Happy President’s Day!
- The industry continued in its stride post-valentine, with partnerships and new product launches.
- That said, State Street’s ETF solution is available worldwide;
- Citi has a new tokenization proof-of-concept;
- BofA reached out to its customers regarding its data breach;
- Plus, Nationwide Financial has a new partner.
As always, it’s your week in digital wealth!
WealthTech, RegTech, Regulatory, and Treasury
State Street Corporation
Following API upgrades, State Street, the global financial behemoth, indicated that its Fund Connect ETF platform is available globally.
Also, Fund Connect ETF enables the creation and redemption of ETFs alongside automated order routing.
BNY Mellon
Clients within BNY Mellon’s ecosystem can access ETF, equity, and Treasury orders via NEXEN Markets, its new direct-to-custody trading platform. Additionally, NEXEN Markets provides clients instant access to cash balances and positions.
Blue Ocean Technologies/DriveWealth/MEMX
Blue Ocean Technologies, the boutique trading solutions FinTech, revealed its partnership with DriveWealth, a leading trading ecosystem. The cooperation gives DriveWealth’s B2B partners access to equities and trading data via the Blue Ocean ATS platform between 8.00 p.m. and 4.00 a.m. Eastern.
In other news, Blue Ocean Technologies revealed the successful migration of its tech infrastructure to a MEMX-linked ecosystem. The integration provides access to overnight trading of US stocks.
Genesis Global
According to a February 14 press release, Genesis Global, a leading financial services solutions giant, launched the web version of Trade Allocation Manager (TAM), its multi-asset class, middle-office product.
Trade Allocation Manager (TAM) takes care of the mid-stage processes per trading and has AI-driven data enhancements.
Note: Please don’t confuse Genesis Global with the crypto-focused Genesis Global Capital, a subsidiary of Digital Currency Group, the boutique digital asset infrastructure firm.
Crypto, Blockchain, and Digital Assets
Solana, the dynamic blockchain, announced the integration of Filecoin, a decentralized file storage ecosystem. The partnership will integrate Filecoin’s infrastructure, making Solana’s block history accessible to actors in the digital asset ecosystem.
Citi, the banking behemoth, revealed the successful proof of concept per private funds tokenization on the Avalanche (AVAX) blockchain. The event occurred on the Avalanche spruce institutional test subnet.
Additionally, Citi revealed cooperation with Wisdom Tree and Wellington Management on the project.
Ledger, the hardware wallet manufacturer, revealed an integration with Coinbase, the cryptocurrency exchange, via Coinbase Pay. Also, wallet holders can now purchase tokens (onramp) via the feature.
FinTech, Personal Finance, and Apps
Visa/Regions Bank
Visa, the payments giant, revealed new features for Visa Commercial Pay, its B2B-focused payment solution.
Employers can now add virtual cards to employee wallets, including Google Pay and Apple Pay. Alabama-based Regions Bank will pilot this functionality.
US Bank/Pagaya Technologies
Access to personal loans is now easier with a partnership between US Bank and Pagaya Technologies, an AI-focused FinTech leader. Also, the cooperation works with Pagaya’s credit decisioning infrastructure to improve odds for US Bank customers via additional reviews.
Customer experience-focused Ushur indicated the latest release of Ushur Studio, its flagship solution. The new version includes a launch module and a feature that allows developers to exclude information between workflows, improving customer experiences.
BMO, the North American banking giant, unveiled its cooperation with Dynatrace, an AI-focused cloud-based financial solutions provider. The collaboration integrates Dynatrace’s Davis® hypermodal AI and Grail™ data lakehouse into BMO’s ecosystem, improving process efficiency and user experiences.
Banking, Payments, and Infrastructure
Bank of America (BofA)/Infosys McCamish Systems (IMS)
Following a data breach involving Infosys McCamish Systems (IMS), BofA’s banking partner, the banking giant warned customers. IMS notified BofA about the issue on November 24, 2023, three weeks after the event occurred.
Consequently, IMS informed customers, providing steps to resolve any problems. Also, 57,028 customers were potentially affected.
AI-powered due diligence is now a thing with a new partnership between Grasshopper, a digital bank, and compliance-focused Greenlite, a San Francisco-based FinTech.
Additionally, the partnership deploys generative AI to improve compliance processes, including documentation and risk assessments.
Network Merchants, LLC (NMI)
NMI, a payments leader, launched NMI Payments, an embedded solution that enables smooth integration with merchant apps and ecosystems.
Additionally, NMI provides quick onboarding for businesses and merchants with innovative features, including payment processing, signup, and underwriting.
Mitek Systems, Inc.
Mitek Systems, a boutique digital image processing FinTech, launched MiControl, an additional feature to Mitek Check Fraud Defender, its niche product.
MiControl aids check fraud detection via data analysis to aid fraud professionals. Also, decision timeframes are now 90 seconds from ten minutes.
REtech, InsurtTech and Investing
Sure, a leading insurance solutions firm launched Anywhere Insurance, a digital filing solution. Anywhere Insurance simplifies the program launch process alongside preset forms, rates, and rules, plus added actuarial services.
Pekin Insurance/Guidewire Cloud
Illinois-based Pekin Insurance announced its migration to the Guidewire Cloud environment from self-hosted infrastructure. Also, the property & casualty (P&C) company has integrated Guidewire ProducerEngage and Guidewire Predict to improve risk processes.
Nationwide Financial/DigitalOwl
Nationwide Financial revealed its collaboration with DigitalOwl, a boutique InsurTech. The cooperation digitizes the manual underwriting process via integrations with DigitalOwl’s infrastructure.
