IBS Journal March 2016


Finovate 2016 round-up: biometrics, blockchain and deep web risk assessment


with a company’s know your client (KYC) workflow. “Google just scrapes the surface,” says


Oswald. DDIQ, he adds, scans through all the usual suspects when it comes to risk – records, news stories, name searches – but also goes deeper (quite literally) by accessing the deep web and areas that, he says, other assessment suites simply can’t. Around 30 banks are using DDIQ, Oswald tells IBS Journal.


Financial technology innovators descend- ed upon London’s Old Billingsgate Mar- ket during February to ply their trade and show how they plan to be a part of the ever-changing FinTech industry. The pres- entations flew thick and fast on day one, with each team given only seven minutes to show their product. A cowbell would ring if they ran out of time and it would not have been surprising if a cane had appeared to yank any draggers-on off the stage. IBS Journal scoured the booths to find some of the most interesting exhibi- tors to bring you what’s new...


Infosys Infosys held the fort for core banking sys- tems providers at Finovate, tucked into a corner of the networking lobby. The Indi- an vendor was showcasing its new Youth Banking module, part of its Finacle core banking system. It offers a digital banking experience for ‘Generation Z’ and children, and allows juniors to control their own vir- tual bank account. Users will have separate log-ins for children and their guardians, and the app will offer gamification and sav- ings tips.


Ledger Of all the presentations occurring at Fino-


8


vate Ledger’s seemed to garner the most attention. To be honest sometimes it seems you need to just say the word ‘blockchain’ and FinTech experts down tools and prick up their ears. Ledger offers a bitcoin wal- let in a hardware format. The startup offers what it calls the ‘Ledger Wallet Nano’ – essentially a Bitcoin wallet with an OS built onto a USB. When plugged into a computer it enables the user to access their Bitcoins and make transactions. The USB wallet helps to demystify the


virtual currency, according to CEO Eric Larchevêque, and can be run on almost any computer, smartphone or tablet. Operat- ing a Bitcoin wallet in any other way, says Larchevêque, often means that it’s just ‘a matter of time’ until there is a security breach. The Ledger Wallet houses the pri- vate keys needed in a secure location, he adds, and can help build consumer trust in the cryptocurrency.


OutsideIQ Canadian risk management firm Outsid- eIQ was showcasing its product DDIQ, launched in March 2015 after ‘years’ of research and development. DDIQ, says Joe Oswald, COO, uses cognitive computing to crawl a range of sources to assess risk dur- ing client onboarding and fully integrates


© IBS Intelligence 2016 www.ibsintelligence.com


Eyeverify Eyeverify is a startup that aims to allow users to log into their bank using a cap- tured image of their eyes. “It’s not an iris scan or a retina scan,” says Tinna Hung, director of marketing. Instead, she adds, it uses points of interest and feature extrac- tion to create a scrambled ‘eyeprint key’ that communicates between the host and the mobile app Eyeverify is hosted on. When asked by IBS Journal where the


data is hosted, Hung sayid that the applica- tion is entirely mobile-centric and that user data is not stored off-device. The system is live at nine banks in North America, and Eyeverify is looking at Europe. The startup has had trials at Vodafone Turkey, imple- menting the Eyeprint ID solution for the subsidiary’s mobile wallet, but no major deals are on the immediate horizon.


Voicepin.com Based in Krakow, Poland, Voicepin.com’s biometric-centric authorisation solution Voicepin is the first of its kind in the coun- try. The technology converts a person’s voice into a mathematical algorithm. The data is stored as an encrypted set of data, and allows a person to log onto a system securely without having to use a password or PIN code. Łukasz Dyląg, CEO and co-founder of


Voicepin.com, noted that the solution is going to launch as a software-as-a-service (SaaS) solution in April 2016. The Voicepin system is already being deployed at Colum- biaBank and INGBank, he added. Finovate Europe will return to Lon-


don in February 2017. Further info can be found at: http: //europe2016.finovate.com Alex Hamilton


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