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Illuma Labs closes $9M Series-A to drive innovation and fight bank fraud

BusinessWire — Thu, 12 Sep 2024 17:30:27 +0000

Illuma Labs, a leader in voice authentication technology for banking contact centers, has secured $9 million in Series A funding led by LiveOak Ventures, with participation from Forefront Venture Partners, Curql Fund, UsNet, Capital Factory, Connexus, and TDECU. This investment will accelerate the development of Illuma’s voice verification solutions, addressing threats like fraud, voice cloning, and deep fakes and expanding its reach to more credit unions and banks nationwide.

Illuma founder and CEO, Milind Borkar, recognized the significance of the latest additions to the list of investors committed to the company’s growth. “While we are excited about the capital infusion to accelerate our development of fraud prevention and deep fake detection tools, we are equally excited about bringing in new partners to fuel Illuma’s continued commercial growth. LiveOak Ventures and Forefront Venture Partners bring invaluable operating expertise and industry connections to help Illuma scale to the next level. And we are deeply appreciative of the continued support from Curql Fund, UsNet, Capital Factory, Connexus, and TDECU.”

With a diverse career that stretches over 27 years, Jeremy Whittington, CTO, has excelled in roles ranging from developer and architect to journalist, advisor, and serial entrepreneur. Under Jeremy’s leadership, the Illuma team has successfully converted innovations in voice biometric authentication into state-of-the-art products that are easy for financial institutions of all sizes to operationalize. “My career started in customer service, and that has been a primary driver for the past 20 years. It’s exciting to work on technology that can reduce fraud and improve the customer experience at the same time. A rare achievement.”

Venu Shamapant, Founding Partner at LiveOak Ventures, offered his perspective on the benefits of partnering with Illuma. “With Illuma’s position in the Fintech sector as a provider that delivers state-of-the-art voice biometrics accessible for financial institutions of all sizes, there is a clear growth path to becoming the preferred provider of voice authentication and fraud prevention solutions in this space.”

TDECU and Connexus Credit Unions were early adopters of Illuma’s Fintech solution. Both are continuing their support in this latest round of funding. Chad Rogers, Executive VP and COO at Connexus, spoke about the long-term benefits of having voice authentication in place. “Too often, adoption of increased security measures results in less convenient, less pleasant member service interactions. That said, our collaborative four-year Illuma partnership and our strong track record with their innovative Illuma Shield voice biometric technology have proven just the opposite. Not only are we doing more to mitigate fraud while ensuring the safety of our members’ data and assets, but we’ve streamlined their member service experience by eliminating traditional, often burdensome, out-of-wallet authentication questions. With Illuma Shield, we’ve shortened individual call times by one minute on average, significantly reducing our operational expenses, and affording our members and employees a much more engaging, efficient, and secure experience.”

The Illuma team was celebrated in 2024 for Innovations in Fraud, winning the CreditUnions.com award in the fraud category. This accolade was followed by recognition of the company’s leadership in the inaugural list of AI 75 by Dallas Innovates for pioneering work in artificial intelligence.

The latest addition to the Illuma team, Amy Travers, is another significant win for the organization. Travers, formerly Regional VP of Security and Biometrics at Nuance, joined Illuma this year to systemize and scale the sales effort across the U.S. “It’s an exciting move to be embedded with a team that is innovating so rapidly to address emerging threats in fraud, and making voice biometric technology affordable for community banks and credit unions,” said Travers.

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Galileo Launches Instant Account Verification and ML Risk Score

BusinessWire — Thu, 12 Sep 2024 16:00:34 +0000

Galileo Financial Technologies, a leading financial technology company and a subsidiary of SoFi Technologies, Inc., is delivering fintechs, banks and businesses new ways to fight fraud with the launch of Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore.

As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk management capabilities, addressing an industry in which 63% of financial firms reported an increase in fraud, with digital channels contributing to half of the total fraud losses.

Galileo Instant Verification Engine

Galileo Instant Verification Engine (GIVE) provides real-time verification of external bank accounts and ownership. Whether used as a standalone product or integrated with the Galileo Payment Risk Platform (PRP), GIVE delivers real-time insights that help businesses prevent fraud by quickly verifying account existence, status, and ownership before processing transactions.

