CORE BANKING, DIGITAL BANKING
PRnewswire | May 30, 2023
Jack Henry™ (Nasdaq: JKHY) announced it continues to replace inbound screen scraping on its Banno Digital Banking Platform with API connections to all five major data exchange platforms, Finicity, Akoya, Plaid, Envestnet | Yodlee, and Intuit, giving accountholders more control of their financial data and protecting financial institutions from a wide range of fraud and security risks that arise from passwords shared with third parties. Screen scraping, while a common practice throughout the industry, presents multiple challenges in both security and customer experience; Jack Henry is on track to eliminate all inbound screen scraping on its Banno Digital Banking Platform by the end of summer this year.
Screen scraping is an automated process that uses bots, web crawlers, and other proprietary tools to log into websites on behalf of accountholders using their passwords and credentials. In addition to being a slow and unreliable means of data extraction, screen scraping makes it difficult for financial institutions to distinguish legitimate login attempts from fraudulent ones, leaving systems vulnerable to credential-stuffing attacks and other cyber threats that continue to plague the industry at large.
Replacing inbound screen scraping for the more than 700 banks and credit unions on Jack Henry's Banno Digital Banking Platform inaugurates a new and more secure era of financial data exchange. Unlike the indiscriminate data extraction performed by screen scraping, open-API aggregation allows accountholders to specify, minimize, and fully control their data and how it's shared with third-party providers—including the ability to grant or revoke data permissions within their bank or credit union's digital banking experience.
"This is an important milestone for the industry, and I am in full support of modernizing the exchange of financial data with Jack Henry's direct APIs to the five major data exchanges," said Phil Suckow, vice president of innovation at $1.9 billion IncredibleBank. "Ending screen scraping for the more than 9 million end-users on Jack Henry's Banno Digital Banking Platform will reset consumer expectations, create a new data security standard, and empower community and regional financial institutions to strengthen and differentiate their service on security and reliability. Leveraging the new API connections to the data exchanges through Jack Henry enables us to continue to be at the forefront in providing open financial data access to our customers."
Ted Anastasi, growth team lead at Akoya, added, "The collective goal here is to make financial data access easy and secure so that consumers feel confident using fintech applications. Using APIs as a means of data transfer is a model the industry can use to create more reliable and more secure data sharing. This is a big win for both consumers and open finance."
"Screen scraping is an outdated, broken process," said Ben Metz, chief digital and technology officer at Jack Henry. "Sharing passwords is both problematic and prevalent, and this is why the CFPB is scrutinizing screen scraping and proposing new open banking rules later this year. Changing consumer behaviors and expectations is best done at scale. Requiring the use of API-driven, consumer-permissioned data access across our platform will make it easier to recognize and neutralize malicious activity and enable banks and credit unions to minimize fraud and improve their accountholders' financial health and security. It's the right thing to do."
Jack Henry is working with the banks and credit unions on its Banno Digital Banking Platform to make a smooth transition from screen scraping to secure, API-based financial data exchange. Visit jackhenry.dev to learn how to integrate solutions with Jack Henry's digital banking platform.
About Akoya
The Akoya Data Access Network is simplifying data access for open finance. Through a single integration with Akoya, financial institutions, fintechs, and data aggregators can enable multiple API connections and avoid continued maintenance and development efforts. Akoya handles all data-sharing relationships on behalf of network participants and removes the myriad of internal and external costs required to develop and manage multiple third-party agreements. Akoya optimizes for security, transparency, and scalability, and offers a passthrough model that does not copy, store, or hold any financial data or personal information. The network is an interoperable solution available to the entire financial services industry. The independent company is co-owned by 12 of the largest North American financial institutions. To learn more, please visit www.akoya.com.
About IncredibleBank℠
IncredibleBank, headquartered in Wausau, Wisconsin, was awarded as one of America's Most Innovative Banks by the Independent Community Bankers of America in 2019. With deposit and lending customers in all 50 states, plus their status as one of the nation's top motorcoach and SBA lenders, they are America's First Online National Community Bank (and who doesn't love the idea of a national community?). They are dedicated to their promise of an Incredible Customer ExperienceTM with every interaction. Learn more about IncredibleBank at www.incrediblebank.com.
About Jack Henry & Associates, Inc.®
Jack HenryTM (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
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CORE BANKING, DIGITAL BANKING
Businesswire | May 31, 2023
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, announced today that Fortis Private Bank (“Fortis”) has selected Q2 PrecisionLender™, Q2’s relationship pricing and profitability solution for commercial lending institutions, to strengthen its client relationships and increase deal profitability.
Based in Denver, Colorado, Fortis is a $1.4 billion commercial bank focused on delivering an exceptional client experience and service to small and medium-sized businesses (SMB).
“Q2 PrecisionLender has established a reputation in the industry as having the best relationship pricing application in the market today, and we expect the solution to help Fortis significantly grow our market share by delivering superior service to small-to-medium-sized businesses,” said Co-Founder and Chief Executive Officer Chris Luce. “I’m confident that Q2 PrecisionLender will be a winner for our clients, especially since our Chief Financial Officer Mark Olson implemented the solution at a number of financial institutions and has seen firsthand how powerful it is in empowering relationship managers to offer the most competitive pricing for clients.”
