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Experian Introduces New Fintech Data Network to Help Businesses Fight Fraud

By David Penn Posted on May 11, 2023
Categories: Alumni News, Daily news, Experian

Global information services company Experian launched a new fraud prevention solution this week.
The new offfering is a fintech-focused version of its fraud prevention data network Hunter.
Hunter takes a collaborative approach to fraud mitigation. The technology has saved businesses more than $6.5 billion a year in fraud losses.

Experian is launching a fintech-focused version of its fraud prevention data network, Hunter, in the U.S. The technology is currently being used by more than 450 organizations in 24 different countries. Experian reports that Hunter has saved its clients more than $6.5 billion a year in fraud losses.

Hunter works by providing participants with a “line of sight” into borrower activity across the fintech industry. A collaborative data network, Hunter enables participants to share data on fraudulent activity in real-time. That data is then securely linked across the network. Participants can use the network to identify potential fraud when onboarding new customers or when verifying current customers. Experian noted that its clients have seen a 35% increase in fraud detection when participating in a Hunter network.

“Our new U.S. Hunter network will harness the power of data and analytics to address real pain points that fintechs experience in combatting fraud,” President at Experian Decision Analytics in North America Robert Boxberger said. “By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve the customer experience, and mitigate major fraud losses.”

The Hunter network will be available in the U.S. later this year, the company said.

Experian made its Finovate debut in 2012 and most recently returned to the Finovate stage for FinovateFall 2018 in New York. The company’s Hunter announcement comes just weeks after Experian unveiled a new cloud-based fraud solution powered by adaptive machine learning called Aidrian. The new offering is designed to help businesses fight fraud without negatively impacting the customer experience. Last month, Clearcover Insurance Company announced that it had launched a new embedded insurance solution courtesy of a partnership with Experian. The technology gives insurance consumers final, bindable quotes when they shop using Experian’s auto insurance comparison shopping service.

Headquarted in Dublin, Ireland, Experian was founded in 1980. Brian Cassin is CEO.

Photo by Pixabay

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FinovateSpring 2023 Sneak Peek: SAVVI AI

By Madeline Clines Posted on May 11, 2023
Categories: FinovateSpring 2023, FinovateSpring 2023 Sneak Peek, SAVVI AI

A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.

SAVVI AI helps any fintech team build, deploy, and manage AI apps in minutes – no data scientists, pre-existing data, or custom infrastructure required.

Features

Easy-to-use tool, no data science experience needed
Start AI with or without data – continuously learning
Complete audibility, model transparency, and controls

Why it’s great

SAVVI AI is turn-key, easy-to-use, and the fastest way to get AI launched into products with a company’s existing team. See ROI in days.

Presenters

Maya Mikhailov, CEO
Mikhailov is the former SVP/GM of the FinTech AI division at Synchrony. Mikhailov is a second-time founder and expert featured in Bloomberg, The New York Times, CNBC, and Forbes.
LinkedIn

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FinovateSpring 2023 Sneak Peek: SESAMm

By Madeline Clines Posted on May 11, 2023
Categories: FinovateSpring 2023, FinovateSpring 2023 Sneak Peek, SESAMm

A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.

SESAMm is a fintech company specializing in big data and artificial intelligence. It provides analytics and investment signals from over 20 billion web data points using NLP.

Features

Receive timely understanding of potential risks in relevant companies
Monitor over 5 million public and private companies
Benchmark companies against peers based on their controversy score level

Why it’s great

SESAMm’s scores uncover risks in any public or private company to enhance investment and risk decisions.

Presenters

Sylvain Forté, CEO
Forté’s passion for artificial intelligence and finance led him to create SESAMm in 2014. Forté holds a double degree in engineering from Germany and France.
LinkedIn

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FinovateSpring 2023 Sneak Peek: Cloverly

By Madeline Clines Posted on May 11, 2023
Categories: Cloverly, FinovateSpring 2023, FinovateSpring 2023 Sneak Peek

A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.

Cloverly is a technology platform for integrating climate action into financial products and is trusted by several financial institutions, like Visa, American Express, ecolytiq, and more.

