SumUp Partners with BancoEstado to Boost Mobile Card Acceptance in Chile

SMEs in Chile have just won a new ally when it comes to making it easier to accept mobile card payments. The country’s largest national bank, BancoEstado de Chile, has partnered with SumUp to launch a joint venture that will give Chilean businesses the ability to offer “anytime, anywhere” mobile card acceptance without fees or contracts.

The joint venture, branded Compraqui, will be based in Santiago de Chile and leverages SumUp’s success in developing mobile Point of Sale (mPOS) solutions for more than 30 markets in Europe and the Americas. The companies believe that the combination of SumUp’s technology and BancoEstado’s history of providing financial services to Chile’s SME community will boost the number of card acceptance points to 1.5 million in the next three years.

“This is a milestone for the small business sector in Chile,” SumUp CEO Daniel Klein said. “We truly disrupt the existing market for card acceptance through Compraqui’s unique offering. It represents each company’s strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue.”

According to Gerente General of BancoEstado Jessica López Saffie, the need for card acceptance solutions in Chile for small businesses is significant. “Together we address more than 600,000 SMEs and 1.2 million sole proprietors who currently cannot accept card payments,” she said, adding that the bank chose SumUp as a partner after a careful examination of the competition.

“We ran a comprehensive selection process, evaluating many card acceptance solutions,” López Saffie said. “With a proven business model and a market-leading end-to-end card acceptance solution providing highest security standards, SumUp came out at the top of this process.”

Founded in 2011 and headquartered in the U.K., SumUp demonstrated its mPOS technology at FinovateEurope 2013. The company unveiled its new online payments suite this summer, which added the ability to accept payments via SMS; a Virtual Terminal to enable online, CNP transactions; as well as a set of APIs and SDKs for additional payment integrations.

SumUp has more than $100 million in annual revenue, processes more than 100,000 card transactions daily, and 2,000 new businesses joining its service every day. With more than $44 million in total funding, SumUp includes Life.SREDA and BBVA Ventures among its investors.

Announcing FinovateSpring 2018: May 8 – 11 in Santa Clara!

With the holiday season around the corner, we’re excited to announce the dates for FinovateSpring 2018. Our Silicon Valley-area fintech conference will take place May 8 – 11 at the Santa Clara Convention Center in Santa Clara, California.

After the success of our four-day format this year at FinovateFall, we’re taking our new, expanded format to Silicon Valley for FinovateSpring. The first two days will run in classic Finovate format with fast-paced, 7-minute demos (no videos or slides allowed!) from the hottest startups and most innovative established companies in fintech. Following these demo days, we’ll be adding a day and a half of additional content to help you stay up to date on the latest trends driving fintech innovation.

If you’d like to apply to demo your company’s newest fintech innovation at FinovateSpring, please email us at spring@finovate.com as the application window just opened. Companies that apply early will save big if selected to demo (the first deadline is Friday, December 15), so be sure to apply soon!

If you’re interested in learning about speaking opportunities, we have a number of ways you could get involved. Simply reach out to speakers@finovate.com for more details.

And if you’d like to attend and watch the newest, cutting-edge technology in fintech showcased via our fast-paced, demo-only format, tickets are now available for $1,495 ($800 off the list price). This is the lowest price tickets will be, so register today to guarantee your spot and these savings!

We’ll see you in Santa Clara in May (or Dubai in February)!


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Grow your business at FinovateSpring by becoming an event sponsor. We can provide flexible and tailored solutions to maximize your time at the event and ensure you meet your business goals. For more information please contact us via email.

Sensory Partners with Fujitsu to Bring Biometrics to Mizuho’s Mobile Banking

Fujitsu has teamed with Silicon Valley-based Sensory to provide face biometric authentication for Mizuho’s mobile banking, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Mizuho is the first customer of the Fujitsu and Sensory partnership and it will be using TrulySecure. This solution’s features include the option to fuse voice and face biometrics recognition together; and it works with Android, iOS, Linux and other platforms.

