This past week offered conference calls about earnings, the chilly winter, and annual objectives. These are some of the issues the industry faced alongside innovations and expectations of Spring….
- That said, NASDAQ is now into AI;
- CME is at it again with product launches;
- Visa’s crypto love affair continued;
- Americans shared how they really feel about banking and data in a new report (more on that later);
- Amazon, a credit provider, and a banking giant announced new partnerships (read on to find out)
- And much more!
Of course, it’s your week in digital wealth!
WealthTech, RegTech, Regulatory, and Treasury
Adena Friedman, chair and chief executive of NASDAQ, unveiled the Q1 2024 launch of its first AI-based order type (Dynamic M-ELO). Friedman indicated during the stock market operator’s 2023 results call that the markets are evolving quickly amid the massive influx of new technologies.
According to a January 31 press release from CME Group, the E-mini S&P 500 Equal Weight futures will launch at the end of the month (on the 26th). The introduction of the solution is subject to final regulatory hurdles.
In related news, the financial services giant indicated that the CME FX Spot+ solution will be available for testing in H2, 2024.
Silverview Credit Partners, a boutique private credit firm, unveiled a continuance of its partnership with Broadridge Financial Solutions, the global FinTech leader. The collaboration aims to improve and optimize the private credit process, including portfolio management, credit management, and administration.
Crypto, Blockchain, and Digital Assets
According to the numbers coming from Tether’s latest audit from the renowned BDO, the stablecoin issuer has $2.8 billion of Bitcoin holdings. Additionally, Tether made $6.3 billion in profit for all of 2023.
The United States Energy Information Administration (EIA)
To address the power usage concerns of crypto miners, the EIA indicated the launch of a survey. The Office of Management and Budget (OMB) approved the EIA’s request, which is part of plans to require energy usage data from crypto miners.
Visa revealed its partnership with Transak, a crypto-focused FinTech. The collaboration admits Transak into the Visa Direct program with access to 130 million merchants and creates a robust fiat-crypto onramp solution.
FinTech, Personal Finance, and Apps
MX Technologies/Jack Henry
MX Technologies, a niche software firm, partnered with Jack Henry, a boutique FinTech, to improve data services for financial institutions via API integrations between the duo.
In related news, MX recently published its consumer research report, which surveyed 1000 American adults about their preferences and experiences per financial service provision. Just over three-quarters of respondents (77%) have more than one interaction with a primary financial institution.
Also, 23% indicated that the mobile banking app experience was critical to choosing an FI, with 54% expecting leverage per their data to provide improved banking experiences.
Generative AI tools are on the loose again. This time, the payment industry has a new tool from Mastercard. Decision Intelligence Pro is an all-in-one transaction tracking, fraud prevention, and decisioning tool.
The payment giant indicated that the solution will be available in H2 2024.
Nuvei/ Cash App
Across the border in Maple Country, Nuvei, a leading payments processor, unveiled a partnership with the all-American Cash App. The cooperation integrates Cash App as a payment option within Nuvei’s checkout process.
According to a January 30 Business Insider article, the Jack Dorsey-backed Block initiated a round of massive layoffs across the foundational teams of its product lines, including Cash App and Square.
Banking, Payments, and Infrastructure
Online sellers now have expanded options with a partnership between Amazon and SellersFi, an e-commerce credit behemoth. According to a January 30 press release from both parties, eligible sellers can access up to $10 million in credit via Amazon lending.
Additionally, SellersFi’s credit lines are (reportedly) offered via Citi following a mid-December 2023 $300 million investment by the banking giant.
According to a January 30 statement, the Bank of Missouri (TBOM) unveiled its five-year partnership with Silicon Valley-based i2c to deploy and integrate a whole banking software-as-a-service (SaaS) ecosystem, including card processing and other critical banking products.
Additionally, TBOM will deploy i2c’s ecosystem for FinTech onboarding and deployments alongside consumer-centric programs.
Louisiana-based b1Bank indicated the choice of KlariVis, a niche FinTech, as its data analytics partner.
The collaboration integrates and deploys KlariVis Advantage, the flagship product of the Virginia-based FinTech.
In related news, KlariVis revealed the launch of several features and upgrades, including Report Builder, Officer KPI & Goal Scorecards, Credit Concentration Policy Status Report, and Peer Insights.
REtech, InsurtTech and Investing
Nirvana, a leading InsurTech, revealed the selection of Ascend, a boutique industry-focused payments company, to help in direct billing processes.
Additionally, the cooperation vertically integrates the payment system for industry players.
Decision-making for property and casualty (P&C) insurance carriers with the launch of Insurity Predict by Insurity, a data-focused InurTech.
Insurity Predict runs on a fast predictive analysis engine and delivers various AI-driven models, enhancing efficiency.
SimplePin, the all-in-one InsurTech, unveiled its cooperation with 99-year-old Carnack Insurance to streamline payment options and processes.
Also, the collaboration improves internal administrative interactions via automation.