From the partnership between Best of Show winners MX and Dwolla that will enhance and automate account verification to the news of a strategic partnership between roboadvisor Bambu and Moven, collaborations between Finovate alums are filling the fintech headlines to start the week.
With MX and Dwolla, the partnership extends instant account verification coverage to 4,000+ institutions, making it easier for MX customers to connect securely to any deposit account. The integration also enables account verification through micro-deposits, which makes it possible for MX to offer verification for “nearly 100 percent” of deposit accounts in the U.S.
Enabling better access to micro-deposits by improving the verification experience is a key component of the integration. MX co-founder and CTO Brandon Dewitt underscored the importance of these deposits and the role they play in financial inclusion and serving the underbanked. “Micro-deposits have gotten a bad reputation in the industry, but the truth is for some of the population who bank with community credit unions or mid-sized institutions, it comes down to either using a micro-deposit or not having the ability to connect them to their accounts,” Dewitt said.
MX most recently demonstrated its technology on the Finovate stage two years ago at FinovateFall. The Lehi, Utah-based company won Best of Show for a live demo of its MX Enabled platform that helps financial institutions add to their offerings via connections with fintechs through MX’s API ecosystem. Earlier this month, MX launched a new suite of financial insights APIs and embeddable user interfaces to enable companies to pursue opportunities in open finance.
Dwolla won Best of Show in its Finovate debut in 2011 at FinovateSpring. The company announced just last week that it had raised $21 million in funding in a round led by Foundry Group that will help it continue to innovate in the B2B payments space.
“Partnering with MX will automate the verification experience and make it that much easier to verify a bank account,” Dwolla President and COO Dave Glaser said. “Together with Dwolla, MX has configured a new solution to ensure that millions of payments occur smoothly and easily each day. We couldn’t be more excited about this partnership and the impact it will have on millions of Americans.”
Giving average retail banking customers the kind of support typically available only to high net worth individuals is part of the motive behind the strategic partnership announced early this week between roboadvisor technology solution company Bambu and financial wellness technology platform Moven.
“Adding Bambu’s capabilities to Moven’s mobile-centric experience is well in-line with the needs of banks and fintechs to provide consumers with personalized, automatic investing to their product offerings,” Moven Chief Revenue Officer Bryan Clagett said. He noted that traditional banks still have a major impact and influence on their customers and, as such, they can and should do more – beyond banking – to enable their customers to better manage the entirety of their financial lives.
The new offering is designed to empower bank customers by allowing them to manage and plan their finances and investments more holistically. The goal is to provide customers with the equivalent of a digital CFO to help them better understand their spending patterns in order to increase savings and better manage their investments. This is a critical aspect of the new solution, which moves beyond simple robo-investing to give customers a more comprehensive view – and greater control – over their finances.
“We look forward to working closely with Moven as wealth and digital banking become more seamlessly connected,” Bambu co-founder and CEO Ned Phillips said. “Moven’s long history in digital banking and Bambu’s intelligent wealth APIs will provide a perfect platform for any financial institution focused on digital banking and wealth.”
Singapore-based Bambu made its most recent Finovate appearance last year at FinovateEurope in Berlin where the company demonstrated its BambuGo white label financial roboadvisor platform. Earlier this month, Bambu announced that it had acquired investment management technology company Tradesocio.
Making its Finovate debut more than eight years ago, Moven famously pivoted from a direct-to-consumer/neobank model to a focus on “smart banking and financial wellness” a little over a year ago. The company has teamed up since with fellow Finovate alums Q2 and Digital Onboarding, as well as with intelligent billpay company Blip Labs and digital asset manager NYDIG, to help them better engage their customers with actionable insights to enhance financial health.
Photo by Pineapple Supply Co. from Pexels
From the partnership between Better of Present winners MX and Dwolla that can improve and automate account verification to the information of a strategic partnership between roboadvisor Bambu and Moven, collaborations between Finovate alums are filling the fintech headlines to start out the week.