GIVE is further enhanced by its integration with the Galileo Payment Risk Platform, which uses a sophisticated Transaction Decision Rules Engine. This engine applies customizable models, rules and profiles to each transaction, allowing for real-time, automated fraud prevention decisions tailored to the specific needs and risk appetite of each business.

The key benefits of GIVE are:

Instant Account Verification: GIVE instantly verifies external bank account information, confirming its existence, status, and risk signals. This enables Galileo clients to make informed decisions when linking accounts or processing transactions, such as determining account status and risk associated with the account.
Instant Identity Verification: GIVE ensures that only authorized individuals can transact by verifying the ownership of external bank accounts. It matches the account holder’s name and personal information — such as social security number (SSN), date of birth, and address — against the provided owner details, which is particularly useful for preventing identity fraud.
Account Risk Profiling: By leveraging machine learning, the Galileo Instant Verification Engine generates risk scores that assess the probability of ACH returns and non-sufficient funds (NSF) issues, providing a comprehensive view of account reliability. This enables businesses to predict funding issues and take proactive measures to prevent them.
Seamless User Experience: GIVE supports “me-to-anyone” and “anyone-to-me” use cases without requiring customers to input their credentials for external accounts, ensuring a frictionless and secure transaction process.

The Galileo Instant Verification Engine significantly reduces the risk of fraud by providing real-time verification of external bank accounts and ownership, cutting verification times from days to seconds. This minimizes customer drop-offs — reducing abandonment rates from nearly 50% based on a traditional method such as MDA (Micro-deposit Authentication) to as low as 1% — and delivers a smoother, more reliable customer experience across multiple channels, including ACH, FedNow, Wires and check deposits.

Transaction Risk GScore

Transaction Risk GScore is a machine-learning-based risk score that assesses the risk of card transactions in real time. By analyzing multiple data points, such as user behavior and transaction patterns, GScore enables financial institutions, fintechs and businesses to detect and respond swiftly to potential fraud, reducing losses and ensuring more efficient operations.

GScore supplements the existing enhanced capabilities in Payment Risk Platform by adding a layer of fraud signals while allowing the client to determine the risk appetite based on the multiple model responses. GIVE and GScore are designed with scalability in mind, ensuring they can grow alongside your business.

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FinTech Interview with Pete Major, VP of Fintech Solutions at Member Driven Technologies

FTB News Desk — Tue, 10 Sep 2024 13:30:48 +0000

Pete Major of Member Driven Technologies shares key fintech strategies for credit unions, tips for evaluating fintech partners, and the role of AI in financial services.

Pete Major, VP of Fintech Solutions at Member Driven Technologies

Pete, please guide us through your background and your role as VP of Fintech Solutions at Member Driven Technologies?
I have over 25 years of experience in financial services, spanning front-office and back-office operations, payments, IT processing, consulting, mergers, conversions and integrations. Prior to MDT, I spent over 15 years at Jack Henry with my last position being the director of Symitar implementations.

Even in my previous role, I admired MDT’s deep commitment to clients, employees and its dynamic culture, which are major reasons I ended up here. My passion is helping credit unions leverage the most effective technology and solutions to meet their unique needs and ultimately enhance member service, helping solidify our credit unions’ position as the financial partner of choice in their communities. As VP of Fintech Solutions, I support our clients with fintech integrations and strategy, helping them navigate today’s complex landscape to remain competitive and successful.

For banks and credit unions, what are the key considerations when evaluating potential fintech partners?
When evaluating potential fintech partners, there are several factors that institutions should consider to ensure alignment with their innovation goals and strategic priorities. First, prioritize fintech investments based on cost-effectiveness and their impact on the institution’s overarching strategy. Does the solution solve a pressing problem or business need? Some common top priorities include digital banking solutions, payment systems, efficiency improvements, and security/fraud prevention technologies along with technology that can drive deposits.

It’s also critical to make sure the potential partner has a strong values and culture match. If the fintech doesn’t align with the institution’s long-term vision, the implementation is likely to be disruptive instead of transformative. Finally, thoroughly evaluate the fintech’s track record (which should include reaching out to others who have leveraged the technology), their approach to data security and compliance, and its ability to integrate seamlessly with existing systems.

Prioritizing fintech partners based on overarching strategy, culture and values alignment – as well as extensive due diligence – will be best positioned for success.

