It's been a whirlwind two days, but FinovateFall 2012 has come and gone. Nearly 70 companies presented new products at the event, which showcases some of the best new innovations in financial and banking technology from a mixture of leading, established companies and brand-new start-ups. While all of the presenters showed off some interesting technology, Bank Systems & Technology selected five of the most relevant and noteworthy to the financial services industry.
1. MasterCard & Linkable Technologies
MasterCard announced a new partnership this week with Linkable Networks, a card offers-and-rewards company, and the two gave a sneak peek of what the partnership will entail during Finovate. Linkable Networks enables MasterCard cardholders at the individual product, or SKU, level. After registering and downloading offers, the offers will then be linked to cardholders' MasterCard accounts, and they can redeem them by paying with their cards. Customers will be able to download offers with their mobile phones as well, by scanning a QR code or entering the coupon number manually.
2. The Currency Cloud
The Currency Cloud, based in London, says its aim is to make international payments simple. The company's value proposition is to ease the complexity of accessing foreign exchange liquidity and navigating the myriad of payments networks, and gives businesses an easy alternative to engage in international payments. And the Currency Cloud is taking banks on directly, according to the company, "For too long, banks have gotten away with sub-standard services whilst earning inflated margins on international payments."
London-based ValidSoft believes that as the financial services world is converging on mobile devices more and more on a daily basis, mobile payments security is not up to snuff. The company says its SMART (Secure Mobile Architecture for Real-Time Transactions) security platform takes care of all that. The company's CEO Pat Carrol says the platform provides a layered architecture of voice and mobile network‐based security protocols and technologies, both visible and invisible, to protect mobile payment and M‐banking transactions alike. Their integrated platform uses proprietary technologies including out-of-band authentication and transaction verification, voice biometrics verification and what the company calls "proximity verification," which is able to detect whether a consumer's phone is in the vicinity of the origination point of a transaction, whether that is at an ATM, a POS device, your home, office, or other location, without compromising privacy.
This Canadian company boldly staked its claim as a "credit card killer" during its Finovate presentation. The company says it offers a new model where consumer loans are originated and serviced on behalf of institutional lenders. CommunityLend allows business to offer instant, POS financing to their customers from any device, with an approval process that takes less than 10 seconds. CEO Michael Garrity said CommunityLend is already online in Canada, and is targeting a mid-2013 launch in the U.S. and is actively seeking financial institution partners.
New York-based Payfone debuted its mobile payments solution, 1 Touch Checkout, which ties shoppers' mobile identities with payment instruments, and is designed to stem shopping cart abandonment in mobile commerce sales. According to Payfone, consumers who use the solution do not need to download or install anything on their phones, they register once through a mobile banking app and billing and shipping information is automatically linked to the mobile phone identity so purchases can be made.
[Related Coverage: Barclaycard US Joins Up With Google Wallet.]
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio