain financing, and more.

Investment technology company Luma Financial Technologies announced it plans to deepen its partnership with alternative investments platform Yieldstreet.

Under the partnership, Luma will bring Yieldstreet’s alternative investment offerings to Luma’s customers. The move broadens the access that Luma’s RIA clients have to alternative investment products that play a role in building a diversified portfolio for end customers. Among the diversified assets Yieldstreet provides access to are real estate, private equity, art, supply chain financing, and more. The partnership will also offer Luma users educational training, post-trade advisor management, and reporting tools.

“Undoubtedly, technology stands as the pivotal factor in democratizing access to alternative investments, empowering financial advisors to construct portfolios for their clients that include a wider range of diversified solutions,” said Luma Financial Technologies CEO and President Tim Bonacci.

Yieldstreet launched its alternative investment platform in 2015 to provide access to a wide range of asset classes– including art, real estate, legal, corporates, consumer, and commercial– via single investments or funds. The company also offers short-term notes on offerings with terms between three and six months. Since launch, Yieldstreet has enabled over 450,000 members to access its alternative assets, which are traditionally accessible only to institutions and high-net-worth individuals. 

“Through the combination of Luma’s pioneering product data and analytics with Yieldstreet’s extensive array of premium private market alternative options, our users gain greater access and transparency to products that can play a key role in building multifaceted portfolios on behalf of their clients,” said Yieldstreet CEO Michael Weisz. “We’re excited to continue building upon our synergies with Yieldstreet and to take yet another step forward in making alternative investments accessible to all investors.”

Founded in 2018, Luma offers broker/dealer firms, RIA offices, and private banks access to its fintech software. The customizable technology platform helps financial teams more efficiently research, purchase, and manage alternative investments and annuities.

Photo by Karolina Grabowska

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