News

Bank Innovation, Fiserv Partner to Launch Fintech Accelerator

Xignite

U.S. Bank to Participate in Accelerator Operations

Application Period for First Accelerator Class Now Open

bank innovation fintechBank Innovation and Fiserv today announce the launch of Bank Innovation INV, a revolutionary fintech accelerator that will cultivate financial services startups around the world. INV is now accepting applications for its first accelerator class, which will commence this quarter.

INV is the first non-geographically specific fintech accelerator, open to startups from anywhere in the world, with a particular focus on the world’s four major fintech hubs: Silicon Valley, Europe, Israel and New York.

The partnership between Bank Innovation, one of the world’s leading fintech strategy news services, and Fiserv, a leading provider of financial services technology — and which includes the participation of U.S. Bank, the fifth-largest bank in the United States — will foster startup success via INV.

“Bank Innovation INV will uniquely embrace fintech startups no matter where they are on the planet,” said JJ Hornblass, Principal, Bank Innovation INV. “Our partnership with Fiserv means startups in the accelerator program will get exceptional technology mentoring and access to potential technology users, which will lead to better results.”

“As part of our role in the Bank Innovation INV accelerator, Fiserv has an opportunity to not only further innovation, but to serve as a connection point between financial services startups and our thousands of bank and credit union clients,” said Matt Wilcox, SVP, Marketing Strategy and Innovation, Fiserv. “There are many nuances to navigate when developing and delivering new solutions in our industry, and we have the expertise to help ensure technologies that can transform the way people interact with financial services make their way to market.”

Also participating in INV is Cross River Bank. Cross River Bank and U.S. Bank will provide mentorship and select financial services to accelerator startups, in addition to opportunities for proof-of-concept initiatives.

“The banking and technology industries are increasingly working together to make the customer experience better,” said Dominic Venturo, Chief Innovation Officer at U.S. Bank. “INV provides the opportunity for us to engage and collaborate more closely on fintech innovation, and we are pleased to work together in this venue.”

Additionally, the following companies will make their application programming interfaces (APIs) exclusively available to INV startups: Xignite, ChartIQ, Estimize, Open Bank Project, QuantConnect, and Streamdata.io. Some of these API providers are part of the #FintechRevolution, which INV supports.

INV will also be part of Bank Innovation’s two annual industry events, in Seattle (www.bankinnovation.info) and Tel Aviv (www.bankinnovationisrael.com), where the INV participant companies will have exposure to hundreds of influential fintech professionals.

INV startups will receive a multitude of services, including:

  • Consultation with Fiserv technology mentors
  • Direct feedback from financial institutions
  • Specific recommendations on technology, strategy, sales and marketing
  • Beta-testing and/or proof-of-concept opportunities
  • Goal-setting and project management assistance  
  • Access to independent legal professionals
  • Access to valuable APIs and banking services
  • Marketing support through Bank Innovation
  • Financial support

“We want INV to not just foster the evolution of fintech, but revolutionize it,” Hornblass said. “We’ve got a grand opportunity to change the face of fintech, and we’re going for it.”

ABOUT BANK INNOVATION

Bank Innovation tracks and encourages innovation in banking and explores the world of bank customer acquisition and retention. The digital information service records customer acquisition innovation successes and failures at a site at which bankers of common ilk and dreams can come together to share ideas and insights. Irreverent? Maybe. But our goals are true: to make banking better.

For more information on INV, visit www.BankInnovationINV.com.

Startups that want to apply for admission into INV should click here.

Find INV on Angel List here.

Financial institutions that want to learn more about participating in INV should contact Phil Ryan atpryan@royalmedia.com or visit http://bankinnovationinv.com/for-institutions.

Read the blogpost, “Why We’ve Launched a Fintech Accelerator”

ABOUT FISERV

Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a leader in financial services technology, and today is among FORTUNE magazine’s World’s Most Admired Companies and Forbes magazine’s America’s Best Employers. For more information, visit www.fiserv.com.

Source: Bank Innovation

RECENT NEWS

Each year, Bobsguide asks the market to vote for fintech companies they believe stand out from the competition – those who have gone the extra mile in terms of development and servicing their clients. Xignite is proud to be listed as the "Best API Management" vendor on the Bobsguide 2020 Rankings.


Read article on Bobsguide

01/26/2021

Web services data provider Xignite captured the AFTAs judges’ attention on the infrastructure front with its release of Xignite Enterprise Microservices in July 2020, a suite of cloud-based microservices for data management, storage and distribution in the cloud, designed to help financial firms migrate from monolithic legacy data architectures to more agile and less expensive cloud services and data sources.

Requires subscription to read the article on WatersTechnology

01/25/2021

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

The collaboration made an immediate impact as StockCharts was able to expand its offerings and customer base by pursuing growth strategies enabled by Xignite’s cloud-based approach, which provides easy access to data and eliminates architectural limits on storage and speed.

The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/12/2021

Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today announced that its Market Data Management-as-a-Service solution has been named “Best New Technology Introduced over the last 12 months – Infrastructure” at the 2020 WatersTechnology American Financial Technology Awards (AFTAs). Selected by the editors of WatersTechnology, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.

Xignite’s Market Data Management-as-a-Service (MDMaaS) solution enables buy- and sell-side firms to centralize the management of vendor data feeds into their own cloud environment. The solution is built around the cloud microservice-based architecture and technology stack Xignite has been refining and scaling for more than 10 years. Xignite’s technology platform has been the backbone of the company’s Data-as-a-Service business, daily supporting 12 billion API requests of financial data for their 700 fintech and financial services clients. Now Xignite is leveraging this battle-tested cloud-native data management architecture to offer buy- and sell-side firms a market data vendor agnostic offering, with connectors available for firms to load data they license from Bloomberg, Refinitiv, ICE and numerous other providers.

The MDMaaS solution includes a suite of loosely-coupled modules that enable market data user firms to control their data usage, automate entitlements, optimize their data spend and minimize liabilities by simplifying data governance and ensuring regulatory compliance.

The functionality is delivered via microservices, an architectural approach in which core functionality is handled by loosely coupled, independently deployable modules that can work together or separately. Microservices architecture stands in stark contrast with monolithic platforms that require expensive on-premise technology – that is especially hard to maintain in the context of a pandemic.

The MDMaaS microservice-delivered modules introduced in 2020 include:

Xignite Entitlements and Usage - Manage the entitlement of vendor data to users and applications to ensure compliance and eliminate excess spend.

Xignite Optimization - Streamline data consumption to avoid duplicated vendor requests, leverage cached bulk data and get recommendations to reduce data costs.

Xignite Data Lake - Centralize, catalog and connect data shapes to enable frictionless integration by consumers via unified cloud APIs.

Xignite Reference - Aggregate, normalize, store and index vendor reference data to centralize enterprise-wide access.

Xignite Historical - Provide centralized access to normalized, stitched and adjusted historical data via cloud APIs.

Xignite Real-Time - Distribute real-time vendor data via cloud APIs, eliminating on-premise infrastructure.

Xignite Fundamentals - Make simple and complex time-series data structures available via cloud APIs.

“Xignite has pioneered market data in the cloud for more than 10 years now, so we are very excited to announce – and be recognized for – our Market Data Management-as-a-Service solution,” said Stephane Dubois, CEO, and founder of Xignite. “The pandemic has reinforced the need for financial services firms to migrate to the cloud as a means of navigating disruption and enabling scalability, among other benefits. We are proud to spearhead that effort and help the industry modernize its approach to financial and market data.”

About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data via its Data-as-a-Service and Market Data Management-as-a-Service solutions. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/06/2021