FinDEVr APIntelligence

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York earlier this year. If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • FinDEVr Veteran OutsideIQ Acquired by Exiger

Alumni updates

  • Plaid and Dwolla partner to provide fully-tokenized ACH payment integration.
  • Xero features its partnership with Equifax.
  • London Metal Exchange locates LMEselect Platform at Interxion’s Data Center
  • Envestnet unveils expanded data analytics portfolio for wealth management.
  • FinDEVr Alum Quovo Raises $10 Million
  • Prival Bank of Panama to deploy Temenos’ core banking solution, T24.
  • Trulioo adds new Canadian data sources to its GlobalGateway verification technology.
  • Jay Shah promoted to CEO of Personal Capital
  • Xero awarded the Best Overall Fintech Platform by the Fintech Breakthrough Awards.

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

FinDEVr London @ London Tech Week

IMG_4682 2We’ve joined London Tech Week to kick off the first international FinDEVr event this June!

FinDEVr London combines finance + developers. It showcases the latest enabling technology – APIs, SDKs, cloud services and more – that developers will use to create their next innovation.

If you’re working on the tech side of financial services, you’ll find both friends and influential connections in the room on June 12 & 13. Buy your attendee ticket by this Friday save £200 with early-bird rates!

London Tech Week is a festival of events across the city, showcasing and celebrating the best of tech, making it a great partner for FinDEVr. Network, learn, and find new business opportunities! Check out the innovation, security, startup, etc. events and how to register for them here.

This Friday is the final early-bird ticket deadline before the event, so get your ticket here. And save an additional 10% with the promo code FinDEVrBlog.


FinDEVr London 2017 is sponsored by TestDevLab.

FinDEVr London 2017 is partnered with Aite Group, Banking TechnologyBayPay Forum, BiometricUpdate.com, Brave New CoinBreaking Banks, Byte Academy, The Canadian Trade Commissioner ServiceCelent, Cointelegraph, Colloquy, Cooper Press, DistributedEconomic Journal, Empire Startups, Femtech Leaders, Finmaps, Fintech Finance, Global DataHarrington Starr, Holland FintechLevel39, London Tech Week, Mapa ResearchMercator Advisory Group, The Paypers, Plug and Play, SecuritySolutionsWatch.com, SME Finance Forum, StartupbootcampSwiss Finance + Technology Association, and Women Who Code.

Photo by Erika Sanchez

FinDEVr Veteran OutsideIQ Acquired by Exiger

Originally published at Finovate.com.

The news last week that due diligence innovator OutsideIQ agreed to be acquired by compliance specialist, Exiger, is a sign that the RegTech revolution in fintech is real. OutsideIQ founder and CEO Dan Adamson said the acquisition was a “logical step in our shared view of the dominant role that cognitive computing solutions will play in compliance.” Business Insider reports that Exiger paid $22 million (C$30 million) for the Toronto, Ontario, Canada-based company.

OutsideIQ’s flagship technology DDIQ leverages automation and human analysis to detect potential regulatory risks that often go overlooked by currently-used methods. Geared toward financial institutions, investment firms, and large enterprises, the technology automatically scans publicly available information for any data on the subject and provides auditable reports on the findings. Exiger Analytics president Brandon Daniels noted that transaction alert monitoring, KYC/AML, onboarding, and counterparty/ third party risk at the enterprise level are among the challenges DDIQ will help Exiger address. “The acquisition … will augment our ability to deliver purpose-built, AI-based solutions that transform how global banks and multi-national corporations meet the evolving expectations of regulators looking for truly measurable and auditable solutions,” Daniels said.

Founded in 2010 and headquartered in Toronto, Ontario, Canada, OutsideIQ presented its technology at FinDEVr Silicon Valley 2016. In March, the company partnered with SAP Ariba, and teamed up with Genpact to provide better KYC and compliance solutions for FIs. We highlighted OutsideIQ last fall in our RegTech Reality Check. OutsideIQ first demonstrated its due diligence technology, DDIQ, to Finovate audiences at FinovateSpring 2016.

OutsideIQ is Exiger’s largest acquisition to date. Exiger was founded in 2013 to provide court-mandated oversight of HSBC, “the most comprehensive monitoring assignment ever awarded by the Department of Justice” according to the company. Additionally, Exiger serves clients worldwide through its offices in New York, Toronto, London, Hong Kong, Singapore, and Silver Spring, Maryland.

FinDEVr APIntelligence

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York last month; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • Xero sees $26.4 Million investment

Alumni updates

  • Money management app, TD MySpend from TD Bank, closes in on one million users.
  • ACI Worldwide broadens its relationship with Ant Financial Services mobile payment provider, Alipay.
  • PayPal teams with Android to launch a new way to pay.
  • i-exceed earns Gartner Magic Quadrant recognition as notable vendor in Asia Pacific for mobile app development platforms.
  • Former Kabbage CTO Amala Duggirala joins Regions Bank as its new CIO.
  • FICO announces partnership with economic empowerment non-profit, Operation HOPE.
  • Forrester names Kofax a leader in ECM transactional content services.
  • OutSystems launches global partner program, connecting integrators, resellers, and consultants to its low-code development platform.

