By Katja Fiedler, Raiffeisen Bank International AG |
The participants of the third round of Raiffeisen Bank International’s (RBI) fintech partnership program Elevator Lab were announced on the Finalists Day in mid-October. The six chosen fintech startups will get valuable support by experts and mentors in developing unique pilot projects, so-called PoCs (Proof of Concept), in the next months. And they will also gain access to real customer data through RBI which shows that only the best of more than 280 applicants from over 50 countries were accepted – after all, no bank recklessly compromises the trust of its customers.
Elevator Lab asked for ideas in the following areas: Advanced Analytics and Artificial Intelligence, Large Corporates & Institutional Clients, Cyber Security, FX Solutions, Retail Banking, RegTech, SME Banking as well as Payments and Transaction Processing for Mobility Services – the latter was a joint search with Kapsch Group, an Austrian technology leader and global player focusing on digitalization and mobility, aiming at a cross-industry cooperation.
These are the selected participants of Elevator Lab’s current round:
Large Corporates & Institutional Clients | Poland
Billon created a high-performance DLT system unifying national currency transactions, documents on-chain, and identity management into a single platform.
Cyber Security | Israel
imVision’s technology uses automated learning of the “API Language” to build in-depth, granular behavioral models of data content, context and business logic and enforce them in real time. The Anomaly Management Platform (AMP) identifies and reacts to suspicious behavior on APIs, providing an advantage in mitigating attacks on APIs.
Retail Banking | Sweden
Minna Technologies offers a subscription management platform that enables the overview, cancellation and improvement of subscription services. For customers this means control over the services they pay for on a consistent basis, everything from utilities to streaming services, all from within their preferred digital banking environment.
Best pitch according to the audience
Payments and Transaction Processing for Mobility Services | Israel
Nayax provides advanced payment acceptance technologies and value-added services for unattended retail and public transportation. The Nayax solution incorporates hardware terminals, cloud-based telemetry, monitoring and management services and payment gateway connected to a variety of banks and acquirers. Nayax will not only work with RBI during the next months, but also with Kapsch Group aiming at a cross-industry cooperation.
Large Corporates & Institutional Clients | Netherlands
The Quantoz blockchain-based Quasar solution enables instant, compliant transactions and settlement between devices, corporates and people. Quasar connects the ‘Internet of Things’ economy with traditional financial systems and hence enables devices to become profit centers.
RegTech | Montenegro
Uhura is an AI platform that reads and understands contracts and agreements just as humans do. Uhura helps financial institutions significantly to speed up their review and decision-making process using AI that streamlines the process of analyzing and drafting contracts.
At the beginning of March 2020, it will get exciting again: on a Demo Day the fintechs will present their PoCs. On this basis, RBI will evaluate possible long-term collaborations. Since 2017, when Elevator Lab was launched, RBI already entered into – numerous partnerships and joint initiatives with fintechs.