Q2 PrecisionLender is used by some of the largest banks in the U.S. and financial institutions of all sizes. Its intelligent virtual analyst, Andi®, augments bankers’ strengths with the latest technology and data, delivering recommendations on different structures and tactics, while the deal is being priced and negotiated. The solution empowers client relationship managers with actionable, real-time insights and coaching to structure, price and negotiate stronger, more profitable deals.
“Q2 is excited to partner with Fortis Private Bank to help their client team grow relationships and increase profitability,” said Dallas Wells, SVP of Product Management, Q2. “We look forward to working alongside the Fortis team as they modernize their approach to relationship pricing with Q2 PrecisionLender to achieve a more profitable commercial portfolio.”
Q2 PrecisionLender is a part of Q2 Catalyst, a suite of best-in-class commercial banking solutions, and supports Q2’s strategic approach to innovation.
About Q2 Holdings, Inc.
Q2 is a leading provider of digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide comprehensive, secure, data-driven digital client engagement solutions – from consumers to small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and Twitter to stay up-to-date.
About Fortis Private Bank
Fortis is a high-growth $1.4 billion commercial bank serving small- to medium-sized businesses in Colorado and Utah. Its clients have direct access to bankers and decision-makers, who work with clients to understand their specific needs and offer customized financial solutions. More information about Fortis is available at www.fortispb.com.
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CORE BANKING, FINTECH
PRnewswire | May 30, 2023
Accel-backed finbots.ai, a Singapore headquartered B2B SaaS FinTech today announced signing Sathapana Bank—Cambodia's leading commercial bank—as their latest client. With this, finbots.ai's fast growing client case has extended to 9 countries across APAC and MEA markets.
Sathapana Bank is one of the leading commercial banks in Cambodia with the second largest branch network in the country of over 170 branches across Cambodia. Sathapana Bank offers a wide range of banking and financial services for consumers, businesses, and SMEs.
With this move, Sathapana Bank will be one of the pioneer banks in Cambodia to migrate their credit risk management to an advanced AI-led solution. The pivot to finbots.ai is part of the Bank's strategic investments in digital and business transformation.
With finbots.ai's AI- led credit modelling platform credit, Sathapana Bank will be able to better assess credit worthiness of applicants for personal, home, agriculture, and SME loans, thereby accelerating business growth without increasing risk. Additionally, the bank will be able to build high accuracy Behaviour Scorecards on demand, to manage their portfolios in real-time, allowing them to proactively reward good customers and take mitigating action for risky customers. This will result in lower credit risks, higher approval rates and greater operational efficiency for the Bank's retail and SME business.
Sathapana Bank selected finbots.ai basis an extensive evaluation on the accuracy, time to value and stability of scorecards generated by their AI-led platform, creditX. This included a Proof-of-Concept where the Bank's team built custom scorecards using their own historical data, as well as conducted independent 'out of time' validations of the scorecards.
"As a leading commercial bank, we recognise the value of partnering with innovative companies providing next-generation technologies to provide better credit access to our clients. finbots.ai's solution creditX is a transformative solution that will help us strengthen our credit risk management and enhance our operational efficiency and agility. This is in line with our goal to provide innovative banking solutions to our clients in Cambodia," said Mr. Fung Kai Jin, CEO of Sathapana Bank.
Sanjay Uppal, Founder and CEO of finbots.ai said, "We are proud to make our foray into an exciting market like Cambodia with Sathapana Bank. I am confident that our transformative AI platform will open new opportunities for the Bank across their full credit lifecycle and enable them to profitably grow their lending business with adequate guardrails. We are seeing creditX become a preferred option across markets for Retail and SME banks as well as FinTechs, and this deal is a further reinforcement of our platform's capability to rewrite the credit decisioning playbook for lenders."
finbots.ai has recently successfully completed A.I. Verify pilot, the world's first AI governance testing framework and toolkit developed by Singapore Government's IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission). This validated the performance of creditX solution on principles of fair, explainable and trustworthy AI, in an objective and verifiable manner.
About finbots.ai
finbots.ai is an Accel Portfolio FinTech company with a mission to help lenders drive profitable lending and financial inclusion with creditX, our AI-powered platform to rapidly build high accuracy risk scorecards.
creditX is used by lenders across 4 regions, specifically Africa, Middle East, APAC and Australia, and by the full spectrum of lending companies, including digital banks, SME lenders, consumer lenders and Credit Bureaus.
finbots.ai has been recognised among 'Top 10 FinTechs in Singapore' at the Monetary Authority of Singapore (MAS) FinTech Awards 2022. The FinTech is also part of PwC's Partner Programme and a Featured Partner for Tata Consultancy Services.
finbots.ai and creditX are ISO ISO27001 certified and have completed AI Verify, the world's first AI Governance testing framework and toolkit developed by Singapore Government's IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission).
finbots.ai is headquartered in Singapore and has offices in India (Hyderabad), the United Arab Emirates (Dubai), Indonesia (Jakarta) and Nairobi (Kenya).
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