Banking Payments

Live at FinovateSpring 2012, day 1

Live at FinovateSpring 2012, day 1
Written by Jelmer de Jong

Jelmer de Jong reports from day one of FinovateSpring 2012, from San Francisco.

BankNXT will be covering FinovateSpring live. Finovate is a two-day event taking place in San Francisco, where over 60 companies demo their latest innovations in banking and payments. The fast-paced programme (every company only gets seven minutes onstage) makes sure it’s never dull, and you get a great insight into innovation in fintech in just a short period of time. With 1,200 attendees, this is one of the biggest banking innovation conferences in the world.

We’ll update this post on-the-go, covering the most notable demos, insights and blog posts/tweets by others.

First up is Dwolla, a social, mobile and online payment network. Dwolla is demoing its FiSync Core Integration, making transactions real-time instead of a slow (> 3-day) ACH payment process. Making payments simple for everyone.

WattzOn is a personal energy management platform that helps people save money by reducing energy costs. It tracks and monitors your energy usage. Based on these statistics, WattzOn gives you recommendations: small changes in habit (turn on the heating system 30 mins later), or bigger changes (buy a solar panel, get a different car, etc.).  It also has a simple calculator that works based on your ZIP code and your current monthly energy bill, if you should switch to solar. Launching at Finovate is its API, enabling banks to integrate this functionality into online banking platforms.

Taulia helps small business get their invoices paid sooner by adding a dynamic discount that increases the sooner the other companies pays. Working with a online platform for the SMB and a SAP link on the other side. Today they are showing a complete cloud platform, billFLO, enabling this functionality for all companies and not only the SAP users.

BancBox offers companies payment API’s to build payment services into their websites to collect, store and send money. They built just to show how easy and quick their API’s can be used to launch a new web app.

Affinity Solutions
Affinity is demoing a daily deal / coupon solution, that is linked to your card, making it possible to redeem the coupon by swiping your card at the POS terminal, applying the discount at the counter.

Social Money
Social Money (SmartyPigg) is demoing Goal Saving integrated in the banks online platform. Helping banks to know what their customers are saving for and offering the customer to share this with their FB friends. Although as Amy writes on Twitter: “I just don’t understand the desire to share my financial goals w FB friends. I’m sorry friends but don’t care about yr car savings.”

Expensify is helping you to track and report your expenses on your mobile phone by scanning the receipts and storing these online. Today they launch a trip tracking application, adding TripIt like functionality based on your expenses. Saying travel and expenses are for the business traveller the same thing.

BillGuard scans your credit card statements to find and alert you of fraudulent or other bad charges. Today BillGuard starts helping you to dispute charges: “Because the only thing harder then finding a fraud charge, is disputing it and getting your money back”. BillGuard will contact the merchant on your behave trying to resolve the dispute directly, you only have to fill in a form on the BillGuard website.

Actiance helps organizations to manage secure and ensure compliance across communications. They are demoing Socialite, a dashboard for financial organizations to track and monitor social media outings and contacts, to make sure also the use of real time communication like social media is compliant to regulations and laws.

Personal Capital
Personal Capital is launching their iPhone / iPad app giving you a overview of all your accounts and investments and adding a insight in your spending. Also new, is transactions via the Personal Capital app from and to your different accounts.

Bankerslab brands itself as the flight simulator for bankers. They are launching credit lab, a simulation and training tool for retail banking risk managers.

Edo Interactive
Edo Interactive is rolling out geo-commerce offers, combining purchases and location. Sending you offers near you based on recent purchases. Doing the check-out (pay at the register) vs the check-in (on Foursquare for example): “some people check-in, all people check out”.

IP Commerce
IP Commerce  delivers an open payment and commerce platform for developers.

iQuantifihelps their customers to make financial decisions. Adding a layer on top of PFM and budgetting. Nudging special goals, and giving specific financial advice and showing financial goals on a very nice designed timeline: “iQuantifi UI is pretty weak…but that timeline idea for goals is really slick. I love the visual of sequencing the goals.”

Silver Tail Systems
Silver Tail demos a new solution that will predict and warn bank and users if and when a user is infected with malware. To do this, Silver Tail is monitoring 8 million social media users, to look for signs of fraud.

PaySimple has created a cloud based, payment system for SMB’s to receive payments, automate billing and manage customers. Making payments and billing simpler and faster if both parties are on the platform. Today they announce they open up this system to banks to custom brand PaySimple to offer account receivable solutions to their small business members.

Linable Networks
Linkable Networks’ technology allows consumers to link store-level and item-level offers directly to their credit or debit card of choice, with no point-of-sale integration, no mail-in rebates and no paper coupons – and the discounts appear directly on the consumer’s bank statement.

Mitek Systems
Mitek Systems demos a mobile check cashing solution, linked to a pre paid card. Aimed at the underbanked, you can take picture of the check with your smart phone to cash it and immediately loading your pre paid card, eliminating the further need of a bank.

Dynamics shows ePlate, a payment device that gives consumers the ability to change the experience the device includes two buttons – one for a first experience and one for a second experience. Based on which experience option was selected, the device changes the information on the Electronic Stripe to reflect the selected experience so the user can swipe the card in any store and enjoy the selected experience. demos Cashview; cash management system for SMB’s. Including accounts payable, accounts receivable and direct pay options.

Kabbage introduces the K-Leaf that enables SMBB’s to quickly append data to their Kabbage account from any site on the web, creating one dashboard where small businesses can see their eBay, Etsy, UPS, Twitter and Facbeook data.

Cachet Financial Solutions
Cachet is talking about Select Business for Tablets, offering you the capabilities to view deposits and manage user accounts from a tablet. In addition to all the Select Business features, we will also be adding the ability to submit checks for deposit through the tablets themselves for tablets with cameras.

Tascet  provides a solution to prevent identity theft and fight fraud. It launches Financial ICONN to ID customers without relying on social security numbers.

Nomis Solutions
Nomis Solutions demoes how to combine  data streams, predictive analytics and behavioral science, and decision-making capabilities within an engaging user experience, to enable CFOs, portfolio owners, product managers, and pricing analysts to understand their customers and make decisions regardless of market and competitive dynamics.

Experian is demoing BusinessIQ Express: focussed on SMB’s, to help them manage their finance by focussing on customer relationships, evaluate the customer, monitor the customer behavior to mitigate risk and collect (invoices and outstanding debts).

SaveUp adds game mechanics to your bank account. SaveUp users get rewarded for good financial behaviour.

TIO Networks
TIO Networks demoes TIOWallet, helping the underbanked save money and make last minute bill payments to its network of 1000+ service providers.

ProfitStars launches Budget Manager, to fight the spreadsheets when it comes to the budgeting process. Using multi worflows and different ‘management layers’.

mSHIFT is showing a mobile payment solution, adding gift cards creating a mobile payment ecosystem by a community of consumers and retailer: making it possible to by and send gift cards amongst users.

eDeposit makes moving money faster by using a virtual prefunded account offering. Assuring real time payments without any delays.

SmartExpense is an expense tracker that links to TripIt, to automatically create your travel expenses.

NICE Systems
NICE is showing NICE Mobile Reach, creating a new mobile banking application by combining a existing call center with self service applications. Offering click to chat / call directly in the mobile app.

About the author

Jelmer de Jong

Jelmer de Jong is VP Product Management at Backbase, a software company that produces a digital banking platform that delivers seamless customer experiences across multiple devices.

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