Innovation thrived, with an increased focus on user experiences. Regulatory actions remained light, but the government still kept a keen eye on emerging issues.
Headlines to take note of:
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- The SEC updated privacy rules for the Consolidated Audit Trail (CAT);
- Reddit and ICE partnered to leverage user posts for finance;
- NYSE’s Texas electronic platform is now live;
- Ramp has a new SMB-focused account offering;
- Plus, thanks to a partnership between Duck Creek and Worldpay, the insurance sector now has improved payment options (read on to find out);
- 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
America’s top regulator took extra steps to ensure the privacy of natural persons for the Consolidated Audit Trail (CAT). In a February 10 announcement, the SEC indicated that the exemption includes personally identifiable information (PII) for natural persons.
Additionally, the SEC indicated the move was precautionary to protect against bad actors and their increasingly sophisticated methods.
Charles Schwab
On February 12, premier investment giant Charles Schwab revealed the expansion of securities trading availability. Clients now have access round the clock for five working days.
Furthermore, retail clients can trade stocks on the Nasdaq 100 and S&P 500 alongside several ETFs.
Bloomberg/Daphne Technologies, LLC (Daphne)
Financial infrastructure behemoth Bloomberg revealed its partnership with AI-focused alternative market upstart Daphne. The collaboration enables the publishing of private market data on the Bloomberg Terminal.
In addition, the deployment provides the segment with improved capacities.
Intercontinental Exchange, Inc. (ICE)/Reddit, Inc.
Interestingly, social media giant Reddit extended the functionality of its ecosystem thanks to a collaboration with ICE. According to a February 11 Wall Street Journal report, the duo teamed up to leverage user posts to create financial products.
Moreover, the deployment is available via Reddit’s API.
The New York Stock Exchange (NYSE)
As part of efforts to get in on some of the action in the Lone Star State, the NYSE launched an electronic platform in Texas. The NYSE’s Chicago operations will come under the ‘NYSE Texas’ umbrella.
Furthermore, the combination is subject to regulatory approval.
Crypto, Blockchain, and Digital Assets
Franklin Templeton
Investment giant Franklin Templeton revealed the launch of its Benji application on the Solana network. The move deploys its FOBXX money market fund on the blockchain.
The treasury-focused FOBBXX had $512 million in assets and a 4.2% net seven yield (as of January 21).
Avalon Labs
Popular Bitcoin finance (BTCFi) platform Avalon Labs took things further with the concept of an SEC-approved Bitcoin-Backed Public Debt Fund. Avalon revealed this in a February 12 X/Twitter post.
Consequently, Avalon could follow the SEC’s ‘Regulation A’ path.
Boutique crypto asset ecosystem Taurus followed Franklin Templeton’s moves with several deployments on Solana. The firm integrated Taurus-CAPITAL, its tokenization offering, and Taurus-PROTEC, its digital asset custody ecosystem.
The move expands Solana’s utility while enabling increased functionalities, including representing real-world assets (RWAs).
Fintech, Personal Finance, and Apps
Boutique personal finance specialist Moneyspire announced the launch of the latest iteration of its app. New features include an up-to-date user interface and enhanced financial planning and reporting capabilities.
In addition, the new release has improved security and enables personalized money management.
The Zebra Collective, Inc. (Yeeld)
Payment integration-focused Fintech Yeeld introduced its ‘Yeeld Surcharging API’ solution. The product enables the seamless retrieval of credit card processing fees.
The offering has several features, including a compliance database, automated updates, a white-label option, and more. Furthermore, businesses add value to their ecosystems, improving bottom lines.
Apex Fintech Solutions Inc. (Apex)/Ramp Business Corporation
SMB-focused Ramp teamed up with Apex to introduce the ‘Ramp Investment Account,’ a treasury offering that offers improved yields for operating cash balances. The integration enables SMBs to invest their cash reserves directly in an Apex investment account.
Consequently, customers can invest in the Invesco Premier U.S. Government Money portfolio from the Ramp platform.
Digits Financial, Inc.
AI-focused accounting ecosystem Digits extended its foray with ‘Digits AI Invoicing,’ an automated digital invoicing product. The solution enables businesses to create and send invoices, streamlining workflows efficiently.
Moreover, the offering has automated tracking and follow-up features, improving collections.
Banking, Payments, and Infrastructure
Gold Coast Federal Credit Union (FCU)/Tyfone, Inc.
West Palm Beach, Florida-based Gold Coast FCU unveiled its election of Tyfone’s nFinia offering to digitize its operations. The expansion includes fund transfers, fraud detection and mitigation, remote deposit options, and more.
Additionally, nFinia offers flexibility from within a back-office dashboard.
Evolv Technologies Holdings, Inc./Community Bankers Association of Georgia
Merchants in the Peach State have improved options, thanks to a partnership between boutique Fintech Evolv and the Community Bankers Association of Georgia. The integration enables FI access to Evolv’s processing infrastructure.
Moreover, the deployment enables improved experiences across Georgia.
McAllen, Texas-based Vantage Bank selected niche banking Fintech Finzly for payment enhancements. The collaboration provides Vantage with several payment rails, including FX transfers and access to Fedwire.
Furthermore, the move improves upon Vantage’s previous modernization efforts.
Compliance-focused Cable partnered with Springfield, Missouri-based OMB Bank to enhance its risk infrastructure. The collaboration integrates Cable’s automated compliance framework with OMB’s ecosystem.
In addition, the deployment includes initial internal testing before integration with OMB’s Fintech network.
REtech, Insurtech and Investing
Duck Creek Technologies, Inc./Worldpay, Inc.
Industry favorite Duck Creek was again back in the news, thanks to a collaboration with Worldpay. The partnership enables insurers to process their payments more efficiently.
Furthermore, the deployment integrates Worldpay’s ecosystem with Duck Creek Payments.
Sure, Inc.
Boutique Insurtech Sure introduced Sure Verify™, an AI-focused insurance verification product for the property management sector. The solution enables the real-time verification of tenant insurance policies.
Moreover, the offering streamlines process gaps in the sector.
LoadStar Insurance Services/Redkik Inc.
Albuquerque, New Mexico, managing general agent (MGA) LoadStar teamed up with embedded insurance Fintech Redkik to improve business customs inspection coverage. The cooperation combines LoadStar’s offerings with Redkik’s infrastructure.
In addition, the deployment helps to resolve the customs issues businesses face.
