AutoPass is the automotive industry’s only FCRA & GLBA-compliant fraud and early payment default risk solution that allows the automation of loan application decisions to increase loan capture rates by up to 40-50% while simultaneously reducing losses by 40-50%. It addresses the growing $8B auto loan fraud problem by revealing hidden risks in loan applications, empowering credit unions to reduce losses, and automating loan approvals. By leveraging data from more than 230 million auto loan applications, AutoPass can help credit unions reduce losses by up to 50% while also decreasing friction for their lowest-risk members by waiving unnecessary stipulations and manual reviews. Lenders can choose between the FCRA-compliant version of AutoPass, allowing it to be embedded in automated credit decisions, or the GLBA version to manage loan stipulations, depending on their specific needs.

As part of this exciting new offering, Sync1 Systems customers are eligible for a 30-day free AutoPass trial and a 20% discount on the first year’s licensing fees for those who sign up by December 31, 2024.

“Credit unions are constantly searching for effective ways to combat fraud without sacrificing member experience,” said Tim Grace, CEO of Point Predictive. “By integrating AutoPass into Sync1 Systems’ platform, we’re offering a comprehensive fraud solution that fits seamlessly into their decision systems and operations, helping credit unions both protect their assets and streamline their lending processes.”

Key Features of AutoPass + Sync1 Systems Integration

• Leverages insights from over 230 million auto loan applications to detect hidden fraud risks
• Reduces credit union fraud losses by up to 50%
• Decreases friction for low-risk members by enabling auto approvals while eliminating unnecessary stipulations and manual reviews
• Available with a 30-day free trial and a 20% discount for new users who sign up before the end of 2024

“The partnership reflects our ongoing mission to provide our credit union clients with the most advanced, reliable tools for fraud detection and risk management,” said Steve Maloney, CEO of Sync1 Systems. “Announcing this collaboration at Lendtopia underscores its significance to our credit unions, and we are excited to showcase the integration’s potential to transform the way they approach fraud prevention.”

Attendees at Lendtopia are invited to visit the Point Predictive booth to learn more about the AutoPass integration and to participate in live demonstrations.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Point Predictive and Sync1 Systems Partner at Lendtopia 2024 first appeared on FinTecBuzz.

Zero Friction, Double the Coverage, A Fraction of The Price

IEValidate offers lenders a frictionless and reliable way to validate an applicant’s income, occupation, and employment through an API using as little as one field of information about the borrower – the Social Security number.     IEValidate provides a comprehensive validated income and employment report for each matched borrower in less than 500 milliseconds. Lenders can use this report instead of paystubs and as an alternative to costly database checks.

This innovative solution, already used by top lenders, solves most of the critical pain points lenders grapple with when verifying a borrower’s income and employment: the low hit rates of existing methods, the high cost of database checks, and the enormous friction placed on borrowers by requests for paystubs or bank statements.

• A Fraction of The Price: IEValidate is a cost-effective alternative to expensive HR database lookups. By utilizing IEValidate at the top of the verification cascade, lenders can reduce their verification expenses by 60% to 90%.
• Double The Coverage – With over 260 million historical income reports, IEValidate has proven to provide validated income and employment on up to 80% of lenders’ submissions. These high hit rates allow companies to double their coverage over existing verification solutions.
• Zero Friction: IEValidate enables lenders to eliminate the need for paystubs in many cases, dramatically reducing friction in the loan application process and increasing loan conversion rates by 50% or more. Lenders can create a smoother experience for borrowers, resulting in higher customer satisfaction and improved portfolio profitability.

“IEValidate represents a transformation in the way companies will verify income and employment for borrowers,” says Tim Grace, CEO of Point Predictive.

“Paystubs are an outdated approach to verifying a borrower’s income because they put too much friction in the lending process, and forgeries are commonplace. Bank statement requests are met with significant consumer resistance and even then can only be used to estimate income using standard, error-prone formulas. Existing employer-contributed database checks, while frictionless, have fraudulent employers contributing data, are often out of date, and are expensive to use in an automated way on all applications. With our solution, companies can eliminate or replace those methods with a simple, frictionless, validated income and employment report for up to 80% of their borrowers — provided in less than a second and at a fraction of the cost of their current solutions.”

Unparalleled Insights from The Industry’s Most Comprehensive Data

IEValidate leverages Point Predictive’s proprietary risk data repository, which includes real incomes, employers, and occupations, covering more than 260 million income reports, 22 million unique employers, and more than 68 billion risk data points. This unique data enables IEValidate to provide unparalleled validation of a borrower’s current and historical income, occupation, and employment.

The solution is designed to work across any sector that requires income and employment verification, including credit cards, rental applications, consumer lending, auto lending, mortgage lending, and account origination.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Point Predictive announced the launch of IEValidate™ first appeared on FinTecBuzz.