What are the common pitfalls that financial institutions should avoid during the fintech selection process?
A major one is innovation for innovation’s sake. Community-focused institutions in particular have limited time and resources, so it’s critical for their attention to be dedicated to deploying technology that squarely supports the organization’s high-level strategy. If innovation is not a key part of your credit union’s strategy, then avoid the ‘shiny new thing’ and focus on investing in technology that augments your institution’s competitive differentiators.

Another common pitfall is only assessing the fintech’s sales and business development team. While these contacts might be great, what will matter most is connection and collaboration with who the institution will be working with on a daily basis, such as the fintech’s operational and support teams. Make sure there is good chemistry between key players.

How important is it for a fintech solution to align with the existing processes and culture of a financial institution?
It’s extremely important; even the most advanced technology can be harmful rather than helpful if it doesn’t align with the institution’s overarching mission or long-term vision. As part of this ‘vibe check’, institutions should evaluate the fintech’s commitment to the customer or member experience, their risk appetite and their view of technology’s role in the broader ecosystem. It’s important to understand how well the fintech solution integrates with existing processes, complements the company culture and advances organizational goals.

Please keep in mind that this isn’t the greenlight to make new fintech solutions to fit into existing processes that have been in place for 20 years. You will likely not gain the efficiencies you’re looking for if you take this approach. Be willing to consider different approaches to existing processes and make the changes that make sense from an ROI perspective.

Can you share some best practices for conducting thorough due diligence on potential fintech partners?
There are several key areas that should be thoroughly vetted to ensure a successful and secure partnership. This includes factors such as the solution’s technical architecture, integration points with existing systems, security posture and the company’s financial position. While this process is arduous, it’s extremely necessary; there is great financial and reputational risk involved in partnering with a company that doesn’t employ proper controls or fails to meet security standards. Here, it can be extremely beneficial to rely on trusted strategic partners for insight and guidance.

By conducting thorough due diligence and thinking long-term, institutions can identify solutions that not only help differentiate but also foster growth and lasting loyalty.

How can smaller institutions, with limited technology resources, navigate the vast array of fintech options available to them?
Navigating the fintech ecosystem can be especially difficult for smaller institutions without the extensive technology resources or in-house expertise available. This is where the right partner can make all the difference, one that is able to provide comprehensive support to guide institutions through the complex fintech ecosystem. Partners that help institutions bridge the fintech gap and understand and speak the fintech language are often a gamechanger for smaller institutions.

When it comes to integrating AI, what steps should financial institutions take to distinguish between hype and substance?
There is a lot of literature out there about AI needing a very structured waterfall approach to implementing this technology. If we’re talking about narrow AI, this approach makes sense because this technology has been around for decades and you’re likely already using this technology without knowing it. If we’re talking about the new Generative AI (GenAI), I don’t think a structured approach here is the right path, particularly for small institutions.

People have a very difficult time switching to new technologies and if you’re going to get the efficiency lift that GenAI promises, you have to change behaviors. It’s just nature, we all love a good habit (maybe it’s just me). But we have found that the best approach here is to pilot GenAI technologies. This approach gives your team a chance to test the new technology in a controlled environment and allows you to figure out the pros and cons without making a major investment in a platform that will likely be very different a year from now. Engaging strategic, and consultive partners is key here if you don’t have the technical expertise on staff.

What role does education and literacy around AI play in helping financial institutions make informed decisions about adopting this technology?
Education and literacy are huge. In general, people tend to fear the unknown, so it makes sense that institutions that fail to properly educate themselves about AI will avoid it. Ensuring key stakeholders understand AI’s potential – and risks – is a critical first step before a strategy can be formed. You can’t avoid AI’s impact. Your employees are likely using this technology now. Lean on industry groups, reputable publications and trusted partners to help share the most relevant AI information and content.

Can you provide examples of small-scale AI use cases that financial institutions can experiment with before fully committing to larger implementations?
As the hype and buzz around AI continues (and frankly, it’s exhausting), financial institutions are exploring several small-scale use cases before committing to larger implementations. For instance, they can start by integrating AI into simpler customer or member chats, where the AI can handle routine inquiries and free up human agents for more complex interactions. Keep in mind, quality here is extremely important as the chatbot is talking directly to your members. Another promising area is AI’s role in supporting the loan approval process by automating preliminary assessments and streamlining documentation review.