Features

Flexible API for building innovative products
White-labeled marketplace and dashboard for commercial customers
No-code checkout feature for easy integrations

Why it’s great

Integrating climate into a company’s financial product is a high-impact, positive ROI initiative that is made effortless with Cloverly’s technology.

Presenters

Christina Kaney, Director of Climate Solutions
Kaney focuses on financial services and was previously with Microsoft. She is an entrepreneur, a talented dancer, and an awkward ginger.
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FinovateSpring 2023 Sneak Peek: Babbl

By Madeline Clines Posted on May 11, 2023
Categories: Babbl, FinovateSpring 2023, FinovateSpring 2023 Sneak Peek

A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.

Introducing Uptrends.ai from Babbl: A news and social media monitoring platform to help investors stay ahead and leverage market-moving chatter.

Features

Provides highly personalized news feeds (without the clickbait)
Includes news sentiment, catalyst, and risk alerts for thousands of stocks
Uses an AI chatbot to uncover high-quality insights 100x faster

Why it’s great

A million posts are written about the stock market every month. Uptrends.ai helps investors focus on the news that matters so that they can reclaim their time and peace of mind.

Presenters

Ramsey Shaffer, Co-Founder & CEO
Shaffer is a former data analytics consultant and financial analyst from Minnesota. He co-founded Babbl with Sam Cartford in 2020.
LinkedIn

Sam Cartford, Co-Founder & CTO
Cartford is a former cybersecurity analyst and machine learning developer from Minnesota. Previously, he was employee #1 at Minnestoa-based technical consulting startup, Fountane.
LinkedIn

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FinovateSpring 2023 Sneak Peek: Lucinity

By Madeline Clines Posted on May 11, 2023
Categories: FinovateSpring 2023, FinovateSpring 2023 Sneak Peek, Lucinity

A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.

Lucinity Copilot, the ultimate tool for streamlined workflows, enhanced compliance, and personalized user experiences, empowers the fight against financial crime.

Features

Confident compliance: Safeguard against financial crime with advanced measures
Increased efficiency: Streamline processes, save time, and reduce manual effort
Tailored experience

Why it’s great

Revolutionize financial crime prevention with Lucinity Copilot, the ultimate tool for confident compliance, increased efficiency, and personalized experiences.

Presenters

Gudmundur Kristjansson, CEO & Founder
Kristjansson is a tech entrepreneur, thought leader, and pioneer in compliance & risk management. As the Founder of Lucinity, he is driving social change through innovative technology solutions.
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6 Main-Stage Keynotes that Will Capture Your Attention at FinovateSpring

By Julie Muhn (@julieschicktanz) Posted on May 10, 2023
Categories: FinovateSpring 2023, List series, Marketing

Finovate always goes to great lengths to scout and bring together the brightest minds for keynote presentations, showcasing the most thought-provoking ideas on the main stage.

FinovateSpring, which takes place in San Fransiscso May 23 to 25, is no different. We’re thrilled to host six keynote presentations from all-star speakers. Get ready to gain valuable insights, discover innovative strategies, and be inspired by these speakers as they delve into crucial topics shaping the future of finance and technology.

Check out our six main-stage keynotes below:

Capitalizing on Competitive Advantages, Avoiding Moat Mirages

Ben Clayman, Engineering Leader at Square, will offer his deep understanding of the fintech landscape to guide attendees through the intricacies of leveraging competitive advantages while avoiding the pitfalls of false market barriers. His insights and practical strategies will empower professionals to chart a course for sustainable success in the ever-evolving fintech industry.

The Global Economic & Geo-Political Outlook – What Next? What Are The Challenges & Hidden Icebergs Ahead?

John C. Hulsman, President & Managing Partner at John C. Hulsman Enterprises will offer up his knowledge of global economics and geopolitics. Hulsman will unravel the potential risks and opportunities that lie ahead for the fintech and financial sectors. Gain invaluable foresight into the intricate interplay of geopolitical factors and economic landscapes, which will equip you to navigate the challenges and seize emerging opportunities with confidence.