It also has convolutional neural net technology running on the device – so it does not store biometric info in the cloud. In addition, TrulySecure’s “anti-spoofing approach” prevents unauthorized users from gaining access with photos or videos of enrolled users.

Michihiko Ejiri, VP of front digital service business division at Fujitsu, says working with Sensory has “allowed us to help our customers around the world improve the user experience provided by their apps by integrating face biometric authentication technologies into them”.

Left to right: Sensory’s Jeff Rogers (Vice President) and Todd Mozer (CEO and President) demonstrating TrulySecure at FinovateFall 2017.

Sensory reckons digital commerce and banking apps have moved toward mobile payment and wallet applications. In turn, this demand has created a need for fraud and theft prevention technology that is “frictionless to the end user”.

It also cites research from Markets and Markets that the global facial recognition market is expected to grow from $4.05 billion in 2017 to $7.76 billion by 2022, with banking, financial services, insurance, retail and healthcare being major growth areas.

“Supported by the rapid growth in adoption that our TrulySecure face recognition technology is seeing among banking apps, mobile phones, and more,” Sensory CEO Todd Mozer said, “our research has found that consumers prefer the user authentication experience offered by face biometrics.”  Mozer highlighted speed, accuracy, and convenience among the top reasons why customers appreciate Sensory’s technology.

Founded in 1994 and headquartered in Santa Clara, California, Sensory demonstrated its TrulySecure bank teller chatbot with biometrics solution at FinovateFall 2017. The company announced last month that its TrulyHandsFree voice control technology would serve as an Alexa trigger for Garmin Speak. And in September, the company’s TrulySecure facial recognition technology was added to LG’s flagship V30 smartphone, as well as LG’s Q6 and G6 models.

Finovate Alumni News

On Finovate.com

  • SumUp Partners with BancoEstado to Boost Mobile Card Acceptance in Chile.

Around the web

  • New software and cash recycling technology from Diebold Nixdorf to support an upgrade of 400 ATMs by Turkey’s VakifBank.
  • ACI Worldwide teams up with Zelle to bring real-time payments to FIs.
  • BNP Paribas to deploy Fenergo’s Client Lifecycle Management (CLM) solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Webinar: Solving the ‘identity problem’ for PSD2 and GDPR

Date: Tuesday, December 05, 2017

Time: 02:00 PM Greenwich Mean Time

Duration: 1 hour

Psssst…Can’t attend? Register and we’ll send you a recording.

REGISTER NOW >>

The Second Payment Services Directive (PSD2) mandates banks across the European Union to add two-factor Strong Customer Authentication (SCA) and Strong Customer Identity Verification (SCeID) on all remote access to customer accounts.

Both SCA and SCeID are mandated by PSD2, although the latter is not well understood. And failure to implement these capabilities exposes banks to penalties up to 2% of global annual turnover under GDPR.

The aim of this webinar is to examine the links between SCeID and SCA in the context of PSD2 and GDPR, sharing insight into how legislation mandates regulated firms to digitally verify customer identity and what technology helps to achieve this objective.

Join this Finovate webinar in association with Jumio to hear expert speakers from Jumio, Consult Hyperion and leading FinTech businesses discuss the challenges – and opportunities – of SCA and SCeID. During an interactive panel discussion, the speakers will address a number of key questions, including:

  • How are SCeID and SCA connected?
  • How are the various regulatory mandates which require secure authentication and verification, such as PSD2 and GDPR, similar, and how do they differ?
  • What are the pitfalls to avoid when implementing SCeID and SCA?
  • Why does the reset process become so critical – and how can banks make sure they have robust protections in place around reset?
  • What technology solutions can banks leverage to meet their obligations around security and identification?

Speakers

Moderator: Ruth Wandhöfer
Global Head of Regulatory & Market Strategy
Citi

 

 

 

Gordon Harrison
Business Development Manager
Jumio

 

 

 

Tim Richards
Principal Consultant
Consult Hyperion

 

 

 

Pascale-Marie Brien
Senior Policy Adviser
European Banking Federation

 

 

 

Register now >>

Digital Experience Specialist Configo Launches Cloud Environment

Less than one year after making its debut at FinovateEurope, digital sales and engagement specialist Configo is taking its technology to the cloud. The company is making its Live Experience Platform – which gives FIs the ability to create customer-centric, personalized digital experiences – available as a SaaS solution.