AI also proves beneficial in enhancing operational efficiencies by optimizing workflows, improving work quality, and proactively informing decision-making. And, it can support with crafting more personalized offerings, tailored to individual customer or member needs. Even if immediate action isn’t taken, it’s crucial for banks and credit unions to consider how AI could align with and support their service and brand strategy. Engaging with trusted partners and peers is a great starting point to stay informed about the latest advancements and potential applications.

Looking forward, what trends do you see in the fintech landscape that banks and credit unions should be aware of?
Origination and servicing in digital channels continue to be top of mind. Ensuring member engagement after they open their accounts is also areas of interest for our credit unions. We expect loan rates to start to decrease and as a result, lending volumes will go up (no surprise there). Make sure you have the right technology tools for loan origination in place before volume goes up. Also, you cannot be passive with respect to fraud and security. Using technologies to help mitigate these risks is a must for every financial institution.

We see a lot of interest in technologies to provide services for non-interest income. Business Banking and the associated fee income is big right now. Also, is there a way to use Faster Payments (FedNow/RTP) to generate non-interest income? Perhaps.

BNPL (Buy Now Pay Later) continues to get a lot of press and frankly, the adoption numbers are really amazing. But with multiple due dates and rising delinquencies, it does make me wonder if this new service is really helping or hurting consumers.

Anything from the CEO Forum we could highlight?

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Allied Solutions and PCMI to Enhance Lender Compliance Services

GlobeNewswire — Mon, 09 Sep 2024 18:00:41 +0000

PCMI (Policy Claims Management International), the industry’s preferred technology partner for automotive and consumer extended warranty administration solutions, is pleased to announce a new collaboration with Allied Solutions (Allied) to enhance and modernize lender compliance services with the launch of PCMI’s TruComply platform.

Allied is one of the largest providers of insurance, lending, risk management, and data-driven solutions to financial institutions in North America. With heightened regulatory scrutiny on finance and insurance (F&I) compliance, lenders, dealerships, and business process outsourcing (BPO) organizations face intensified pressure to meet stringent regulatory requirements.

“This collaboration is evidence of just how deeply PCMI and Allied understand the demand for a comprehensive lender compliance solution,” said Pete Hilger, CEO at Allied. “Although the FTC CARS Rule is facing some challenges, lenders are already feeling the pressure in maintaining compliance with GAP policy refunds. PCMI’s TruComply will provide the necessary tools to ensure that lenders and lender BPO services are better positioned to mitigate litigious situations.”

TruComply is poised to revolutionize lender compliance by streamlining the F&I product cancellation and refund process while ensuring compliance for lenders. TruComply automates refund quotes with access to the largest provider network and delivers seamless payment distributions with compliance verification.

“TruComply was carefully designed to meet the evolving regulatory lender compliance requirements,” said Mark Nagelvoort, CEO at PCMI. “We see TruComply providing a modern experience for managing policy refunds, compliance verification, and for ensuring industry compliance on behalf of lenders, dealers, and providers.”

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FlexM announced the launch of FlexComply

GlobeNewswire — Mon, 09 Sep 2024 17:00:26 +0000

In response to increasing regulatory “Know Your Customer” (KYC) compliance requirements and significant fines recently imposed on major banks in Singapore, Canada, and India, FlexM is excited to announce the launch of FlexComply. This comprehensive, cloud-based solution is designed to streamline KYC and Anti-Money Laundering (AML) compliance for banks, fintech companies, and other regulated financial institutions globally.

Addressing the Challenges of KYC Compliance

The KYC process has become a substantial financial and operational burden for financial institutions. A recent study shows that banks and other financial institutions spend an average of $60 million annually on KYC compliance. These costs stem from labor-intensive manual processes, technology investments, and penalties for non-compliance. The lengthy timeframes required for onboarding new customers, which average 32 days, further exacerbate these challenges, leading to customer dissatisfaction and loss. In fact, 85% of businesses report negative experiences with KYC processes, and 12% of customers switch to competitors due to slow or cumbersome onboarding procedures.

