We are excited to share with you our thoughts on financial technology ecosystem in 2017 and 2018. Please feel free to reach out to us if you would like a more detailed report.
We are pleased to share our thoughts for Fintech in 2018 trying to cover AI to Insurance to ICOs. We hope you find them useful and feel free to share you're thoughts with us as well.
Wharton FinTech - Launching a FinTech Venturewhartonfintech
Thinking of launching an entrepreneurial venture in the FinTech space? Wharton FinTech hosted George King of Infrastructure Group to discuss building a FinTech company, best practices / watch-outs, and key industry trends.
WealthTech Views: Looking into 2021 from William Rouse, Contemi SolutionsContemi Solutions
WealthTech Views Report: Looking into 2021, created by the Wealth Mosaic, provides insights and intelligence from technology thought leaders from across the globe on the main technology trends in wealth management they expect to see in the year ahead.
Contemi's Business Development Director, William Rouse, shared his insights into the challenges, opportunities and industry talking points for 2021.
Beyond Banking: New Business Models for the Digital EraJessica Wilkinson
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
BaaS-platforms and open APIs in fintech l bank-as-a-service.comVladislav Solodkiy
What is bank-as-a-service? And why it is so necessary for Asia-Pacific region? Download as pdf in English, Chinese, Korean and Japanese on www.bank-as-a-service.com. Read more on http://www.forbes.com/sites/vladislavsolodkiy/2016/08/03/what-asian-banks-can-learn-from-amazon-about-working-for-fintech/
We are excited to share with you our thoughts on financial technology ecosystem in 2017 and 2018. Please feel free to reach out to us if you would like a more detailed report.
We are pleased to share our thoughts for Fintech in 2018 trying to cover AI to Insurance to ICOs. We hope you find them useful and feel free to share you're thoughts with us as well.
Wharton FinTech - Launching a FinTech Venturewhartonfintech
Thinking of launching an entrepreneurial venture in the FinTech space? Wharton FinTech hosted George King of Infrastructure Group to discuss building a FinTech company, best practices / watch-outs, and key industry trends.
WealthTech Views: Looking into 2021 from William Rouse, Contemi SolutionsContemi Solutions
WealthTech Views Report: Looking into 2021, created by the Wealth Mosaic, provides insights and intelligence from technology thought leaders from across the globe on the main technology trends in wealth management they expect to see in the year ahead.
Contemi's Business Development Director, William Rouse, shared his insights into the challenges, opportunities and industry talking points for 2021.
Beyond Banking: New Business Models for the Digital EraJessica Wilkinson
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
BaaS-platforms and open APIs in fintech l bank-as-a-service.comVladislav Solodkiy
What is bank-as-a-service? And why it is so necessary for Asia-Pacific region? Download as pdf in English, Chinese, Korean and Japanese on www.bank-as-a-service.com. Read more on http://www.forbes.com/sites/vladislavsolodkiy/2016/08/03/what-asian-banks-can-learn-from-amazon-about-working-for-fintech/
NanoBanco is the access to a new financial system powered by digital assets.
Is a new financial ecosystem oriented to Latin America that allows the inclusion of people generating social impact in the region.
Is a new concept of neobank with the main objective of financial inclusion in Latin America, generating a social impact and helping people to manage their money through a digital wallet that works with blockchain technology integrating digital assets (cryptocurrencies) to allow users make P2P money transfers between countries through the wallet in real time and at a very low cost compared to the options currently offered on the market.
Investing in fintech: Trends in financial technology for investors and entrep...OurCrowd
Join Zack Miller, Head of the Investor Community at OurCrowd, and Mick Weinstein, VP of Marketing at BIllGuard for an in depth discussion of the recent trends and opportunities in the dynamic financial technology industry. Zack and Mick have both helped build some of the top companies in the space including Seeking Alpha, Covestor, OurCrowd, BillGuard, Lending Club, SigFig and more.
Join us to learn about:
How top investors and entrepreneurs think about the entire fintech ecosystem, from online asset management, to financial content, to consumer finance apps, and crowdfunding.
Which business models are taking hold and their future prospects.
The challenges and opportunities for investing and building a valuable company in the financial space.