Understanding The Recent Banking Instability Through The Lens Of Geopolitical Risk – How This Impacts Central Bank Policy And What It Means For Fintechs & Financial Institutions

Manas Chawla, CEO at London Politica, will share his expertise in geopolitics and shed light on the correlation between political dynamics, central bank policies, and their impact on the stability of the banking sector, offering valuable perspectives for fintech professionals.

Quick-Fire Keynotes

Climate Change, ESG & Financial Services, What Do Wall Street & Your Customers Want? How Can Banks Avoid Greenwashing? Why Digitisation & Sustainability Go Hand In Hand

Cathryn Peirce, Founder & CEO at Carbon Zero Financial

Financial Inclusion & Financial Wellness – Harnessing Data and Segmentation To Help Your Customers To Achieve Long Term Financial Health In Tough Economic Times

Ashish Gupta, Chief Risk Officer at LendingPoint

The Intersection Of Financial Services And Commerce – How Embedded Finance Can Generate Over $100 Billion in Revenue for Banks

Sam Kilmer, Managing Director, Fintech Advisory at Cornerstone Advisers

Photo by Pixabay

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Feedzai Leverages AI to Launch New Tool that Stops Scams

By Julie Muhn (@julieschicktanz) Posted on May 10, 2023
Categories: Alumni News, Daily news, Feedzai

Feedzai unveiled ScamPrevent capabilities that will help banks protect their end customers from a variety of financial scams.
The new tools will be added to Feedzai’s RiskOps platform.
The Federal Trade Commission reports that between 2021 and 2023, losses from scams increased by 30% in the U.S.

Risk management and fraud prevention tool provider Feedzai is enhancing its RiskOps platform.

The Portugal-based company announced that its new ScamPrevent capabilities will be added to the RiskOps platform. The new tools aim to help banks protect their customers from a variety of financial scams.

“In this environment of faster payments and more sophisticated scams, banks should look at proactive strategies to protect their customers from financial crime,” said Feedzai CEO Nuno Sebastiao. “We believe that banks which embrace a comprehensive RiskOps approach will outperform in customer satisfaction and retention, while minimizing losses from financial crime.”

By improving its Feedzai AI engine, the company leverages its experience across multiple geographies and financial institutions to enable improved scam detection with fewer false positives.

ScamPrevent includes other customizable capabilities, as well. Firms can add bank-specific scam detection rules and thresholds, leverage features that help banks identify signals from pre-transaction patterns such as behavioral biometrics that indicate a customer could be a scam victim before they authorize the payment, add customizable scam classification, view performance metrics, and generate reports.

The Federal Trade Commission reports that between 2021 and 2023, losses from scams increased by 30% in the U.S. According to the Global Anti-Scam Alliance (GASA), this percentage may be an underestimate, as only 7% of scams losses are reported across the globe.

“The human impact of scams is particularly high as scammers tend to target vulnerable groups – the elderly, the economically disadvantaged, immigrant communities, and youth,” said Feedzai Chief Product Officer Pedro Barata. “As it becomes faster and easier to make payments, there is a growing need for new solutions that enable scams to be detected and intercepted before any money moves. With our new ScamProtect™ features, Feedzai delivers the industry’s most comprehensive approach to scam prevention.”

Feedzai was founded in 2011 and helps companies fight fraud in more than 190 countries. The company has raised more than $277 million, having pulled in its largest round of $200 million in 2021 that valued Feedzai at more than one billion dollars.

Photo by Tara Winstead

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Goodlord Partners with Open Banking Platform Tink to Enhance Tenant Reference Checks

By David Penn Posted on May 10, 2023
Categories: Alumni News, Daily news, Tink

U.K.-based renttech company Goodlord announced a partnership with open banking platform Tink this week.
Goodlord will leverage Tink Income Check to help landlords enhance their reference checking process.
Headquartered in Stockholm, Sweden, Tink is a two-time Finovate Best of Show winner.

