The usual launches continued alongside partnerships and integrations. Interestingly, compliance efforts by the government increased (slightly).
Headlines to take note of:
- Bloomberg continued its automation improvements;
- Liquidnet took a deep dive into GenAI;
- BlackRock’s Aladdin has shiny new features;
- The BIS went after stablecoins (again);
- Plus, there’s a new player in the pensions sector (more on that later);
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
Software behemoth Bloomberg continued its automation drive by deploying auto allocation capabilities to AIM, its order and investment management platform. Bloomberg has integrated the feature from its Rule Builder (RBLD) automated trading offering. Additionally, the move enables equity for traders.
Liquidnet integrated Boltzbit’s GenAI solution on the fixed-income end to enable (faster) access to bond deals. Consequently, the integration allows for efficient (and speedy) bond transactions.
Investment behemoth BlackRock revealed the integration of its Aladdin order management system (OMS) with Preqin, its recent acquisition across the pond in the United Kingdom. In a July 1 announcement, BlackRock revealed its intentions to purchase the alternative assets data provider.
Furthermore, the deployment enables Aladdin’s access to Preqin’s analytics dataset.
Northern Trust
Custodian financial institution Northern Trust revealed the development of internal fund accounting and data tools. The new ecosystem improves the integrity of services for buy-side customers.
Crypto, Blockchain, and Digital Assets
In a July 18 post on its website, Big Four accounting firm KPMG revealed a collaboration with crypto accounting software ecosystem Cryptio. The cooperation enables industry firms to meet financial compliance standards, including the Generally Accepted Accounting Principles (GAAP).
Bank for International Settlements (BIS)
In a recent report, the BIS hit the stablecoin sector with new rules. According to a July 17 press release, the new regulations require financial institutions to (comprehensively) disclose activities alongside strict liquidity standards.
Additionally, the regulations have a January 1, 2026, implementation deadline.
State Street Corp./Fnality International
According to a July 17 Bloomberg report, financial giant State Street is (allegedly) exploring plans to launch its stablecoin. Furthermore, State Street is also (reportedly) mulling the development of tokenization and blockchain ecosystem developments in partnership with United Kingdom-based Fnality International.
Fintech, Personal Finance, and Apps
PensionBee /State Street Global Advisors (SSGA)
Following its May 2023 agreement with State Street Global Advisors (SSGA), premier online pensions provider PensionBee revealed its entrée into the United States market from the United Kingdom. Consequently, the SEC has registered PensionBee, Inc., the firm’s American subsidiary, as an investment advisor.
The collaboration enables the introduction of PensionBee’s offerings and infrastructure to the U.S. market, allowing the transfer and combination of IRAs and 401ks into a new PensionBee IRA.
College students now (have) a new plus with the launch of a new ecosystem by Boston-based Fintech Estu. The platform offers students an end-to-end ecosystem, including Apple Pay contactless payments, peer-to-peer transfers, international and local wire transfers, checking accounts, and ACH access.
Additionally, Estu provides discounts on tech gadgets, events, and more through collaborations with Amazon, Best Buy, and others.
Cash App
In a July 18 announcement, mobile payments platform Cash App revealed the closure of its United Kingdom operations. Cash App cited its focus on the American markets.
Consequently, operations will cease on September 15.
The Department of the Treasury/The Financial Services Sector Coordinating Council (FSSCC)
Following its creation of the Cloud Executive Steering Group (CESG) in May 2023, the Treasury unveiled a cloud security framework for financial institutions and other service providers. Areas of focus include the creation of information exchange mechanisms for cloud service providers (CSPs), a cloud migration template, a transparency and security blueprint, and more.
Banking, Payments, and Infrastructure
J.D. Power
J.D. Power introduced the J.D. Power Mobile App Platform Certification—Banking. The new ecosystem uses 146 data points to enable banking software providers to achieve excellence.
Additionally, Fintechs must rank in the recent J.D. Power North America Mobile App Satisfaction Index℠ Benchmark as an initial yardstick to qualify for the experience.
Black Hills Federal Credit Union (BHFCU)/NCR Atleos
South Dakota-based Black Hills Federal Credit Union (BHFCU) revealed its collaboration with NCR Atleos to manage and replace its ATM fleet. Consequently, NCR Atleos will handle the credit union’s self-service options.
Boutique Fintech solutions provider FIS introduced its SMB Digital Lending product. FIS developed the solution with Lendio, a leading small business-focused Fintech.
Additionally, FIS aims to lower entry lending barriers for small businesses. The platform is its first foray.
ChoiceOne Financial Services, Inc./DPT Solutions (DPT)
Grand Haven, Michigan-based ChoiceOne Bank launched Metriciti, a niche commercial lending product in collaboration with DPT Solutions, a boutique Fintech. Metriciti has a customer-focused approach to lending and offers efficient operations alongside industry-grade compliance and security standards.
Additionally, the offering is available nationwide via DPT Solutions.
REtech, Insurtech and Investing
To improve the efficiency of industry interactions, Insurity and Glia teamed up to launch a new solution. The Insurity Interaction Platform provides a simplified approach to industry communications via SMS, voice and video calls, and chats.
Consequently, Glia powers the platform.
Priceline/Cover Genius
As travel increases over the summer, the leading travel booking service Priceline has partnered with boutique Insurtech Cover Genius. The cooperation covers several travel-related services booked by Priceline, including hotels, rental cars, and flights.
Customer-focused Ushur took the A.I. lead and launched an automation solution. The product aims to improve onboarding experiences for industry players.
Furthermore, the offering has an outreach feature for data collection, follow-up, and automated data processing capabilities.
