#Provident Financial Services will be implementing the #Zelle P2P payment system “later this year,” according to CEO Chris Martin on the #bank’s 2Q18 earnings call yesterday. However, Provident Bank director of marketing Rob Capozzoli told Bank Innovation in June that it plans to roll out Zelle in August. Capozzoli did not provide a specific date for the August […]
Bank Innovation
EXCLUSIVE – #Bank of #America is all set to #launch its AI powered bot #Erica #this #month, Michelle Moore, head of digital banking at BofA told Bank Innovation. “Our focus with innovation has been on, how can we make the lives of our customers easier?” Moore said. “With Erica, customers can use their voice or …Read More
Bank Innovation
EXCLUSIVE— #Fintech is continuing to grow, as more #startups across payments, insurance, #blockchain, and other areas carve out niches for themselves in the financial ecosystem. And with more funding and more innovations come more players. Here are #three that Bank Innovation will be keeping a #watch on #next #month: Chip At this point, the United […]
Bank Innovation
Life as a non-prime millennial consumer means more debt and less financial confidence, with the majority of these consumers living paycheck to paycheck. Nearly 60% (58%) of non-prime millennials live from one paycheck to the next, according to the Millennials’ Day-to-day Finances: The Non-Prime Experience released today by Elevate’s Center for the New Middle Class. […]
Bank Innovation
Citi #Fintech kicked off its one-year anniversary this November through the #launch of its #Global API #Developer Hub, a platform that has developed 49 #APIs across eight usage categories #after just one #month of availability. “This was our foray into an open-innovation approach, which is something we’re seeing a lotRead More
Bank Innovation
#CreditGate24 is an online peer-to-peer #lending #platform that connects borrowers with investors. Borrowers benefit from a quick and easy credit application, greater flexibility, lower interest rate, and a simpler and more straightforward credit check process than with traditional financial institutions.
It took the company over a year to develop the platform which launched in March 2015. CreditGate24 Schweiz AG, based in Ruschlikon/Zurich, specializes in the personal loans and the SME financing segments. The company runs a highly automated platform connecting borrowers with private and institutional investors, offering an efficient and scalable settlement of loans. CreditGate24 operates strictly online, which allows the company to minimize the costs for users.
CreditGate24 seeks to distinguish itself by consistent ratings and interest rates, a strict credit check based on classic credit assessment methods, Big Data analysis, the insurance and the solidarity agreement. Furthermore, the anonymity of borrowers and lenders are guaranteed.
It utilizes risk-pooling by way for a solidarity agreement, which allows each individual investor to be minimally affected by a loan default and get the expected return to be secured. Furthermore, in the case of death, the residual debt balance (up to CHF 100,000) is insured by Generali for all rating categories.
In an email statement CreditGate24 claimed that they financed 100 credit-project in the first year and in total 310 until end of November (within 20 months) with zero loss.
Most anyone can invest money over the platform (investors with certain countries of residence are excluded for juridical reasons, e.g. USA). However, they have a strong focus on investors domiciled in Switzerland and Liechtenstein. Investors need to be at least 18 years old and have a valid Swiss bank account. CreditGate24 operates under the Swiss Money Laundering Law. A minimum investment of CHF 500 per loan project is required.
The company earns money by charging borrowers an annual fee of 0.6% – 0.8% per annum of the loan amount which is deducted from the pay out amount. Investors pay a fee of 1% on every monthly installment paid back by the borrower.
CreditGate24 is an official partner of Hypothekarbank Lenzburg, providing the bank with its platform for clients who wish to apply for personal loans. The partnership was established “in the best interest of customers,” who can directly benefit from low interest rates and flexible solutions. This partnership is the first official partnership with a bank in Switzerland
“The credit underwriting process of CreditGate24 meets current industry standard in the lending business,” said Marianne Wildi, CEO of Hypothekarbank Lenzburg. “We therefore recommend CreditGate24 to our customers – both for borrowers and for lenders.”
CreditGate24 is regulated by the Financial Services Standards Association (VQF), and is a member of the ZEK (Verein zur Führung einer Zentralstelle für Kreditinformationen) and the IKO (Verein zur Führung einer Informationsstelle für Konsumkredit).
CreditGate24 is one of the peer-to-peer lending platforms that emerged in Switzerland in recent years alongside Cashare, creditworld, Lend, splendit and swisspeers.
In 2015, CHF 27.3 million was raised for 1,342 campaigns in Switzerland, according to the Institute of Financial Services Zug IFZ.
Peer-to-peer lending saw the highest growth from 2014 to 2015, reaching CHF 7.9 million – a +127% rise.
According to the annual Crowdfunding Monitoring Switzerland report, 2016 is expected to see at least a doubling of sums raised in the Swiss crowdfunding market, driven, in particular, by lending to SMEs and real estate crowdfunding.
Real estate crowdfunding platforms that are based in Switzerland include Stoneclub and Crowdhouse.ch.
The post Fintech Startup Of The Month: P2P Lending Platform CreditGate24 appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
3.8 million same-day ACH transactions took place #last #month for a grand total of $ 4.98 #billion transacted, according to data released today by NACHA—the National Automated Clearing House Association, otherwise known as the governing body behind the ACH Network. These numbers are the result of the first month in whichRead More
Bank Innovation
Founded in 2013, #Contovista is a Zurich-based #company providing #banks with #personal financial management solutions that leverage big data, business intelligence and data visualization. (Finanzprodukt.ch was one of the first page who reported about this company in April 2013)
Contovista‘s portfolio includes a complete Personal #Finance Management (PFM) solution, a Finance Management solution for SMEs as well as Portfolio Analytics solution.
