Niche sectors ruled last week with evidence of improved and seamless innovation occurring. Fintech firms lowered the barriers to market entry, especially for several population segments, alongside a focus on ease-of-access.
Headlines to take note of:
- Fidelity launched two (new) solutions;
- TS Imagine’s risk tool has a new feature;
- Accenture and S&P Global are going places with AI;
- The IMF changed its tone over El Salvador’s Bitcoin arrangement;
- Plus, things are moving (fast) in the Insurtech sector;
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
Fidelity Investments/Advyzon/eMoney Advisor
Investment giant Fidelity Investments took things up a notch by introducing new tools. The behemoth launched two solutions for registered investment advisors (RIAs) looking to scale their operations.
Fidelity Managed Account Xchange Essentials (FMAX Essentials) is a managed investment ecosystem that offers full integrations with other platforms or third-party add-ons. Integration Xchange is a wealth management-focused modular platform with over 200 Fintech and API integrations, creating seamless tech stack deployments.
Additionally, Fidelity teamed up with Advyzon and eMoney Advisor to improve integrations within the FMAX Essentials environment.
TS Imagine
Front office-focused TS Imagine enabled access to the (new) CCP Margin Calculator on its RiskSmart X tool. The new feature improves the efficiency of counterparty clearing activities by providing margin data to users.
On the AI end, S&P Global and Accenture teamed up to launch an AI upskilling program. The move includes training S&P’s 35,000 talents in industry basics via Accenture LearnVantage.
Additionally, the collaboration combines S&P AI Benchmarks by Kensho and Accenture’s Foundation Model Services to improve access to AI solutions development.
MarketAxess Holdings/ICE Bonds
MarketAxess and ICE Bonds announced their plans to integrate liquidity networks, boosting the fixed-income markets. Besides improved liquidity depth, the connection permits communications between ICE Bonds’ automated platform and MarketAxess’ open trading ecosystem, creating new user opportunities.
Crypto, Blockchain, and Digital Assets
IMF/El Salvador
Multilateral finance organization IMF shifted its stance towards El Salvador’s Bitcoin regime. In an August 6 statement, the IMF indicated that much of its (forecasted) risks haven’t (yet) materialized and highlighted (ongoing) discussions on the issue.
New York Federal Reserve/Tornado Cash
A recent New York Federal Reserve study revealed “mixed” cooperation in sanctions enforcement against crypto mixer Tornado Cash. According to the NY Fed, there was increased value in deposits despite a (massive) fall in inflows.
The study also identified two Ethereum block builders that remained uncooperative. They continued to settle Tornado Cash-related transactions.
Franklin Templeton/Arbitrum Blockchain
Following the availability of its OnChain U.S. Government Money Market Fund (FOBXX) on the Polygon and Stellar blockchains, investment behemoth Franklin Templeton revealed integrations with the Arbitrum Ethereum Layer-1 network.
Additionally, the Stellar blockchain is (still) the primary blockchain for the Money Market Fund.
Fintech, Personal Finance, and Apps
Settle, Inc.
Cashflow management platform Settle introduced two solutions (Landed Costs and Universal Catalog) to improve operations for leading brands. Landed Costs enable bill automation, including shipping and other (associated) valuations.
Universal Catalog provides (comprehensive) integrations with the components of procurement ecosystems. Additionally, the product integrates with third-party platforms, creating growth opportunities.
Similarly, payment-focused Cacheflow partnered with Salesforce-native Fintech APPropoz to introduce a revenue recognition product. The offering has several features, including automated contracts, compliance assessments, instant reporting, and flexible workflows.
Consequently, the product improves firms’ end-to-end deal-closing capabilities.
Futeur.AI
Small businesses (now) have credit management options with the launch of a (new) solution from Futeur.AI. The offering focuses on bridging the credit gap for unique population segments (including women and minorities) and enables access to credit agencies.
The product has an intuitive interface and is available in several languages.
J.P. Morgan Payments/PopID
Following their March 2023 collaboration, J.P. Morgan and PopID are bringing seamless face recognition payments to stores across America. The new capabilities will (soon) be available to select merchants.
According to J.P. Morgan Payments, transaction speeds are under one second for the (entire) process.
Banking, Payments, and Infrastructure
Unit/Vantage Bank/Lincoln Savings Bank
Embedded finance took the (entire) front row, with (banking) Software-as-a-Service startup Unit inking two deals with Vantage Bank and Lincoln Savings Bank. Vantage Bank will leverage Unit’s ecosystem, including digital operations, oversight, and others.
Lincoln Savings Bank will (similarly) take advantage of integrations with Units’ platform, including (new) product launches and analytics.
Vantage West Credit Union/HUSTL Financial
The gig economy is (now) ahead with the launch of HUSTL, a sector-focused app catering to freelancers’ (special) needs. HUSTL handles all freelance issues, including financial statements, W2s, and financial planning.
Additionally, the app has several banking features, including certificates of deposit (CDs), high-yield savings accounts, and interest-earning checking accounts.
Varo Bank/Marqueta
San Francisco, California-based Varo Bank selected card infrastructure Fintech Marqueta for its processing needs. The five-year arrangement enables users to have tokenized options.
Furthermore, users can (also) link their cards to online wallets, including Apple Pay and Google Pay.
Missouri Central Credit Union/Bankjoy
As part of an ongoing digital upgrade, the 1931-founded Missouri Central Credit Union collaborated with Bankjoy to improve operations. The improvements (also) come with a ninety-second onboarding feature and online and mobile banking capabilities.
REtech, Insurtech and Investing
Merchants Insurance Group/Kalepa
Buffalo, New York-based Merchants Insurance Group selected premier Insurtech Kalepa’s Copilot solution to improve its commercial underwriting processes. The move enables Merchants to provide unique (and personalized) services to their customers.
Emerald Bay Risk Solutions/Curotech Specialty
Technology-focused Managing General Agent (MGA) Curotech Specialty partnered with Emerald Bay Risk Solutions to introduce an excess & surplus commercial property program. The duo cooperated to address the ever-changing needs of the property market and is data-focused.
Cresso Health
America’s health insurance sector has a new kid on the block. Expert-founded Cresso Health (officially) rolled out operations in the United States. The firm has independent agencies as a focus with a consumer-centric product portfolio.
