Payments Views

Bryan Derman

FinovateFall 2011: Day Two / Session 2 of 4

Glenbrook’s Bryan Derman is live blogging from Finovate in New York City. This is only one of a series of posts featuring Bryan’s impressions as over sixty payments technology companies perform 7 minute demos (no PowerPoint slides allowed!) over two days. The index for Bryan’s Payments Views coverage is here.

Cartera Commerce

  • Specialize in merchant funded rewards linked to cards (merged with Vesdia); now entering the local deals space in 13 MSAs
  • Support a merchant portal through which a merchant can create for a card-linked offer that will be pushed to Cartera’s partner banks (can also be white labeled by a bank to its local small business customers)
  • Offers can be placed into online banking statements for relevant prospects and are also listed in an offer portal branded by the bank and made available to all consumers
  • Redemption occurs automatically when the consumer uses the linked card. The consumer gets a confirming email (showing additional offers) and the rebate is deposited into the consumer’s account
  • Merchants get monthly reporting on usage to show the effectiveness of the campaigns

FamZoo.com

  • Financial education site targeted at children that provides a “fake bank”
  • Site allows parents to track both kids’ financial transactions and other behaviors/chores that might affect their finances (e.g., made bed, emptied dishwasher)
  • The partner edition of FamZoo can be co-branded and delivered by a bank in order to help educate children on financial matters.  The bank can also deliver targeted advertising (e.g., teen debit card)

oFlows

  • Historically focused on paperless account opening/application technology
  • Now turning to tablet apps for a broader range of functions (e.g., site reviews for construction loan disbursements)
  • Files can include not just paperless forms, but also pictures of other forms, photos of a project, etc.
  • Also working in credit, collections, customer service and other areas beyond account origination

InComm & CorFire

  • Demoing a mobile app for gifting value and driving merchant loyalty
  • Consumer can take a merchant offer and gift it to a friend who will be prompted to download the merchant’s app (which contains the offer in the form of a virtual merchant gift card, which can be personalized with photos)
  • InComm has deep integration to the merchant POS, so the offer value will be deducted from the sale price before the customer pays

planwise

  • Deploying a very simple and uncluttered site where consumers can analyze their plans for major purchases and life events (e.g., buying a home, having kids, etc.)
  • Site utilizes real-time active graphics that are created as the user enters data
  • Planwise asks the user to select from a range of potential events that may occur in the near term or longer term
  • The site contains drill downs that use the user’s own data to illustrate concepts (e.g., How much equity do I have in my home?)
  • Planwise layers together different plans or events to show how they will affect the consumer’s overall financial position
  • Also facilitates limited, secure sharing of plan data

Jingit

  • Payment platform that facilitates money exchange for various kinds of customer engagements
  • Payments are made (e.g., from an advertiser to a consumer) via an online Jingit account or onto a Visa prepaid card
  • Jingit facilitates targeting of the merchant offers
  • Jingit also instantly converts offer-based payments into cash value for the Jingit consumer

Lighter Capital

  • “Entrepreneurs funding entrepreneurs”
  • Attempting to bring the typical coffee house meeting between startups and financiers and bring it online
  • The site tracks the entrepreneur’s progress against Lighter Capital’s pre-determined funding criteria.  Some of the criteria are financial, but also include the quality of the team and their reputations on social networks (in effect, online reference checking)
  • Also look at activity on social networks; ultimately a human makes the funding decision

MasterCard

  • InControl feature allows cardholders to control spending on their cards (when, where, how much, etc.)
  • Small business can go online at their card issuer and configure individual spending controls for cards held by several employees
  • Can also generate virtual cards for very limited purposes and the security of not sharing a card number tied directly to an ongoing account
  • Configuration and management can also be done on the mobile channel

BankSimple

  • Crafts a banking user experience designed for speed by overlaying technology on the products of several bank partners
  • Online site produces a future-focused view of the consumer’s balance, accounting for pending transactions and future commitments
  • They believe many banking questions go unanswered resulting in confusion about money
  • BankSimple works on cleaning and categorization so that customers can do natura language searches in order to track their activity
  • Provides “goal” functionality to facilitate savings and find appropriate account vehicles
  • Designed mobile app before designing online experience