The Week in Digital Wealth (2/26/24)

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As winter continued hitting (everyone) hard, the digital wealth sector resumed in full swing, providing launches and partnerships as a mainstay.

  • That said, Cboe and MSCI have new products available for trading next month;
  • Circle revealed it will no longer mint the USDC token on the Tron blockchain;
  • Green Dot has an innovation for workers
  • State Department FCU upgraded its digital capabilities;
  • Plus, the Mortgage industry has a new loan origination solution;

As always, your week in digital wealth is here!


WealthTech, RegTech, Regulatory, and Treasury

Cboe Global Markets/Morgan Stanley Capital International (MSCI)/FINRA

Cboe, the exchange operator, and MSCI, the boutique investment research firm, revealed a partnership, introducing several products. The cooperation adds to the Cboe/MSCI ecosystem with five new products- Cboe MSCI ACWI Index Options (MXACW), Cboe MSCI USA Index Options (MXUSA), and Cboe MSCI World Index Options (MXWLD).

Additionally, the cooperation includes two indices-the Cboe MSCI Emerging Markets Volatility Index (VXMXEF) and the Cboe MSCI EAFE Volatility Index (VXMXEA).

On March 18, the products will (expectedly) begin trading.

In related news, FINRA fined Morgan Stanley Smith Barney $1.6 million for not closing or canceling 239 municipal securities transactions worth $9 million between December 2016 and August 2021.

Jones Trading/Flex Trade Systems

Jones Trading, the niche brokerage, revealed its adoption of FlexOMS, the Flex Trade flagship order management system (OMS), for its equities and electronic trading operations. FlexOMS is fully integrated within the Jones Trading ecosystem, enhancing the operations of over 1,500 institutions.

Northern Trust Asset Servicing

Financial firms (now) have enhanced processes with the revelation from Northern Trust Asset Servicing, the premier process solutions company, that a new data warehouse is now available. Consequently, the (now) live data warehouse gives firms immediate access to data with improved functionalities, including ready-to-go access and processing.

Crypto, Blockchain, and Digital Assets

Stellar Development Foundation (SDF)

In a February 20 blog post, Stellar Development Foundation, the firm behind the XLM token, revealed the successful Protocol 20 upgrade, unveiling (smart contract) capabilities. The upgrade is available on the XLM mainnet, creating new opportunities for developers and applications on the blockchain.

Circle Internet Financial

Circle, the firm behind the USDC stablecoin, revealed the cessation of support for the Justin Sun-backed Tron blockchain. Token owners can transfer their tokens between now and February 2025. Additionally, the token minting capability for the USDC is no longer available on the Tron blockchain. 

Swan Bitcoin/Bakkt

Swan, a Bitcoin-focused platform, revealed a partnership with Bakkt, a boutique crypto infrastructure firm that allows Bitcoin trading in 49 states. Consequently, the cooperation provides (added value) services for users, including fiat onramp and custody.

FinTech, Personal Finance, and Apps

Sovos

Sovos, a boutique compliance firm, launched the Sovos Compliance Cloud, its risk-focused tax-integrated solution. The product helps firms grappling with risk and tax issues by simplifying government-business relationships via digitization.

Fortress Payments/Paravision

Fortress Payments, a payments-focused FinTech, unveiled its partnership with Paravision, a visual-focused AI firm.

The collaboration integrates face recognition technology (from Paravision) into the Fortress ecosystem.

Teachers Credit Union/Corridor Platforms

The 460,00-strong, New York-based Teachers Credit Union collaborated next door in New Jersey with Corridor Platforms, an AI-based credit decisioning FinTech to improve processes.

Also, the cooperation will deploy generative AI processes to improve operations.

Green Dot/Dayforce

Green Dot, the boutique digital bank, revealed its partnership with Dayforce, a digital talent ecosystem, to improve employee offerings. 

Via the Dayforce wallet, employees can access the Green Dot product ecosystem and services, including wages, card services, and in-app transactions.

Banking, Payments, and Infrastructure

Temenos/Commerce Bank

Temenos, the banking software titan, revealed a partnership that automates the manual backend processes of Kansas City, Missouri-based Commerce Bank.

Additionally, Temenos hit back at allegations published by Hindenburg Research, the short-selling firm.

Hindenburg Research (previously) published a report that alleged involvement (by Temenos) in roundtripping activities, accounting irregularities, and more.

Furthermore, Temenos indicated that the Hindenburg report was factually incorrect.

State Department Federal Credit Union/Lumin Digital

State Department FCU announced a multiyear partnership with Lumin Digital, a boutique banking software firm, to enhance its digital and mobile banking offerings.

Additionally, the partnership enhances safety features in the banking experience for members.

Fiserv, Inc./Genesis Bank

Fiserv, a leading provider of banking software solutions, unveiled its collaboration with California-based Genesis Bank to improve access to financial products to underserved population segments.

The cooperation focuses on issues small businesses in this segment face, leveraging technology in the process.

REtech, InsurtTech and Investing

Hub International Limited (HUB)

HUB International, a global insurance player, introduced HUB Builder’s Risk Insurance Solutions, a product that simplifies the coverage process and access for the construction and real estate industry. 

The solution is a comprehensive product that addresses gaps in the industry and includes access to protection against fire and water damage. 

Ardley Technologies

Access to a mortgage is easy with the launch of Autopilot, a white-label origination product by Ardley Technologies, an AI-focused loan automation FinTech.

Mortgage providers can access Autopilot via the Ardley Actionable Data Intelligence (ADI) solution.