According to Becki LaPorte, a Fraud & AML Strategic Advisor at Datos Insights, “DataVisor’s end-to-end platform offers an innovative approach in the battle against fraud and financial crimes. By leveraging AI and machine learning, it delivers real-time detection and monitoring across both fraud and AML domains. This integrated-platform solution addresses the industry’s increasing demand for more effective and efficient financial crime prevention strategies, adeptly managing the complexities of modern transactions and adapting to the evolving tactics of financial criminals.”

In its recently published report, Datos Insights recognizes several key features and notable client benefits shared by DataVisor in its submission. These position DataVisor’s platform as a standout in both the Joint AML and Fraud Transaction Monitoring Innovation category and the Best Transaction Fraud Monitoring and Decisioning category:

• Reduced Fraud Losses and False Positives: Clients report 60% less fraud loss, 5x early detection, and 50% higher approval rates; 50% fewer false positives in AML, 60% reduction in repeated sanction alerts.
• Increased Efficiencies: Client benefits include doubled AML investigator efficiency, 60% less manual work in CTR/SAR filing, and 80% reduction in manual case creation.
• Real-time Data Orchestration and Decisioning: Facilitates seamless, real-time transaction monitoring for early detection and prevention of fraud and money laundering.
• Comprehensive Functions and Coverage: Offers end-to-end fraud and compliance solutions, including all AML workflows and comprehensive fraud use cases.
• Patented Unsupervised Machine Learning Technology: Leverages unsupervised machine learning to detect emerging fraud and financial crimes without prior labels.
• Generative AI Integration: Boosts auto-rule tuning, feature script generation, and rule descriptions, improving detection effectiveness and lowering false positives.
• Extensive Platform Ecosystem: Integrates seamlessly with key signal vendors and customer communication solutions, expanding the scope of fraud and AML protection without additional integration efforts.

“With an increase in real-time transactions and more stringent AML regulations, the need for advanced and integrated technology to address both fraud prevention and AML compliance has never been more urgent,” said Yinglian Xie, CEO and Co-Founder at DataVisor. “We’re honored to be recognized as a leading platform in these prestigious industry awards. Our holistic platform dismantles silos, providing a seamless, unified view of customer activity that not only bolsters fraud detection but also ensures comprehensive AML compliance. With cutting-edge AI and machine learning at its core, our platform empowers financial institutions to stay ahead of financial crime by significantly reducing false positives and costs through greater operational efficiency. It also enables expert navigation of the increasingly intricate regulatory landscape with unparalleled agility and precision.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post DataVisor Wins Trio in Datos Insights’ 2024 Fraud & AML Impact Awards first appeared on FinTecBuzz.

John O’Connell, founder and CEO of The Oasis Group

John O’Connell is founder and CEO of The Oasis Group, a leading consultancy for the wealth management industry that specializes in helping wealth management and technology firms solve their most complex challenges. The Oasis Group offers award-winning consulting services, industry-leading research, and compelling on-demand training for wealth management firms and the service providers who serve the wealth management industry. The firm’s newest online training courses serve as a leading source of education for financial professionals at all levels in their careers. With modules ranging from cybersecurity to custodian markets and more, The Oasis Group enables firms and enterprises to upskill, learn at their own pace, and rewatch lessons to reinforce specific learning objectives.

The post How Artificial Intelligence Will Revolutionize the Wealth Management Industry first appeared on FinTecBuzz.

Focus attendees gain insights into LPL’s strategic roadmap aimed at helping financial professionals and institutions deliver great advice and run thriving businesses. The agenda is packed with more than 200 breakout sessions on topics ranging from artificial intelligence, alternative investments and behavioral finance to estate planning, succession planning and client segmentation for personalized marketing. An expansive conference expo offers practical demonstrations of cutting-edge technology and resources provided by LPL Financial Home Office teams and over 130 sponsoring partners.

“We are thrilled to gather in San Diego for the largest Focus event in LPL history. We define our success through the success of more than 23,000 financial advisors, including advisors at more than 1,000 institutions,” said Dan Arnold, president and chief executive officer, LPL Financial. “We are investing back into our winning model to create unprecedented flexibility in how advisors affiliate with LPL, build unparalleled capabilities that empower advisors to provide great advice to their clients and run thriving businesses, and to develop a portfolio of capital solutions that will help advisors traverse the lifecycle of their businesses. By harmonizing these crucial elements, we are creating the best place in the market for advisors and institutions to achieve success.”

With total advisory and brokerage assets increasing 21% year-over-year to $1.5 trillion in Q2 2024, LPL continues to differentiate itself through strong growth, innovation and a full suite of affiliation models that offers personalized solutions for financial professionals. During Focus 2024, the company continues to build on its momentum.

