Product launches moved the needles with a light regulatory touch keeping things in check. That said, governments let the private sector take the driver’s seat.
Headlines to take note of:
- J.P. Morgan introduced a private markets solution;
- BNY Mellon wants to take central clearing to the next level;
- Charles Schwab intends to streamline its products ;
- Kraken wants to launch its native blockchain;
- Plus, Visa and USAID want to make digital government payments available across the globe;
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
J.P. Morgan
On the institutional end, banking behemoth J.P. Morgan revealed the launch of Private Markets Data Solutions, an offering that improves data management for institutional investors. The product combines different data sources into a single window, increasing efficiency and enabling automation.
Additionally, the tool is available via Fusion by J.P. Morgan.
On October 24, in a Q3 results earnings call, Nasdaq CEO Adena Friedman revealed that its International Securities Exchange (ISE) ecosystem is (now) hosted on its Fusion derivatives platform. Friedman indicated that Fusion powers four of its American options markets.
Furthermore, Friedman revealed the inclusion of AI copilot tools for its developers.
BNY Mellon
According to a recently released paper by BNY Mellon, central clearing will transform Treasury trading activities. BNY also revealed plans to launch a modular-focused US Treasury cash and repo clearing next year.
In addition, inter-dealer Treasury services will (expectedly) start by the end of 2025, and repo clearing will begin by June 30, 2026.
tastyfx, LLC/TradingView
Leading retail forex broker tastyfx unveiled an integration with TradingView. Users can now trade from within the TradingView platform.
Moreover, the combination gives users several advantages, including analytics, advanced charts, technical analysis tools, and custom indicator development capabilities.
Charles Schwab
Premier brokerage Charles Schwab revealed plans to sunset its Institutional Intelligent Portfolios ecosystem as part of plans to migrate to its iRebal offering.
Account opening capabilities will cease on November 15, 2024. The firm also announced the Q4 2025 account closure deadline.
Crypto, Blockchain, and Digital Assets
On October 24, crypto exchange Kraken revealed plans to launch its native blockchain. Kraken also indicated that the “Ink” Layer-2 network will have Optimism stack deployments.
In addition, the blockchain will (expectedly) launch early next year.
Financial Industry Regulatory Authority (FINRA)
In a recently released report, FINRA identified industry Metaverse deployment risks. They include privacy, security, and other cybersecurity issues.
The report called for firms to deploy measures to address the concerns before integrating Metaverse-related solutions.
Lazard, Inc./iFinex, Inc. (Bitfinex Securities)/SkyBridge Invest
Premier financial services firm Lazard plans to launch a tokenized fund in partnership with Bitfinex Securities and SkyBridge Invest. The setup will operate under the auspices of Kazakhstan’s Astana Financial Services Authority (AFSA).
SkyBridge will be the fund’s broker, while Bitfinex Securities will manage the tokenization ecosystem. On the retail end, users will have access to the fund via the USDT stablecoin, but geographical restrictions (will) apply based on regulator requirements.
Fintech, Personal Finance, and Apps
Visa/The United States Agency for International Development (USAID)
On the development end, Visa and USAID announced a partnership to help develop government digitization services globally. The five-year collaboration will center on government assistance programs that connect citizens to local services.
Furthermore, the cooperation will help improve digital payments and financial inclusion for neglected population segments.
Avalara, Inc.
Niche Fintech Avalara revealed upgrades to its AvaTax with AvaTax for Accounts Payable solution. Enhancements include precise calculations for overpaid and underpaid purchase taxes.
In addition, the improvements have several features, including API-focused business app integrations, cloud-based tax compliance deployments, and custom tax allocation capabilities.
The American Financial Exchange (AFX)/The Export-Import Bank (EXIM)
Community Finance Institutions (CFIs) now have access to improved options via a collaboration between the self-regulated AFX and the Export-Import Bank (EXIM). In an October 22 announcement, the AFX revealed a partnership that enables CFIs to give credit to underserved population segments and small businesses.
Consequently, the cooperation will link EXIM with the 250-member plus AFX ecosystem, providing customers with favorable credit.
At the Audit & Beyond event, AuditBoard revealed a joint deployment with consulting firm Protiviti. The deployment provides customers with digitization, analytics, and shared cooperation capabilities.
Additionally, the integration has combined capabilities that help teams with global compliance requirements.
Banking, Payments, and Infrastructure
On the banking end, niche Fintech Dwolla and Plaid revealed a collaboration that helps improve payment flows for small businesses. The cooperation unifies Dwolla’s account payment services with Plaid’s verification services and risk ecosystem.
Moreover, the partnership provides access to instant transactions and connectivity to the Plaid 12,000-plus FI network.
Boutique banking software provider Finzly announced the availability of its platform on the AWS marketplace. The move provides FIs with seamless onboarding and access to the FedNow network.
Other benefits of Finzly’s BankOS include multipurpose banking capabilities, cloud-focused onboarding, and API-based embedded banking integrations.
BNY Mellon/Kanexa
Similarly, BNY Mellon and Kanexa collaborated to improve trade processes. Via the partnership, businesses now have automation and digitization capabilities.
Furthermore, the integration enables seamless trade workflows and reduces manual interventions.
Q2 Holdings, Inc./AWS/Presidio, Inc.
Niche banking solutions provider Q2 revealed enhancements to its partnership with AWS. The upgrade includes AI-focused integrations alongside automation for repetitive tasks. AWS partner Presidio is a part of the improvement process.
REtech, Insurtech and Investing
The California Joint Powers Insurance Authority (JPIA)/Risk Control Technologies (RCT)
The California JPIA announced its selection of niche Insurtech RCT to improve its risk and data processes. The collaboration enables members to access RCT’s data collection, analytics, and visualization ecosystem.
Furthermore, the deployment strengthens the 126-member body.
ICE Mortgage Technology, Inc.
Premier RETech ICE Mortgage Technology reviewed its previous deadline to migrate from its legacy Software Development Kit (SDK)-based platform to its Encompass ecosystem. Users have a six-month postponement from its October 31, 2025 end-point.
Additionally, ICE Mortgage Tech Referred to the addition as an extension rather than a delay.
Niche RETech startup Novaprime announced the entrée of its AI-focused loan offering. According to Novaprime, lenders can offload their loans to investors in days with a high degree (of) fidelity.
Furthermore, the platform compares extracted data with scanned documents and provides human interactions at every stage.