FlexComply: A Solution for Streamlined Compliance

FlexComply is an end-to-end compliance platform that offers a 360-degree AML risk assessment of customers, from onboarding through ongoing monitoring and periodic reviews. This integrated solution ensures all regulatory requirements are met within a single system, helping financial institutions remain audit-ready and significantly reducing both costs and time associated with compliance.

Key Features of FlexComply:

KYC/KYB – Comprehensive Identity Verification and Screening: Facilitates customer due diligence during onboarding and regular checks, based on risk profiles.
AI-Driven Risk Scoring: Employs advanced algorithms to provide precise risk assessments for both individual and corporate clients.
Transaction Monitoring: Continuously monitors transactions to identify and flag suspicious activities, enhancing fraud detection capabilities.
Enhanced Due Diligence: Offers in-depth analysis for high-risk customers and transactions, minimizing potential exposure to financial crime.
Ongoing Monitoring and Periodic Reviews: Ensures customer profiles are up-to-date and compliant with current regulations through regular monitoring and reviews.
Alert Management: Centralized management of alerts allows for timely intervention on fraud detection and compliance breaches.
Regulatory Reporting: Automates the creation of compliance reports, simplifying the documentation process for audits and inspections.
Workflow Management: Streamlines workflow processes for compliance teams, promoting efficiency and collaboration in adherence to regulatory standards.

“FlexComply empowers financial institutions to significantly reduce the time and costs associated with KYC compliance,” said Rune Nilsson, Chairman of FlexM. “Our solution not only simplifies compliance but also helps institutions focus on enhancing customer satisfaction by minimizing the administrative burden and ensuring faster, more accurate onboarding.”

Understanding the KYC Burden

The challenges associated with KYC compliance are significant. Financial institutions globally spend billions annually on KYC and AML efforts, with a substantial portion dedicated to labor-intensive manual processes, fragmented data systems, and adapting to evolving regulations. According to a recent report, banks allocate up to 3-5% of their total operational budget to compliance activities, with KYC being a major driver of these costs. The complexity is compounded by varying regulatory requirements across different jurisdictions, requiring institutions to maintain accurate and current customer information across disparate systems.

FlexComply addresses these pain points by automating and streamlining KYC processes. By integrating data from multiple sources, reducing false positives, and ensuring compliance with the latest regulations, FlexComply enables institutions to cut down on KYC-related expenses, reduce onboarding times, and improve overall customer satisfaction and operational efficiency.

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Sumeet Chabria Joins Genesis as Senior Advisor

GlobeNewswire — Thu, 05 Sep 2024 15:30:12 +0000

Genesis Global announced that Sumeet Chabria, formerly Global Head of Business Services and COO for Technology and Operations at Bank of America and Global CIO for Banking and Markets at HSBC, has joined the firm as a senior advisor.

Chabria will draw on his extensive industry experience to advise Genesis in driving the adoption of the Genesis Application Platform throughout financial markets. His insights will help Genesis showcase how clients create strategic value with the platform in terms of generating new revenue, promoting operational efficiency and ensuring resilience. He will also aid in fostering partnerships and other opportunities to expand industry usage of the platform.

“Sumeet is a tremendous asset for Genesis,” said Stephen Murphy, CEO and cofounder of Genesis Global. “He has dedicated his distinguished career to responsibly modernizing and unifying complex technology and operational landscapes at the world’s major financial institutions. His perspective on how our platform aligns with clients’ revenue, cost and risk strategies helps us engage the industry with maximum effectiveness.”

“Financial companies spend billions on software development looking for an edge over competitors,” said Sumeet Chabria, senior advisor to Genesis Global. “The Genesis platform changes that paradigm with its unique ability to build robust financial markets-grade applications, with embedded compliance and controls, ten times quicker and at a fraction of the cost of traditional builds. I see broad-based demand in the market for Genesis technology and the wide range of benefits it offers clients, including boosting developer productivity, building next-gen market infrastructure, upgrading legacy systems and derisking end-user computing (EUC) and complex vendor environments.”

Chabria’s tenure as a global leader for technology and operations includes over twenty-five years combined at Bank of America and HSBC, in New York and London. He is CEO and founder of ThoughtLinks, a technology strategy consultancy catering to AI adoption needs of financial institutions. He is also on the faculty of the executive education program at Carnegie Mellon University’s Heinz College.

