The Week in Digital Wealth (6/25/24)

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An increase in partnerships and launches was noted, with a regulatory light touch that allowed for improved collaborations. The end user may have a great summer with products focusing on increased spending during this period.

Headlines to take note of:

  • Liquidnet came out with all guns blazing on its new analytics product;
  • Firstrade joined the AI gang;
  • In its typical fashion, Cboe wants to change OPRA rules;
  • The guys at McKinsey aren’t as optimistic about tokenization as everyone else;
  • Plus, Apple ended its BNPL payment experiment in favor of installment payments (coming soon);
  • And much more!

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


Wealthtech, Regtech, Regulatory, and Treasury

Liquidnet

Global investment network Liquidnet unveiled the second phase of its derivatives analytics solution ecosystem. Liquidnet revealed that the second phase rollout will focus on sweep prices and predicted volume curves. Phase two will (expectedly) be out in a few weeks.

Firstrade Securities/FinChat.io

Boutique brokerage firm Firstrade unveiled an AI-powered research and analysis tool (FirstradeGPT). FirstradeGPT provides users with a research, analysis, and data treasure trove.

Additionally, Firstrade partnered with FinChat.io to provide customers with human-vetted data and analysis.

Confluence Technologies, Inc.

Niche Regtech Confluence introduced Rex 2.0, an end-to-end Software-as-Service (SaaS) solution that pushes documentation to the limits. New features in Rex 2.0 include annual report reconciliation and prospectus integrations, alongside (improved) data extraction and analytics capabilities.

Cboe/Options Price Reporting Authority (OPRA)

To cut the OPRA’s costs, Cboe called for a rule change that could see alternatives to the (current) single access to trading data. Cboe plans to direct customers to the Cboe One Options Feed, which it launched last year.

Crypto, Blockchain, and Digital Assets

McKinsey

According to a June 20 McKinsey report, the tokenization road ahead has more hurdles than one. According to the report, tokenization adoption is still (far) away, with a lower-than-expected $1 trillion in assets.

Additionally, the report projected a $2 trillion tokenization market size by 2030.

J.P Morgan

According to a June 24 research report from J.P. Morgan, there is an increased interest in the crypto mining sector following the Core Scientific-CoreWeave deal. Additionally, the report noted that Iris Energy (IREN) is best suited to leverage the opportunities presented by the industry’s auspicious moment.

Paxos

Blockchain infrastructure firm Paxos is (allegedly) planning to cut as much as 20% of its talent base. The event will (reportedly) affect 65 people, cutting the firm’s size to between 200 and 300.

Affected employees have also been (allegedly) offered several benefits including three months of severance pay, health insurance, and employment support.

Fintech, Personal Finance, and Apps

Apple

Fifteen months after its Pay Later service launched, iPhone maker Apple revealed that the solution will no longer be available in the United States. Users do not have to worry, though, as partnerships with several financial institutions, including Synchrony, Citi, Fiserv, and Fiserv, have set the stage for installment payment solutions.

Afterpay

BNPL leader Afterpay revealed several checkout integrations with new brands as retailers brace for hot summer spending. Customers can (now) choose Afterpay BNPL checkout when shopping with several brands, including Zenni Optical, Rawlings Sporting Goods, Helzberg Diamonds, Journeys, Curology, and others.

40Seas

Premier B2B payments platform 40Seas introduced a Global Accounts Receivable product that improves credit, invoice, and risk management via data centralization. Furthermore, the solution enables seamless ERP integrations and several payment collection options, including cards, wire transfers, and more.

ExpandAP/Salesforce

Manual administrative and accounting activities can (now) take a back seat with the launch of a new accounts payable and automation solution from ExpandAP. The product is native to the Salesforce ecosystem and offers scalability alongside accuracy.

Banking, Payments, and Infrastructure

Treasury Prime/FS Vector

Boutique banking solutions provider Treasury Prime collaborated with compliance-focused FS Vector. The cooperation (also) includes adding the Headmaster™ training product to the Treasury Prime Partner Marketplace.

Prometeo

Leading Latin American Fintech Prometeo revealed its entrée into the United States by launching its Bank Account Validation (BAV) product (in a June 18 press release). Prometeo enables single API access to the solution and increases security and compliance for financial institutions.

Brex/Column N.A

Startup-focused Fintech Brex introduced three new products. They include a checking account (from Column), an upgraded Vault account with up to $6 million (FDIC) coverage, and an improved (flexible) Treasury solution.

nCino

Boutique banking software Fintech nCino launched its AI solution (Banking Advisor). The co-pilot has several features, including document interactions, direct queries and responses, task automation, and more. nCino IQ (nIQ) powers Banking Advisor.

REtech, Insurtech and Investing

CAPE Analytics/Vexcel

Property-focused CAPE Analytics collaborated with Vexcel, an imaging Fintech, to improve property insights amid global expansions. Furthermore, Vexcel unveiled plans to capture 4.4 million square kilometers in addition to its (current) coverage that (already) reaches over 127 million households.

Netchex/NEXT Insurance

Payroll-focused Netchex and NEXT Insurance partnered to enable workers’ compensation access. Additionally, users can access compensation insurance (directly) from the Netchex platform.

OpenRoad Insurance/Majesco

Niche cloud-based Insurtech provider Majesco revealed its selection by OpenRoad Insurance, a premier vehicle insurer. OpenRoad will deploy Majesco’s P&C Intelligent Core Suite. Consequently, the integration is part of OpenRoad’s expansion plans.

Guidewire/Columbia Insurance Group

Columbia Insurance Group tapped leading Insurtech Guidewire to help in its upgrade efforts. Columbia will deploy the Guidewire InsuranceSuite and other solutions. PwC, a premier Guidewire partner, is providing (consultancy) support.