The Week in Digital Wealth (7/2/24)

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Innovation continued to flourish with improved (general) relations with regulators. New products are the order of the day.

Headlines to take note of:

  • Hidden Road came out with all guns blazing;
  • Goldman Sachs is going full throttle with its AI plans;
  • ICE wants to do everything;
  • The Treasury and IRS unveiled (new) reporting rules;
  • The regular suspects continued doing their thing;
  • And much more!

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


Wealthtech, Regtech, Regulatory, and Treasury

Hidden Road/Trading Technologies (TT)

Institutional credit network Hidden Road unveiled its partnership with Trading Technologies, a boutique platform. The collaboration provides access to several assets. Hidden Road Partners executed the arrangement.

Goldman Sachs

According to a June 27 Wall Street Journal report, financial behemoth Goldman Sachs announced end-of-month plans to complete its GenAI rollout. Furthermore, Chief Information Officer Marco Argenti revealed the firm’s strategy, combining centralization and restriction.

CME Group/Google Cloud

Leading derivatives ecosystem CME Group revealed the enhancement of its partnership with Google Cloud. The collaboration involves building a new private cloud facility in Illinois and expanding options for trading instruments.

Intercontinental Exchange, Inc. (ICE)/Securities and Exchange Commission (SEC)/ BondbloX Bond Exchange (BBX)

Exchange operator ICE is (reportedly) in discussions with the SEC to become a central clearinghouse for repurchase agreements (repos) and treasuries. A June 24 Bloomberg report revealed that the firm is prepping its ICE Clear Credit to serve as the platform for the services.

Similarly, in related news, BondbloX Bond Exchange (BBX) integrated with ICE Bonds, enabling access to municipal, corporate, and treasury bond liquidity.

Crypto, Blockchain, and Digital Assets

Department of the Treasury/Internal Revenue Service (IRS)

The Treasury and the IRS released the final reporting rules on digital asset sales, which are part of the Infrastructure Investment and Jobs Act (IIJA). Additionally, the duo (also) hinted at other rules for noncustodial brokers later in the year.

Frax Finance/NEAR Protocol

Premier DeFi ecosystem Frax Finance revealed its partnership with the NEAR blockchain. The cooperation combines Frax’s stablecoin and DeFi innovations with NEAR’s blockchain ecosystem to introduce options for developers. Consequently, the collaboration involves the availability of the Frax token on the NEAR blockchain.

The Linux Foundation

Open-source support institution Linux Foundation revealed plans to launch the Linux Foundation Decentralized Trust (LF Decentralized Trust). The move aims to improve blockchain innovations and digital identity technologies.

Additionally, the trust will (expectedly) encourage the development of associated technologies, including ledgers, blockchain bridges, security ecosystems, and more.

Fintech, Personal Finance, and Apps

FiVerity

Compliance-focused FiVerity introduced a (new) Identity Trust Management solution for financial institutions. The offering gives banks and credit unions several advantages, including improved KYC capabilities, fraud investigation enhancements, ongoing transaction monitoring, and efficient reporting features.

WeGetFinancing/SensePass

American shoppers have new options (this summer) with a collaboration between Buy-Now-Pay-Later (BNPL) provider WeGetFinancing and SensePass, an embedded payments Fintech. The partnership offers several options to shoppers, including payment flexibility and financing.

Medius

AI-driven Accounts Payable (AP) Fintech Medius introduced dual solutions: Medius Supplier Conversations and Medius Copilot for Accounts Payable Automation (APA). Additionally, the dual solutions improve AP processes for businesses.

Fideo Intelligence

A new Denver-based Fintech, Fideo Intelligence, pulled all the stops with its launch. Fideo Intelligence revealed its industry foray with several solutions, including Fideo Signals and Fideo Verify.

Subsequently, the offerings are available via a real-time API.

Banking, Payments, and Infrastructure

ECS Fin/Zenus Bank/Visa

Enterprise-focused Fintech ECS Fin revealed its Zenus Bank/Visa B2B Connect integration via its IMS Payments platform. The move improves Zenus Bank’s cross-border payments capabilities.

Bank Midwest/Finastra

South Dakota, Iowa, and Minnesota residents have a new digital bank (OnePlace.bank) by Bank Midwest. The healthcare-focused digital bank is an offshoot of Bank Midwest’s OnePlace Capital product family. Furthermore, Finastra powers Oneplace.

Frost Bank/Finzly

Texas-based Frost Bank tapped niche software provider Finzly to power banking solutions for its business and retail customers. Consequently, all transaction flows are (now) combined into a single window via an API.

Bluevine/Mastercard

Boutique banking software provider Bluevine revealed the launch of the Bluevine Business Cashback Mastercard® for small businesses and their owners. SMBs and their owners have access to capital via the new solution alongside several perks, including access to capital and digital operations.

REtech, Insurtech and Investing

Insurity/Coherent

Analytics-focused Insurity collaborated with niche Insurtech Coherent to enhance the capacities of property and casualty (P&C) insurance firms. Additionally, the cooperation integrates Insurity’s product portfolio with Coherent’s Spark to provide (additional) advantages to providers, including seamless migrations and more.

AXIS Capital Holdings

Insurance ecosystem AXIS introduced Cyber Incident Commander, an offering for cyber insurance policyholders. The AXIS Cyber Incident Commander offers near-instant responses and access to a cyber expert team via a single interface.

Furthermore, the solution integrates third-party vendors with the AXIS network, improving value and customer experiences.

SiriusPoint Ltd./Euclid Security Programs LLC

Niche specialty insurer SiriusPoint and Euclid Security Programs revealed their collaboration. SiriusPoint is (now) the sole partner for Euclid Security’s Liability program.

Consequently, Euclid will underwrite the Excess Liability and Commercial General Liability within the American markets.

Apollo Insurance/Rhapsody Property Management

Across the border in Maple Country, digital firm Apollo Insurance teamed up with Rhapsody Property Management to make things easy for renters. Additionally, the cooperation (directly) integrates tenant insurance with leases, creating (seamless) cover.