FinDEVr Preview: CASHOFF

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


CASHOFF’s
presentation will center around technologies for collecting information about consumers and small-and-medium-sized enterprises (financial data from banks and receipts with items from shops).  The demo will include examples of using it in scoring systems, loyalty programs and PFM systems inside online and mobile banking applications.

 


Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot. 

FinDEVr Preview: Kontomatik

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


Learn how to navigate through the fintech bullsh*t.
Hackers from Kontomatik will give you their hard take on the most hyped words and notions, from blockchain to NoSQL to microservices to machine learning. Learn the company’s fintech dictionary. Understand.

Why it’s a must-see

  1. Enterprise blockchains are a huge overpromise.
  2. NoSQL databases are C-of- databases: a low-level tool you will likely never need.
  3. Microservices are not micro.

Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot. 

Quisk Deploys Blockchain Technology

Originally published at Finovate.com.

When the going gets tough, the tough go blockchain.

That’s the takeaway from the news that payment network platform Quisk will store its transaction ledgers on a private blockchain. The blockchain layer will work with Quisk’s existing platform and APIs to give banks easy access to transaction data such as merchant settlement and bank reconciliation via their own backend systems.

“We are excited to be leveraging the tremendous power of Blockchain technology to propagate trust among our customer banks,” Quisk CTO Praveen Amancheria said. “This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data.” Amancheria called blockchain “the next internet for the financial industry” and added that “the tools to retrieve data from (the) Blockchain will soon be as ubiquitous as web browsers.”

Pictured (left to right): Quisk CTO Praveen Amancheria and CMO Dan Glessner demonstrating the Quisk digital services platform at FinovateFall 2015.

Quisk has developed a technology, digital cash, that enables banks to take advantage of the 85% of all retail transactions worldwide that are still cash-based. “Banks make nothing when cash is used,” Quisk CMO Dan Glessner explained during the company’s demo at FinovateFall. “We enable banks to create a new type of account, and to monetize the digital cash transactions.” Quisk partners with issuing and acquiring banks to create what Amancheria called an “open interoperable payment network.” He said: “we have a very ambitious goal: we want to do for cash what Visa and Mastercard have done for credit.”

Users of the new accounts can access their money using their smartphone and a PIN. The platform supports 14 different transaction types including P2P and P2M (person-to-merchant), and works with incumbent POS systems. As part of the company’s Finovate demo, Glessner and Amancheria showed how a consumer could make a purchase without cash, debit or credit card, or even the physical smartphone itself simply using his moible phone number and PIN. Moreoever, as Amancheria reminded the banks in the audience, “if Dan had paid with cash, the banks would have made zero. But because Dan used Quisk, banks have the opportunity to make money off of this digital cash transaction.” Amancheria also highlighted the digital loyalty and rewards opportunities available to merchants using the Quisk platform, as well.

Pictured: Quisk CTO Praveen Amancheria during his presentation at FinDEVr Silicon Valley 2015.

Glessner and Amancheria underscored how the technology was especially beneficial in helping banks work with underserved communities. Because the technology works with both smartphone and feature phones, and on all types of mobile network operator services, Amancheria said, “banks can reach out to the widest possible market segment and acquire new types of customers … those who have mobile phones but no bank accounts.”

Founded in 2010 and headquartered in Sunnyvale, California, Quisk demonstrated its platform at FinovateFall 2015. The company also participated in our developers conference, discussing the technology behind its digital services platform at FinDEVr 2015 Silicon Valley. Last year, Quisk deployed its technology at National Commercial Bank Jamaica Limited (NCB) and with Network International in UAE. The company has raised $5 million in funding and includes Acadia Woods Partners and Plug and Play among its investors.

Expensify Exceeds 35,000 Customers

Travel and expense management company Expensify announced today it has surpassed 35,000 global customers this month. Contributing to this milestone, the San Francisco-based company has added about 15,000 new customers in the U.S. this year alone.

This accomplishment places Expensify as the second most widely used expense management company, positioned just behind fellow Finovate alum, Concur, which demoed at FinovateSpring 2012. And while Expensify has more customers than Concur, Concur’s average customer size is larger than Expensify’s — giving Concur more active users than Expensify.

In the blog post announcement, Expensify also reported it has updated its mobile app. The consumer-facing app has moved the Expenses, Reports, and Trips lists behind the hamburger menu. The company notes that this is significant because it exemplifies Concierge’s AI automation capabilities. The Concierge bot, which we featured after its launch in 2016, automates expense management tasks such as credit card matching, reimbursable/non-reimbursable splits, and expense policy analysis. Writing about the app update in the Expensify blog, the company’s CEO David Barrett said, “if everything is configured correctly, you should almost never need to look at them yourself, because Concierge is looking at them for you.”

Expensify launched in 2008 with its flagship receipt-scanning app and a simple motto, “Expense reports that don’t suck!” In the almost-10 years since then, the company has shipped multiple updates, expansions, and new products that “don’t suck.” Most recently, at FinDEVr Silicon Valley 2016, Expensify presented Bedrock, an open sourced relational database management system. Last month, the company announced it partnered with Finovate alum Xero to provide an in-house expense management system for the New Zealand-based company. Expensify last demoed at FinovateSpring 2013, where the company showed off its integrated invoicing technology.

Looking for more developer tools? Check out FinDEVr London taking place 12 & 13 June. Register today to save your seat.