MDEC Fintech Conference - Keynote: Overview of Fintech in 2016iTrain
Managing Partner of Life.SREDA shares key numbers and trends of the Fintech scene for the first half of 2016.
Watch the keynote on youtube here: https://www.youtube.com/watch?v=u31ILlyAfuM
Slava Solodkiy is one of TOP 35 most influence fintech-persons in the world and TOP 100 fintech leaders in Asia.
Interested to get a fintech idea started but don't know how to start? Then join the FREE MDEC Fintech Masterclass on October 3-4. To enter just tell us about your Fintech idea!
Apply here: bit.ly/fintech-master
More information about the complete Fintech Bootcamp: www.itrain.com.my/fintech-bootcamp/
Digital transformation of the German banking industry, January 2017, englishFrank Schwab
Digital transformation of the German banking industry. With many examples of ING'DiBa, Deutsche Bank, Commerzbank, HVB, Sparkasse, Fidor Bank, Solaris Bank, N26, kapilendo, niiio, crowd, cloud, blockchain, crypto, API, platform, P2P, ...
A comprehensive overview of key industry trends driving innovation in the wealth management space and how the industry is reacting to the emergence of Robo Advisors and other Digital Wealth Management providers
Welcome to The Business Fame’s exclusive issue; "The Most Recommended Fintech Solution Providers: 2021" here we have highlighted some companies whose efforts for innovations in FinTech industry is growing very fast with its simple and convenient solutions.
Financial Technology: Insights into an Exploding IndustryCory Brooks
Financial Technology will dramatically change your life; it may have already. This powerpoint gives the market overview FinTech as well as sector overviews concerning digital payments, online lending, and InsurTech.
The Payments Innovation Jury Report, written by John Chaplin, details global trends in payments innovation, and future opportunities and challenges for the industry. The report is based on the expertise of a panel of 40 business leaders in the payments sector from 23 countries across six continents.
We’re growing our compliance team, Ocean’s 11 style. Are you in? Ping us via goodguys@ariv.al - compliance is sexy, and Arival Bank and A.ID knows it: http://bit.ly/2xBj5Qk
Interface: From functional interfaces to machine communication
Services: From application silos to machine learning and AI
IP: From self developed to open source to open services
Data: From flat files to blockchain
Infrastructure: From high variety infrastructures to edge computing
Organisation: From hierarchical IT organizations to distributed agil self organized communities
The future is already here, just distributed unevenly - demonstrated by many real life observations in Banking IT
Richmond Financial Industry Forum
FinTech outlook for 2017 report discussing trends, opportunities and challengesMEDICI admin
The report is intended for readers who want to better understand the dramatic changes that have begun to take place—and that are accelerating—in the global FinTech landscape. The payments industry, which is one of the focus areas of this report, has never been more exciting.
The report starts with the current state of FinTech and then provides an analysis of major emerging technologies and market forces that are shaping the FinTech market for 2017. It discusses the major opportunities and challenges faced by incumbents as well as FinTech startups. The report also provides a brief on the geographic split of payments volume, revenue and how they are expected to shift gradually by 2024.
NanoBanco is the access to a new financial system powered by digital assets.
Is a new financial ecosystem oriented to Latin America that allows the inclusion of people generating social impact in the region.
Is a new concept of neobank with the main objective of financial inclusion in Latin America, generating a social impact and helping people to manage their money through a digital wallet that works with blockchain technology integrating digital assets (cryptocurrencies) to allow users make P2P money transfers between countries through the wallet in real time and at a very low cost compared to the options currently offered on the market.
Investing in fintech: Trends in financial technology for investors and entrep...OurCrowd
Join Zack Miller, Head of the Investor Community at OurCrowd, and Mick Weinstein, VP of Marketing at BIllGuard for an in depth discussion of the recent trends and opportunities in the dynamic financial technology industry. Zack and Mick have both helped build some of the top companies in the space including Seeking Alpha, Covestor, OurCrowd, BillGuard, Lending Club, SigFig and more.
Join us to learn about:
How top investors and entrepreneurs think about the entire fintech ecosystem, from online asset management, to financial content, to consumer finance apps, and crowdfunding.
