The industry didn’t (actually) go on holiday, as competition and partnerships continued to hold sway. Innovation is set to thrive.
Headlines to take note of:
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- Global X launched an electricity-focused ETF;
- Wealthfront launched a tax loss harvesting tool;
- TIFIN @Work teamed up with Concurrent to launch personalized financial offerings;
- Visa now offers 60-second transfers across America;
- Plus, thanks to a partnership with TrustLayer, Nationwide now has a digital insurance verification solution;
- And much more!
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Of course, it’s your week in digital wealth!
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Wealthtech, Regtech, Regulatory, and Treasury
Global X Management Company LLC
On December 18, 2024, New York-based instrument provider Global X revealed the ‘Global X U.S. Electrification ETF (ZAP)’ listing on NASDAQ. ZAP aims to improve and fund power generation, distribution, and transmission activities across the United States.
Additionally, the ETF focuses on the demand generated by the rise of emerging technologies, including Artificial Intelligence and more.
Wealthfront Inc./S&P Global Inc.
Professional-focused investment platform Wealthfront introduced a solution that merges the advantages of automated tax-loss harvesting with the performance of the S&P 500®. The new S&P 500 Direct ecosystem is available for a 0.09% fee.
Consequently, investors can have a foot in the door with a $20,000 minimum starting investment.
Investor Technology Group, Inc.(Mosaic)/FactSet Research Systems Inc.
According to a December 17 press release, financial model specialist Mosaic revealed an integration with FactSet that improves public-to-private deals. The deployment enables industry players to analyze complicated models in less than sixty seconds.
Furthermore, the combination cuts down the research process for dealmakers and improves outputs.
TIFIN @Work/Concurrent
Emergent RIA aggregator Concurrent collaborated with TIFIN @Work to launch laser-focused, flexible financial solutions for workplaces across America. The partnership unites TFIN @Work’s AI-leveraged ecosystem with Concurrent’s advisory-focused proficiencies and tools.
More so, the cooperation aids employees in their financial planning activities.
Crypto, Blockchain, and Digital Assets
Remote/Circle Internet Financial, LLC
International payroll provider Remote integrated USDC stablecoin payments for U.S. firms. American companies can now pay contractors across sixty-nine countries with USDC tokens.
Additionally, contractors can receive USDC stablecoin payments via the Base network.
Internal Revenue Service (IRS)
America’s tax man delayed crypto tax reporting requirements until 2026. The shift enables crypto investors to choose preferred decentralized digital asset holdings accounting methods.
Consequently, on January 1, 2026, the new tax accounting rules will kick off.
Thanks to a partnership between the duo, FIs now have global access to embedded crypto wallets within the Temenos banking platform. The wallets enable the holding and transferring of digital assets.
Furthermore, FIs have one-click access to the wallets.
Fintech, Personal Finance, and Apps
Payments behemoth Visa ended the year with a bang. In a December 16, 2024, announcement, Visa introduced ‘Visa Direct,’ a money transfer solution that enables 60-second transfers across the United States. The offering relies on Visa’s deep access to America’s financial infrastructure.
Furthermore, the product enables payments across several sectors, including healthcare and services.
Intuit, Inc.
All-American business software Fintech Intuit showcased its AI-powered tax processes with the ‘Now This Is Taxes’ campaign. According to a press release on December 30, 2024, Intuit showcased several practical applications of tax filings ahead of the new year with AI integrations across the board.
Consequently, Intuit indicated that its TurboTax solution is available at affordable prices.
Celero Commerce (“Celero“)/EverBank, N.A.
E-commerce specialist Celero teamed up with Everbank to improve payment options for EverBank’s clients. The partnership integrates Celero’s payment ecosystem, including analytics, to improve financial operations and processes for SMBs and enterprises.
In addition, the deployment has scalable options and is adaptable across several industries.
SOFTRAX Corporation
Niche Fintech SOFTRAX took its game further by introducing its upgraded ‘SOFTRAX Revenue Management System (RMS) 14.0.’ The enhanced version of the offering has several new features, including KPI-tracking cash flow dashboards, enhanced reporting, flexible subscription capabilities, and more.
Furthermore, the RMS has cloud-based access alongside other automated options.
Banking, Payments, and Infrastructure
FinTech Automation, LLC
Boutique Infrastructure as-a-Service ecosystem FinTech Automation indicated that its ModernRails payments network integrates with the FedLine Direct platform. The deployment enables seamless access to the Federal Reserve’s settlement architecture.
Also, the ModernRails payments network now provides FIs access to several of the Fed’s services, including the Fedwire® Securities Service, digital check processing, and more.
State Department Federal Credit Union (SDFCU)
SDFCU revealed an upgrade of its digital banking platform to improve its members’ services. New features include optimized access via an intuitive interface, multi-factor authentication, and fraud detection and prevention capabilities.
Furthermore, the improvements offer personalized financial health capacities to members.
Varo Bank, N.A/Green Dot Corporation/CVS Health Corporation
Digital-focused Varo Bank pulled all the stops by announcing a transition that enables nationwide cash deposits. Varo partnered with Green Dot and CVS Health to provide customers with physical deposit access.
The setup integrates Green Dot’s ‘Arc’ embedded finance ecosystem with CVS Pharmacy locations.
Boutique Fintech HC3 partnered with Apiture to enable digital statements via Apiture’s digital banking platform. The tie-up provides FIs instant access to statements via online and mobile banking touchpoints.
Additionally, the integration offers FIs with analytics and research-driven flexibilities to offer tailored experiences for clients.
REtech, Insurtech and Investing
DvSum LLC/Guidewire Software, Inc.
Data-focused DvSum aligned with the insurance tech community by joining Guidewire’s Insurtech Vanguards initiative. According to a December 23, 2024, announcement, DvSum’s AI agents will automatically help analyze and improve claims from the first notice of loss (FNOL) to the finish.
In addition, DvSum will improve compliance standards and resolve data issues that P&C Insurance community members face.
Nationwide Mutual Insurance Company/TrustLayer
Insurance giant Nationwide continued to make strides by collaborating with risk management specialist TrustLayer. The partnership unveiled a digital commercial insurance verification offering.
Consequently, the cooperation enables SMBs to verify policies across Nationwide’s extensive network.
Xbridge Limited (Simply Business)/Coterie Insurance Agency, LLC
In an avant-garde collaboration, Simply Business cooperated with digital-focused MGA Coterie Insurance to offer a Business Owner’s Policy (BOP) across America. The partnership gives American SMBs access to the Simply Business platform via digital integrations with Coterie.
Moreover, Coterie’s participation enables coverage in all fifty states.