New Visual Identity Reflects LPL’s Evolution as a Leader in Wealth Management
LPL revealed here this week an update to the brand’s visual identity. Featured prominently at the conference and on LPL’s digital channels, including LPL.com, the new identity is designed with a modern look and approachable style that reflects the breadth of LPL’s client-focused services and wealth management solutions that serve advisors, institutions and their end-clients.

Engaging Keynotes Take the Stage to Inspire and Entertain
In addition to LPL’s mainstage updates, attendees will hear from eight-time Olympic medalist Apolo Ohno, whose journey of reinvention and mission-driven approach to life is sure to inspire advisors’ business goals and individual endeavors. Jon Dorenbos, former NFL Super Bowl champion and two-time Pro Bowler, will share his story of adversity and the importance of discipline, teamwork and perseverance — while demonstrating his skills as a world-class magician. Attendees will wrap up their memorable Focus experience with a private concert at the stunning Rady Shell, a waterfront venue overlooking the San Diego Bay.

“Focus brings together a community grounded in one thing — bringing the American Dream to life. That’s a community of importance,” said Matt Enyedi, managing director of client success, LPL Financial. “At this remarkable gathering, we get the opportunity to elevate financial professionals and advance an entire industry by sharing insights and experiences that are then infused in the work we all do to take care of clients every day.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post LPL Financial Kicks Off Focus 2024 first appeared on FinTecBuzz.

The new office, at 141 Adelaide Street W, is situated in the center of Toronto’s financial district, giving even closer proximity to clients and partners, and enhancing the firm’s ability to deliver innovative solutions to its clients across the global capital markets.

With over a decade of experience in foreign exchange technologies and E-trading platforms, Robert Strawbridge, VP Head of Canada, has been instrumental in driving Options’ success in the region. His deep knowledge of the industry and vision have helped establish the business as a key player in Toronto’s vibrant financial technology landscape.

Robert Strawbridge, VP Head of Canada, commented, “We are thrilled to announce the major expansion of our Toronto office, a testament to the incredible dedication and talent of our team here. Our Toronto staff, along with those who contribute from other locations, are truly exceptional, embodying the spirit of innovation and excellence that drives our success in the Canadian market. This expansion not only strengthens our presence but also underscores our commitment to investing in our people and the vibrant community of Toronto.”

Invest Ontario’s Interim CEO and VP, Strategies & Business Solutions, Michael Fedchyshyn, commented, “Options’ rapid growth and evolution since opening their first Canadian headquarters in 2020 highlight the significant opportunities available here. Northern Irish-based businesses like Options are flourishing in Ontario, thanks to the competitive business environment and world-class talent the province offers. We extend our best wishes to Options for continued success and growth in their new office space.”

Today’s news comes as the latest in a series of exciting developments for Options, including its partnership with DiffusionData, its achievement as Digital Realty’s EMEA Partner of the Year and Equinix’s Tech Trailblazer awards.

Options Technology:

Options Technology (Options) is a financial technology company at the forefront of banking and trading infrastructure. We serve clients globally with offices in New York, London, Belfast, Cambridge, Chicago, Hong Kong, Tokyo, Singapore, Paris, and Auckland. At Options, our services are woven into the hottest trends in global technology, including high-performance Networking, Cloud, Security, and AI (Artificial Intelligence).

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Options Announces Expansion in Toronto, Bolstering Canadian Markets first appeared on FinTecBuzz.

The round was led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. The funds will be used to support product development to continue driving innovation and efficiency in the insurance industry and to further bolster customer success and sales functions.

“While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step,” said Stan Smith, CEO of Gradient AI. “Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”

“Gradient AI has an experienced executive team and products that produce demonstrable ROI for its customers which, together, have helped Gradient deliver strong financial results,” said Matt Alfieri, Partner at Centana Growth Partners. “The company is at an important inflection point, and we are excited to partner with Stan and his stellar team. In addition to growth capital, we look forward to providing our knowledge and industry connectivity to assist Gradient in product expansion and go-to-market activities that continue to benefit customers and extend their competitive advantage.”

According to McKinsey & Company, AI could deliver up to $1.1 trillion of annual value in the insurance industry. Gradient AI is uniquely positioned to be at the forefront of delivering solutions to unlock that value.

Gradient AI’s solutions stand out in the market by providing industry-leading AI and machine learning models which leverage a vast industry data lake, including tens of millions of policies and claims, as well as economic, health, and geographic information. As a result, insurers can better assess risks and increase operational efficiencies to improve profitability.

The new capital will be used to:

• Improve and develop new features and functionality for the existing product suite
• Launch new products to expand the range of solutions for P&C and Health insurers
• Invest in research and development to continue driving AI innovation in the insurance market to further extend the company’s technological leadership

This funding round marks another significant milestone for Gradient AI, which has consistently delivered strong performance and customer satisfaction since its inception. With this new investment, the company is well positioned to achieve its growth targets.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Gradient AI Secures $56 Million in Series C Funding first appeared on FinTecBuzz.

