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Bryan Derman | Conferences & Meetings | Innovation | Technology

Finovate2009 – Morning Session 2

Bryan Derman

September 29, 2009
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I am live blogging Finovate2009 from NYC.

MORNING SESSION #2

Outright.com – Kevin Reeth, CEO

  • Online tools for tracking small businesses and self-employed people for records like business expenses
  • Imports and classifies expenses from credit card statements
  • Integrates with FreshBooks (free, open source small business accounting software)
  • Also integrating to PayPal API for those who receive payments that way
  • No storage of login credentials — uses tokenization
  • Various reporting tools fed by inputs from FreshBooks or other accounting software
  • Can also sign up for Outright within eBay seller tools; could also do it through a small business banking portal

Intuit (Digital Insight) – Al Ko, SVP FI Division

  • FinanceWorks provides integrated view across accounts and institutions and provides unified analytics
  • Automatically flags tax deductible items and sends them to TurboTax
  • Also now providing TurboTax through bank websites; can pull down 1099s and W-2s
  • TurboTax imports bank account and routing number to facilitate electronic receipt of refund
  • Coming next — personalized tax tools for home buying, retirement savings, etc. based on personal info from bank account and tax return

iPay Technologies – Dana Bowers, Co-founder and Jennifer Roth, SVP of Product

  • Provides bill pay for 3,600 small banks and credit unions
  • Offering new suite of services for small businesses through online banking:  creating invoices, receiving payments, making payments, generating payroll with direct deposit
  • Integrates to mobile as well

Strands – Atakan Cetinsoy, VP of Personal Finance Products and Anna Codina, Business Development Manager

  • MoneyStrands – free consumer facing PFM site.  Aggregates all accounts using highly customizable widget interface and/or manual upload of data.  Supports multiple languages and currencies.  Allows various kinds of analytics and comparisons.
  • Now partnering with savings.com to deliver offers targeted based on spending history.
  • Private label implementation for BBVA in Spain (“tu cuentas”, for you polyglots)
  • Analytics include future projections of income and expense
  • Recommendations on travel, services, etc.

Silver Tail Systems – Laura Mather, Founder and VP of Product marketing

  • Proactively detect website attacks
  • Focus today is “man in the browser” attack, which stays dormant until the user logs into his online banking site, when it activates
  • Two ways to detect intrusion:  (1) hour of the day; (2) unusual activity by a given user with odd patterns
  • Next product does mitigation — lets the bank write rules to block bad behavior

PayByMobile – Liam Lowe, CEO

  • Mobile phone wallet to ease payment
  • PayByMobile appears as a checkout option on web pages
  • It assigns a code to your particular shopping cart and you text to that address from the mobile wallet
  • Wallet is topped up the same way that prepaid mobile is topped up (appears as mobile operator in all the usual systems)
  • Launching in October in Germany and UK; Spain and Italy shortly thereafter

Credit.com – John Ulzheimer, President and Ian Cohen, COO

  • They believe people grossly misunderstand than their credit standing
  • Analyzes credit report to generate concrete suggestions for improving credit score
  • Bases rankings on all credit scores, not just FICO
  • Drills down into the key components of credit scores to determine what is being done well and how they can be improved
  • Also ranks credit standing within your state and country

SimpliFi – Bryan Link, CEO and Bill Grizack, COO

  • Online financial planning services for middle class people
  • Connecting financial plan to budgets and actual spending
  • SimpliFi is a registered investment representative
  • Users are 80% women (interesting!)
  • Provides actions and recommendations for achieving plan goals
  • Key is interaction between PFM service and financial plan, e.g., how much do I need to save for kids’ college?  Turn that into a recurring payment

More of my Finovate2009 coverage:

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