Both fintechs will progress to the final Innovation Jam, taking their unique solutions from a regional competition to a global stage
Temenos (SIX: TEMN), the software specialist for banking and finance, today announced that Assure Hedge and Belleron have won Innovation Jam Amsterdam and will progress to the final round in Dublin. Each of the 10 contestants who participated had seven minutes to present their solution. Two separate votes were conducted at the Amsterdam event – one by the audience, and one by panel made up of representatives from ABN AMRO, Holland FinTech, and Temenos. Assure Hedge won the audience vote, while Belleron was selected by the panel.
Assure Hedge, which won the over the audience, democratizes foreign currency hedging through proprietary regulated technology. By utilizing smart algorithms, Assure Hedge makes it easy to conduct international business across borders. The fintech provides a simple online front-end solution for banks and high net-worth individuals to protect against currency losses.
Barry McCarthy, CEO, Assure Hedge, commented: “By utilizing smart algorithms, Assure Hedge has developed a scalable FX hedging front-end that automates the selling of foreign exchange options, providing instant automated quotes priced by the customer. This ensures fewer costs, less personnel and fewer errors impacting the business. We are excited to progress to the final round, and continue to show banks how they can reduce mis-selling and the expensive consequences surrounding it. With the final in our hometown, we look forward to showing our fellow finalists our city. With us being in a fundraising round, winning the Amsterdam audience vote has proved an excellent piece of news for our new investors.”
Belleron, which was selected by the panel of experts, helps fight large-scale, difficult-to-detect banking attacks. The company’s solution, CAPTURE®, is an intelligent defense system for banks that senses and monitors millions of transactions, variables and trends in real-time. The platform analyzes how they interact and correlate using machine learning models. Next to that CAPTURE® provides a managed response based on the attack’s characteristics, keeping banks open for business even under pressure.
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Bas Uildriks, COO, Belleron, stated: “CAPTURE® covers the world of financial crime, financial terrorism and financial innovation. Our machine learning models oversee the bank’s entire ecosystem from a top-down perspective, and provide real-time insights when an attack unfolds. We are thrilled to be able to share our solution with a widening audience in our campaign to extinguish financial crime.”
Ben Robinson, Chief Strategy Officer, Temenos, said: “We’ve seen a wide array of fintechs entering the Innovation Jam series, and a diverse crowd progressing to the final competition. We’re only halfway through the regional heats, but so far our final contestants span actionable data and analytics,security, engagement and now financial crime and hedging. This is reflective of the wide array of needs that banks have in the modern world, where data and security are their biggest assets, and connecting with consumers is their primary goal in order to remain competitive. We’re excited to bring each of these fintechs to showcase their solutions at the Temenos Community Forum, being held May 22-24, to financial institutions from around the world.”