The Week in Digital Wealth (6/18/24)

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The industry shifted from embedded integrations to partnerships. Unveiled solutions (also) had a utility focus, solving customer-related problems (seamlessly).

Headlines to take note of:

  • The OCC revealed new margin plans;
  • Broadridge and LTX enabled list trading;
  • BLOX Markets is (allegedly) working on a new ATS;
  • Hedge Funds can (now) have a field day trading crypto via a partnership between Bitfinex and Hidden Road;
  • Plus, cards that light up during transactions are now a thing (Who knew?);
  • And much more!

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


Wealthtech, Regtech, Regulatory, and Treasury

Options Clearing Corporation (OCC)

The OCC revealed new margin requirement plans.OCC’s plans are part of moves to protect the markets from intraday risks. Additionally, the margin calls will (fundamentally) affect zero-day to expiry options (0DTEs).

Broadridge Financial Solutions/LTX

Electronic trading ecosystem LTX enabled List Trading functionality (powered by GenAI). The new feature allows users to create and execute AI-powered trade lists using RFQ+, improving options for traders.

QuantVue

Boutique trading ecosystem QuantVue introduced QuantVue ATS, an automated trading solution. The new product enables improved trading experiences, enhanced liquidity, and higher profits.

BLOX Markets

Niche Fintech firm BLOX Markets is (reportedly) working on a new Alternative trading system (ATS) for retail traders. Furthermore, BLOX Markets focuses on the Tick Size & Access Fee proposal (by the SEC) as the next big thing in the markets.

Crypto, Blockchain, and Digital Assets

Bank for International Settlements (BIS)

According to a survey published on June 14 (by the BIS), central banks have increased interest in central bank digital currencies (CBDCs). 94% of the 86 banks indicated that currency digitization efforts are ongoing. Respondents (also) favored wholesale CBDCs over their retail variants.

The Financial Stability Board (FSB)

At a meeting in Toronto, the risk watchdog FSB indicated a continuation of its research on the risks stablecoins pose to developing economies. Additionally, the global regulator highlighted crypto-related areas that deserved further studies and observations.

Bitfinex/Hidden Road

Leading crypto exchange Bitfinex partnered with global credit provider Hidden Road. The collaboration provides Digital Asset access to the (institutional) members of Hidden Road’s network.

Fintech, Personal Finance, and Apps

Oscilar

Amid increased ACH transactions, AI-focused Oscilar introduced a fraud detection solution. According to a June 13 press release, the product targets several kinds of fraud, including Business Email Compromises (BEC), money mules, ACH check kiting, regular scams, account thefts and takeover activities, first-party fraud, and more.

Visa

Small businesses in the United States and Canada have a plus with the relaunch of the Visa SavingsEdge solution. Visa SavingsEdge has new features. They include instant rewards (coupons and cashback offers), real-time notifications, and purchase discounts for selected merchants.

Similarly, Birmingham, Alabama-based Dash Solutions revealed its integration with the Visa Direct payment network, enabling improved customer payment experiences.

Pagaya/Mastercard

AI-focused Pagaya revealed it’s joining the Mastercard Engage program, the initiative from the payment behemoth that (directly) integrates Fintechs, FIs, banks, and merchants in a single framework. As a member, Pagaya’s AI-enabled network allows members to deliver flexible installment payment solutions to their customers.

Unit21

During the American Banking Association’s (ABA) Risk and Compliance conference, AI-powered Unit21 unveiled a check fraud detection and investigation suite. The new set of products has several cutting-edge features, including Dark Web monitoring, a preset (flexible) check fraud rule template, a (fully) functional check investigation toolkit, and a ready-to-go AI agent assistant.

Banking, Payments, and Infrastructure

Bud Financial/Akoya Network

London, UK-based Bud Financial announced its across-the-pond connection to the boutique Akoya Network. Its integration with an all-American open banking network enables improved personalization, enhanced data insights, and state-of-the-art innovations for Bud’s customers.

AppTech Payments Corp./FISB Solutions

As part of Neobank upgrade efforts, AppTech partnered with FISB solutions to provide a leading edge to community banks and credit unions. Additionally, AppTech revealed plans to set up Independent Sales Organizations (ISO), which will serve as customer engagement and onboarding points for local institutions.

U.S. Bank/Greenlight

Similarly, U.S. Bank revealed its collaboration with family-focused Fintech Greenlight. The partnership enables access to the Greenlight app and debit cards within the banking ecosystem, improving kids’ savings habits.

Merrick Bank (CardWorks)/Kompliant

CardWorks subsidiary Merrick Bank partnered with Kompliant to enable and improve digital merchant onboarding. The cooperation streamlines the process and enhances merchants’ efficiency.

Sentry Enterprises/Konica Minolta

Interestingly, West Chester, Pennsylvania-based Sentry Enterprises introduced OLED (Organic Light Emitting Diode) payment cards. Konica Minolta’s tech is behind the NFC-powered cards, which light up during payments.

REtech, Insurtech and Investing

FinQuery

On the accounting end of things (for leases), FinQuery unveiled an automated journal entry that closes the gap during lease changes. The new feature resolves accountants’ manual entry issues during lease changes and transfers.

Additionally, 60 clients used the catch-up lease action feature to update 450 leases within the first week of its launch.

Vantage

Boutique insurance firm Vantage revealed U.S. primary cyber insurance underwriting via American subsidiaries. The new offering has a $10 million coverage capacity.

Furthermore, the product has first-party and third-party cost protections.

Honeycomb Insurance

Premier Insurtech Honeycomb launched AQ, a niche property qualification solution that uses data from several sources to provide information to agents and brokers. The streamlined solution improves the quote process for industry professionals, enabling faster decisions on the go.

Ushur

Customer-focused Ushur unveiled new self-service products. The solutions include Care Navigation for Chronic Conditions and Care Navigation for Maternal and New Baby Health.

The dual solutions are also aimed at critical sectors, improving provision and enabling access.