Which business models are taking hold and their future prospects.
The challenges and opportunities for investing and building a valuable company in the financial space.
MDEC Fintech Conference - Keynote: Overview of Fintech in 2016iTrain
Managing Partner of Life.SREDA shares key numbers and trends of the Fintech scene for the first half of 2016.
Watch the keynote on youtube here: https://www.youtube.com/watch?v=u31ILlyAfuM
Slava Solodkiy is one of TOP 35 most influence fintech-persons in the world and TOP 100 fintech leaders in Asia.
Interested to get a fintech idea started but don't know how to start? Then join the FREE MDEC Fintech Masterclass on October 3-4. To enter just tell us about your Fintech idea!
Apply here: bit.ly/fintech-master
More information about the complete Fintech Bootcamp: www.itrain.com.my/fintech-bootcamp/
Digital transformation of the German banking industry, January 2017, englishFrank Schwab
Digital transformation of the German banking industry. With many examples of ING'DiBa, Deutsche Bank, Commerzbank, HVB, Sparkasse, Fidor Bank, Solaris Bank, N26, kapilendo, niiio, crowd, cloud, blockchain, crypto, API, platform, P2P, ...
A comprehensive overview of key industry trends driving innovation in the wealth management space and how the industry is reacting to the emergence of Robo Advisors and other Digital Wealth Management providers
Welcome to The Business Fame’s exclusive issue; "The Most Recommended Fintech Solution Providers: 2021" here we have highlighted some companies whose efforts for innovations in FinTech industry is growing very fast with its simple and convenient solutions.
Financial Technology: Insights into an Exploding IndustryCory Brooks
Financial Technology will dramatically change your life; it may have already. This powerpoint gives the market overview FinTech as well as sector overviews concerning digital payments, online lending, and InsurTech.
The Payments Innovation Jury Report, written by John Chaplin, details global trends in payments innovation, and future opportunities and challenges for the industry. The report is based on the expertise of a panel of 40 business leaders in the payments sector from 23 countries across six continents.
We’re growing our compliance team, Ocean’s 11 style. Are you in? Ping us via goodguys@ariv.al - compliance is sexy, and Arival Bank and A.ID knows it: http://bit.ly/2xBj5Qk
Interface: From functional interfaces to machine communication
Services: From application silos to machine learning and AI
IP: From self developed to open source to open services
Data: From flat files to blockchain
Infrastructure: From high variety infrastructures to edge computing
Organisation: From hierarchical IT organizations to distributed agil self organized communities
The future is already here, just distributed unevenly - demonstrated by many real life observations in Banking IT
Richmond Financial Industry Forum
FinTech outlook for 2017 report discussing trends, opportunities and challengesMEDICI admin
The report is intended for readers who want to better understand the dramatic changes that have begun to take place—and that are accelerating—in the global FinTech landscape. The payments industry, which is one of the focus areas of this report, has never been more exciting.
The report starts with the current state of FinTech and then provides an analysis of major emerging technologies and market forces that are shaping the FinTech market for 2017. It discusses the major opportunities and challenges faced by incumbents as well as FinTech startups. The report also provides a brief on the geographic split of payments volume, revenue and how they are expected to shift gradually by 2024.
The Six Highest Performing B2B Blog Post FormatsBarry Feldman
If your B2B blogging goals include earning social media shares and backlinks to boost your search rankings, this infographic lists the size best approaches.
Each technological age has been marked by a shift in how the industrial platform enables companies to rethink their business processes and create wealth. In the talk I argue that we are limiting our view of what this next industrial/digital age can offer because of how we read, measure and through that perceive the world (how we cherry pick data). Companies are locked in metrics and quantitative measures, data that can fit into a spreadsheet. And by that they see the digital transformation merely as an efficiency tool to the fossil fuel age. But we need to stretch further…
The 10 most promising payment and card solution providers Merry D'souza
The 10 most promising payment and card solution providers, September 2020; CIO Look admire their contribution in the evolution to local and global businesses.
