Technology in the world of finance is advancing across the globe, but some countries are adapting faster than others.
Places like China, the United Kingdom, and Israel are all currently in the midst of a tech boom, which is why it’s a good idea to keep an eye on some of the startups taking the charge.
The Israel Economic Mission in New York, in collaboration with Bank Innovation, and INV — this site’s sister accelerator — hosted a group of exceptional financial technology companies from Israel last week, who showcased their solutions in Payments, Finance Management, Security and other specialties.
The following are the five companies that stood out from the bunch.
Big data is fast becoming table stakes for financial services, which is where companies like Glassbox come in. The startup has a platform designed for enterprise data insight and analytics, where clients can record, replay, and analyze web and mobile sessions from their consumers.
Glassbox’s current clients include Israel-based Hapoalim Bank and Bank Leumi, and the company presently has offices in the U.S., the U.K., and in Petah Tikva, Israel.
Payments startup Clearshift is looking to “close the gaps” in international trade by offering more transparent pricing for cross-currency transactions.
The company is targeting the traditionally opaque world of cross-border finance, providing a “unique” pricing model to businesses looking to transact across borders. The company is searching for funding, and currently has offices in Israel, the U.S., and the European Union.
Every country needs a killer P2P service, and — as Venmo could tell you — what better way to provide that than through a user’s own social media networks?
That’s the idea behind PayKey (winner of Bank Innovation’s most recent startup demo challenge), which partners with banks to allow consumers to make P2P payments right from the social media app of their choice, including Facebook Messenger, WhatsApp, and Twitter.
This aptly-named Israeli startup uses artificial intelligence and machine learning to provide users with daily investment predictions and forecasts. The company’s “self-learning” algorithm is then able to provide clients with more targeted investment opportunities.
The company is currently active in Israel, the U.S., as well as in various European countries, including Germany and France.
Big data company BeeEye is using data analytics, combined with a few mobile algorithms, to make it that much easier for banks to analyze customer financial data.
The startup employs machine learning and analytics to aggregate both bank and third-party data, before providing client banks with its own version of a credit score—one that gives banks a broader understanding of the customer, beyond the typical FICO score.8 - Readers Like This Post