Until now, Configo’s platform was installed on-premise. The new cloud environment duplicates the on-premise platform, providing the same capture, tag, and trigger, code-free interface that allows FIs to add automated, contextual, personalized messages to their mobile banking apps to boost engagement and drive sales.

“It gives you total control of the whole mobile experience,” Configo CEO and co-founder Yosi Dahan said during his Finovate demo in February. “It makes your mobile application dynamic and allows you to provide different audiences with the right content in real-time.”

Left to right: Configo co-founders Natan Abramov (CTO) and Yosi Dahan (CEO) demonstrating Configo Live Experience at FinovateEurope 2017.

Configo’s Live Experience Platform enables FIs to launch in-app campaigns without the long R&D process. Dahan explained that having to write additional code and submit apps to the app stores every time an institution wants to add a task or make an update to an app can be time-consuming and costly. In contrast, Configo leverages their unique technology that enables the user to manipulate UI images themselves, making app updates easier and faster to complete.

The company has picked up some positive feedback from early adopters of the technology, including a pilot project with an online travel booking system that used the solution to support a campaign to up-sell customers to business class. E-commerce trials like these, Dahan suggested, were especially valuable during the development process. “You cannot get the same feedback when you work with financial institutions,” he said.

Founded in 2015 and headquartered in Tel Aviv, Israel, Configo demonstrated its Live Mobile Experience at FinovateEurope 2017. The company introduced its Partner Program in July, and launched its Live App Editor in February. Check out our feature on Configo and find out how the company turns more than nine years of mobile app development experience into a platform that helps FIs get app changes to market faster.

Jwaala Acquired by Alogent

 

U.S. firm Alogent has acquired a Texas-based digital banking tech vendor, Jwaala, for an undisclosed amount, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Alogent, which is based in the U.S. state of Georgia, said it will continue to support Jwaala’s collection of solutions, which will be marketed under the new name, Alogent Digital.

Dede Wakefield, Alogent CEO, described the acquisition as “the next major step forward in our mission to digitize and automate the financial services world”, with Jwaala’s platform bringing a “significant foundational set of capabilities”.

“We believe deeply in our unique approach to digital banking,” Jwaala founding partner and CTO Andrew Taylor added. “And we expect tremendous new growth opportunities as part of a company as agile, innovative, and dynamic as Alogent.”

As reported last year, U.S.-based banking software vendor, Jack Henry & Associates, shed its deposit automation business, Goldleaf Enterprise Payments (formerly Alogent Corporation).

The buyer was Battery Ventures, a US/Israeli venture capital and private equity firm. With that deal, the company regained its former name – Alogent.

In terms of Alogent’s current back office software, this focuses on electronically capturing, processing and analyzing check data and images, including those captured on mobile devices.

Its customers range from small community banks and startups to top tier banks, and it is the latter segment that will be the company’s key focus with the arrival of Battery Ventures.

Founded in 2006, Jwaala demonstrated its MoneyTracker PFM solution at FinovateSpring 2009. In August, the company announced that Alaska USA FCU with more than 625,000 members and more than $7 billion in assets would deploy Jwaala’s Ignite platform. The company began the year with news that United Nations FCU had picked Jwaala’s Ignite as its new digital banking platform.

Backbase Omnichannel Banking Powers France’s Mobile-Only Orange Bank

France’s latest mobile-only bank, Orange Bank, has gone live on Backbase’s Omnichannel Banking Platform, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Backbase said Orange is the only French bank to offer for free a service that provides real-time balances, mobile payments, and a virtual adviser that is available 24 hours a day, seven days a week.

Orange Bank was finally launched on 2 November after considerable delays.

Backbase CEO Jouk Pleiter demonstrating Your Everyday Bank at FinovateEurope 2017.

