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FinTech Innovation Lab
All six startups are graduates of the 2012 FinTech Innovation Lab, created by the New York City Investment Fund and nurtured by Accenture, Credit Suisse, Morgan Stanley, American Express, Bank of America, Barclays, Capital One, Citigroup, UBS, State Street, Goldman Sachs, Deutsche Bank, JP Morgan Chase and a host of venture funds.
The big idea?Produce a nearly frictionless means of allowing credit card holders to identify deceptive, erroneous and unauthorized line items on their bills and easily resolve any dispute with the merchant. The vendor helps card holders by compiling a big data base from crowdsourcing tweets, online discussions, complaint boards to identify repetitive deceptive practices. Adds data from banks. Helps merchants save money by pricing its resolution services below what they would have to pay to a credit card processor for chargebacks.