For those who are asking where the banking industry is headed, how a GAFA Bank will look like, what banks can do to bridge the existing digital gap, and even leverage the disruption - here is a short summary.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
FinTech presentation at Banking and Payment System conferenceGrow VC Group
Presentation about fintech ecosystem for new finance services, especially integrated distributed services, and how they are changing the whole finance sector and banking services.
A view of the 3 key trends to emerge in the payments market in 2012 by Kris Hewitt (PayX International) and the implications for Nordic banks and payments institutions. This presentation was designed for the CAC Card Academy Payments Card Conference held in Oslo in November 2012
5 Ways FinTech’s are Transforming Banking.pptxMaveric Systems
Innovations that FinTech’s represent are primarily focused on improving customer-facing facets. The three growth levers that drive Fintech growth rates are – superior CX driven by the high trust earned, new-age branding, and marketing approaches, including gamification and cost optimization possible because of deep venture capital and leaner virtual operations.
In October 2014, when Apple debuted its iPhone 6 with an electronic wallet called Apple Pay, people immediately began to wonder whether it would overtake its competitors in the mobile payments business. The company has an impressive track record of releasing products and technologies that quickly disrupt and dominate markets. Nearly a year and well over 100 million iPhone 6 sales later, Apple Pay has emerged as the clear leader — but we’re still waiting for disruption. Smartphones have yet to displace cash or credit cards at the retail point of sale.
Countless mobile payment systems are active today — Apple Pay, Google Wallet, the Merchant Customer Exchange (MCX) CurrentC platform, and so on — but none has yet gained significant traction with merchants or consumers or become the standard for mobile transactions. And none of them look likely to seize that role for a while.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
In his public lecture, Christian Timmerer provides insights into the fascinating history of video streaming, starting from its humble beginnings before YouTube to the groundbreaking technologies that now dominate platforms like Netflix and ORF ON. Timmerer also presents provocative contributions of his own that have significantly influenced the industry. He concludes by looking at future challenges and invites the audience to join in a discussion.
A tale of scale & speed: How the US Navy is enabling software delivery from l...sonjaschweigert1
Rapid and secure feature delivery is a goal across every application team and every branch of the DoD. The Navy’s DevSecOps platform, Party Barge, has achieved:
- Reduction in onboarding time from 5 weeks to 1 day
- Improved developer experience and productivity through actionable findings and reduction of false positives
- Maintenance of superior security standards and inherent policy enforcement with Authorization to Operate (ATO)
Development teams can ship efficiently and ensure applications are cyber ready for Navy Authorizing Officials (AOs). In this webinar, Sigma Defense and Anchore will give attendees a look behind the scenes and demo secure pipeline automation and security artifacts that speed up application ATO and time to production.
We will cover:
- How to remove silos in DevSecOps
- How to build efficient development pipeline roles and component templates
- How to deliver security artifacts that matter for ATO’s (SBOMs, vulnerability reports, and policy evidence)
- How to streamline operations with automated policy checks on container images
GraphSummit Singapore | The Art of the Possible with Graph - Q2 2024Neo4j
Neha Bajwa, Vice President of Product Marketing, Neo4j
Join us as we explore breakthrough innovations enabled by interconnected data and AI. Discover firsthand how organizations use relationships in data to uncover contextual insights and solve our most pressing challenges – from optimizing supply chains, detecting fraud, and improving customer experiences to accelerating drug discoveries.
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
GridMate - End to end testing is a critical piece to ensure quality and avoid...ThomasParaiso2
End to end testing is a critical piece to ensure quality and avoid regressions. In this session, we share our journey building an E2E testing pipeline for GridMate components (LWC and Aura) using Cypress, JSForce, FakerJS…
SAP Sapphire 2024 - ASUG301 building better apps with SAP Fiori.pdfPeter Spielvogel
Building better applications for business users with SAP Fiori.
• What is SAP Fiori and why it matters to you
• How a better user experience drives measurable business benefits
• How to get started with SAP Fiori today
• How SAP Fiori elements accelerates application development
• How SAP Build Code includes SAP Fiori tools and other generative artificial intelligence capabilities
• How SAP Fiori paves the way for using AI in SAP apps
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Threats to mobile devices are more prevalent and increasing in scope and complexity. Users of mobile devices desire to take full advantage of the features
available on those devices, but many of the features provide convenience and capability but sacrifice security. This best practices guide outlines steps the users can take to better protect personal devices and information.