Goodlord, a renttech platform based in the U.K., has announced a partnership with open banking platform Tink. Goodlord will use Tink Income Check as part of its effort to modernize its tenant application process. The technology will also help Goodlord enhance its fraud protection for both agents and landlords.

Tink Income Check will enable Goodlord to bring real-time data directly from tenant bank accounts to its reference checking processes. With the consent of the renter, landlords will be able to verify income from salaries, pensions, and more going back 12 months or longer. Tink Income Check also optimizes approval rates and reduces both fraud and application abandonment. The technology serves as an alternative to the standard affordability check.

“We’re very pleased to be partnering with Tink on our open banking capabilities,” Goodlord Referencing Operations Manager Nicola Harding said. “We’ve long been advocates of open banking technology. It plays a crucial role in both modernizing the process for tenants, while also protecting agents and their landlords from fraud.”

Founded in 2017, Goodlord was launched to help smooth the process of renting properties – for all parties involved. By 2020, the company had processed one billion pounds via its platform. A year later, Goodlord announced that it had 1,000 agency customers. The company’s technology works along with the landlord’s or agency’s CRM to manage the entire tenancy process – from offer letter to rent collection.

“In the current climate, it’s more critical than ever to have an up-to-date and comprehensive view of tenants’ finances, to know they can comfortably afford the rent,” Tink’s U.K. Banking & Lending Director Tasha Chouhan said. “It also ensures those renters whose income payments are irregular, such as the self-employed or those working in the gig economy, have a fairer chance to secure a rental property.”

A two-time Finovate Best of Show award winner, Tink most recently demoed its technology at FinovateEurope 2019. This year alone, the Stockholm, Sweden-based fintech has announced partnerships with credit provider Younited, Italian fintech ConTe.it Prestiti, and Finland-based Multitude Bank.

Visa acquired Tink in 2021. CEO Daniel Kjellén co-founded the company in 2012.

Photo by Miguel Á. Padriñán

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Open Banking Infrastructure Innovator Axway Acquires e-invoicing Specialist AdValvas

By David Penn Posted on May 9, 2023
Categories: Alumni News, Axway, Daily news, Mergers & Acquisitions

Open Banking infrastructure company Axway has acquired Belgium-based e-invoicing specialist AdValvas.
The acquisition brings new invoicing and compliance capabilities to Arizona-based Axway.
Axway made its Finovate debut last year at FinovateSpring in San Francisco.

Open Banking infrastructure company Axway has made an overseas acquisition. The Arizona-based fintech acquired AdValvas, a Belgium-based e-invoicing processes specialist. The purchase underscores Axway’s status as a leader in B2B integration and EDI and brings new invoicing and compliance capabilities to the firm. These new capabilities include embedded support for Peppol and French VAT reform – as well as other B2G (business-to-goverment) and B2B e-invoicing mandates around the world.

Neither Axway nor AdValvas disclosed the amount of the transaction.

The acquisition comes at a time of greater regulatory interest in e-invoicing. Regulators are debating new requirements for B2B invoicing in France. In the EU overall, B2G e-invoicing is currently mandatory for all public procurements. The trend toward Continuous Transaction Control provides additional impetus for firms to embrace e-invoicing.

“AdValvas has been at the forefront of Peppol and e-invoicing for the past decade, helping steer the direction of invoice compliance around the globe,” Axway CEO Patrick Donovan said. “We are thrilled to welcome AdValvas and look forward to leveraging their deep expertise to help our customers navigate the delicate compliance waters ahead.”

Michel Gillis, formerly CEO of AdValvas, will serve as VP of e-invoicing with Axway. He called the acquisition a “significant milestone” in AdValvas’ “growth journey.” Going forward, AdValvas will operate as an Axway subsidiary. The company’s products and services will be integrated into Axway’s B2B Integration platform.

Axway made its Finovate debut a year ago at FinovateSpring in San Francisco. At the conference, the company demoed how its Open Banking technology enabled the secure sharing of financial data across digital ecosystems. Axway offers configured open banking APIs; an intuitive, collaboration-friendly developer experience; and pre-configured consent management integration to minimize risk.

