Wells Fargo Backs Singapore Payments Startups Through Accelerator
Wells Fargo has accepted two Singapore-based payments companies for its spring 2016 startup accelerator class.
Alpha Payments Cloud, a payments API provider, and Jewel Paymentech, a financial risk technology company, will each receive investments of $500,000. Both provide solutions “particularly interesting for merchants in terms of facilitating international payments and minimizing transaction fraud risk,” Steve Ellis, head of the Innovation Group at the $1.8 trillion-asset bank, said in a June 8 news release.
Alpha Payments Cloud is developing a payments-as-a-service platform called AlphaHub that lets banks, merchants, payment service providers and independent sales organizations access any payment solution provider through application program interfaces.
Jewel Paymentech uses predictive analytics to help banks and payments companies conduct research on merchants and manage transaction fraud.
Both companies will also receive education and mentorship as part of the six-month semiannual program to help with the process of approaching and selling their products to Fortune 500 companies.
The startup accelerator launched in 2014. Wells recently announced the rollout of eyeprint verification for commercial mobile banking customers using technology supplied by EyeVerify, which was a member of the accelerator’s inaugural class.