The Week in Digital Wealth (4/29/24)

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Regulatory light touches have had a positive effect on the industry. The SEC may (soon) be moving closer toward tighter standards. That said, product launches were in play while collaborations took a backseat.

Headlines to take note of:

  •  Liquidnet now has one-click trading on its platform;
  • Imandra launched an AI tool for traders;
  • The crypto space faced mixed news from financial titans (read on to find out);
  • Oracle gave the federal government a boost;
  • NACHA has good-looking numbers for the first quarter;
  • Plus, there are a lot of AI tools in the InsurTech space;

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


WealthTech, RegTech, Regulatory, and Treasury

Liquidnet

Institutional investment behemoth Liquidnet introduced an addition to its equities ecosystem that enables single-click trading for large trades. Additionally, Liquidnet indicated that SuperBlock Matching is part of a series of solutions that will solve traders’ critical issues when executing orders.

Trading Technologies

Boutique finance software provider Trading Technologies revealed TT Splicer, which enhances multi-leg options order types within its ecosystem and enables efficiency in trading and optimization.

Imandra, Inc.

Cloud-based Imandra introduced FIX Wizard, an AI-powered assistant that aids client onboarding and deployment. FIX Wizard leverages Large Language Models (LLMs) to cut through market noise.

Crypto, Blockchain, and Digital Assets

Franklin Templeton

Asset management behemoth Franklin Templeton enabled peer-to-peer transfers for its $380 million Franklin OnChain U.S. Government Money Fund (FOBXX). 

The move enables the transfers of BENJI tokens among investors and is an industry first.

The Depository Trust and Clearing Corporation (DTCC)

In its annual credit policy update on April 26, DTCC indicated the cessation of collateral support for Bitcoin/crypto-related ETFs or investment vehicles. 

The move reduces the collateral value of the underlying assets by 100%, increasing investor risk and exposure.

Cboe

As part of its reorganization plans, exchange operator Cboe revealed the closure of its spot crypto business and merged Cboe Digital, the related division, with its derivatives and clearing business units. 

Additionally, Cboe cited regulatory issues as one reason for the closure in its April 25 statement.

FinTech, Personal Finance, and Apps

Visa/AWS/Standard Chartered Bank

Payments giant Visa revealed it’s joining the AWS Partner Network (APN), a cohesive platform for developing customer-centric solutions and applications. 

Also, the integration includes access to Visanet, the premier payment processing network, and Visa Cross-Border Solutions.

In related news, Visa partnered with Standard Chartered Bank to leverage Visa B2B Connect to improve cross-border payments.

Oracle

According to an April 25 announcement, Oracle unveiled Oracle Cloud Federal Financials, an enhancement to the Oracle Fusion Cloud Enterprise Resource Planning (ERP) ecosystem designed to help federal agencies improve and optimize their money operations.

Also, the software giant revealed Oracle Climate Change Analytics Cloud Service, an AI-focused solution that helps FIs manage (environmental-related) portfolio risks.

Upstart

AI-focused lending ecosystem Upstart introduced Recognized Customer Personalization (RCP), a feature that enables FIs to offer customized loans to their customers. 

According to an April 25 post on its website, 20 lenders on the Upstart platform have joined the RCP program.

Nuvo/Equifax

B2B platform Nuvo revealed its collaboration with Equifax to enhance business trade credit. The cooperation enables the submission of receivables on the Nuvo platform, enabling credit building and assessment.

TrueCommerce

To help firms keep up with the times, supply chain-focused TrueCommerce launched its compliance and electronic invoicing solution. 

The product also supports B2B software and ERP integrations.

Banking, Payments, and Infrastructure

The National Automated Clearinghouse Association (NACHA)

NACHA data for Q1 ’24 showed increased transfer volumes across America. According to the ACH operator, 273.7 million same-day payments worth $719 billion were made, representing a 27.2% increase Year over Year.

Frost Bank/Atomic

San Antonio, Texas-based Frost Bank revealed the integration of boutique FinTech Atomic’s direct deposit switching solution into its operations. The deployment enables seamless customer flows, including competitive interest rates and improved customer experiences.

Finastra

Global banking software provider Finastra unveiled the latest iteration of Next Gen Mobile Banking for community banks and credit unions. The solution has personal finance tools, including budget planning and more.

Splitit

Atlanta, Georgia-based Splitit introduced FI-PayLater, a Buy-Now-Pay-Later (BNPL) solution that enables FIs to offer in-checkout installment payments for customers. Also, FI-PayLater allows FIs to connect (directly) to its ecosystem or via its card processing network.

Square

The Jack Dorsey-owned Square revealed the availability of offline payments (globally) across its ecosystem. The feature enables payment processing in the event of connectivity disruptions.

REtech, InsurtTech and Investing

Xactus/Dark Matter Technologies

Verification-focused Xactus indicated the availability of some of its features on the Dark Matter Technologies Empower loan origination platform. 

Lenders can (now) access several solutions, including Credit ReportX., Employment VerificationX, Flood ReportX, Tax TranscriptX, and more from within the Dark Matter ecosystem.

Sapiens International Corporation

Global InsurTech Sapiens introduced its niche solution’s latest version of Sapiens ReinsuranceMaster solution. 

Version 9 of the product has several (new) features, including compliance reporting, reinsurance-as-a-service (RaaS), and improved integrations with Sapiens Intelligence, its boutique analytics solution.

OneShield/One, Inc.

Niche InsurTech OneShield partnered with One, Inc., an industry-focused payments FinTech. The collaboration enables Once Inc.’s payment gateway in the OneShield marketplace.

Bold Penguin/Salesforce

Premier InsurTech Bold Penguin partnered with Salesforce to launch Bold Penguin Terminal and SubmissionLink™ on its AppExchange enterprise marketplace. The cooperation also gives Salesforce Financial Services Cloud (FSC) access to both solutions.