Photo by Paul Deetman

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Bittrex Files for Bankrupcy After Being Sued by SEC

By Julie Muhn (@julieschicktanz) Posted on May 9, 2023
Categories: Daily news

Digital asset trading platform Bittrex filed for Chapter 11 bankruptcy.
Bittrex Global will not be impacted by the change.
Today’s news comes three weeks after the U.S. Securities and Exchange Commission (SEC) charged Bittrex and its former CEO William Shihara for operating an unregistered exchange, broker, and clearing agency.

U.S. digital asset trading platform Bittrex filed for Chapter 11 bankruptcy yesterday. The company’s international operation, Bittrex Global, will not be impacted by the change.

Seattle-based Bittrex shut down in the U.S. on April 30, but has asked the bankruptcy court to allow it to re-open temporarily so that it can return crypto assets to U.S. customers who were unable to withdraw their funds prior to the April 30 closure.

Today’s bankruptcy filing comes after the U.S. Securities and Exchange Commission (SEC) charged Bittrex and its former CEO William Shihara for operating an unregistered exchange, broker, and clearing agency on April 17. Specifically, the agency alleged that Shihara encouraged crypto asset issuers to delete public statements that could lead regulators to investigate those token offerings as securities.

Bittrex has denied the SEC’s allegations that its digital assets are securities or investment contracts.

Unfortunately for the crypto world, the news of a digital asset trading platform shutting down in the U.S. is not shocking. Bittrex’s U.S. shutdown and bankruptcy follow the demise of FTX, Celsius, Voyager, and BlockFi– all of which have taken place in the past year. One reason decentralized finance (DeFi) companies operating in the U.S. are becoming an endangered species is because of the ambiguous regulatory environment in the U.S.

The SEC has not firmly laid out rules for crypto companies and, based on the fines it has issued, is making it clear that crypto firms are not as welcome in the U.S. as they are in other geographies.

Photo by Melinda Gimpel on Unsplash

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First National Bank of Oklahoma Partners with Teslar Software to Streamline Lending

By David Penn Posted on May 9, 2023
Categories: Alumni News, Alumni profile, Teslar

Teslar Software and First National Bank of Oklahoma announced a new partnership this week. The bank will leverage Teslar Software’s technology to streamline its lending processes. The partnership will also enable First National Bank of Oklahoma to better track exceptions and manage documentation.

First National Bank of Oklahoma president and CEO Mel Martin called Teslar Software a “natural fit to partner”. The relationship between the two entities goes back to the pandemic days when First National Bank of Oklahoma used the fintech’s PPP solution. “We experienced firsthand that they’re a nimble, dependable organization that truly understands and cares about community banks,” Martin said. He added that the technology from Teslar will not only help the bank become more efficient, “it will also help us better manage risk in our portfolio.”

Headquartered in Springdale, Arkansas, and founded in 2008, Teslar Software made its Finovate debut at FinovateSpring 2015 as 3E Software. The company returned to the Finovate stage last year for FinovateFall. At the conference, Teslar demoed its technology that simplifies, digitizes, and automates the indirect lending process for community financial institutions.

“How can it be that a bank has a great relationship with a small business?” Teslar Software founder and CEO Joe Ehrhardt asked during his company’s live demo last fall. “How is it that they are financing them, but they fail to finance that business’ end user?” Teslar Software’s Indirect Lending product helps community financial institutions grow their customer base by teaming up with local businesses to provide financing for purchases of items like power tools, outdoor equipment, and furniture. As Erhardt explained, financing for these purchases is often cumbersome and inefficient for consumers. Facilitating partnerships between community financial institutions and local small businesses in the community is how Indirect Lending solves the problem.

With $750 million in assets, First National Bank of Oklahoma maintains offices in Oklahoma City, Ponca City, Tonkawa, and Tulsa. The bank was chartered in 1917, and recently celebrated its 105th anniversary. First National Bank of Oklahoma is only the most recent financial institution to partner with Teslar. The company teamed up with Ohio’s Merchants National Bank in March and announced a collaboration with Mississippi-based Magnolia State Bank in April.

Photo by Raychel Sanner

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