Q1 comes to a close, with doomsday expectations coming to naught. The industry continued churning out innovative solutions, providing leverage for firms looking to improve on the evolving landscape.
Headlines to take note of:
- BlackRock introduced a new public-private model;
- DTCC FICC has a new clearing service;
- The FDIC loosened previous crypto restrictions;
- Thanks to a partnership between Klarna and DoorDash, flexible payments are now a thing;
- Plus, the Federal Government is going fully digital per payments in September (read on to find out);
- And much more!
Of course, it’s your week in digital wealth!
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Wealthtech, Regtech, Regulatory, and Treasury
BlackRock, Inc./GeoWealth Management, LLC/Institutional Capital Network, Inc. (iCapital)
Investment behemoth BlackRock took its game to another level with the launch of a public-private model portfolio. The platform enables access to dual options from a Unified Managed Account (UMA).
Additionally, the setup leverages GeoWealth’s account access ecosystem with support from iCapital’s infrastructure.
Depository Trust & Clearing Corporation (DTCC)/Fixed Income Clearing Corporation (FICC)
Market solutions specialist DTCC revealed enhanced clearing capacities with the go-live of its Agent Clearing Service (by FICC). DTCC introduced the solution to enable compliance with the SEC’s new treasury clearing rules.
Furthermore, FICC aims to improve its clearing ecosystem later this year.
Dynasty Financial Partners, LLC/Goldman Sachs & Co. LLC
Wealth management-focused Dynasty partnered with Goldman Sachs to enhance its custody solutions. The move integrates Goldman Sachs Custody Solution into Dynasty’s Independent RIA Network.
Moreover, the collaboration includes improvements to Dynasty’s banking, wealth management, and advisory services.
BMLL Technologies (BMLL)/Exegy, Inc./Options Price Reporting Authority, LLC (OPRA)
Data specialist BMLL collaborated with front office-focused Exegy to provide data on historical OPRA options. Clients can access cloud-based OPRA data, enabling real-time backtesting.
Consequently, clients can access alpha scenarios and duplicate them seamlessly in the real world.
Crypto, Blockchain, and Digital Assets
Federal Deposit Insurance Corporation (FDIC)
The crypto community got a boost thanks to FDIC clarifications. According to a March 28 announcement, the FDIC provided guidance for FIs.
Banks and other financial institutions can engage in certain crypto-related transactions without prior approval, provided risk management safeguards are in place.
Custodia Bank/Vantage Bank
Thanks to a partnership between Custodia Bank and Vantage Bank, permissionless stablecoins are now a thing. The collaboration enables tokenized dollar deposits and introduced the Avit™ stablecoins for bank customers.
Moreover, the duo minted tokens using the ERC-20 standard and are available on the Ethereum blockchain.
Intercontinental Exchange, Inc. (ICE)/Circle Internet Group, Inc.
Still on stablecoins, exchange operator ICE and Circle revealed the signing of an innovation-focused MOU. The partnership involves use cases for Circle’s USDC and USDY tokens.
Consequently, the combination will explore the creation of stablecoin-focused offerings for the financial services sector.
Fintech, Personal Finance, and Apps
Peer-to-peer business platform DoorDash has enabled improved customer options thanks to a partnership with Klarna. The collaboration provides improved payment choices on checkout, including ‘Pay in Full,’ a complete payment feature; ‘Pay in 4,’ a four-month installment payment plan; and ‘Pay Later,’ an option to schedule future transactions.
In addition, the deployment enables comprehensive purchase choices across the DoorDash network, including its annual membership.
J.P. Morgan/Affirm Holdings, Inc.
Thanks to a collaboration between J.P. Morgan Payments and Affirm, merchants in America now have improved options. The deployment integrates Affirm’s infrastructure with the J.P. Morgan Payments platform.
Consequently, merchants within the J.P. Morgan Payments ecosystem can access Affirm’s pay-over-time plans, enabling customer flexibility.
Negotiation Technologies LLC (PitBullTax Software)
Tax connoisseur PitBullTax Software revealed AI integrations in the Version 8.0 iteration of its ecosystem. The additions enable AI-powered audit and collection processes.
Furthermore, the setup has modular-based enhancements, including case flexibility and WhatsApp channel integrations.
SutiSoft, Inc.
Business solutions specialist SutiSoft unveiled ‘SutiProcure,’ its comprehensive procurement ecosystem. The solution has several cutting-edge features, including an intuitive interface that enables complete control over the procurement lifecycle.
Moreover, the offering integrates with other products within the SutiSoft ecosystem, including ‘SutiTexTrack,’ ‘SutiSRM’, SutiIMS, and SutiAMS.
Banking, Payments, and Infrastructure
The White House
The Federal Government will shift to electronic channels thanks to an executive order signed by President Donald Trump. According to a March 25 announcement on the White House website, the Federal Government will transfer all paper payment instruments to electronic methods.
Exceptions include payments to under-banked segments, some law enforcement use cases, and unique scenarios. The move has a September 30 deadline.
IncredibleBank/First Mile Group, Inc. (Alloy)
IncredibleBank, based in Wausau, Wisconsin, announced its collaboration with boutique banking solutions provider Alloy. The partnership enables automated account opening processes.
Furthermore, the setup expands IncredibleBank’s data automation to five, enabling decision-making and fraud detection capabilities.
Ocrolus, Inc./Entech Consulting, LLC
Image documentation specialist Ocrolus improved lending approvals via its partnership with niche Fintech consulting firm Entech. The collaboration enables improved AI income verification by integrating Ocrolus’s image-scanning tech with Entech’s loan origination solutions.
Additionally, the deployment enables efficient loan processing and seamless transactions.
Chime Financial, Inc.
Niche Neobank Chime expanded its footprint by introducing instant loans for pre-approved customers. The offering has a $500 limit for those who use their checking accounts for direct deposits.
Moreover, the product has a three-month installment repayment timeline.
REtech, Insurtech and Investing
EagleView Technologies, Inc.
Interestingly, physical asset inspections have taken a new dimension thanks to improvements by industry observation firm EagleView. Additions include improved aerial surveillance.
In addition, EagleView upgraded its EagleView Assess solution to include damage analysis and roof inspections.
Agentero Inc.
Oakland, California-based Insurtech Agentero introduced Producerflow, a compliance-focused offering. The product has several innovative features, including AI-powered onboarding, flexible workflows, and state license tracking capabilities.
Furthermore, Producerflow enables efficient processes for industry participants via vertical integrations.
Jopari Solutions, Inc./Guidewire Software, Inc.
Jersey City, New Jersey-based payment-focused Healthtech Jopari announced the availability of the ‘Jopari ProPay® Accelerator’ in the ‘Guidewire ClaimCenter.’ The combination enhances payment options for firms within Guidewire’s ecosystem.
Jopari ProPay® Accelerator also has compliance enforcement features, simplifying processes for industry participants.