National Security Agency - NSA mobile device best practices
Payments 2 0
1. ®
PAYMENTS 2.0: DRAFTING OFF THE CONSUMER ECOMMERCE AND
SOCIAL INTERNET WAVE
Fall 2011 | Ryan Sweeney and John Locke | rsweeney@accel.com | jlocke@accel.com
Much has been published about, and many dollars have been services serving consumers “where they are,” rather than
invested behind, the current eCommerce and Social Media traditional environments of a store with cash or credit card in
revolutions. At Accel, we’ve been fortunate to have a front-row hand.
seat to these trends as investors in a number of leading companies
– such as Facebook, Groupon, Dropbox, and mobile apps like As for organization of this paper, we’ll look at solutions for
Angry Birds (dba Rovio) and AdMob – that are reshaping the merchants first (both online and offline) and consumers second
consumer web experience. (particularly the impact of limited payment product access,
micropayments, and mobile).
In many ways these companies are fundamentally redesigning
basic commerce, as consumers are increasingly making buying FOR MERCHANTS, IT’S ALL ABOUT
decisions and executing transactions through online, social, and MAKING THE DIFFICULT EASY
mobile channels. Our recent work at Accel suggests that over
50% of buying decisions are now initially researched via social The Trend. Merchants are increasingly faced with a multitude
networks or mobile applications. of challenges for accepting and managing payments, as
consumers want to pay with a variety of new instruments like
This shift in consumer behavior has profound implications for a mobile phones or new forms of credit like BillMeLater (more
number of supporting technology sectors beyond just e/mobile- on these products later). These acceptance issues are
commerce and social networks. One such sector that is being exacerbated for online merchants who must: 1) meet PCI
disrupted is Payments (defined here as companies providing compliance (the global standard for accepting card payments
solutions for how consumers transmit funds and how merchants and fraud prevention) and country-specific regulations, 2) have
accept and process transactions), which is the subject of this capacity to accept payments from international customers, 3)
whitepaper. Just as PayPal helped create “ePayments” in the allow consumers to pay via alternative channels, like mobile, 4)
dotcom boom of the late 90’s (on the backs of traditional brick- decipher amongst various payment brands to accept – PayPal,
and-mortar merchants aiming to enable online consumer Visa, MasterCard, Amex and even alternatives like
purchases on eBay), a new generation of payments applications PaySafeCard and UKash, 5) set-up merchant accounts with
are emerging today in response to the evolving needs and business models that are often hard for traditional banks and
behaviors of today’s online consumers AND web 2.0 merchants. processors to understand, and 6) make sure the payment
experience does not impact the consumers’ desire to (and
Adding further fuel to the fire is the simple fact that the stakes are momentum toward) make the ultimate purchase.
large: the payments industry generates worldwide revenues of
more than $900 billion each year. In most cases, though, Solutions for Online Merchants. While large online
payment technologies serving offline, and even online, merchants like Amazon have teams dedicated to solving these
transactions were built decades ago (a number of POS terminals issues, the average small/mid-sized enterprise (“SME”) does
still use dial-up connections and the most prevalent online not. This has created an opportunity for innovative new
payment acceptance tools – Authorize.net and PayPal – were business models attempting to minimize online SME pain
developed over a decade ago). Given the size of the payments points. From a monetization perspective, we believe companies
market and opportunity for technology disruption, we believe with simple, scalable, low-priced, web-based solutions
there will be a number of new multi-billion dollar businesses addressing these numerous pain points are best poised for
built in this category over the next 5-7 years. As such, Payments disruption and SME market success. Here are a couple of
has been an increasingly important focus at Accel, resulting in six examples:
investments in this sector over the last twelve months.