The partnership will provide Kompliant access to the Kount Payment Fraud solutions that use advanced Artificial Intelligence, equipped with supervised and unsupervised machine learning, to analyze data from an online purchase or transaction.

“Our partnership with Equifax arrives at a crucial time when businesses must stay ahead of increasingly sophisticated fraud tactics while navigating complex regulatory environments,” said Leo Patching, CEO of Kompliant. “By enhancing our powerful workflow automation tools with AI-driven fraud detection capabilities from the Equifax Kount Payment Fraud solutions, we’re providing financial institutions with a comprehensive solution that not only safeguards against fraud but also streamlines risk management processes, enhances operational efficiency, and supports data-driven decision-making.”

Growth in the eCommerce industry has presented many companies with new opportunities such as revenue growth and new customers, but it has also caused pain due to a steady rise in fraud. Kount Payment Fraud solutions provide merchants with a comprehensive view of transactions and uses machine learning to set rules and automate approve and decline decisions, lowering operational costs and driving scalability for their fraud operations teams.

“Our goal is to help manage clients’ exposure to risk and quickly and effectively reduce fraud, all while maintaining the customer experience,” said Scott Przybyla, SVP of Kount Payments Sales, Digital Solutions at Equifax. “Together with Kompliant, we’re empowering financial institutions to drive their organization’s growth without compromising their security.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Kompliant partners with the Digital Solutions team at Equifax first appeared on FinTecBuzz.

Over $200 billion is spent annually on AML compliance, a figure that is growing by 20% each year. Despite this investment, the magnitude of money laundering activities persists with estimates suggesting up to $2 trillion laundered annually. Traditional operational processes and detection methods have fallen short and are highly manual and inefficient, leaving financial institutions grappling with escalating compliance costs. Axle is leveraging the power of generative artificial intelligence to automate inefficient processes such as Enhanced Due Diligence. By doing so, Axle empowers organizations to scale their compliance efforts while reducing fraud, compliance risks, and operational costs, and increasing revenue.

“With this latest round of funding, we will further our mission of empowering financial institutions with cutting-edge AML solutions,” said Ioannis Giannaros, CEO and Co-founder of Axle Automation. “This investment not only validates the pressing need for innovation in AML compliance but also propels us closer to our vision of a world where humans work alongside AI agents to eliminate financial crime.”

Giannaros brings invaluable expertise to Axle, having served as the previous CEO and first Chief Compliance Officer of Wyre, a crypto-as-a-service company, which he founded in 2013. His firsthand experience navigating the compliance and AML landscape brings him invaluable experience in the category and positions Axle as a leader in the fight against financial crime.

“Axle’s innovative approach to automating compliance workflows aligns perfectly with our goal of leveraging transformative technologies to drive positive impact,” said Ken Nguyen, Partner at Diagram. “We’re excited to back Yanni as he builds Axle into the market leader for AI-powered compliance.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Axle Automation Raises $2.5M Led by Diagram Ventures first appeared on FinTecBuzz.

Investors seeking AI-sector specific cryptocurrency exposure can invest and trade via Upwealth’s proprietary portfolio management baskets.  The ASC AI 20 Index was launched in 2023 to track the price performance of the top tokens in the AI sector, using rules-based criteria designed to reflect the landscape of AI tokens. The index includes up to 20 tokens in the AI sector that meet the minimum criteria of market capitalization, daily trading volume, and quality of exchange venues. ASC AI 20 Index serves as a performance tracker for the crypto AI sector, and has returned 211% in the past 12 months, beating both the leading crypto and equity indices.

Upwealth has been dedicated to assisting both individuals and financial professionals in making intelligent investment choices since 2020. Its state-of-the-art technology utilizes advanced algorithmic techniques, expert advice, and a strong commitment to transparency and security to deliver personalized investment solutions that match investors’ unique requirements and risk tolerance.

Wes Levitt, CIO, Alpha Transform Holdings, said, “This is a big step forward for Alpha Sigma Index Products, as our flagship AI index is now available as an investable product for non-accredited investors for the first time on Upwealth. Much like our successful actively managed funds, the ASC AI 20 Index offers superior performance to both institutional and retail investors alike.”

Darren Moon, CEO, Upwealth, said “We strive to include the market’s top investment products on Upwealth, and innovative products like those created by Alpha Sigma Capital, a top-tier crypto hedge fund that realized 8 crypto unicorns in the last 4 years. The ASC AI 20 Index is at the forefront of crypto investing. By utilizing Upwealth’s best in class platform and execution services, the index is now attainable to all investors with a great user experience.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post ASC Artificial Intelligence 20 Index available on Upwealth.io first appeared on FinTecBuzz.