The final saw 10 regional contestants from the worldwide series compete before an audience of nearly 1,500 bankers from all over the world at the annual Temenos Community Forum, held in Dublin.
Security expert Belleron won the vote of the judging panel made up of representatives from Bank of Ireland, the LHoFT (Luxembourg House of Financial Technology), BlueShore Financial and 11FS, while SONECT emerged as the audience’s favorite.
Each fintech company was given seven minutes to demonstrate their solution live on stage. The winners faced strong competition from eight other fintech companies with diverse solutions ranging from frictionless secure authentication, smart regtech and blockchain to (spurred by the GDPR coming into force on the 25th of May) privacy by design.
The judges’ winner, Belleron, secured its place in the final on home turf at the Amsterdam Innovation Jam. Their CAPTURE® product addresses difficult to detect, potentially catastrophic banking attacks from external organizations and financial crime syndicates. CAPTURE®’s intelligent defense system for banks uses Machine Learning models to analyze and correlate interactions between transactions, variables, and trends in real time. Its response system supports executive decision-making and response based on the attack’s characteristics, keeping banks operational even when they are under pressure.
Bas Uildriks, COO at Belleron, added,
“At the Amsterdam Jam and at the Dublin Jam, we were picked by the judges. We believe this owes to the fact that we are solving a big industry-wide problem. Our CAPTURE system, which uses bank meta-data and machine learning to avoid traditional thresholds and biases, provides banks with enterprise-level protection against financial crime, financial terrorism and financial innovation, also known as Open Innovation Threats (OIT). As subject matter experts, we know that banks’ systems are being compromised, so we’re protecting the bank by identifying abnormal-abnormal behaviour and can shut down the malicious part of the bank/channels as quickly as possible, saving the banks reputation and millions of dollars.”
The audience’s choice, SONECT, runs on blockchain technology and democratizes cash distribution by connecting cash availability to cash requirement, everywhere. The user-friendly application creates more dispensing outlets to increase customer convenience, whilst simultaneously allowing banks to reduce their ATM networks and save costs. It achieves this by harnessing the flow of cash in local retail outlets and redistributing it to people who require it through a simple-to-use mobile application.
Sandipan Chakraborty, Founder & CEO, SONECT, commented:
“What UBER is to Taxis, AirBnB is 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, saving the banking industry billions of dollars of cash distribution costs in the process. We were delighted to win the public vote at the Innovation Jam final in Dublin and we look forward to capitalizing on this award and our entry to the MarketPlace to bring a solution to as many Temenos customers as possible around the world.”
Ben Robinson, Chief Strategy Officer at Temenos commented:
“The aim of the Innovation Jams is to discover the most innovative fintech solutions from around the world. By making these solutions available to Temenos customers in a pre-integrated format through the Temenos MarketPlace, we accelerate the pace at which at which they can innovate and help them to stay ahead of their peers. Each year we are impressed by the quality of solutions we find through the Jams and this year was no exception, as the winning solutions from Belleron and Sonect so amply demonstrate.”