Braintree
In this paper, we take a more detailed look at the factors driving ▪ Provides software allowing online and mobile commerce
this disruption and also highlight the payments businesses we companies to seamlessly integrate non-disruptive payment
believe are responding to this “new consumer.” In short, the functionality into the consumer process-flow
winners in this Payments 2.0 era will likely design products and
Page 1
2. ▪ Flexible and developer-friendly APIs – products are currently that mobile devices and tablets can solve SME’s pains and
portable across Ruby, Python, PHP, Java, .NET, and node.js become the cash registers/POS terminals of tomorrow; by
frameworks offering merchants a new way to not only accept payments, but
▪ Rapid install period, allowing SMEs to achieve PCI to track customer and purchase behavior data as well. Both
compliance and payment functionality almost immediately companies are described below in a bit more detail:
▪ Stores credit card information remotely and securely for
merchants, assisting with security and compliance Yapstone
▪ Proven product scalability, allowing merchants to accept large ▪ Provides payments-as-a-service technology for brick-and-
purchase volumes over short time durations (for example, the mortar property managers, particularly in the apartment and
Company powered LivingSocial’s Amazon gift card sale, vacation rental markets, enabling receipt and processing of
yielding $13 million worth of vouchers in less than 24 hours) electronic payments
▪ Leading web, mobile, and software customers like OpenTable, ▪ Proprietary technology includes unified, real-time reporting
Airbnb, HotelTonight, 37 Signals, LivingSocial, and GitHub platform for check conversion, credit/debit card processing,
▪ Annual growth in excess of 600% since inception, Company and electronic check processing
will process over $3 billion in annual transaction volume ▪ Works with majority of top rental property managers in U.S.
relying mostly on word-of-mouth referrals for new customer and is largest payment processor in this market; vacation
acquisition rental customers currently include HomeAway, the online
▪ Headquartered in Chicago, IL; Accel invested in Braintree in market leader in this subsector
July 2011; www.braintreepayments.com ▪ Growing in excess of 40% annually, Company will process
over $4 billion in annual transaction volume
OzForex ▪ Based in San Francisco, CA; Accel and Meritech invested in
▪ Enables SME’s and consumers to make large dollar Yapstone in June 2010; www.yapstone.com
international payments online
▪ Use cases include settling international payables, paying Square
employees overseas, and assisting consumers with cross-border ▪ Allows anyone to accept credit card payments via mobile
payment needs (i.e. foreign university tuition) device or tablet
▪ SME payments occur via the web utilizing proprietary ▪ No contracts or merchant account needed to begin taking
technology – enabling foreign currency trades at rates noncash payments
discounted to traditional brick-and-mortar banks ▪ Enables merchants to track sales and customer data through
▪ Company has partnered with a number of global, money-center simple and well-designed user interface
banks including Bank of New York Mellon, Barclays, Credit ▪ “Card Case” product allows Android and iPhone users to i)
Suisse, Deutsche Bank, and Macquarie track receipts and spend digitally, ii) open digital tabs at
▪ Headquartered in Sydney, Australia with offices in London and participating Square vendors, and iii) obtain directories of
Toronto; Accel and The Carlyle Group invested in OzForex in local merchants
November 2010; www.ozforex.com ▪ Company expects to process over $1 billion in transaction
volume over the next 12 months
Solutions for Offline Merchants. Online merchants are not the ▪ Co-founded in 2009 by Jack Dorsey, co-founder of Twitter
only ones with payment acceptance pain points as offline SME’s ▪ Based in San Francisco, CA; Investors include Khosla
have dealt with many of these same issues for a long time, Ventures, First Round Capital, Kleiner Perkins, Sequoia
including: 1) procuring merchant accounts and card processing Capital, Visa, and Tiger Global Management;
agreements at reasonable rates (studies suggest half of SME’s do www.squareup.com
not even take credit cards; in certain industries like rent payment
acceptance, the percentages are staggeringly lower – in the low CONSUMERS ARE FINDING “NEW” WAYS
single digits), 2) dealing with outdated POS technology, when TO PAY
they do accept cards, that is not flexible enough to accept the new
payment products consumers are willing to use (see consumer The Trend. Just as SME’s are looking to new technologies to
section below) – like mobile wallets or Groupon discount manage online and offline payments, consumers are
vouchers, and 3) a lack of data on customers and ability to increasingly considering “alternative” brands – like PayPal,
communicate with customers after the sale, that could be Google Checkout, PaySafeCard, and Facebook Credits – to
mitigated through ties into Facebook and other sources of make payments, instead of traditional credit cards and bank-
customer information. sponsored debit cards.