In June, Genesis introduced several incentives streamlining how financial firms test and use the platform to address their most strategic and innovative software opportunities. These initiatives include new technologies to accelerate project builds on Genesis, usage-based pricing and a free trial program.

Banks, asset managers and trading infrastructure providers worldwide use the Genesis Application Platform to develop new software, enhance legacy technology systems and replace end-user computing and manual processes with enterprise-quality solutions. Among these clients, Bank of America, BNY Mellon and Citi are also strategic investors in Genesis.

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NCR Atleos Launches New LibertyX Bitcoin to Cash Feature

BusinessWire — Mon, 02 Sep 2024 15:30:45 +0000

NCR Atleos Corporation announced the launch of a new LibertyX Bitcoin Cashout feature whereby enrolled LibertyX customers can sell bitcoin, picking up their cash conveniently at ATMs across the United States at thousands of leading merchant locations with a transaction point within five miles of more than three in four Americans once rolled out across all participating ATMs.

This feature is made possible through the Atleos ReadyCode API suite. ReadyCode is a one-time use code system developed by Atleos that supports a range of cash in and out solutions as an embedded finance tool for program managers, financial institutions, and merchants to complete everyday transactions without the use of cards and traditional networks.

ReadyCode connected ATMs will offer the ability for enrolled LibertyX customers to seamlessly receive their cash at locations and communities of their choosing following the sale of bitcoin across more than 30 states to start. Enrolled LibertyX mobile app users stage a transaction using the locator within the app, similar to a pre-staged purchase experience, and fulfill the transaction at an Atleos ATM that participates in LibertyX and is ReadyCode enabled.

“Atleos has focused on supporting consumers, issuers, and merchants with solutions that bridge digital solutions and services with physical infrastructure,” said Stuart Mackinnon, COO of Atleos. “Adding an offramp for LibertyX users to convert digital assets to physical cash enhances the value proposition of LibertyX, grows foot traffic at participating merchants, and increases the productivity of our ATMs.”

“One of the remaining barriers to greater bitcoin adoption by consumers has been the ability to move easily and effortlessly from bitcoin to cash without waiting days for transfers facilitated by ACH or dealing with the complexity of wire transfers,” said LibertyX General Manager, Chris Yim. “With LibertyX Bitcoin Cashout, LibertyX app users can pre-stage digital to physical transactions from the convenience and privacy of their phone and pick up their funds on their schedule in locations that work for them.”

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SIGNiX Welcomes Ronny Chapman to Board of Directors

BusinessWire — Fri, 30 Aug 2024 17:30:01 +0000

SIGNiX, a leading provider of digital signature and remote online notarization solutions, announced the appointment of Ronny Chapman to its Board of Directors. With a distinguished career driving innovation and growth in the banking and credit union sectors, Chapman brings valuable expertise to SIGNiX’s ongoing efforts to help organizations and enterprises sign, authenticate, manage, and notarize documents securely and at scale.

Chapman’s career spans decades of leadership in the financial services industry, with a particular focus on banks and credit unions. As Senior Vice President at TruStage and CUNA Mutual Group, he developed deep insights into the unique needs of credit unions. His roles as President of Compliance Systems and Senior Vice President and General Manager at FIS further honed his expertise in financial software solutions and regulatory compliance. This diverse background has equipped Chapman with a comprehensive understanding of the digital challenges and opportunities facing financial institutions.

“SIGNiX is poised for significant growth, and Ronny Chapman’s addition to our Board of Directors comes at a perfect time,” said Jay Jumper, CEO of SIGNiX. “Ronny’s contributions to our partnership with TruStage in 2023 demonstrated his ability to drive strategy and achieve operational excellence. His deep experience in the banking and credit union sectors aligns perfectly with our mission to deliver secure, efficient document management solutions. We look forward to leveraging his insights as we continue to expand our market presence and develop tailored solutions for financial institutions.”

“Joining SIGNiX’s Board of Directors is an exciting opportunity to shape the future of digital document management,” said Chapman. “Secure and efficient document management is no longer optional—it’s essential. SIGNiX’s digital signature and notarization technologies go beyond security, offering valuable digital real estate. These tools can drive growth while enabling financial institutions to create a more secure environment for their customers and members. I look forward to applying my experience in growing niche businesses to guide SIGNiX’s expansion in the banking and credit union sectors.”

