We’re in Vegas this week, catching up with several Finovate and FinDEVr alums. Before the week even started, however, we took a gamble and spent the weekend at the Money20/20 Hackathon.
Many Finovate and FinDEVr alums have powerful APIs to enable the creation of solutions to solve all types of problems. At the hackathon, the crowd of 450 developers, engineers, and entrepreneurs developed a myriad of solutions over the course of 25 hours.
Here are the winners for each company:
- OffBank, which uses Bionym’s Nymi band to authenticate bank customers before initiating a wire transfer
- I Heart Pay, which uses Bionym’s Nymi band, combined with an app, to enable merchants to verify a customer’s identity to charge them for a transaction
Check out Bionym’s demo from FinDEVr 2014, San Francisco
Samaritus, which uses barcode scanners inside of recycling bins that read bar codes on recyclable materials to reward people for recycling. The app pays them in bitcoin, while simultaneously collecting data on what and where users recycle.
Bacon, which places a multi-layer authentication platform that layers more security data on top of Feedzai’s algorithm to authenticate customers before a transaction.
In Reach, which uses the QuickBooks Online API to determine the availability of a retailer’s inventory, then enables customers to purchase goods via a native app, and pick up the item in the store.
Enterchange, which uses MasterCard’s API to enable customers to order food and pay at sit-down restaurants.
Swift, a solution for retail stores that uses an RFID sensor to track each product that is placed into shopping carts. The data syncs to the consumer’s PayPal app to enable a quick and mobile checkout experience.
San Mateo-based anti-fraud specialist Feedzai announced this morning that they were unveiling apps for two major commerce platforms: Shopify and Big Commerce.
Nuno Sebastiao, CEO of Feedzai, said:
“Fraud is crossing channels where data breached from stores is then used to exploit commerce channels and vice versa. We see that 68 percent of cross-channel fraud starts online before migrating in-store. So we want to give all ecommerce retailers access to the tools necessary to help them protect their business.”
The new apps leverage Big Data and machine learning to provide fraud protection and transaction scoring for online retailers in real-time. Suspicious transactions are flagged, and merchants can use the app’s analytics to see reasons for the flat or to let the transaction proceed.
Retailers also have the ability to control which transactions are available for scrutiny, and the apps also come with a list of anti-fraud criteria (“human-friendly reasons to block or allow a transaction”) geared toward helping merchants decide which level of security is appropriate for their market and customers.
Features of the new apps include:
- Behavioral analysis
- IP geo-location
- Device ID recognition
- Disposable emails
The new apps will also have a simple user interface that evaluates each order, street-level maps to help locate IP addresses, and transaction summary reports available via email. Developers and those interested in taking a look under the hood can visit Feedzai’s Developer portal here
Founded in 2008 and headquartered in San Mateo, California, Feedzai has raised more than $4 million in funding and includes both SAP Ventures and Data Collective among its investors. Feedzai operates in Europe, North and South America, Europe, and Africa. The company demoed its Fraud Prevention technology as part of FinovateEurope 2014 in London. See the company on stage here