AccuWeather Partners with FinTech Sandbox to Foster Innovation in Financial Technology and Services
October 30, 2018; 8:25 AM
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AccuWeather Global Weather Center - October 30, 2018 - AccuWeather, the largest and fastest-growing weather media and business company in the world, today announced a partnership with FinTech Sandbox, a nonprofit organization that promotes innovation in the financial sector.
The collaboration will enable entrepreneurial financial technology firms selected by FinTech Sandbox and AccuWeather to access AccuWeather's superior real-time and historical weather data for a wide range of exciting, transformative and unique ventures. FinTech Sandbox promotes innovation in the financial sector by making data and infrastructure available to well-qualified FinTech startups at the point when access is most impactful. Sandbox startups, in return, collaborate with other current and past participants, sharing learnings and advancements that benefit the greater FinTech ecosystem. Participating startups pay no fees and no equity is taken.
Weather has far-reaching impacts on every aspect of industry and financial services. AccuWeather's weather data, with Superior Accuracy™, has been verified by independent industry tracker ForecastWatch® to be the most accurate globally in a study of 95 million forecasts in over 1,140 locations worldwide. The application of AccuWeather's data offers significant advantages and insights in many areas of finance including, insurance, utilities, project finance, derivatives trading, economic forecasting, and asset management.
Weather data can be leveraged to create alpha, improve credit underwriting, or reduce insurance losses in addition to other possibilities to benefit financial service companies. AccuWeather offers access to comprehensive, quality-controlled current and historical weather data by special arrangement, and also can tailor custom data services to meet an organization's exact requirements.
The data AccuWeather is making available to Sandbox startups includes:
- Current conditions
- Daily and hourly forecasts
- Daily lifestyle index forecasts
- Weather alarms (daily)
- Tidal forecasts (daily)
- MinuteCast® (minute-by-minute precipitation forecasts)
- Historical conditions
"We are pleased to partner with AccuWeather to offer access to this superior data to benefit FinTech Sandbox startups, said Jean Donnelly, Executive Director of FinTech Sandbox. "Innovators in financial services are racing for sources of alternative, reliable data. When it comes to weather data, AccuWeather is the gold standard over and above all other sources."
Said Todd Olson, AccuWeather's manager for financial services, "AccuWeather's commitment to innovation is renowned, having blazed a trail in the commercial weather industry and transformed itself many times over to adapt to a rapidly changing digital social channel and media landscape.
"As a champion of transformation, this partnership with FinTech Sandbox is an exciting new chapter in our 56-year history dedicated to innovation, a passion for unearthing new technologies, and a commitment to strengthening the financial sector. We're looking forward to seeing what FinTech Sandbox residents build with this data to improve lives and help people prosper."
Over 150 startups from around the world have participated in FinTech Sandbox since it launched in 2015. Alumni include Kensho (acquired by S&P Global), Sigma Ratings, TellusLabs, and Petal. Companies accepted to the program have raised, in aggregate, more than $400 million.
About AccuWeather, Inc. and AccuWeather.com
More than 1.5 billion people worldwide rely on AccuWeather to help them plan their lives, protect their businesses, and get more from their day. AccuWeather provides hourly and Minute by Minute™ forecasts with Superior Accuracy™ with customized content and engaging video presentations available on smartphones, tablets, free wired and mobile Internet sites, connected TVs, and Internet appliances, as well as via radio, television, and newspapers. Established in 1962 by Founder, President and Chairman Dr. Joel N. Myers - considered the "father of modern commercial meteorology," the nation's most respected source on the business of meteorology having been named "the most accurate man in weather" by The New York Times, and one of the top entrepreneurs in American history in Entrepreneur's Encyclopedia of Entrepreneurs -AccuWeather delivers a wide range of highly customized enterprise solutions to media, business, government, and institutions, as well as news, weather content, and video for more than 180,000 third-party websites.
The AccuWeather app for Android phone and tablet users is free at the Google Play store. The AccuWeather iOS app is free at www.AppStore.com.
About FinTech Sandbox
FinTech Sandbox is a Boston-based nonprofit that promotes financial technology innovation globally by providing free access to critical data and resources to FinTech entrepreneurs and startups. Sponsors include Amazon Web Services, Fidelity Investments, F-Prime Capital, Franklin Templeton, Intel, State Street, Thomson Reuters, and Goodwin Procter.
For more information, please visit www.FinTechSandbox.org and www.twitter.com/FinTechSandbox.
Tatiana Urban, Head of Marketing
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