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

Xero Sees $26.4 Million Investment

Screen Shot 2017-04-19 at 9.58.00 AM

Cloud accounting firm Xero recently picked up $26.4 million in new funding. The New Zealand based-company received the investment from U.S.-based Technology Crossover Ventures (TCV).

TCV now holds a 1.3% stake in Xero, having purchased shares of the company from Matrix Partners. The deal takes Matrix Partners’ stake in Xero down from 9.8% to 8.5%. Xero CFO Sankar Narayan told Accounting Today, “It is routine that some early-stage investors will rebalance their portfolios and we’re thrilled to receive strong support from new investors who are ready to join Xero for its next phase of growth.”

Xero was founded in 2006 and went public in New Zealand in 2007. In 2012, the company made its public debut in neighboring Australia and announced plans for a U.S. IPO in the near future. Last week, the company was named a 2017 Top Rated Accounting & Budgeting Software on TrustRadius and earlier this year it received accolades from Inc., which listed Xero among eight business apps that are going to “crush it” in 2017.

At FinDEVr San Francisco 2014, Xero’s Head of U.S. Partnerships, David Pollock, gave a presentation titled Building an API-Driven Ecosystem for Small Business to an audience of developers. The company’s CEO Rod Drury last presented at FinovateSpring 2011.

Finicity Inks Data Aggregation Partnership Deal with Wells Fargo

Finicity_homepage_April2017

Originally published at Finovate.com.

With Intuit Financial Data Services leaving the data aggregation scene last spring, we knew it would be only a matter of time before former rivals rose to take advantage of the new opportunity. Today we learn that one of those companies, Finicity, has inked a major data aggregation deal with Wells Fargo that will enable its customers’ data to be shared by financial apps and services from Finicity.

The partnership is the first of its type between Wells Fargo and a data aggregation provider and is believed to be a boon for fintech app developers who will be able to access Wells Fargo “customer-permissioned data” via Finicity’s APIs. Finicity CEO Steve Smith said the agreement is part of his company’s plan to “continually implement strategies that ensure the highest levels of data quality, speed, and uptime in our industry.”

Finicity_FinDEVrNY2017_stage

Pictured (left to right): Finicity’s Jessie Morris (Director, Software Development) and Nick Thomas (EVP, Co-Founder) demonstrating Finicity Data Services at FinovateSpring 2015.

In addition to speed, quality, and uptime, enhanced security is another benefit of the agreement. By using direct authorization via Wells Fargo and tokenized access for any additional authentication, the user does not have to provide verification credentials through third-party apps. In the words of Head of Digital for Wells Fargo Virtual Channels, Brett Pitts, “(this) creates a much better experience for our customers … (allowing them) to choose where and how to use their financial data, while also maintaining the privacy of their user credentials.” Finicity says that the technology is expected to be in place over the summer.

American Banker’s Penny Crosman referred to the deal as part of a “data detente” in which banks and fintech companies are increasingly seeing each other more as potential partners than rivals to be disrupted. She noted that the current deal between Wells Fargo and Finicity “is the latest, but is likely not the last” for either firm. Finicity will access Wells Fargo’s data exchange API via the company’s Gateway Channel developer portal unveiled last year.

Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity demonstrated its Data Services at FinovateSpring 2015. The company is also fresh off its latest FinDEVr appearance where EVP and co-founder Nick Thomas and Software Development Director Jessie Morris presented “The Frictionless Aggregation Experience” highlighting the new Finicity Connect drop-in UI widget. In December, Finicity scored a $42 million Series B led by Experian.

WiseBanyan Unveils New Tax Protection Toos

WiseBanyan_homepage_April2017

Free financial advisory platform WiseBanyan released its first premium package this week, Tax Protection. The new services – WiseHarvesting, Selective Trading, and IRA Conversions – enable investors and savers to manage the way their investments impact their taxes. The WiseHarvesting feature helps balance out investment gains with harvested investment losses. Selective Trading keeps investors from owning the same ETFs in multiple accounts. And IRA Conversions enable investors to switch from traditional to Roth IRAs.

The Tax Protection also comes at a low cost. Investors can take advantage of any one of the services for 0.02% of their average account value, with a maximum charge of $20 a month. WiseHarvesting, the company’s first premium service, is already available to WiseBanyan clients. Those currently using WiseHarvesting will be use to add the new services without additional cost.

WiseBanyan_stage_FDSV16

Pictured (left to right): Wise Banyan Co-CEO and Co-Founder Herbert Moore and Chief Science Officer Jennifer Chin during their presentation, “Data as an Advantage: Building a Data Warehouse with Open Source Tools” at FinDEVr Silicon Valley 2016.

In a blog post announcing the new service, WiseBanyan Manager of Content Strategy Aliza Kellerman added that the company has “a ton of other packages in the works, all designed to provide additional value to your WiseBanyan experience,” and credited feedback from its “fantastic, passionate, vocal clients” for inspiring new features like Tax Protection.

