Last week was a mix of several things blending. Notably, integrations returned and utility continued to thrive.
Headlines to take note of:
- The OCC added another exchange;
- Nasdaq introduced GenAI for market surveillance;
- J.P. Morgan unveiled an ETF suite;
- The IMF is still after crypto;
- Apple plans to make a surprising change to the contactless payment field (read on to find out);
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
The Options Clearing Corporation (OCC)/MIAX Sapphire, LLC (MIAX Sapphire®)
The OCC integrated MIAX Sapphire® into its network. MIAX Sapphire® parent firm, Miami International Holdings, Inc. (MIH ) (now), has four exchanges listed on the OCC.
Additionally, the OCC (also) has coverage of 21 exchanges with the new addition.
Exchange operator Nasdaq made headlines (again) with the integration of GenAI into its Market Surveillance. With the move, Nasdaq aims to improve market abuse claims, investigations, and resolutions.
Additionally, testing showed a 33% reduction in the investigation phase.
Managed Funds Association (MFA)/Department of the Treasury
Similarly, in a comment letter to the Treasury, the MFA made four recommendations regarding using AI in financial services. The issues raised addressed using AI by alternative asset managers, existing (and past) AI regulations, technology neutrality by regulators, and AI use cases.
J.P. Morgan Asset Management (JPMAM)
According to an August 8 press release, J.P. Morgan Asset Management (JPMAM) unveiled the JPMorgan Fundamental Data Science (FDS) Suite on the Nasdaq Stock Exchange. The data-focused offering has three (new) ETFs.
Additionally, the Suite includes the JPMorgan Fundamental Data Science Small Core ETF (SCDS), JPMorgan Fundamental Data Science Mid Core ETF (MCDS), and JPMorgan Fundamental Data Science Large Core ETF (LCDS.
Crypto, Blockchain, and Digital Assets
International Monetary Fund (IMF)
In an August 15 blog post, the IMF suggested a massive 85% electricity tax hike for crypto mining activities. The IMF also iterated that the move could help curb (increasing) carbon emissions.
Furthermore, the multilateral agency indicated that the move could raise $5.2 billion for governments (globally).
BlackRock/Token Terminal
Recent data from on-chain research platform Token Terminal indicates that BlackRock could be planning to launch its (own) blockchain. According to Token Terminal, BlackRock has segmented the crypto space into three: traditional digital assets, stablecoins, and tokenization efforts.
New York Stock Exchange (NYSE)
The NYSE withdrew its application to list and trade options on the Grayscale Bitcoin Trust and the Bitwise Bitcoin ETF. Other market operators (also) withdrew theirs, though some have refiled fresh applications.
The move follows an extended SEC February 2024 comment request period.
Fintech, Personal Finance, and Apps
Sage Intacct
Cloud-focused premier accounting software firm Sage Intacct revealed the global availability of AP Automation, an AI-powered feature within its ecosystem.
The move enables improved accounts payable processes for businesses (globally).
Boutique Accounts Receivable ecosystem Tesorio launched its AI-focused AR Invoicing Automation product. Invoice creation from sales orders is now automated for users, improving efficiency.
Austin, Texas-based 360Factors partnered with risk-focused Prevalent to improve risk offerings for FIs. The collaboration combines Predict360 with Prevalent’s Third Party Risk Management Platform.
Furthermore, the cooperation improves the risk processes for financial institutions.
Payment-focused Finzly teamed up with NYSE-listed Corpay to improve FX offerings to improve FX transfer offerings for financial institutions. The move integrates Finzly’s banking ecosystem, FinzlyOS, with Corpay’s niche specialist offerings, including real-time FX rates.
Apple, Inc.
In a move that could signal (another) innovation wave, iPhone maker Apple revealed plans to give developers access to near-field communication (NFC) contactless payment solutions.
Apple indicated that it would enable access from iOS 18.1 for developers in the United States, Canada, Brazil, Australia, Japan, the United Kingdom, and New Zealand.
Banking, Payments, and Infrastructure
Direct deposit-focused Pibank (officially) launched in the United States. The digital bank has a 5.50% APY high-yield savings account, offering zero fees and no minimum balance requirements.
Additionally, Pibank offers (up to) $250,000 in FDIC insurance.
Alkami Technology, Inc.
A new feature from banking software firm Alkami boosted the digital banking experience for American customers. Alkami revealed credential stuffing protection within its ecosystem.
Consequently, customers do not need to solve puzzles or perform other actions during the login process. The new solution analyzes human behavior in the background.
Boutique Fintech startup Tally revealed the closure of its operations after failing to secure funding to continue. In an August 13 LinkedIn post, Tally CEO Jason Brown revealed the end of the Fintech’s nine-year journey.
Brown (also) highlighted the (increasing) need for tools that help people with their finances.
Credit Union of America (CUA)/NCR Atleos
Wichita, Kansas-based Credit Union of America collaborated with NCR Atleos to improve its ATM network operations. The cooperation includes CUA’s addition to the Atleos Allpoint Network alongside its fee-free platform.
Furthermore, the move enables members to have national ATM access.
REtech, Insurtech and Investing
Industry-focused Fintech Ascend introduced an Automated Invoicing (AI) solution to its ecosystem. The (new) tool enables the (automatic) creation of invoices from uploaded documents.
Additionally, the offering reads data types (via image recognition), parses them, and creates invoices on the go.
Premier Insurtech Insurity revealed Insurity Spreadsheet API, a feature that creates APIs from the business logic statements within spreadsheets. Insurity developed the tool in partnership with Coherent.
The offering reduces costs and improves efficiency with improved product development cycle timelines.
California residents have (improved) coverage for water-related damages with cooperation between water assistant Phyn and Bamboo, a property and casualty (P&C) company. The collaboration includes deploying Phyn Plus, a water monitoring device, and offering Bamboo policyholders a 10% discount.
Customers (also) get a 15% discount on all purchases of products within Phyn’s ecosystem.
