Glenbrook’s Bryan Derman is live blogging from Finovate in New York City. This is only one of a series of posts featuring Bryan’s impressions as over sixty payments technology companies perform 7 minute demos (no PowerPoint slides allowed!) over two days. The index for Bryan’s Payments Views coverage is here.

Last group for Day One.  I’ll be back on the air early tomorrow.

ModoPayments

• Converts offers into a one-time virtual open loop card number on a mobile device
• Requires merchant to enroll and be able to accept checkout codes that will be sent to the consumer’s mobile phone

cbanc Network

• Private network for collaboration among banking professionals
• In use by 3,000 institutions today
• Users post various kinds of content (e.g., risk assessments for remote deposit capture, reviews of vendors) and make it available for search and download by other bankers
• Competitors can be blocked if content is considered proprietary
• Members earn points for sharing content and using the site
• The service is free to users and gains support from vendors that want to make use of it (e.g., for surveys, targeted advertising, etc.)

SigFig

• Stock portfolio analytics for investors through a rich dashboard
• Based on results, their recommendations engine offers suggestions, particularly on how to reduce brokerage fees
• Also makes recommendations on asset allocation or fund/EFT selection
• Will also recommend advisors and schedule appointments

Mootwin

• Mobile application platform for banks and brokers
• Automated feeds of quotes, news, research, and technical analysis
• Provides a middleware server that sits between the user and the bank, which mainly holds the business rules and makes them consistent across mobile devices

Experian

• myID.com allows consumers to monitor transaction activity, help manage reputation and privacy, and prevent identify theft
• The system runs an audit on these factors and makes recommendations
• The system can be trained to clearly recognize the user and facilitate opt-out from sites that the user does not want to share data with (e.g., data sharing apps on Facebook)

Plastyc

• Savings solution for underbanked and low income people
• Splits a prepaid card balance between a spending “pocket” and a savings “pocket”.  The latter is not available for payment transactions
• Will also automate regular transfers from the spending pocket to the savings pocket; these transfer settings are configured by the cardholder and can be adjusted or paused any time
• At any time, the user can move savings back to the spending pocket but warnings might be issued to remind the user of his savings goals
• Plastyc also gives reward points for various actions (e.g., direct deposit) that are also used to encourage savings.  The points can be redeemed for cash back

Dynamics

• Chip card driving a programmable magnetic stripe that works at existing POS terminals in the US
• Various use cases – multiple account access, one-time card number generation, PIN locking of the card
• One card allows reward redemption by pressing a button to invoke the rewards account (recently launched by Citi as the 2G card)
• Even in Europe, where EMV is common, a major software upgrade of POS terminals would be required to support multi-account access for applications like loyalty redemption.  A Dynamics EMV card allows the user to press a button on the card to select the account and the information will be written to the EMV chip on the card
• Dynamics will be adding a dynamic to their mag stripe cards to create some of the fraud prevention benefits of an EMV card