Pledging to help investors make their first $100,000, WiseBanyan is a free platform that provides automated, goal-based investing and financial planning. With a $1 minimum, investors can provide their investment time horizon, risk aversion, and amount saved, and WiseBanyan builds a portfolio designed to maximize real investment returns on an after-tax basis.  Customer funds are invested in liquid, equity and bond exchange-traded funds (ETFs), and WiseBanyan monitors the portfolios continuously, reinvesting dividends and tracking progress toward the pre-set goal.

Founded in 2013, WiseBanyan discussed its technology at FinDEVr Silicon Valley 2016 last fall, winning “Best Debut Company.” The company’s presentation, “Data as an Advantage: Building a Data Warehouse with Open Source Tools,” was led by co-CEO and co-founder Herbert Moore and Chief Science Officer Jennifer Chin. In March, WiseBanyan won the Startup Pitch competition at SXSW and was also named “judge’s favorite” – earning a $1,000 prize from LaunchKC. The company was featured in Business Insider’s 2017 roster of the 15 Best Roboadvisors and also earned a spot on Nerdwallet’s Best Robo-Advisors: 2017 Top Picks list.

FinDEVr APIntelligence

FDLD17_EventLogoV3_wdate(large)With the presentation videos from FinDEVr 2017 New York now available, be sure to check out all of the great presentations and discussions from the event in our FinDEVr video archives.

And if you’ll be in the U.K. this June (0r want to be), stop by our FinDEVr 2017 London page to learn more about the companies that will be joining us as we take our developer’s conference across the pond for the first time.

Tickets are available now so register today to save your spot.

On FinDEVr.com

  • WiseBanyan Unveils New Tax Protection Tools.
  • Wells Fargo and Finicity Sign Data Aggregation Partnership

Alumni Updates

  • FICO announces partnership with economic empowerment non-profit, Operation HOPE.
  • Forrester names Kofax a leader in ECM transactional content services.
  • OutSystems launches global partner program, connecting integrators, resellers, and consultants to its low-code development platform.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.
  • Visa Checkout achieves 20 million enrolled accounts milestone.
  • Kofax launches cloud-based document capture and invoicing solution, ReadSoft Online R9.
  • OutSystems picks up SOC 2 Type 1 attestation report affirming quality of company’s internal controls and processes.
  • FICO unveils FICO Origination Manager Essentials to accelerate loan decisioning.
  • Datanami interviews MapD CEO and co-founder Todd Mostar.
  • Finland-based OP Financial Group partners with Token to develop new fintech solutions.

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

FinDEVr APIntelligence

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York last month; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • InComm Partners with WeChat Pay Parent Tencent.

Alumni updates

  • Kabbage extends $3 billion in funding to more than 100,000 small business customers.
  • PayPal extends partnership with Visa into Asia-Pacific region.
  • HyperPay to leverage ACI Worldwide’s Mobile Commerce SDK to offer merchants a mobile checkout solution.
  • FICO launches cloud-based origination solution to help mid-market lenders automate small business lending decisions.
  • Twilio launches programmable fax service.
  • Citi takes API developer hub to Hong Kong.
  • Mastercard Adds to Authentication Arsenal with Acquisition of NuData Security.
  • Xero named a “2017 Top Rated Accounting & Budgeting Software” on TrustRadius.
  • Iroquois Federal Savings & Loan Association to deploy core processing system from Fiserv.
  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

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

InComm Partners with WeChat Pay Parent Tencent

Screen Shot 2017-04-04 at 2.36.24 PM

Prepaid products company InComm is helping to break down geographical barriers. The company’s Japanese arm landed a major partnership today with China-based Tencent Financial Technology, the parent company of WeChat Pay services.

Through the new partnership, WeChat Pay’s 849 million monthly active users will benefit from InComm’s POSA technology that allows Chinese visitors in Japan to use their smartphones to pay for products and services. This will grow the 500 million transactions that WeChat Pay’s customers make on a daily basis.

InComm’s POSA technology leverages WeChat Pay-issued barcodes to enable users to make payments at the point of sale at more than 50,000 retail locations in Japan. In the press release, Junichi Kito, Director of Business Development at InComm Japan said, “In looking forward to the Tokyo Olympics in 2020, it is critical for Japanese retailers to prepare for global payment methods, which are convenient for travelers, and it is our mission to support that. We believe this will bring a great additional value for retailers and prepaid issuers in the global market.”

InComm, which was recently named by 7-Eleven as Vendor of the Year, launched Vanilla Direct in late 2016. The new brand is the consolidation of Cashtie and Vanilla Reload products and helps consumers use GPR cards to make everyday payments and pay bills online. Atlanta-based InComm debuted CorFire Mobile Commerce at FinovateFall 2011. More recently, the company’s SVP Thomas Cornelius showed off the Cashtie API at FinDEVr Silicon Valley 2014.