Fintech Roundup: API Standards, Robotic Automation Acquisition & More

A roundup of announcements from financial technology suppliers includes a major provider helping establish application programming interface standards, robotic process automation and risk managements acquisitions and a new payment processing solution.

Brookfield, Wis.-based Fiserv, Inc. announced its role as a sustaining member of the Financial Data Exchange, a non-profit group formed to establish information sharing and security standards for the financial sector.

FDX is leading an industry wide commitment to enhance consumer controls of financial data through an API and technical standards that prioritize security, transparency and user experience. The group comprises leading financial institutions, data aggregators, fintechs and permissioned parties who, through development and implementation of the FDX API, are providing standardization making it easier and safer for consumers to use their financial data with third-parties.

Fiserv plays a unique role in the market serving as both a direct account aggregator and service provider holding data for thousands of credit unions and banks.

“In the financial services industry, security is non-negotiable and standardization makes data more reliable and useful for providers as well as consumers,” Don Cardinal, managing director, Financial Data Exchange said.

Whitney Stewart Russell, senior vice president, product and strategy, Electronic Payments, Fiserv, said, “Fiserv is committed to sharing information and collaborating on new approaches for the exchange of financial data by fintech companies, financial institutions and consumers. By fostering innovation and uniting with FDX to improve the exchange of financial data we will be able to deliver added value to our clients and consumers while helping move the industry forward.”

Bellevue, Wash.-based workflow automation and intelligent process automation provider Nintex announced its acquisition of RPA developer Orlando, Fla.-based EnableSoft, creator of Foxtrot RPA software.

Nintex CEO Eric Johnson said. “Foxtrot RPA aligns perfectly with our product design principles: to make solutions that are powerful and easy to use, drive fast time to value, lowest total cost of ownership, and incredible satisfaction. Operations, IT and process professionals use the Nintex Process Cloud to quickly improve how people work, with clicks not code, to deliver robust and flexible solutions.”

Foxtrot has gained significant traction in regulated industries, including financial services, banking and healthcare. Credit unions use Foxtrot for items such as managing compromised account management system alerts, post-conversion data cleanup, and automating interaction between unlike tech platforms.

Detroit based online and mobile banking provider Bankjoy announced it has become a Corelation Certified Partner. Becoming a certified partner of San Diego-based core provider Corelation is earned by delivering great service and technology to the companies’ mutual clients.

According to Bankjoy CEO Michael Duncan, this certification means for its credit union clients that more members will be able to enjoy a better banking experience across multiple touchpoints. “Our goals are to continue leveraging the benefits of the KeyStone core system to bring more advanced functionality to all of our products.” These products include real-time alerts in digital banking and voice UI, KeyInsights CRM integrations, and auto decisioning features for loans and online account opening.

Austin, Texas-based compliance, credit risk, and lending solutions provider Abrigo announced the acquisition of Wisconsin-based Farin Financial Risk Management.

Farin advisory services and solutions helps financial institutions determine interest rate and liquidity risk exposures and addresses these issues with loan and deposit pricing.

“We are focused on accelerating growth through the acquisition of new technologies and capabilities, with the express purpose of providing our customers with best in class enterprise risk solutions,” Wayne Roberts, CEO of Abrigo, said. “FARIN is a perfect fit for Abrigo’s strategy to make big things happen for community financial institutions.”

Dave Koch, CEO of Farin Financial Risk Management, added, “This partnership brings new and exciting opportunities for our clients as well as our experienced team of dedicated professionals.” Tom Farin, chairman and founder added, “Abrigo is committed to the values of leading-edge products, thought-leadership education and outcome focused professional services for community institutions that drove FARIN for 34 years.”

Plano, Texas-based global payment solutions provider Nuvei, announced the launch of its payment processing solution for traditional financial institutions and non-bank digital lenders in the alternative financing market.

Nuvei integrates with loan management software and allows for additional custom applications. Loans can be securely processed through Nuvei’s proprietary gateway or via third party cards, ACH, Apple Pay and Google Pay.

Nuvei’s payment solutions include a global payment gateway, technical and integration specialists, end-to-end transaction security, risk mitigation and chargeback management, funding and reporting. In addition, Nuvei can help lenders achieve and maintain card network compliance.

“Technology will continue to change how the lending industry operates. The rise in adoption of cloud-based digital lending solutions has disrupted this market,” Philip Fayer, Nuvei’s chairman and CEO, said.