The Week in Digital Wealth (4/15/24)

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Industry tailspins are (no longer) a thing. It remains to be seen how this uptrend will be maintained, with partnerships dictating the pace of activities.

It seems the government regulatory focus is (still) on crypto, with a light touch observed in other areas.

In the news:

  • DTCC indicated its (new) focus: ISDA reporting requirements;
  • Bloomberg launched a new data tool for company financials;
  • BlackRock and Circle’s bromance continued (everyone knows!);
  • Google Cloud deployed new capabilities for three FIs;
  • Rocket Mortgage is back with a new AI enhancement;
  • Plus, the usual suspects continued their thing;

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


WealthTech, RegTech, Regulatory, and Treasury

DTCC/REGnosys

Post-trade behemoth DTCC revealed its collaboration with REGnosys to improve ISDA reporting adoption via its ISDA Digital Regulatory Reporting (DRR) product.

Rosetta, REGnosys’ premier ISDA solution, will also connect to the DTCC Global Trade Repository (GTR) platform.

Bloomberg

Investors (now) have access to multiple data sources at once with the launch of Company Financials, Estimates, and Pricing Point-in-Time, a new solution by Bloomberg. Also, the product improves data management on the go.

Charles Schwab

Investment giant Charles Schwab launched forex and futures trading on its thinkorswim platform. Portfolio margins are also available alongside boutique fundamental and technical analysis tools.

TransFICC

Fixed income-focused TransFICC introduced TransAC, a service-based solution that automates the Request for Quote (RFQ) process between FIs, dealers, and clients. FIs can also deploy code, support, and security seamlessly.

The basic requirement for such a scenario is a Pricer.

Crypto, Blockchain, and Digital Assets

SkyBridge/Parcl

Real World Assets-focused firm SkyBridge Capital revealed its partnership with the Parcl Ecosystem, the real estate trading unit of the Parcl Protocol. The collaboration enables the scaling and growth of Parcl’s decentralized trading platform.

Bank for International Settlements (BIS)

In a recently released report, the BIS called for global regulatory oversight for stablecoins.

The report called for a unification of different regulatory frameworks, iterating that the (current) fragmented scenario hinders global stablecoin adoption.

BlackRock/Circle Internet Financial

Circle revealed the deployment of a smart contract that allows the exchange of BlackRock USD Institutional Digital Liquidity Fund (BUIDL) shares for USDC tokens. Additionally, the feature is available offramp, 247/365.

FinTech, Personal Finance, and Apps

Oracle Financial Services

To help financial institutions in ongoing compliance efforts, Oracle launched the Oracle Financial Services Compliance Agent. The cloud-powered solution helps banks strengthen and adjust their compliance processes.

Quavo/Snowflake

Dispute management-focused FinTech Quavo revealed its cooperation with Snowflake, a nice, data-focused FinTech. The cooperation integrates Quavo Fraud & Disputes (QFD®) with the Snowflake ecosystem, creating a data-driven approach to fraud and dispute resolution for FIs.

Google Cloud

At its Next event in Las Vegas, Google Cloud revealed integrations with three financial institutions. Citadel Securities joined in after extending its partnership with Google Cloud. The integrations involve the deployment of quantitative research and Generative AI tools.

Nuvei

Across the border in Maple Country, premier FinTech Nuvei iterated integrations of its invoicing ecosystem with several ERPs, including Acumatica and Sage.

Banking, Payments, and Infrastructure

Navy Federal Credit Union/Backbase

The all-American Navy Federal Credit Union revealed its seven-year cooperation with Backbase. The collaboration focuses on customer engagements for the FCU.

Flagright/Nodabank

Fraud prevention FinTech Flagright partnered with niche digital bank Nodabank to integrate its ecosystem with the digital banking software firm’s ecosystem. The dual integration enables improved options for FIs.

Arizona Financial Credit Union/NCR Atleos

In similar news, Arizona Financial Credit Union partnered with premier banking solutions provider NCR Atleos to improve its ATM network and self-banking services. Additionally, the credit union tapped Atleos to operate its ATM-as-a-Service (ATMaaS) ecosystem.

Busey Bank/Corserv

Illinois-based Busey Bank unveiled the launch of credit cards via the Corserv account issuing self-service platform. The launch caters to commercial customers. Also, the Corserv interface features card management, virtual card issuing features, and more.

Finastra

To comply with the Equal Credit Opportunity Act (ECOA) data requirements per Section 1071 of the Dodd-Frank Act (DFA), software giant Finastra launched a Small Business Data Collection module.

The model seamlessly covers the basic requirements and more with easy workflows for FIs.

REtech, InsurtTech and Investing

Rocket Mortgage

Rocket Mortgage introduced Rocket Logic, an AI-powered, data-driven ecosystem that improves the mortgage application process. After processing more than 10 petabytes of data, Rocket Logic saved over 5,000 work hours with 70% accuracy in February, identifying more than 1.5 million documents monthly.

Slice Insurance/Philadelphia Insurance (PHLY)

Premier InsurTech upstart Slice revealed the expansion of its operational footprint into seven states, and Washington, D.C. Philadelphia Insurance backs the move with an AM Best A++-rated Contractors General Liability insurance solution.

New York State/The Black Car Fund/CLARA Analytics AI

The New York State-linked Black Car Fund partnered with CLARA Analytics, an AI-driven niche firm. The partnership involves integrating CLARA Triage and CLARA Optics into the Fund’s ecosystem.

Both solutions will improve risk identification and resolution alongside records analysis.

AXA/Amazon Web Services (AWS)

AXA, the global insurance behemoth, and Amazon Web Services (AWS) unveiled plans to create the AXA Digital Commercial Platform (DCP), a joint AI-driven risk management ecosystem.

Furthermore, AXA will deploy Amazon Bedrock, a choice AI modeling service, to provide clients with all data and analytics.