Fintech

Overstock.com Welcomes 2020 with Emphasis on Customer Focus and Innovation

Published

5 years ago

January 16, 2020

SALT LAKE CITY, Jan. 16, 2020 (GLOBE NEWSWIRE) — Celebrating 20 years as a leader in the e-commerce space, Overstock.com, Inc. (NASDAQ:OSTK) looks forward to an exciting 2020, with a renewed customer focus, application of technological innovations and changes in leadership. As a technology-focused company, Overstock continues to be an industry-leading online retailer and a pioneer in the blockchain space. Through its Overstock.com retail and Medici Ventures blockchain divisions, the Company continues to execute on its mission of improving customers’ lives through the application of emerging technologies to traditional markets. Overstock is focused on improving the customer experience and enabling secure and trusted peer-to-peer commerce.

“Two decades ago, Overstock was founded with a vision to always improve the way people transact through the innovative application of technology,” said Jonathan Johnson, CEO of Overstock.com, Inc. and president of Medici Ventures. “Two decades later that same forward-thinking attitude continues to prevail. Our teams of talented technologists with innovative minds continue to improve our customers’ experience. And they are advancing global peer-to-peer commerce through the application of blockchain technology. Over the past 20 years, we accomplished a lot. I’m filled with pride by our teams’ work in sourcing, developing, and accelerating technology and efficiencies in our retail and blockchain businesses. We’re focused on making 2020 another great year for Overstock.”

Overstock welcomed changes in leadership during 2019, which reflect its focus on the customer and innovation. These changes included the promotions of Jonathan Johnson to CEO of Overstock.com, Inc. (in addition to his role as President of Medici Ventures), Dave Nielsen to President of Overstock Retail, and Kamelia Aryafar to Executive Vice President and the newest member of the Company’s board of directors (in addition to her role as Chief Algorithms Officer). Medici Ventures also strengthened its leadership, with the promotions of Joel Weight to Chief Operations Officer and Jeremy Smith to Chief Technology Officer. Likewise, tZERO strengthened its team with the addition of a Head of Issuance, Head of Investor Relations, and Head of Communications.

In addition to its offices in Utah, the Company expanded its presence in Europe with the opening of a new state-of-the-art campus in Sligo, Ireland, which has served as a technical hub and EU base.

Club O, the Company’s retail loyalty and rewards program, expanded its member offerings to include two new benefits: free returns and a price match guarantee. These new features significantly enhance the loyalty program’s existing perks, which include free shipping on all items, five percent (or more) rewards on all purchases, access to an exclusive rewards store, and additional rewards in exchange for product reviews. Club O is free to active and veteran military members, students and teachers, and first responders.

Other key milestones over the past year include the addition of new applications in the blockchain space; advances in the customer experience utilizing technologies like machine learning, personalization, and augmented reality; and continued community outreach through partnerships with non-profit organizations.

Medici Ventures, Overstock.com, Inc. Subsidiary and Blockchain Accelerator

2019 was a significant year for Medici Ventures and its keiretsu of blockchain-based companies, as it began to pivot from a building phase to a growth phase in which real products are coming into production. The Medici family continued to utilize blockchain technology to revolutionize traditional industries including identity, land governance, money and banking, capital markets, supply chain, and voting. Key milestones include the following:

tZERO, the global leader in blockchain innovation for capital markets, built the technology and leadership team necessary to support its long-term efforts relating to tokenization services and secondary trading technology. In addition to securing a number of cutting-edge patents related to the intersection of blockchain and capital markets, the company tokenized its preferred equity and launched the trading of these securities on the tZERO ATS, signed agreements with a number of issuers to tokenize their securities, subscribed additional broker-dealers to the tZERO ATS, launched the tZERO Crypto App, filed for one of its wholly-owned subsidiaries to become a retail broker-dealer and advanced its Boston Security Token Exchange (BSTX) joint venture.
Medici Land Governance (MLG) continued to expand its reach and provide low cost, user friendly land titling and administration systems to government partners across the globe. In 2019, MLG expanded its land governance efforts to St. Kitts and Nevis, Liberia, Zambia, Mexico, and the United States. By utilizing blockchain and other technologies to secure a public record of land ownership, MLG continues to promote economic development and financial inclusion to both individuals and governments worldwide. MLG looks forward to strengthening and creating new partnerships in 2020 and beyond.
Bitt, the Barbados-based fintech company, signed a contract with the Eastern Caribbean Central Bank to conduct a blockchain-issued Central Bank Digital Currency (CBDC) pilot within the Eastern Caribbean Currency Union (ECCU) The issuance of a CBDC would facilitate the speed, cost and efficiency of payments, both domestically and cross-border, as well as promote financial inclusion amongst Caribbean citizens. Having successfully completed the project’s inception and elaboration phases, upcoming milestones include preliminary testing and training with pilot project stakeholders, including financial institutions, merchants and consumers, in preparation for the start of the pilot at the end of Q1 2020.
Voatz made voting safer and more accessible by successfully conducting a number of secure mobile voting pilots backed by blockchain technology for overseas and disabled voters in United States counties such as Utah County, UT; the City & County of Denver, CO; Jackson and Umatilla County, OR; and Pierce County, WA.
GrainChain executed agreements with stakeholders across the Honduran coffee industry to deliver its blockchain-enabled commerce platform. Immediate benefits with regard to the minimization of risk and improvement of harvesting conditions have already been realized, both of which will encourage further reinvestment. Through coordination with stakeholders throughout the coffee growing lifecycle, GrainChain is for the first time connecting the entire supply chain on a single platform. That agreement came in the same year as the company’s partnership with the Mexican state of Tamaulipas, bringing efficiency, security, and transparency to farmers, storage operators, and buyers of bulk commodities. GrainChain went live with three products: Cmodity, HarvX, and SiloSys, which processed over 1 billion pounds in commodities in Texas in 2019, a strong indicator of what is to come in 2020.

