The Week in Digital Wealth (3/18/24)

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The interconnectedness of technologies in the industry is not a new occurrence. 

Things heated up this time! One cannot (really) tell where one technology starts and another continues.

  • That said, DTCC and S&P launched a T+1 solution;
  • Broadridge has a new cloud platform;
  • There’s a new financial blockchain in town (from Digital Asset Holdings);
  • VanEck outsmarted everyone in the Bitcoin ETF space (kind of);
  • Visa has a new finance offering, while Mastercard got into open banking;
  • Plus, High School students have a head start in the insurance space;
  • And much more!

Of course, it’s your week in digital wealth!


WealthTech, RegTech, Regulatory, and Treasury

Depository Trust and Clearing Corporation (DTCC)/S&P Global Market Intelligence

DTCC revealed its collaboration with S&P Global Market Intelligence, an S&P business unit. The partnership involved the (launch) of a product to help firms meet (up) with the new T+1 regulatory obligations.

Also, S&P’s Onboarding Accelerator integrates with the DTCC ALERT service by vertically integrating processes.

Broadridge Financial Solutions, Inc.

Brokers and futures commission merchants (FCMs) have expanded choices with the launch of global futures and options (F&O) by Broadridge. The Software-as-a-Service (SaaS) customizes tasks and improves delivery on the go.

FactSet Research Systems, Inc.

With AI tools taking precedence lately, FactSet, an all-American software firm, unveiled Transcript Assistant, an automated chatbot that does quite a bit. Also, users can (go through) earnings transcripts and calls via Transcript Assistant alongside improved analysis.

Intercontinental Exchange, Inc. (ICE)/Morgan Stanley Capital International (MSCI)

According to a March 11 post, ICE introduced MSCI® Index Total Return Futures (TRFs). The contracts are a substitute for over-the-counter (OTC) swaps. Additionally, the TRFs leverage the Secured Overnight Financing Rate (SOFR). They also have quarterly and yearly expiries until 2033.

Crypto, Blockchain, and Digital Assets

Canton Network

Several financial heavyweights, including Cboe, Goldman, BNY Mellon, and others, participated successfully in the four-day pilot of Canton Network. Canton Network is a ledger developed by Digital Asset Holdings, a tokenization and blockchain software firm.

The trial included 155 participants and deployed 22 dApps across 350 mimicked transactions.

VanEck

The Bitcoin ETF space had a new competitive edge with a March 11 updated filing by VanEck to eliminate sponsor fees to zero. The move by the investment giant starts on March 12, 2024, and will end on March 31, 2025.

Metis/Chainlink

Metis, the Ethereum-based Layer 2 blockchain, revealed its partnership with Chainlink. The collaboration integrates the Chainlink cross-chain interoperability protocol (CCIP). Consequently, transfers between Metis and Ethereum now take minutes instead of days, alongside cross-chain compatibility.

FinTech, Personal Finance, and Apps

Skipify/Synchrony

Checkout-focused Skipify partnered with consumer-focused Synchrony. The cooperation integrates Skipify’s payment infrastructure with Synchrony’s card ecosystem.

Additionally, the collaboration enhances checkout processes with (the addition of) Synchrony Mastercard to its wallet platform.

Visa/Taulia (SAP)

Embedded finance got a plus with the revelation of cooperation between Visa and Taulia, an SAP company. The partnership integrates Visa’s payment ecosystem with the Taulia virtual card platform, giving businesses expanded options.

Taulia’s infrastructure is (directly) linked with SAP’s enterprise resource planning (ERP) product. The feature allows seamless localized payments within the SAP family.

Mastercard

Mastercard, the payments giant, unveiled Smart Subscriptions, its open banking-focused solution. Smart Subscriptions give consumers greater flexibility with increased functionality, including offers, expenditure classification, and personalized analysis. Also, FIs can connect directly to the product via API integrations,

Fincity, Mastercard’s open banking unit, powers Smart Subscriptions.

Banking, Payments, and Infrastructure

Metropolitan Commercial Bank/Automated Financial Systems, Inc. (AFS)

New York-based Metropolitan Commercial Bank revealed its selection of AFSVision, a lending product (by) Automated Financial Systems (AFS). The selection is part of ongoing efforts to upgrade by the bank and deploy all the software’s functionalities, including analytics and scalability.

Finastra/Jefferson Bank

In related news, Texas-focused Jefferson Bank revealed its selection of Finastra, a banking software firm across the pond in the United Kingdom.

The choice by the bank enables Finastra Payments To Go, the premier Payments-as-a-Service (Paas) product. Additionally, the collaboration includes the (availability) of real-time payments (RTP) functionality for customers, including access to FedNow.

Clip Money, Inc.

Clip Money, the cash deposit firm, unveiled expansion plans across America to improve operations. The expansion includes partnerships with several shopping malls, including Tanger, Simon, and Spinoso.

In related news, Clip Money also collaborated with NCR Atleos, the premier ATM network, to enable cash deposits (for businesses).

JPMorgan Chase/PopID

Banking behemoth JPMorgan will (reportedly) launch a biometric checkout solution next year. The banking colossus indicated pilot runs of Commerce Solutions, the product starting with brick-and-mortar stores.

JPMorgan developed the solution in partnership with PopID, a Los Angeles-based biometric payment gateway FinTech.

REtech, InsurtTech and Investing

The National Alliance for Insurance Education & Research/Texas Mutual Insurance Company

The National Alliance for Insurance Education & Research unveiled Alibot, an AI-driven educational solution for High School students. Texas Mutual financed the solution’s development via a grant.

Additionally, Alibot leverages IBM’s Watson to help students attain the much-coveted Certified Insurance Representative (CISR) status.

Coalition/Aspen Specialty Insurance Company (Aspen)

San Francisco-based Coalition revealed a partnership from across the pond with the United Kingdom’s Aspen. The cooperation increases Coalition’s cyber insurance capacity. Additionally, Aspen is now a Coalition capacity panel member.

National Association of Insurance Commissioners (NAIC)

State insurance regulators and the NAIC initiated a Property & Casualty Market Intelligence (PCMI) data call for the property insurance sector.

Also, the call aims to collate and process data from over 400 property insurers operating between 2018 and 2022.