Integrations and partnerships helped improve customer experiences alongside new product features. Government regulation remained light touch as the focus shifted towards improved utility.
Headlines to take note of:
- Virtu Financial revealed algorithm switching for traders;
- J.P. Morgan Asset Management and Kyriba introduced liquidity integrations;
- Tornado cash returned, with criminals taking the lead;
- Deloitte revealed new integrations with SAP and AuditBoard;
- Pets now have on-the-go insurance (read on to find out);
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
Virtu Financial
Global markets solutions specialist Virtu Financial enabled improved algorithm switching for traders via Switcher, its new solution. The offering allows for a dynamic application of order conditions as things change across trade lifecycles.
Additionally, traders can use Switcher to make the right decisions based on appropriate algorithms, and it is a capable assistant.
J.P. Morgan Asset Management/Kyriba
In a September 5 announcement, J.P. Morgan Asset Management revealed several improvements to its “Morgan Money” solution. The developments include an integration with liquidity-focused Kyriba.
Furthermore, the move facilitates seamless operations, including liquidity, trading, and accounting.
According to a September 6 Bloomberg report, CBOE teamed up with UK-based Fintech Globalcap to create an American ecosystem to trade shares of privately held companies. The duo partnered following CBOE’s August 2024 FINRA registration.
Consequently, the deployment of CBOE Private Markets is still in its alpha phase. There is no launch date for the solution.
Financial software giant Bloomberg introduced “ALTD <GO>,” a function that provides early access to alternative data within its terminal. According to a September 7 announcement, terminal users can access alternative data with (traditional) fundamental data.
Crypto, Blockchain, and Digital Assets
Tornado Cash
Treasury-sanctioned mixing service Tornado Cash is back, at least for bad actors. Recent data from blockchain analytics firm SpotOnChain revealed transfers worth 1,261 ETH (approximately $26.7 million), 20,561 ETH (roughly $50 million), and 600 ETH (about $18.51 million).
Federal Reserve Bank of Philadelphia (Consumer Finance Institute)
A recently released report from the Philadelphia Fed’s Consumer Finance Institute revealed surprising attitudes toward crypto ownership. Results from several surveys showed declining ownership of crypto tokens, and industry interest declined during downturns.
Additionally, as mentioned earlier, those didn’t increase despite the recent crypto price surge.
Ripple Labs
In a September 2 announcement, XRP developer Ripple Labs introduced smart contract development plans for the XRP Ledger (XRPL) network. Ripple had previously indicated the obverse.
Fintech, Personal Finance, and Apps
Aliababa.com/Mastercard/Cardless
Global e-commerce behemoth collaborated with Mastercard and Cardless to introduce the “Alibaba.com Business Edge Credit Card,” the firm’s first co-branded American credit card. United States-based buyers can access several perks via the new offering, including rewards and financing options.
The card launched on September 5.
ACI Worldwide/Red Hat
Payments ecosystem ACI revealed its cooperation with premier open-source solutions provider Red Hat. The partnership aims to deploy ACI’s infrastructure on cloud-based platforms.
Additionally, in a September 3 announcement, ACI iterated its commitment to aiding customers during migration.
Big Four consulting firm Deloitte introduced integrations for AuditBoard and SAP. The deployments provide firms with risk and control guidance on a transparent basis.
Consequently, the move connects AuditBoard’s Internal Audit & Sarbanes-Oxley (SOX) solutions with SAP’s Governance, Risk and Compliance Process Control offering.
Inventory-focused DataScan unveiled DataScan360, a comprehensive commercial lending offering. DataScan designed the solution for dealer-focused lenders.
The product improves the lending lifecycle via data tools from an analytics-based perspective.
Banking, Payments, and Infrastructure
Jack Henry/Moov
Premier Fintech Jack Henry partnered with Moov, a digital-focused payments system. The cooperation helps Community Finance Institutions (CFIs) with (their) digital payment needs.
In addition, the cloud-based platform will provide small businesses with tap-to-pay functionality and same-day settlements alongside automated reconciliations and integrations to (popular) accounting services.
Open banking Fintech PortX announced the availability of its platform on the Fiserv AppMarket ecosystem. The availability of its Fintech Hub on AppMarket (by Fiserv) enables seamless onboarding for FIs.
Furthermore, the collaboration integrates with Fiserv’s Premier bank solution.
MidWestOne Bank/Temenos
Iowa City, Iowa-based MidWestOne Bank revealed selected Temenos digital banking onboarding solution. MidWestOne deployed the offering on Amazon Web Services (AWS).
The product has e-signature, data collection, and workflow management capabilities. Temenos’ North America partner, RCG Global Services, also managed the process.
Akoya/Nova Credit
Credit-focused Nova Credit teamed up with API-driven data platform Akoya. The collaboration helps lenders enhance the credit process.
FIs can access and verify customer cash flow and income data. Consequently, the cooperation combines Akoya’s API-focused data network with Nova’s analytics and credit reporting platform.
REtech, Insurtech and Investing
Insurity/Gain Life
Niche Insurtech Insurity revealed its collaboration with Gain Life to enable a fully integrated communications platform. The AI-based offering helps reduce the administrative claims workload.
Insurity’s AI-driven solution also provides easy document access and on-the-go- analytics.
BuddyID/Pets Best
Furry friends, others, and their owners now have (faster) access to insurance policies through a partnership between BuddyID and Pets Best. The cooperation includes discounts on policies for BuddyID’s customers.
Furthermore, the discounts are instantly available.
Exdion Insurance
In a September 3 press release, Exdion Insurance introduced “CSRdigit,” an automated brokerage platform for policy lifecycle management. CSRdigit has E&O risk management protections and enables account executives and customer service representatives (CSRs) to participate in effective administrative processes.
