Business continued in full swing despite the holiday buzz.
Regnology and Moodys unveiled a partnership, while eToro revealed a new portfolio focused on natural disaster recovery.
The UK Investment Association revealed its tokenization roadmap.
Patients in the healthcare industry want digital payment options (read on to find out more), and Stripe has a new partnership.
Plus, Morgan Stanley had a massive data breach that cost the financial giant $6.5 million in charges.
The Azure OpenAI Service (by Microsoft) is now in the insurance industry on another level.
Also, a jewelry industry player upgraded digital options.
It’s your week in digital wealth!
WealthTech, RegTech, Regulatory, and Treasury
Regnology/Moodys Investors Service Inc.
Regnology, the leading RegTech solution, unveiled its partnership with Moodys Analytics.
Per the collaboration, Moodys’ “Banking Cloud” will integrate with Regnology’s “Rcloud” to provide comprehensive risk solutions for clients.
Regnology also launched “Rconnect,” an automated communications tool for FIs and regulators, and “Regnology ChatBot,” an AI-driven customer support communications tool.
Both products will go live in 2024.
Match-Trade Technologies
Match-Trade Technologies, the developer of trading software of the same name, revealed that its solution is now standalone.
The development allows brokers to integrate the product alongside their front-end solutions.
Depository Trust and Clearing Corp. (DTCC)/Amazon Web Services (AWS)
In a recently published document, the DTCC and AWS revealed standards, best practices, and recommendations for FIs and FinTechs to build resilient apps.
The joint paper follows DTCC principles for stable app design and focuses on a recovery time objective (RTO) of less than thirty minutes (per design).
eToro, the leading investment platform, launched a new portfolio that gives retail investors access to the equities of companies involved in recovery efforts from extreme weather events.
“XtremeWeather” comprises 30 stocks across several industries and requires a $500 minimum investment.
Crypto, Blockchain, and Digital Assets
UK Investment Association
Funds across the pond in the UK will soon be holding way with the launch of the UK IA tokenization blueprint.
Per the document, the first phase of the working model irons out several core issues, including technical, regulatory, and legal.
Bittrex Global
Bittrex Global, a leading cryptocurrency exchange, revealed that it was shutting down. According to an official statement, all trading activity on the platform will be disabled.
The exchange will only allow withdrawals in Euros or crypto tokens. Its American arm shut down in April following legal action from the SEC.
dYdX, a premier decentralized exchange (dex), increased the margin requirement for trading pairs with lower liquidity.
Tokens affected include Aave (AAVE), Eos (EOS) and Monero (XMR).
The dex got hacked and suffered $38 million in losses, alongside a $9 million drawdown on its insurance fund.
FinTech, Personal Finance, and Apps
Alorica, a customer-focused FinTech, revealed its partnership with Genesys, a Menlo Park, California-based software solutions firm.
Per the cooperation, Alorica will deliver improved customer experiences for clients across several industries, leveraging the Genesys AI-based and ESG-driven ecosystem.
Persona, the renowned identity solutions firm, joined forces with Paravision, a vision AI industry leader.
The cooperation unveiled a smart, privacy-oriented, and ethical age verification product.
Patients in the healthcare sector prefer digital payment options to traditional ones.
According to the ‘Fall 2023 Healthcare Payments Survey’ by Onbe, a leading player in the corporate niche.
Per the survey, 58% of respondents were unsure of the reasons for receiving refunds.
About two-thirds (59%) received payments from providers via check. A majority (77%) desired an improved payment or refund process.
Banking, Payments, and Infrastructure
Stripe, the payment processing behemoth, revealed its partnership with Vesta, a leading transaction guarantee firm.
The cooperation helps reduce chargebacks and fraudulent payments via a Stripe Radar and Vesta Payment Guarantee ™ integration.
Taulia, a supply chain and capital management solutions FinTech, unveiled its collaboration with Mastercard to launch “Taulia Virtual Cards.”
The solutions help companies to mitigate payment risks and vertically integrate processes.
BMA Banking Systems/Bankjoy
BMA Banking Systems, a CFI-focused software provider, indicated the selection of Bankjoy, a boutique banking solutions firm.
The partnership enables digital and mobile banking solutions for community finance institutions within the BMA ecosystem.
Morgan Stanley
Per media reports, Morgan Stanley will pay $6.5 million in fines following failure to erase customer data during hardware disposal.
The discovery occurred following a downstream purchase.
Morgan Stanley will pay $6.5 million for the incident to six states, including the Florida Attorney General.
REtech, InsurtTech and Investing
Akur8, a premier AI-focused InsurTech, reached out across the pond to partner with Hyperexpnential, a boutique decision solutions company.
The cooperation will improve policy pricing accuracy by integrating Akur8’s rating factors, linked with Hyperexponential’s decision solution (“hx Renew”).
Duck Creek Technologies/Microsoft
Duck Creek Technologies, a leading insurance solutions firm, revealed its partnership with Microsoft.
The collaboration integrates the Duck Creek “Copilot” solution with the Azure OpenAI Service, giving players in the industry a leading edge.
Meritage Jewelers/Jewelers Mutual Group
Maryland-based Meritage Jewelers created an improved customer experience via collaboration with Jewelers Mutual Group.
Jewel documentation, management, and insurance are available to customers via the LUX Digital Vault app.
Customers are also offered free insurance for 15 days.