Its PFM solution uses advanced account statement visualizations that make it easy for online #banking customers to understand the dynamics of the account. Transactions are aggregated by category, tag or any other available dimension, enabling customers to analyze their spending habits easily and in real-time.
The company’s Analytics Engine translates unstructured financial data into structured data enriched with meta-information. This data forms the basis for the company&8217;s products in PFM, Business Analytics and marketing, and can further be leveraged to build custom applications.
Contovista&8217;s #software adds semantics to account statements by automatically categorizing transactions which can be enriched with custom tags, comments or documents.
Contovista Banking Experience from Contovista on Vimeo.
Contovista&8217;s solutions have already been integrated into Zürcher Kantonalbank. More integrations are expected to take place this year, according to a press release.
In March, Contovista raised funding from the Aduno Group, a Swiss specialist in cashless payments, which now holds a 14% participation in the #startup. The new capital was aimed at helping Contovista accelerate its growth and promote the company on the national and international levels.
For the Aduno Group, the deal enabled the firm to offer a full-featured PFM and innovative data analytics solutions to its customers and partner banks.
“Digitization affects all business segments and is gaining importance in the financial sector. This requires strong partnerships with #fintech companies such as Contovista,” said Martin Huldi, CEO of the Aduno Group.
&8220;Our customers want individual solutions that are user-friendly. With the personal financial assistant we can meet their requirements and enable our customers an attractive 360° view of their financial transactions. We are delighted about this strategic partnership and we are able to offer our partner banks a service which allows to benefit quickly and cost-effectively from these new technologies.&8221;
Qontis is another Swiss online PFM platform provider. The solution offers an overview of users&8217; personal finance details and includes a number of features including budgeting tools that can analyze a user&8217;s transaction history, cost optimization suggestions and capital accumulation support.
In August 2015, Qontis announced a partnership with St. Galler Kantonalbank to integrate the startup&8217;s PFM tool into the bank&8217;s e-banking platform. Qontis&8217;s PFM solution is based on Meniga&8216;s software, which has been providing over 20 banks with more than 35 million customers its PFM platform since 2009.
Meniga is the European market leader of white-label PFM and next-generation online banking solutions. Last year, the company signed a global contract to deploy its PFM solution across Santander Group markets.
Featured image by Pressmaster, via Shutterstock.com.
The post Startup Of The Month: Contovista, A Personal Finance Banking Software Company appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
#Bitcoin and #blockchain #technology has gotten a major boost in Switzerland as Richard Olsen, the co-founder of OANDA and a former CEO of the North American FX Brokerage, is looking to harness the power of the technology to disrupt digital currencies and assets #trading.
Lykke, Olsen’s latest venture, has just released a mobile app for Android devices, which follows its iOS counterpart released in June. The #Lykke Wallet lets users trade digital currencies and assets, and come with a number of innovative features including instant settlement, direct ownership and zero commission.
Through the app, users can track asset prices in real time, check their balances, transaction history and blockchain details for all transactions, move assets to any bitcoin wallet, deposit and withdraw bitcoins via QR codes with no fees.
“Lykke Wallet, currently in beta, aims to prove the concepts and the technology behind the new global marketplace,” Olsen said in a media release.
Signing up to Lykke is quite simple: you can use your smartphone camera to take pictures of yourself and your identification documents.
Founded in Zurich in 2015, Lykke aims at cutting out intermediaries in financial markets by allowing participants to transact in a peer-to-peer manner.
It uses a technology called ‘colored coins;&8217; tokens that represent assets. &8220;If a colored coin is hacked, the issuer can cancel the colored coin and issue a new colored coin,&8221; explained Olsen in a recent interview with Finance Magnates.
Another interesting feature is the #platform&8217;s use of multisignature (multisig) wallets, which require two signatures (one from Lykke, one from the client) to spend funds from a particular wallet.
The Lykke Exchange itself doesn&8217;t take custody of client funds but also holds one of the two needed private keys. If, for some reason, the Lykke Exchange goes down, there is a &8220;refund mechanism&8221; for the private key held by the company.
&8220;We have solved the cyber security issue that plagues bitcoin exchanges and offer restitution, which is more efficient than a depositor insurance scheme in #banks that is limited to specified amount of money,&8221; Olsen said.
Lykke is building a global marketplace where users would be able to trade all classes of financial instruments issued in the form of colored coins in order to enable direct ownership and immediate settlement on the blockchain.
In May 2016, Lykke closed a second seed funding round, welcoming new investors Marco Brockhaus and Carlo Koelzer, founding partner of 360T&8217;s Group Executive Board and member of Deutsche Börse Group Management Committee.
That same #month, the company announced the addition of Nick Szabo, a Bitcoin pioneer, into its Advisory Board.
Lykke is currently on an Initial Coin Offering (ICO) which it plans to begin in September.
&8220;Blockchain is an opportunity for all businesses – literally all businesses can embrace the technology and seize the opportunities, such as issuance of new instruments, explosive growth of transaction volumes, new types of banking, investment management and insurance products – these markets have huge potential,&8221; Olsen said.
&8220;Companies that close their eyes to the new opportunities are at risk – they will be latecomers and will have to restructure, when revenues nosedive – a bad environment to embrace new business models.&8221;
The post Startup of the Month: Lykke, a Next-Gen Zero-Commission Trading Platform Powered by Blockchain appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
The founder and head of #Philips #Blockchain Lab, Arno Laeven, is #leaving the healthcare giant effective 1st August.
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