A number of interesting businesses are emerging to help mitigate While credit cards are still the dominant form of online
these problems. Some, like Yapstone, are working to move payment (responsible for ~$100 billion in volume in 2010),
arcane payment sectors (like apartment rentals) into the credit their grip on the market is decreasing. By 2015, we estimate
card and online payment world. Others, like Square, are betting that “alternative” players will more than double their market
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3. share of online payments volume from 10% to 20% and see of virtual items (and increasingly spend more time in these
several sub-trends driving this growth: virtual applications), the prospect of paying with a credit card
is often unavailable, or difficult, for transactions under $1
1. Access. The internet has made the world a much smaller place USD.
and many consumers are not able to procure traditional credit or
debit card products globally (often due to age, level of income, or The Solution. Micropayment solutions tend to follow one of
geography) to even make online payments. Even in the U.S., it is two forms: 1) the respective virtual world, or website, offers its
estimated that over 50 million households have little to no own form of currency (for Facebook in the form of “Credits” –
relationship with a bank, and many of these “underbanked” see below; for Tencent in the form of “Q Coins”); or 2)
households are struggling to access traditional credit in the wake consumers use third party, prepaid products, built specifically
of the recent financial downturn, as loan officers across the board to make virtual purchases. Examples include:
maintain tight standards.
Paysafecard
The Solution. Accordingly, consumers are forced to look to ▪ Provides a prepaid card that is purchased in retail locations
third-party options for basic online shopping, bill pay, and credit. and then used solely for online transactions, primarily
Companies offering these products are often blending payment gaming
and financial services applications in new, innovative ways: ▪ Product works as follows: After receiving Paysafecard pin #,
customer enters number in web store of his/her choice (as
Rush Card long as the merchant site accepts Paysafecard)
▪ Provides only branded prepaid debit cards and other financial ▪ Requires no personal data or bank account information on
services to “underbanked” via the internet and other direct the consumer end
channels ▪ Available at over 300,000 sales outlets worldwide, primarily
▪ Cards function like typical bank-backed debit cards (and run on in Europe
Visa network) but are loaded by cash instead of a bank ▪ Based in Vienna, Austria; www.paysafecard.com
account, often through direct deposit from a customers’ payroll
▪ With over 2 million cards distributed to date, provides Facebook Credits
customers opportunity for online payments, direct bill pay, ▪ Currency offered by Facebook for users to make purchases
healthcare discounts, insurance, and personal financial within Facebook applications
management tools ▪ On July 1, 2011, Facebook made Credits mandatory for
▪ Users can exchange money with other users via P2P mobile purchases within Facebook ecosystem
money transfer ▪ Similar to Apple’s iTunes store, Facebook earns 30% on
▪ Based in Cincinnati, OH with offices in New York, NY and payments made using Credits
San Francisco, CA; www.rushcard.com ▪ Facebook users can currently purchase Credits via credit card
or PayPal
BillFloat ▪ Initial impact will be on social gaming, but credits are
▪ Provides small-dollar loans to consumers specifically for bill expected to have appeal outside of Facebook – for instance,
payment purposes, such as cell-phone and cable bills American Express is offering them as rewards to cardholders
▪ Technology scores customer payment history and aims to ▪ Based in Palo Alto, CA; initially funded by Accel in 2005;
provide interest rates far lower than what customers www.facebook.com
traditionally are offered from payday lending businesses
▪ Supports over 3,500 billers nationwide, including MetroPCS 3. Mobile. As hard as it is to believe that the iPhone has only
and DirecTV been in existence for roughly 4 years and the current Android
▪ Based in San Francisco, CA; investors include First Round operating system is just over 30 months old, the devices built
Capital, PayPal, and Venrock; www.billfloat.com on iOS and Android have essentially put a personal computer
in consumers pockets 24x7, leading to large increases in
2. Microtransactions. A large payments market is emerging mobile browsing and commerce. As such, we expect global
within social and other online networks, as companies like mobile payments volumes to grow at over 100% annually
Facebook and Tencent create their own “virtual currencies.” through 2014, to approximately $55 billion per annum.
