Chicago Payments Startups Tackle the Tough Problems

Solutions presented at the February Chicago Payments Forum meetup focused on credit-card fraud, accounts receivables, merchant access, and consumer identity.

Four Chicago-based startups presented to about 50 professionals with interests across the payments ecosystem, including bankers, startup founders, investors, lawyers, and marketers.

Occasion. Aksh Gupta, co-founder and CEO, described the costs and frustrations of offering retail merchants access to card payments, a journey that ultimately led to making payments available using APIs from payments FinTech firm Square.

FinanceFuel. Alex Newmann, co-founder and CEO, showed how the company’s technology and customer-service reps handle the full accounts-receivables process for professional services firms, including invoice processing, payment collections, and receivables financing.

Alex Newmann presenting FinancialFuel to more than 50 Chicago payments professionals

Rippleshot. Canh Tran, co-Founder and CEO, covered the firm’s credit-card fraud prediction analytics and what it takes for customer-success managers to show small financial institutions how to use the data to fight frauds. The startup has gained traction through deals with Fiserv and FIS, along with financial institutions’ increasing comfort with cloud-based services.

Spring Labs.¬†Peter Tapling, chief revenue officer, presented the new startup’s use cases for consumer identity and its blockchain technology-based infrastructure. The firm counts 16 online lenders wanting to develop identification verification capabilities in its founding industry partners program.

Rippleshot hosted the meeting at its offices in the Chicago-based Catapult accelerator. Collin Canright of Canright Communications organizes Chicago Payments Forum meetups.

For more information, see the Chicago Payments Forum website.