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Finovate 2016 round-up: biometrics, blockchain and deep web risk assessment

Ledger demonstrating its Ledger Wallet produt

Ledger demonstrating its Ledger Wallet product

Financial technology innovators descend upon London’s Old Billingsgate event centre this week to ply their trade and show how they plan to be a part of the ever-changing industry of fintech.

The presentations flew thick and fast on day one, with each team given only seven minutes to show their product. A cowbell would ring if they ran out of time and it would not have been surprising if a cane had appeared to yank any draggers-on off the stage.

IBS Intelligence scoured the booths to find some of the most interesting exhibitors to bring you what’s new.


Infosys held the fort for core banking systems providers at Finovate, tucked into a corner of the networking lobby.

The Indian vendor was showcasing its new Youth Banking module, part of its Finacle core banking system. It offers a digital banking experience for ‘Generation Z’ and children, and allows juniors to control their own virtual bank account.

Users will have separate log-ins for children and their guardians, and the app will offer gamification and savings tips.


Of all the presentations occurring at Finovate Ledger’s seemed to garner the most attention. To be honest sometimes it seems you need to just say the word ‘blockchain’ and fintech experts down tools and prick up their ears.

Ledger offers a bitcoin wallet in a hardware format. The start-up offers what it calls the ‘Ledger Wallet Nano’ – essentially a bitcoin wallet with an OS built onto a USB. When plugged into a computer it enables the user to access their bitcoins and make transactions.

The USB wallet helps to demystify bitcoin, according to CEO Eric Larchevêque, and can be run on almost any computer, smartphone or tablet.

Operating a bitcoin wallet in any other way, says Larchevêque, often means that it’s just ‘a matter of time’ until there is a security breach. The Ledger Wallet houses the private keys needed in a secure location, he adds, and can help build consumer trust in the cryptocurrency.


Canadian risk management firm OutsideIQ was showcasing its product DDIQ, launched in March 2015 after ‘years’ of research and development.

DDIQ, says Joe Oswald, COO, uses cognitive computing to crawl a range of sources to assess risk during client onboarding and fully integrates with a company’s know your client (KYC) workflow.

‘Google just scrapes the surface,’ says Oswald. DDIQ, he adds, scans through all the usual suspects when it comes to risk – records, news stories, name searches – but also goes deeper (quite literally) by accessing the deep web and areas that, he says, other assessment suites simply can’t.

Around 30 banks are using DDIQ, Oswald tells IBS Intelligence.


Eyeverify is a start-up that aims to allow users to log into their bank using a captured image of their eyes.

‘It’s not an iris scan or a retina scan,’ says Tinna Hung, director of marketing. Instead, she adds, it uses points of interest and feature extraction to create a scrambled ‘eyeprint key’ that communicates between the host and the mobile app Eyeverify is hosted on.

When asked by IBS Intelligence where the data is hosted, Hung says that the application is entirely mobile-centric and that user data is not stored off-device.

The system is live at nine banks in North America, and Eyeverify is looking at Europe. The start-up has had trials at Vodafone Turkey, implementing the Eyeprint ID solution for the subsidiary’s mobile wallet, but no major deals are on the immediate horizon.

Based in Krakow, Poland,’s biometric-centric authorisation solution Voicepin is the first of its kind in the country.

The technology converts a person’s voice into a mathematical algorithm. The data is stored as an encrypted set of data, and allows a person to log onto a system securely without having to use a password or pin code.

Łukasz Dyląg, CEO and co-founder of, tells IBS Intelligence that the solution is going to launch as a software-as-a-service (SaaS) solution in April 2016. The Voicepin system is already being deployed at ColumbiaBank and INGBank, he adds.

By Alex Hamilton

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