Most often, these currencies are offered in an effort to capitalize
on the sale of in-application “microtransactions” for good and The Solution. While there are many articles written on this
services, like purchasing goods for your farm in Zynga’s wildly subject, it is still too early to know who will become the
popular online game, Farmville. dominant mobile payments company, given the multitude of
participants (from payment networks like Visa and Mastercard
Overall, this microtransaction market is now yielding +$2.5 to the mobile operators like Verizon and AT&T) and
billion in revenue annually in the U.S. alone, and we expect it to technology innovations (MicroSD cards, NFC, etc.), to online
grow at +50% annual rates. As consumers make more purchases giants like Google (who recently revealed their own mobile
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4. wallet) and PayPal. One of the core challenges in any mobile forward and requires meaningful investment, particularly given
payments rollout is the classic “chicken-or-egg” issue: without a how many buying decisions are being made through mobile
sufficient customer base, merchant adoption of new technologies devices.
and products will likely lag and vice-versa. For example,
currently less than 12% of U.S. merchants can accept contactless Despite these risks, we at Accel continue to actively invest in
(mobile) payments. Some emerging players to watch are: this market. Since 2010, we have made several payments
investments, including: Braintree (payments gateway for online
VIVOtech and mobile merchants); OzForex (an international online
▪ Provides contactless mobile payment and NFC solutions foreign exchange payments platform); Venmo (a mobile P2P
including: contactless payment readers, software for enabling money transfer service); Wonga (an online small-dollar
location-based mobile marketing and promotions, and lender); and Yapstone (an online vacation home and rental
contactless payment stickers property payment services platform). We expect this
▪ Installed more than 800,000 NFC readers in 35 countries investment pace to continue going forward and look forward to
(including retailers like McDonalds, Home Depot, and Whole partnering with entrepreneurs who see these market trends as
Foods) to-date an opportunity to build disruptive businesses.
▪ For Google’s mobile wallet, VIVOtech is providing the NFC-
enabled POS readers
▪ Based in Santa Clara, CA; investors include Motorola
Solutions Venture Capital, Alloy Ventures, Citi Ventures,
Draper Fisher Jurveston, First Data Corporation, Miven Ryan Sweeney is a partner at Accel Partners in
Ventures, Motorola Mobility, Nokia Growth Partners, and Palo Alto and leads growth investments in
NCR; www.vivotech.com Software/SaaS, Consumer Internet, Financial
Technology, and Payments companies.
PayPal Investments Ryan has been involved with include
▪ Remains the alternative payment provider with the most reach, Braintree, OzForex, Squarespace, Groupon,
and therefore the leading force to be reckoned with in mobile 99designs and Atlassian.
▪ PayPal has more than 90 million active users worldwide, with
total payment volume representing 15% of global eCommerce
transactions John Locke is an investor at Accel Partners in
▪ Mobile payments volume on PayPal network is growing at over Palo Alto and focuses on investments in the
300% per year financial services, payments, consumer internet,
▪ Recently acquired Zong (July 2011) for managing online and technology-enabled services areas.
purchases of digital goods ($240m acquisition)
▪ Acquired by eBay in June 2002; www.paypal.com
CONCLUSION
If there’s one takeaway from this paper, it should be that we’re
embarking on a new era in payments, in which the giant
payments processors (like First Data) and card networks (like
Visa) of yesteryear are not the only ones building businesses of
value. Indeed, both merchants (those who “accept” payments)
and consumers (those who “make” payments) are increasingly
looking to, and trusting, new companies for payments solutions.
And not only are these new payments businesses scaling quickly,
they are also being rewarded with better public multiples upon
exit than their payments 1.0 brethren (see BillMeLater’s sale to
eBay, CyberSource’s sale to Visa, GreenDot’s successful IPO,
etc.).
Investing in this category, however, is not without risk. As the
2010 Durbin legislation (affecting debit card interchange) has
proven, the payments sector is under constant regulatory change.
In addition, new mobile payment technologies threaten to disrupt
the entire ecosystem, and the mobile carriers are deploying
significant funds to gain a share of the pie. Having a successful
mobile strategy is paramount to success in this sector moving
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