Accelerator Program drives innovation to help financial services institutions better meet regulatory requirements and reduce the cost of compliance
London – 16 September 2015 - Dassault Systèmes and Deutsche Börse today announced the six finalists selected to participate in the 3D FinTech Challenge 2015, an immersive accelerator programme designed to empower and accelerate technology innovation within financial services. This year’s finalists focus on using existing or new disruptive data management technologies to help institutions better manage regulatory requirements and reduce the costs of compliance.
The 3D FinTech Challenge aims to nurture and accelerate the six high performance start-ups. The finalists - chosen from a shortlist of applications by a panel of senior executives from leading financial institutions - are AlgoDynamix, Athena Portfolio Solutions, CheckRecipient, Demaenova Informatics, Passfort and Quarule. Unlike other accelerator programmes, Dassault Systèmes and Deutsche Börse do not take equity in the start-ups but may consider investing in them, should there be a good business fit.
The Challenge, now in its third consecutive year, is led by Dassault Systèmes, world leader in Product Lifecycle Management (PLM) solutions, 3D design software and 3D Digital Mock Up. This year, a key difference is that Deutsche Börse, one of the world's leading exchange organizations, is a partner on the programme and brings additional expertise and resources. The Challenge will run from 16 September – 3 November, 2015 and will be based out of Level39 at Canary Wharf, Europe’s largest accelerator hub for FinTech.
“The 3DFinTech Challenge is a key element of Dassault Systèmes’ drive to accelerate technological innovation in the financial services industry. It enables us to collaborate with the industry, nurture high performance start-ups and leverage our 30 year history of technology knowhow and experience to help institutions thrive in the face of industry transformation and drive customer centric innovations,” said Guillaume Dufour, Vice President, Financial and Business Services Industry, Dassault Systèmes.
The 3D FinTech Challenge finalists will be offered on-going mentoring from both Dassault Systèmes’ and Deutsche Börse’s senior management as well as senior executives from leading global financial institutions to help shape the products and technologies being developed. In addition, master classes will be provided by leading domain experts, covering topics such as pitching guidance, user experience and interface design, intellectual property rights and licensing agreements.
Brendan Bradley, Chief Innovation Officer, Deutsche Börse said: “Having built on our experience of previous programmes, this year we wanted to jointly develop the increasing number of high calibre start-ups applying for the 3D FinTech Challenge. We are pleased to announce the final six start-ups that will join us for the next seven weeks at Level39 and look forward to working with them to learn more about the new technologies and solutions they are developing. All participants are building ‘RegTech’ solutions addressing the regulatory changes faced by the financial services space.”
The six finalists will gain full access to a community of entrepreneurs, start-ups and high growth companies through Level39 at London’s Canary Wharf. On the Finals Day - 3 November, 2015, which will also be held at Level39, the finalists will present their solutions to leading executives and experts as well as to venture capitalists, regulators, journalists and government officials. The winner will receive additional mentoring and networking opportunities from the global financial services ecosystem to further accelerate their development.
Eric Van der Kleij, Head of Level39, Canary Wharf Group plc said: "It’s great to see Dassault Systèmes' 3DFinTech Challenge back again for its third year, this time focussing on solutions to some of the key regulatory and data challenges needed to help the industry perform better. The programme just gets better each time - especially this year with the additional collaboration and support of Deutsche Börse. The team and its mentors now feel like part of the Level39 Fintech family community."
Finalists for the 3D FinTech Challenge 2015 are:
London based AlgoDynamix is a pioneering portfolio risk analytics company focusing on financially disruptive events. The software products are used by global financial institutions to improve portfolio metrics including lower volatility and higher risk adjusted returns. Customers include fund managers, wealth managers, investment banks and trading houses. The deep data algorithms detect anomalies in the financial markets and anticipate price movements hours (or days) in advance of the event. Unlike competitive solutions, our real time analysis does not rely on historical data or previous disruptive events.
Athena Portfolio Solutions
Athena Portfolio Solutions, based in Tel Aviv, has developed a financial discovery process using machine learning and predictive analysis to find actionable news when the asset isn't explicitly mentioned in the content. Its solution is based on textual input of unstructured information such as news and creates output of structured information that can be analyzed and classified automatically. With daily usage, the system uses the new metadata to learn, better identify and evaluate the new data entered into the system. By doing that Athena system filters the vast quantities of news and highlights the ones with the most potential to have an affects the financial markets. Athena first product to the Israeli market is a mobile app that is cutting through the noise and sending just the relevant information to the financial assets in the user portfolio.
CheckRecipient is big data analytics platform to prevent commercially sensitive information being sent to the wrong person. Our platform identifies patterns found in the textual content and recipient clusters within historical email data to identify potential information breaches in real time, before an email is sent.
Unlike conventional rule-based email security solutions currently on the market, CheckRecipient's use of artificial intelligence means that the software provides protection without any administrative burden for IT teams and there's no change to the way in which end-users would normally send emails. The solution is particularly designed for the professional services, legal and financial sectors, but the software can add value to any organisation managing highly sensitive data by significantly reducing the risk of sharing information with unintended recipients.
Passfort, based in London, provides a turnkey compliance platform designed to automate the collection, verification and secure storage of customer due diligence (CDD) data and documentation. The design of their product is driven by the growing importance of effective Anti-Money Laundering and Know Your Customer (KYC) procedures across the financial services ecosystem. Their software delivers a seamless onboarding experience for both customers and compliance teams.
Percentile delivers firm-wide risk aggregation, scenario analysis and risk data management to financial institutions. The RiskMine platform addresses the shortcomings of existing front office systems, which struggle to answer regulatory and firm-wide risk requirements, and delivers the transparency unavailable from black-box risk reporting vendors. RiskMine integrates siloes environments and automates the typically manual tasks of data collection, cleaning and aggregation of risk data. Sophisticated scenario generation and stress testing abilities enable holistic risk reporting with increased granularity, timeliness and accuracy. RiskMine is designed to scale for the continuously increasing number of risk exposures – scalability needed to tackle regulatory requirements.
Quarule provides disruptive and scalable enterprise solutions for risk controls and compliance certification using Artificial Intelligence to coordinate governance and automate oversight programs. Quarule’s solutions store and use the meaning of regulations and policies that guide the organization, retaining and reusing knowledge capital to maximize returns on technology investment and staffing budgets. Quarule can handle global regulations from multiple regulators and different jurisdictions. The team of experienced compliance and technology professionals is based in Charlotte, Dublin and Beirut.
About Dassault Systèmes
Dassault Systèmes, the 3DEXPERIENCE Company, provides business and people with virtual universes to imagine sustainable innovations. Its world-leading solutions transform the way products are designed, produced, and supported. Dassault Systèmes’ collaborative solutions foster social innovation, expanding possibilities for the virtual world to improve the real world. The group brings value to over 210, 000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com.
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Level39 is Europe’s largest technology accelerator space for finance, cyber-securities, retail and future cities technology companies. Members are put in the same room as experienced entrepreneurs, technology investors and industry experts in order to accelerate their traction and access to markets. Level39, a Canary Wharf Group initiative, occupies 80,000 sq ft across three floors of One Canada Square. It is for early-stage businesses with potential for high-growth and is rare in not taking equity in member companies.