Collaborations continued to play a key factor in the industry, with new use cases taking center stage. Regulators played their role, this time from a consumer protections point of view.
Headlines to take note of:
- DTCC launched a new risk calculator;
- QUODD revealed the availability of bond data in its ecosystem;
- Goldman Sachs plans to go into tokenization big time;
- Amazon Business made waves with a new solution from Symbeo;
- Plus, the week was all about Credit Unions;
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
The Depository Trust & Clearing Corporation (DTCC)
Market infrastructure firm DTCC revealed its new (publicly available) Value at Risk (VaR) calculator. The solution enables the (potential) assessment of margin and Clearing Fund obligations for DTCC’s Fixed Income Clearing Corporation (FICC) Government Securities Division (GSD) members.
Markets-focused QUODD revealed the addition of bond data to its QX Digital Platform. S&P Global Market Intelligence powers the data and liquidity provision alongside back office processing capabilities.
AI-focused Birdgewise boosted (global) funds with a fund analysis solution. The offering analyses funds, including fee structure, past performance, and structure.
Additionally, the solution provides trade recommendations for specific instruments held by funds.
Citi/Office of the Comptroller of the Currency (OCC)/Federal Reserve Board
Following a cease and desist order issued by regulators four years ago, regulators fined Citi $135.6 million. The OCC modified its original cease and desist order to include a $75 million fine, while the Federal Reserve Board handed the bank a $60.6 million fine for enforcement order violations.
Regulators put the heat on Citi to improve internal controls, including data governance and risk management.
Crypto, Blockchain, and Digital Assets
CME Group/CF Benchmarks
Two (new) crypto reference rates are in the works, with an announcement from CME about their addition to its ecosystem. CME revealed the plans in collaboration with CF Benchmarks to launch indices for Internet Computer (ICP) and Ripple XRP (XRP) tokens.
Goldman Sachs
Investment behemoth Goldman Sachs unveiled plans to launch three tokenization projects by the end of 2024. The projects will (reportedly) cover several industries and sectors, including American funds and the European debt markets.
Bankrupt crypto lender Celsius and DeFi aggregator KeyFi (and its founder Jason Stone) settled after a protracted legal battle. KeyFi will transfer several digital assets (including NFTs) to Celsius. Additionally, Celsius will pay KeyFi (and Stone) an (initial) $300,000 with (up to) 10% of the proceeds from asset sales.
Fintech, Personal Finance, and Apps
Cross River Bank/MassPay
Embedded financial infrastructure provider Cross River revealed its collaboration with MassPay, a niche payment ecosystem. The cooperation integrates Cross River’s API with MassPay’s platform.
Furthermore, the deployment enables more accessible user experiences, including ACH, FedNow, and real-time payments.
Two niche Fintechs, TaxBit and TAINA, joined forces to create a
unified offering. Gig workers can (now) file their 1099-Ks under the IRS’s new rules.
Additionally, the collaboration simplifies filing and other processes for digital marketplaces.
Galileo Financial Technologies/Community Federal Savings Bank (CFSB)
So Fi technologies-owned Galileo Financial announced the availability of wire transfers for Fintechs. The deployment is available via a partnership with Woodhaven, New York-based Community Federal Savings Bank (CFSB).
The wire integrations have several advantages, including speed, security, and real-time notifications.
Small Businesses got a plus with a partnership between automation-focused Symbeo and the Amazon Business App Center. The collaboration integrates RapidInvoice, its AI-powered Optical Character Recognition (OCR) software for businesses.
Banking, Payments, and Infrastructure
America First Credit Union/Loquat, Inc.
Utah-based America First Credit Union selected Loquat’s small business cloud banking platform for digitization efforts. Additionally, the solution covers basic processes, including account operations and payments.
First Federal Bank of Kansas (FFBKC)/Jack Henry
The First Federal Bank of Kansas (FFBKC) tapped Jack Henry as part of growth efforts. Consequently, the integration focuses on its core banking solution alongside automation with improved customer experiences.
Diamond Credit Union/Tyfone
Similarly, in related news, Pennsylvania-based Diamond Credit Union selected Jack Henry to deploy its nFinia Digital Banking solution for commercial and retail customers. Additionally, the collaboration involves the deployment of the loan delay product Skip-A-Pay credit aggregation solution Quick Pay.
Filene Research Institute/Conductiv, Inc.
Consumer finance think tank Filene Research Institute partnered with Conductiv to help improve loan approval and deposit open rates via an incubator project. The collaboration uses data from Conductiv’s ecosystem to improve banking adoption.
REtech, Insurtech and Investing
Charlee.ai/Duck Creek Technology
To improve claims management workflows, AI-focused Charlee collaborated with Duck Creek. The cooperation integrated the Charlee.ai automated framework with Duck Creek Claims, its premier solution. Consequently, the partnership offers industry professionals several advantages, including predictive analytics and process efficiency.
Niche-focused Limit introduced LimitAI, a new GenAI product for the Property & Casualty (P&C) sector. Additionally, LimitAI improves (several) processes, including document processing, quotes, and quick answers to industry-related prompts.
Aspen Insurance Holdings Limited
Global insurance firm Aspen launched Aspen Data Labs as part of its ongoing digitization efforts. The new solution (vertically) integrates workflows, including underwriting and claims processes.
Analytics-focused Verisk introduced its ISO Experience Index to enable firms to keep up with industry trends. The ISO Experience Index also offers insights and improves scenarios for industry professionals.