FinDEVr Preview: LeanXcale

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


The goal of LeanXcale‘s presentation is to introduce a new technological trend, Hybrid Transactional-Analytical Processing, and explain how it solves the main pains of fintech data intensive applications, which have to deal with both operational data and real-time analytical queries.

Why it’s a must-see

Fintech applications require real-time Big Data capabilities. Current approaches to real-time Big Data, i.e. lambda architectures, are extremely complex to create and maintain. The novel HTAP databases, such as LeanXcale, are able to cater to the needs of different fintech applications and significantly simplify their architecture.


Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot. 

FinDEVr Preview: Trusted Key

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


Trusted Key
‘s
presentation will cover:

  1. Top identity management challenges now facing financial services institutions.
  2. How the combination of mobile-centered technology, strong cryptography and blockchain uniquely address those challenges.
  3. How the Trusted Key Platform allows financial institutions to deploy much more secure and reliable identity management solutions.

Why it’s a must-see

Global financial institutions face increasing challenges in a world in which identity fraud is rampant, KYC and AML regulations are becoming more complex, and millennials ONLY want to interact with their banks on their mobile devices. Trusted Key Platform addresses these challenges and more.


Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot. 

3 Steps to Take During the Countdown to GDPR and PSD2

The run up to the General Data Protection Regulation (GDPR) and the second Payment Services Directive (PSD2) in Europe has created a few opportunities and multiple challenges for banks and fintechs alike. As banks scramble to understand the changes and adapt their policies, a handful of fintech companies has seized the opportunity, launching solutions to help banks comply with the new regulations. No matter if you’re a bank or a fintech, early preparation is key to success. Here are a few steps to take before the regulations hit:

Prepare your team

Communication is key to any large endeavor, and this is no exception. Take the time to brief members of your team; not only the ones whose jobs will be directly impacted by GDPR and PSD2 changes, but also those who have a less direct connection. Building a fundamental understanding of data security and an open API mindset into your company or bank’s culture can effect the passion and drive behind the adoption of new tools and innovations to comply with the new regulations.

Revamp consent disclosures

Under GDPR, companies can no longer have complicated, illegible terms and conditions. End users must be able to access these documents without difficulty and they must be presented in an easy-to-understand format. Because legal ramifications hinge on these documents, it is key to include all necessary elements to protect your company, bank, and employees.

Implement early

The earlier you implement changes, the more time you will have to adjust and adapt your policies (and re-adjust and re-adapt). You’ll be better off, as well. If you’re a fintech, get ahead of your competitors by offering a product that facilitates GDPR and PSD2 compliance. If you’re a bank, start shopping now for third-party solutions that span the scope of your needs and fit your existing model.

At FinDEVr London next month, NuCypher CEO MacLane Wilkison, along with the company’s CTO, Michael Egorov, will be leading a roundtable discussion titled Regulatory compliance and data protection in the era of GDPR and PSD2Check out the FinDEVr London website for the full agenda and information on how you can become involved in the discussion. Register today and save your spot.

FinDEVr APIntelligence

Our first developers conference in the U.K. is next month. Join us for two days of developer-focused presentations, demonstrations, and conversations at FinDEVr 2017 London, June 12 and 13. Stop by our registration page today and save your spot.

On FinDEVr.com

  • Trulioo and the Regtech Revolution: How Smaller Teams Tackle the Compliance Challenge.
  • Inside BBVA’s Open API Marketplace

Alumni updates

  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients.
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • Bank of Sydney replaces its digital banking platform with DigitalAccess from Fiserv.
  • eWise integrates its Aegis data aggregation platform into Backbase’s Open Banking Marketplace.
  • Xero Partners with Expensify for In-House Expense Management.
  • PYMNTS.com features The CardLinx Association’s success.
  • Xero expands online-invoice payment options in Xero for Australia.
  • Worldpay tests payments in virtual reality

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

Fintech Wants You

The UK-wide digital skills shortage, across a range of industries, has been much discussed and has taken even on an even greater sense of urgency with Brexit on the horizon. The UK fintech sector, which has experienced rapid rates of growth and spawned a wave of innovators and companies that are transforming the financial services sector, is on the hunt for talent.

It is in this context, that we have launched the FinDEVr Coding Club. As part of that initiative we are offering complimentary delegate passes for recent or soon-to be graduates and postgraduates and researchers from Computer Science departments across the UK. FinDEVr – born in Silicon Valley and now part of London Tech Week –  is a series of events focused on the developer and technological side of finance and convenes the industry’s most innovative start-ups, tech companies and established financial institutions.

Attending FinDEVr presents a unique opportunity to learn about the rapidly growing fintech sector and meet with some of the industry’s leaders. Come and see first-hand how innovators are leveraging cutting edge technologies – such as artificial intelligence and machine learning, blockchain technology and biometrics to revolutionize financial services. Our hope is that you walk away from the event with as much enthusiasm and excitement about fintech as the entrepreneurs and developers you will meet on the day.

To register for a free delegate pass, please contact Gabriella Campara.

FinDEVr Preview: aixigo AG

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


aixigo
creates a business process for monitoring and rebalancing portfolios according to its investment guidelines. The company will show, live, how to use its portfolio management REST-API to develop a typical business process. This process identifies portfolios, rebalances them and creates orders in aixigo’s order management module.

Why it’s a must-see

With aixigo’s Digital Portfolio Management solution, high performance services for complex portfolio data are possible. It’s even possible to use aixigo’s services with human speech interactions or AI interactions. aixigo releases you from the burden of monolithic legacy solutions and offers a lightweight and flexible way to solve investment business needs.


Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot.