GENEVA, Switzerland – May 4, 2018 – Temenos (SIX: TEMN), the banking software company, today announced that Apiax AG, won the public vote at the Innovation Jam Geneva, and SONECT earned the Judges’ Choice. The event is one of eight regional competitions to find the best FinTechs from around the world as part of Temenos’ effort to build an ecosystem where FinTech startups, financial institutions and experienced tech providers collaborate to bring the best offering to market. Both FinTechs will move on to the final round at the Temenos Community Forum.
Apiax, which won the audience vote, is a RegTech startup that builds powerful and flexible tools to master complex regulations digitally. Their toolset ensures that the digital compliance checks that banks have in place are up-to-date and verified. The technology provides legal and compliance teams with full visibility and control over their digital rules, and empowers client advisors to serve clients more efficiently and in a fully compliant manner.
Philip Schoch, Co-Founder, Apiax AG, said:
“Financial institutions are facing mounting pressure from regulators. We believe there is a need for a paradigm shift on how external experts and internal legal and compliance teams collaborate. Managing regulations must become fully digitalized in order to manage today’s industry complexities. That’s why we created a platform to transform complex regulations into easy-to-use digital compliance rules. We’re thrilled to progress to the final round, and share our solution to a problem that impacts financial institutions the world over, to bank leaders from around the world.”
SONECT, which was selected by the panel of experts at Innovation Jam Geneva, can convert anyone into a “virtual ATM”. The location-based on-demand service reduces cost of cash distribution for banks and eases up in-store cash management for retailers. SONECT allows consumers to withdraw cash anywhere using their smartphone, free-of-charge.
Sandipan Chakraborty, Founder & CEO, SONECT, commented:
“What UBER is to Taxis, AirBnB to Hotels, SONECT is for ATMs. SONECT disrupts the ATM industry by enabling any shop in the neighborhood or any human being to act as a ‘virtual ATM’. In essence, we connect people who have cash with people who need cash. It was this innovative idea that we brought to Innovation Jam Geneva, and we are excited to take it to the final Innovation Jam in Dublin.”
Ben Robinson, Chief Strategy Officer at Temenos, added:
“The Innovation Jams help Temenos to identify FinTech companies that can add real business value to our clients. We are looking to integrate leading FinTechs with Temenos MarketPlace and connect them with our clients. The Fintechs extend their reach, our customers access the latest innovation quickly and easily, and together we provide banks’ customers with the best technology and experience. Against this backdrop, we are excited to welcome Apiax and SONECT to join us at the final Innovation Jam, where they will showcase their solution to 1,200 financial industry leaders.”