With MX and Dwolla, the partnership extends immediate account verification protection to 4,000+ establishments, making it simpler for MX clients to attach securely to any deposit account. The combination additionally allows account verification by way of micro-deposits, which makes it doable for MX to supply verification for “practically 100%” of deposit accounts within the U.S.
Enabling higher entry to micro-deposits by enhancing the verification expertise is a key part of the mixing. MX co-founder and CTO Brandon Dewitt underscored the significance of those deposits and the position they play in monetary inclusion and serving the underbanked. “Micro-deposits have gotten a nasty popularity within the trade, however the fact is for a few of the inhabitants who financial institution with group credit score unions or mid-sized establishments, it comes right down to both utilizing a micro-deposit or not being able to attach them to their accounts,” Dewitt stated.
MX most just lately demonstrated its expertise on the Finovate stage two years in the past at FinovateFall. The Lehi, Utah-based firm gained Better of Present for a reside demo of its MX Enabled platform that helps monetary establishments add to their choices by way of connections with fintechs by way of MX’s API ecosystem. Earlier this month, MX launched a brand new suite of economic insights APIs and embeddable person interfaces to allow firms to pursue alternatives in open finance.
Dwolla gained Better of Present in its Finovate debut in 2011 at FinovateSpring. The corporate introduced simply final week that it had raised $21 million in funding in a spherical led by Foundry Group that can assist it proceed to innovate within the B2B funds area.
“Partnering with MX will automate the verification expertise and make it that a lot simpler to confirm a checking account,” Dwolla President and COO Dave Glaser stated. “Along with Dwolla, MX has configured a brand new resolution to make sure that tens of millions of funds happen easily and simply every day. We couldn’t be extra enthusiastic about this partnership and the influence it’ll have on tens of millions of People.”
Giving common retail banking clients the form of help usually obtainable solely to excessive web price people is a part of the motive behind the strategic partnership introduced early this week between roboadvisor expertise resolution firm Bambu and monetary wellness expertise platform Moven.
“Including Bambu’s capabilities to Moven’s mobile-centric expertise is effectively in-line with the wants of banks and fintechs to supply customers with personalised, computerized investing to their product choices,” Moven Chief Income Officer Bryan Clagett stated. He famous that conventional banks nonetheless have a serious influence and affect on their clients and, as such, they’ll and may do extra – past banking – to allow their clients to raised handle the whole lot of their monetary lives.
The brand new providing is designed to empower financial institution clients by permitting them to handle and plan their funds and investments extra holistically. The objective is to supply clients with the equal of a digital CFO to assist them higher perceive their spending patterns to be able to improve financial savings and higher handle their investments. This can be a vital side of the brand new resolution, which strikes past easy robo-investing to present clients a extra complete view – and larger management – over their funds.
“We stay up for working intently with Moven as wealth and digital banking change into extra seamlessly linked,” Bambu co-founder and CEO Ned Phillips stated. “Moven’s lengthy historical past in digital banking and Bambu’s clever wealth APIs will present an ideal platform for any monetary establishment targeted on digital banking and wealth.”
Singapore-based Bambu made its most up-to-date Finovate look final yr at FinovateEurope in Berlin the place the corporate demonstrated its BambuGo white label monetary roboadvisor platform. Earlier this month, Bambu introduced that it had acquired funding administration expertise firm Tradesocio.
Making its Finovate debut greater than eight years in the past, Moven famously pivoted from a direct-to-consumer/neobank mannequin to a give attention to “sensible banking and monetary wellness” a bit of over a yr in the past. The corporate has teamed up since with fellow Finovate alums Q2 and Digital Onboarding, in addition to with clever billpay firm Blip Labs and digital asset supervisor NYDIG, to assist them higher interact their clients with actionable insights to reinforce monetary well being.
Picture by Pineapple Provide Co. from Pexels