The Week in Digital Wealth (10/23/23)

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Innovation continued to rule despite higher temperatures.

That said, it seems the grass is greener on the other side for many Americans.

Another credit card is always on the way, according to a Marqueta report (read on to find out).

State Street is looking forward to a T+1 integration ahead of time.

The FDIC remains undecided on crypto rules.

J.P. Morgan launched twin treasury solutions.

Plus, the franchise industry has an insurance solution.

It’s your week in digital wealth!


WealthTech, RegTech, Regulatory, and Treasury

State Street Corporation/The Depository Trust & Clearing Corporation (DTCC)

State Street, the boutique investment banking behemoth, revealed the availability of an automated product per workflow ahead of the T+1 settlement launch next year.

The firm integrated the FX execution solution with the DTCC Institutional Trade Processing (ITP) ecosystem.

Miami International Securities Exchange, LLC. (MIAX)

East Coast-based derivatives ecosystem MIAX indicated that launch plans for its new trading options trading floor and exchange are afoot following the approval of the SEC and the publication of its Form 1 application.

Trading operations should begin in the second quarter of next year.

Bloomberg L.P.

Bloomberg, the financial information services giant, launched a front-office product (“Intraday BVAL (IBVAL) Front Office”).

Intraday BVAL (IBVAL) Front Office deploys a machine learning model that can handle trading data volumes in real-time scenarios.

Octaura

Loan trading ecosystem Octaura revealed the integration of its List and RFQ functions on its platform.

The deployment provides buy-side traders faster access to bids/offers and liquidity, enhancing alpha chances.

Crypto, Blockchain, and Digital Assets

The Federal Deposit Insurance Corporation (FDIC)

According to the FDIC Office of Inspector General (OIG), the industry needs key measures to guide crypto-related activities.

The OIG revealed the FDIC had issued several “pause letters” to certain supervised institutions between March 2022 and May 2023 and recommended the development of a clear framework for clarity.

The Pennsylvania House of Representatives

In a blow to the crypto mining industry, the Pennsylvania House Environmental Resources and Energy Committee passed a bill that includes proposed reporting requirements for miners.

Miners could provide details of their operations for “study” purposes.

The European Central Bank (ECB)

Across the pond, Europe’s central bank unveiled launch plans for a “digital euro”.

The ECB indicated the launch of the “preparation phase” of the central bank digital currency (CBDC), which will be fully transferable on a peer-to-peer basis or via intermediaries like banks.

FinTech, Personal Finance, and Apps

Q2 Holdings, Inc./Mastercard

Q2, the Texas-based FinTech solutions firm, partnered with Mastercard, enabling financial institutions that deploy its “Helix by Q2” solution to issue cards to their customers.

Chargebacks and other dispute issues get resolved with the payment giants’ resolution solution per the cooperation (“Mastercom”).

Marqueta, Inc.

According to Marqueta’s “2023 State of Credit” report, a new credit card is always better.

36% of Americans surveyed indicated plans to get another credit card within one year.

The majority of the respondents were aged 18-44 (55%).

Personalization is also an issue, with 62% of co-branded card owners placing issuers over their banking partners and 74% looking forward to the personalization of rewards.

Galileo Financial Technologies, LLC

Galileo, a boutique financial solutions FinTech company, revealed the extended availability of its risk solution (“Galileo Payment Risk Platform”).

All players in the finance industry can take advantage of the product via API integrations.

Relay Payments

Freight-focused FinTech Relay Payments unveiled its completely digital solution for the industry (” RelayDirect”).

“RelayDirect” is an end-to-end product that integrates administrative and payment processes for key players, including brokers.

Banking, Payments, and Infrastructure

Eltropy, Inc.

Community Financial Institutions have access to improved digital experiences following an announcement from CFI-focused engagement firm Eltropy.

The California-based firm also unveiled upgrades to its video banking solution, alongside end-to-end integrations of its product suite.

J.P. Morgan/Trovata

Banking API-focused Trovata revealed the launch of two solutions in partnership with J.P. Morgan.

Both solutions (“J.P. Morgan Multibank Reporting” and “J.P. Morgan Treasury Workstation”) enable single API access per treasury management for institutional clients.

Fiserv

Fiserv, the FI-oriented FinTech behemoth, unveiled third-party access to its ecosystem via a new platform (” Banking Hub”).

Banking Hub will allow development teams to create innovative solutions with simplified integrations and APIs.

REtech, InsurtTech and Investing

Aon/CoverWallet

Aon, a premier Anglo-American consulting giant, partnered with the InsurTech ecosystem, CoverWallet, to provide easy access to insurance for franchise players.

“Franchise Solutions” offers scalability and access. Ecosystem players also get incentives, including discounted rates and an exclusive brokerage service.

Modives/Bindable

Modives, a boutique InsurTech upstart, revealed its partnership with Insurance-as-a-Service (IaaS) Bindable to enhance solutions for landlords and car owners.

The RETech component of the cooperation allows landlords and property managers to breathe easily with an automated verification and identification solution (“CheckMy Resident”).

The pilot phase will launch in November. The auto solution is still in the works.

Hourly, Inc. /Origami Risk

Small businesses now have near-instant access to compensation premiums, rates, and quotes via a collaboration between Hourly, the leading work ecosystem, and Origami, a leading Insurance-as-a-Service platform.