Last week, there was a marked shift towards innovation, with ideas taking over the space. That said, there were higher cases of regulation which changed the outlook of some sectors.
Headlines to take note of:
- CME Group continued to wade into the fixed-income waters;
- DTCC’s tokenization pilot was a success;
- The CFPB (now) considers BNPL firms as credit card companies;
- Swift upped its game;
- Plus, HUD tightened the cybersecurity screws;
- And much more!
Of course, it’s your week in digital wealth!
WealthTech, RegTech, Regulatory, and Treasury
In a May 23 press release, software behemoth Bloomberg revealed the availability of its Bloomberg Second Measure (BSM) via its Data License solution. Industry professionals can access the card-based dataset alongside Bloomberg’s regular content.
Trading solutions firm LiquidityBook integrated the mid-office solutions of the premier equity platform JonesTrading. Operations are available via the LiquidityBook LBX Post-Trade Hub. Furthermore, the deployment gives critical players within the JonesTrading ecosystem multiple-point access to the standalone solution.
CME Group
Premier derivative ecosystem CME Group revealed that it is continuing its foray into the fixed-income market. CME Group launched repos and mortgage-backed securities (MBS) on its request-for-quote (RFQ) trading solution BrokerTec Quote.
Credit futures will (initially) start trading on June 17, while corporate bond trading launched on May 20.
Millennium Advisors/InvestorTools
Similarly, Millennium Advisors unveiled its collaboration with InvestorTools to create efficient workflows for municipal bond professionals. The cooperation enables direct processing and execution via Millennium’s direct integration into the Investortools Dealer Network.
Crypto, Blockchain, and Digital Assets
Cloud-focused decentralized infrastructure provider FluxOs revealed its PayPal onramp feature. The new deployment enables fiat payments alongside cryptocurrencies.
Depository Trust & Clearing Corporation (DTCC)/Chainlink
DTCC revealed that it completed its Smart NAV pilot tests. The solution integrates with Chainlink’s Cross-Chain Interoperability Protocol (CCIP), and the pilot tested value transfer with several heavyweights, including BNY Mellon, J.P. Morgan, and others.
Alchemy Pay/Metis
Alchemy Pay and Metis have joined forces to bring a game-changing solution to the Ethereum Layer 2 blockchain. This strategic partnership has resulted in on- and off-ramp capabilities, significantly enhancing developers’ access to fiat-crypto payment solutions. Furthermore, this integration will revolutionize transactions on the blockchain.
FinTech, Personal Finance, and Apps
Atomic FI, Inc.
Payroll-focused Atomic launched PayLink Manage, a niche subscription solution for FIs and their customers. PayLink Manage enables the optimization of all kinds of financial app subscriptions and (also) enables real-time decisions inside banking ecosystems.
Opus Technologies
Niche FinTech Opus Technologies introduced Paysemble™, a flexible payment ecosystem. Paysemble™ enables the easy adoption, migration, and integration of modules for FIs, giving customers faster payment options. The solution has three layers (an interface, a workflow orchestrator, and a message translator) for all kinds of utility.
Consumer Financial Protection Bureau (CFPB)
Following a three-year investigation, the CFPB classified buy-now-pay-later (BNPL) companies as credit card firms. BNPL firms are (now) required to investigate payment disputes, issue statements to consumers, and refund customers. Furthermore, the public comment window for the latest ruling is available until August 1.
American consumers have new options with a cross-border partnership between UK-based PPRO and Afterpay, a niche buy-now-pay-later platform. The collaboration enables FIs, payment service providers, and other critical ecosystem players to (seamlessly) launch BNPL offerings for their customers.
Banking, Payments, and Infrastructure
Global banking network Swift extended the ISO 20022 standard by enabling white-label customer payment tracking. Swift’s new offering enables transparency via API integrations and messaging channels.
Jacksonville, Florida-based FIS launched FIS Digital One™ Flex Mobile 6.0, its latest offering for FIs. The mobile banking product has a simplified user interface, enhanced fraud prevention capabilities, remote deposit features, including biometric features for authentication, and more.
Customer interaction-focused FinTech Glia launched Cortex, an ethical AI solution for FIs. Glia Cortex integrates with FI contact centers, automating processes and creating efficient customer experiences.
OUCU Financial Credit Union/Tyfone, Inc.
Athens, Ohio-based OUCU Financial Credit Union revealed its migration from the Cubus One platform to the nFinia banking solution built by niche FinTech Tyfone. OUCU made the move following the successful Tyfone-Cubus merger last year. Additionally, OUCU is deploying Tyfone’s Skip-a-Pay loan delay product and its Quick Pay loan payment solution.
REtech, InsurtTech and Investing
Federal Housing Administration (FHA)/Department of Housing and Urban Development (HUD)
The FHA issued a new policy directive that requires FHA-approved lenders to report critical cybersecurity breaches to the Department of Housing and Urban Development within 12 hours of incident detection. Additionally, lenders must report the incidents to the FHA Resource Center and the HUD Security Operations Center.
NEXT Insurance/LegalZoom
Palo Alto, California-based NEXT Insurance collaborated with LegalZoom (and others) to enable real-time personalized quotes. Furthermore, the cooperation gives small business owners seamless access to flexible insurance coverage.
American REtech Zillow revealed an open-source AI tool that addresses housing equity. According to a May 21 press release, Fair Housing Classifier (by Zillow) is a large language model (LLM)- powered AI tool that enables bias-neutral choices for prospective homeowners.
Other industry players can (also) access the Fair Housing Classifier from GitHub, the open-source repository.
QuoteWell/Independent Insurance Agents of Texas (IIAT)
In the Lone Star State, boutique InsurTech QouteWell collaborated with the Independent Insurance Agents of Texas (IIAT) to enable wholesale brokerage. Additionally, IIAT members can access QuoteWell’s AI-driven ecosystem for efficient and improved processes.
