Day Two of Finovate Europe has already seen demos from a wealth of innovative financial services providers. Here are out top demos from this morning’s session.
“The financial world is evolving. Digital currencies like bitcoin are here to stay,” said Alpha Point CTO and co-founder Joe Ventura.
“You need a bitcoin company to partner with – are you ready?”
AlphaPoint’s exchange platform is leveraged by institutional and retail exchanges globally, powering their digital currency exchanges. The company’s proprietary platform also serves as a digital exchange gateway for organizations looking to upgrade their existing systems to digital currencies.
At FinovateEurope 2015, AlphaPoint demonstrated a new-and-improved “v2” of their exchange technology platform, which features a redesigned and customizable front end template, new order types, improved scalability, and an even faster processing speed.
The company has 18 clients worldwide in 15 countries, processing over $350M in monthly volume
“There are ten million people in UK, eighty million in the US, and four point five billion people worldwide who don’t have a formal credit rating,” said Aire co-founder Aneesh Varma.
Aire allows these ‘thin-file’ customers to build and instant credit rating using information they provide, which can be pulled from LinkedIn and other sites directly into their credit card application.
Aire’s algorithm allows companies to re-score applicants like students and migrants who would otherwise be rejected for financial products like loans and credit cards. The credit scoring company verifies the data provided – without gleaning any extra from data mining – and only provides the data to the company that will actually move the credit rating.
“We don’t make a decision on the company’s behalf,” Varma said “but pass back a credit score and let them decide.”
Aire opened up its Credit API during the Finovate demo, which enables lenders to use Aire to perform a credit check, keeping the customer on the lender’s site during the entire experience.
Finovate saw the debut of Trunomi’s TruMobile service, which connects customers to their banks to allow them to “share PII on the fly,” said Trunomi CEO and co-founder Stuart Lacey.
Lacey went on to describe some well-known pain points surrounding the security of card transactions. When travelling, a bank’s customer presents their credit card to cover a dinner bill, only to have it declined. The customer then has to spend unnecessary time and money on a long-distance phone call with a card fraud centre to have the card unblocked.
Trunomi plans to replace this process with TruMobile, which allows the fraud centre to contact the customer from a back-end system called TruVault, which the customer receives as a message on the TruMobile app. The customer can then confirm his travel plans, and have his card unblocked.
Each message between the customer and fraud centre are time and date stamped, and consent is captured and filed.
The experience is built as a customer-centric “Consent Engine,” which seamlessly creates auditable privacy policies, which for the first time permit the sharing of customer Pii data across platforms, jurisdictions, and business lines in full compliance with global regulatory and privacy standards.
“TruMobile removes the pain point by providing a non-invasive solution for customers,” Lacey said.
“Money should be as fluid in the digital world as it is in the real world,” said Mobino’s CEO Jean-Francois Groff.
Mobino demonstrated the peer-to-peer transfer aspect of its mobile money service, which allows users to send money nationally and internationally and handles instant currency conversion. The company is also partnering with retailers to handle point-of-sale payments, and is integrating new one-touch payments from a smartwatch.
The Swiss company is eyeing expansion in and beyond Europe, and intends to provide a quicker and safer solution for e-commerce payments in African and Asian markets, where online orders are often still paid for in cash.
“The only person that needs to be involved in the lending process is the customer,” said Nostrum chief executive Richard Carter.
“The majority of customers want to manage their finances in their own way.”
Nostrum is launching an updated version of its core lending system which will allow customers to review and edit their loan payments without having to go through the lengthy process a call centre requires.
Nostrum demonstrated a use case in which a customer’s finances had improved so they were able to renegotiate their loan agreement. Within the company’s application, the customer was able to make a lump sum payment and increased their monthly payments, which shortened the term of the loan.
Nostrum’s product will also reduce operational costs for lenders and expand their digital offerings.
Just 31% of Brits know who's on the back of the new £5 polymer banknote, says new research from Barclaycard, which also found that the number of cash users continues to drop as people prefer using more digital methods of payments.
Nine out of ten consumers use their smartphones more than any other device, and consumers would also prefer to use biometrics over PINs - with fingerprints being the preferred method, according to a new Mastercard survey.
It's banks, not government agencies, that the British people trust to deliver biometric authentication payment services, says a new Visa study.
With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.