Overstock.com Retail

Under the leadership of the Company’s EVP and Chief Algorithms Officer, Kamelia Aryafar, Overstock continues to implement artificial intelligence (AI) and machine learning (ML) technologies throughout the organization. These technologies are being applied to improve or replace existing systems in all areas of the company, including Website Development, Pricing, Customer Care, Supply Chain, Marketing and Sourcing.

The application of ML and AI has also allowed Overstock to significantly improve the personalization of the customer experience, advancing Overstock’s mission of customer focus. During 2019, Overstock leveraged its proprietary technology LiveRex and Overstock Asset Data Platform (OADP) to introduce personalization technology to its retail site, which enabled a fully dynamic email experience. These initiatives aim to deliver a more engaging and relevant experience throughout every touchpoint of a customer’s journey.

Building on Overstock’s investment over the past three years in augmented reality (AR) and 3D experience, the Company launched the biggest omni-channel AR and 3D customer experience in e-commerce. This launch allowed shoppers to seamlessly view true-to-life size 3D renderings of thousands of products from top-selling categories like furniture, home goods, and décor, and enabled them to see what these products might look like in their own homes with the aid of AR.

Overstock celebrated its 20 year anniversary with its second annual Customer Day on October 6. The 36-hour sale was one of the Company’s strongest events in 2019.

Awards and Recognitions

Overstock was the recipient of a number of awards in 2019, being recognized for achievements spanning from its high-quality customer service to its technological innovation. Notable mentions include:

Torchie Award recognition as an industry leader and innovator
eTail’s Best in Class Award for Best Mobile App
Media Post’s Appy Award for Best Retail App
Mobile Star Awards “Superstar” Best Retail Shopping App
Loyalty 360’s Top 10 Award for Customer Loyalty Team
Two Loyalty360 Awards for Employee Engagement and for Customer Loyalty Strategy
Stevie Award in Customer Service and Sales
Utah’s Best in State Award for General Merchandising
Shatter List recognition for creating and implementing impactful programs and company culture to foster inclusivity from the Women Tech Council

Corporate Giving and Philanthropic Support

Overstock Cares, the Company’s philanthropic program, supported numerous non-profit organizations dedicated to a variety of charitable causes throughout 2019. The program supported the donation of hundreds of products, primarily home goods, to non-profit organizations across the country, in addition to monetary donations to causes including Big Brothers Big Sisters, Operation Underground Railroad, Set for Life LA, and Habitat for Humanity.

Overstock Cares also continues to support its corporate charitable partners Best Friends Animal Society, Special Operations Warrior Foundation, and the American Red Cross by promoting customer donations on its site and check-out page.

About Overstock.com

Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new home products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary dedicated to the development and acceleration of blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.

O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended September 30, 2019, which was filed with the SEC on November 12, 2019, and any subsequent filings with the SEC.

SOURCE: Overstock.com, Inc.

Media Contact:
[email protected]

Investor Contact:
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Fintech

Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations

Published

2 days ago

November 21, 2024

Peter Tolan

fintech-pulse:-daily-industry-brief-–-a-dive-into-today’s-emerging-trends-and-innovations

The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.

Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion

Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.

By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.

Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.

Source: Fintech Futures.

Juniper Research Highlights 2025’s Payment Trends

Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.

The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.

Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.

Source: Juniper Research.

MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets

MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.

MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.

Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.

Source: MeaWallet News.

Nucleus Security Among Deloitte’s Fastest-Growing Companies

Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.

With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.

Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.

Source: PR Newswire.

OpenYield Secures Funding to Transform the Bond Market

OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.

This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.

Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.

Source: PR Newswire.

Key Takeaways: Shaping the Future of Fintech

Today’s developments underscore several critical themes in the fintech landscape:

Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.

The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.

Fintech

Fintech Pulse: Industry Updates, Innovations, and Strategic Moves

Published

3 days ago

November 20, 2024

Peter Tolan

fintech-pulse:-industry-updates,-innovations,-and-strategic-moves

As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.

Finastra Data Breach: A Wake-Up Call for Fintech Security

Source: KrebsOnSecurity

The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.

Implications and Challenges

While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.

The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.

Future Considerations

This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.

PayPal Resurrects Money Pooling Feature

Source: TechCrunch

In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.

Strategic Revival

This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.

Broader Industry Impacts

Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.

While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.

Santander Expands Fintech Reach in Mexico

Source: Yahoo Finance

Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.

Strategic Significance

Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.

Challenges on the Horizon

While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.

2024 Global Fintech Awards: Spotlighting Excellence

Source: PRNewswire

Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.

Recognizing Industry Leaders

Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.

What It Means for the Ecosystem

The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.

Commonwealth Central Credit Union Partners with Jack Henry

Source: FinTech Futures

Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.

Modernizing Member Experiences

Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.

A Growing Trend

This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.

Key Takeaways for the Fintech Industry

Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.

The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.

Fintech

Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech

Published

4 days ago

November 19, 2024

Peter Tolan

fintech-pulse:-milestones,-partnerships,-and-transformations-in-fintech

The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.

Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone

Source: Revolut

Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.

Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.

This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.

PayTech Awards 2025: Celebrating Excellence in Innovation

Source: FinTech Futures

The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.

This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.

As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.

U.S. Politics and the Fintech Sector: A New Era of Funding?

Source: American Banker

The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.

While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.

A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.

Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy

Source: FF News

Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.

The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.

This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.

Autire: Accounting Tech of the Year at US FinTech Awards

Source: Business Wire

Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.

Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.

The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.

Final Thoughts: A Fintech Revolution in Full Swing

From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.

The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.

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