The Week in Digital Wealth (11/14/23)

444

Industry innovations continued to take center stage as earnings season set in.

DTCC launched its data product.

Broadridge launched twin analytics products.

J.P. Morgan’s “JPM Coin” has automated payment functionality, and the OECD countries want to share tax information around crypto.

Bill payments aren’t as digital as you think.

The CFPB proposed a new rule targeting nonbanks.

Novidea made a few improvements to its platform, and there’s a new white-label insurance solution (“Better Insurance”).

It’s your week in digital wealth!


WealthTech, RegTech, Regulatory, and Treasury

The Depository and Trust Clearing Corporation (DTCC)

DTCC, the trade solutions giant, revealed the launch of its seamless data solution (“OTC Direct Connect”).

“OTC Direct Connect” accesses and delivers reportable derivative data to key players across North America.

Bloomberg/Google Cloud

Bloomberg, the financial information services behemoth, revealed the integration of its cloud-based data management solution (“Data License Plus (DL+)”) with Google Cloud’s serverless warehouse (“BigQuery”).

The integration provides Bloomberg Data License (DL) data with BigQuery’s powerful capabilities, including data management and analytics.

In related news, Bloomberg also launched a new chatbot that works alongside its Instant Bloomberg chat (“Intra-Firm Chatbots”).

Broadridge Financial Solutions, Inc.

Broadridge, the data-focused FinTech, unveiled two automated analytics solutions for the asset management industry (“Global Demand Model” and “Distribution AI”).
The dual offerings provide innovative insights, improving the decision-making process on the go.

Eventus

Eventus, the premier trade solutions firm, revealed the successful completion of the System and Organization Controls (SOC) 2® Type 2 examination, a top industry data security standard.

The American Institute of Certified Public Accountants (AICPA) developed the SOC 2 Type 2 examinations.

Crypto, Blockchain, and Digital Assets

Circle Internet Financial, LLC

Circle, the USDC stablecoin issuer, announced upgrades to the token and the EURC, its Euro version. The updates include enabling transfers from Smart Contract wallets, transaction efficiency, and gas savings (around 7%).

The upgrade doesn’t require actions from developers or users.

J.P Morgan

J.P. Morgan, the banking behemoth, revealed the addition of a new feature to its JPM Coin ecosystem. The new feature (programmatic payments) enables automatic funds transfer.
Siemens A.G. already deployed the solution.

The Organization for Economic Cooperation and Development (OECD)

A joint statement from 47 countries under the auspices of the OECD revealed a general agreement to share tax data via the Crypto-Asset Reporting Framework (CARF).
Information-sharing agreements will start in 2027.

Countries involved include all the members of the OECD and offshore havens like the Cayman Islands and Gibraltar.

FinTech, Personal Finance, and Apps

Origin

Origin, the boutique financial ecosystem upstart, unveiled an automated net worth platform.
The ecosystem includes tax, estate, and investment planning tools alongside an AI-driven financial planner.

Solutions by Text/Datos Insights

According to “The State of Bill Pay – Digital Payment Trends and Growing Demand for Text Messaging,” a report by Solutions by Text, the leading message FinTech in partnership with Datos Insights, the premier consulting firm, there’s much more than meets the eye per bill payments.

Per the report, 60% of the $16.8 billion worth of bills paid by Americans were a one-time payment (about $10 billion).

Half of the $10 billion paid was online, despite an increase in digitization.

HighWire Press

HghWire Press, the digital publishing platform, revealed the launch of its order fulfillment e-commerce ecosystem (“THINK365”).

The Software-as-a-Service (SaaS) product allows publishers to manage orders and subscriptions alongside enterprise bulk payment functionality.

Banking, Payments, and Infrastructure

Fiserv/Eltropy

Community financial institutions (CFIs) now have advanced account processing capabilities alongside automated communications tools via a partnership between Fiserv, the financial solutions giant, and Eltropy, the premier customer engagement company.

The cooperation integrates Eltropy’s communications solutions with Fiserv’s account processing solution (“Portico”).

The Consumer Financial Protection Bureau (CFPB)

The CFPB proposed new measures that could put nonbanks under the same supervisory framework as their banking counterparts.

The amendment targets the big players in the space and aims to curtail privacy issues and prevent consumer rights infringements and harmful financial practices.

The proposal, if approved, will affect 17 big guns, including Google, Apple, and PayPal.

Alkami/Plaid

Alkami, the digital banking solutions firm, indicated that the customers within its ecosystem now have direct access to the Application Programming Interface (API) of Plaid, a leading financial services company.

Plaid’s ecosystem has over 8,000 apps and services.

REtech, InsurtTech and Investing

Novidea

Novidea, the InsurTech behemoth, revealed upgrades to its insurance management solution. The updates include advancements in operations, claims processing, and an improved user interface.

Better Home & Finance Holding Company

Better Home & Finance Holding Company, a leading home finance company, launched a white-label insurance product (“Better Insurance”).

Customers can use “Better Insurance” to buy homeowners insurance online seamlessly. The product is currently available in Illinois, Oregon, and Arizona. Nationwide access is coming soon.

FRISS/Guidewire

FRISS, the automation-focused solutions provider for P&C insurers, integrated its “FRISS Accelerator for Claims Analytics” into Guidewire’s claims management solution (“ClaimCenter Cloud”).

The solution’s capabilities are leveraged within Guiewire’s ecosystem, improving risk screening, fraud detection capabilities, and other processes.