As Banking Technology reported in January 2016, Orange outlined its plans for a new bank. In April 2016, Orange made a significant stride in its mobile banking ambitions by acquiring a majority stake in financial services firm Groupama. At present, Orange owns 65% of the capital of Orange Bank and Groupama 35%.

However, there was a hitch in June, when Orange put the brakes on its plans after finding the proposition didn’t quite meet the standards.

In October, the drama appeared to be over as a spokesman for Orange said “the commercial launch will take place on 2 November,” confirming an earlier report by French newspaper La Tribune. They weren’t lying as it went live on that date.

In terms of the new bank, customers can subscribe directly from the mobile application, online, or in one of Orange’s 140 certified stores.

Naturally, Orange is looking to attract its 30 million customers in France to its new bank. In fact, it is present in 29 countries, and according to the group has a customer base of 263 million customers worldwide as of 31 December 2016, including 202 million mobile customers and 18 million fixed broadband customers.

Earlier this month, Orange Bank said it was getting its mobile payment and banking services underpinned by Wirecard.

The paytech vendor said it is providing “all the technical components integrated into the Orange Bank platform to manage their mobile payments”.

Backbase was founded in 2003 and is headquartered in Amsterdam, The Netherlands. The company won a Best of Show award for its demo of Your Everyday Bank at FinovateEurope 2017, which showed how banks can leverage big data and artificial intelligence to create “next-generation customer journeys”. Earlier this year, Backbase partnered with fellow Finovate alum eWise, combining Backbase’s Open Banking Marketplace with eWise’s account aggregation technology.

Named to the European Fintech 100 and noted as a leader in digital banking solutions by Forrester, Backbase announced a partnership with Norway’s SSF Bank in June and a deal to power digital banking for Zensar Technologies in May. Jouk Pleiter is co-founder and CEO.

Finovate Alumni News

On Finovate.com

  • Digital Experience Specialist Configo Launches Cloud Environment.

Around the web

  • Spanish bank IberCaja deploys digital banking technology from Meniga.
  • Fiserv to help prepare European banks for transition to real-time payments.
  • BBVA and Samsung partner to bring iris scanning technology to smartphones.
  • VISA announces bank partnerships in preparation for Visa B2B Connect commercial launch in 2018.
  • Everest Group names billpay service specialist doxo to list of Top 40 FinTech Trailblazers.
  • FST Media interviews Avoka Chief Experience Officer Derek Corcoran.
  • RealtyMogul wins Gold Stevie Award for Company of the Year in the Consumer Services category.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Friday Fun: Searching for “Mobile Banks”

If you could choose one banking term to dominate in Google searches, “mobile bank” would be near the top of your list. In the past two months, Google has served 1 million searches for the term (see chart above). And not surprisingly, 75% were conducted from mobile devices.

So who’s on the first page today? When searching “mobile bank” from my Seattle IP address I expected to see the usual mega-banks. And yes, they were there. Among organic results (see desktop screenshot below, mobile search results were similar), US Bank was #2, BofA was #3 & #4, PNC was #5 (despite no branch network in Washington state), Citizen’s Bank was #7 (also with no branches here) with Key Bank, Union Bank, and TCF finishing off the first page.

Nothing too surprising there, other than perhaps the omission of Chase and Wells, which evidently need to boost SEO efforts. But what did surprise me was who finished #1 AND #6, BankMobile from Customers Bank. Next year, the mobile bank is expected to be spun-off in a $110 million merger with Flagship Community Bank, which is wisely keeping the BankMobile name.

Bottom line: Thinking about it, I shouldn’t have been surprised by the results. BankMobile has 1.8 million mobile accounts, ranking it among the 10 largest U.S. mobile banks (after BofA, Chase, Wells, US Bank, Capital One, Discover, Amex and perhaps Barclays and/or TD Bank), I guess Google had it right after all. Enjoy your weekend!

Author: Jim Bruene (@netbanker) is Founder & Senior Advisor at Finovate as well as Principal of BUX Advisors, a financial services user-experience consultancy. 


Google search results for mobile bank (17 Nov 2017, Seattle IP address)