Chapman’s appointment comes at a significant time for SIGNiX. In April of 2024, the company announced the hiring of Karl Matthews as Chief Product Officer to innovate and expand its portfolio of solutions. Chapman’s expertise is likewise expected to play a crucial role in guiding the company’s strategic initiatives.

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Ncontracts Named to Nashville Business Journal’s Fast 50 List

BusinessWire — Fri, 30 Aug 2024 15:30:03 +0000

Ncontracts, the leading provider of integrated compliance, risk, and vendor management solutions to the financial services industry, has been named to the Nashville Business Journal’s prestigious Fast 50 list.

Ncontracts was ranked #3 on this year’s Fast 50, an improvement from the #4 spot in 2023, highlighting the company’s significant growth and impact in the Nashville area. This announcement comes on the heels of being named to the Inc. 5000 earlier this month for the sixth year in a row.

The Nashville Business Journal’s Fast 50 list honors the fastest-growing privately held companies in Middle Tennessee. Ncontracts’ inclusion on this list underscores the company’s continued growth and its commitment to providing industry-leading risk management and compliance solutions to financial institutions nationwide.

“We’re honored to be recognized by the Nashville Business Journal as part of the Fast 50,” said Michael Berman, founder and CEO of Ncontracts. “This achievement is a testament to the hard work and dedication of our team, as well as the trust our clients place in us. As we continue to grow, we’re committed to driving innovation and delivering exceptional value to our clients and the financial industry.”

Ncontracts has seen remarkable growth over the past year, driven by its innovative solutions and customer-focused approach. The company continues to expand its product offerings, enabling financial institutions to effectively manage risk, ensure compliance, and optimize performance. More than 4,000 financial institutions, mortgage firms, registered investment advisors, and fintech companies now rely on Ncontracts for their risk and compliance solutions. As the regulatory landscape continues to evolve and grow more complex, the company is well-positioned for substantial growth in 2024 and beyond.

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MeridianLink Appoints Elias Olmeta as Chief Financial Officer

BusinessWire — Thu, 29 Aug 2024 14:00:19 +0000

MeridianLink, Inc., a leading provider of modern software platforms to financial institutions and consumer reporting agencies, welcomes Elias Olmeta as its Chief Financial Officer. Mr. Olmeta, a seasoned business leader with over three decades of experience as a financial leader, will succeed Larry Katz, who has moved into the role of President.

“Elias Olmeta’s impressive track record and expertise in scaling SaaS companies make him the ideal addition to MeridianLink’s leadership team,” said Nicolaas Vlok, CEO of MeridianLink^®. “Together with Larry, who is transitioning to the President role, Elias brings valuable industry insights and relevant expertise that will have an outsized impact on the future successes of MeridianLink as we continue democratizing lending for consumers, businesses, and communities across the country.”

Mr. Olmeta has a long history of driving growth, profitability, and value creation at private and public companies. He has held various senior leadership roles, including CFO positions at Vistage Worldwide and Mitchell International. In those roles, he has been instrumental in overseeing financial operations, implementing growth strategies, and leading large-scale digital transformation initiatives.

“I am thrilled to join MeridianLink at such an exciting and transformative time for the Company and the financial services sector. As the industry continues shifting toward digital offerings, MeridianLink’s products empower financial institutions to drive growth and deepen customer relationships through increased accessibility, convenience, and personalization,” said Mr. Olmeta. “I look forward to contributing to the Company’s continued growth by ensuring we meet our customers’ digital transformation needs while driving sustainable profitability and market share expansion.”

Mr. Olmeta’s extensive background includes roles in finance, corporate development, and operations leadership. Most recently, he served as CFO at Vistage Worldwide, where he led financial operations for a subscription-based professional services business. Prior to that, he was CFO at Mitchell International, a provider of SaaS solutions to the automotive and insurance industry. He has also held positions at CarProof, now part of CARFAX Canada, and Solera Holdings where he spent nearly six years in a variety of corporate development and finance roles. Earlier in his career, Mr. Olmeta spent over a decade at JPMorgan Chase & Co.

Mr. Olmeta currently serves on the board of directors of AutoCanada (TSE: ACQ), Canada’s largest automotive dealer group. He holds a B.A. in economics from the University of Rochester and an M.B.A. from the Simon Business School at the University of Rochester.

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