Partnerships ruled last week, with innovation-focused collaborations taking center stage. Use cases expanded and light touch regulatory action thrived.
Headlines to take note of:
- The IOSCO delayed its hedged client order investigation till November;
- TNS added MIAX Sapphire Options Exchange to its ecosystem;
- JustPaid launched an automated draft reporting tool;
- Checkbook introduced digital checks;
- Businesses now have access to PayPal’s Fastlane checkout;
- And much more!
Of course, it’s your week in digital wealth!
Wealthtech, Regtech, Regulatory, and Treasury
The International Organization of Securities Commissions (IOSCO)
Following the IOSCO’s review of unexecuted hedged client orders by dealers, the organization delayed the consultation process till November this year.
Transaction Network Services (TNS)/MIAX Sapphire Options Exchange
Financial services behemoth TNS revealed further market integrations with data infrastructure and MIAX Sapphire Options Exchange connectivity. TNS will provide trade data and order routing for MIAX Sapphire.
Additionally, MIAX Sapphire revealed plans to launch a trading floor in Miami in 2025.
Intercontinental Exchange (ICE)/OPEN Venture Capital
Exchange operator ICE (in collaboration with OPEN) launched the NYSE® OPEN Venture Capital Unicorn® Index (NYSEOVC). The portfolio tool tracks American private and high-growth startups (with venture backing and unicorn status).
Consequently, the index will help investors monitor fast-growing companies and discover (other) opportunities.
SS&C Technologies
Premier Wealthtech solutions provider SS&C revealed the upgrade of its internal data management strategy. Additionally, the firm indicated plans to build data mesh infrastructure to unite its platforms.
Startups got a new lease of life with an investor update solution within the JustPaid ecosystem. The new AI-driven solution deploys data from various sources to create (draft) financial reports on the go.
Consequently, the new addition will enable founders to give seamless feedback to their investors.
Crypto, Blockchain, and Digital Assets
The Treasury Department/Financial Crimes Enforcement Network (FinCEN)
Self-hosted wallets are now free from the prying eyes of the government. The Treasury withdrew a 2020 FinCEN proposal that would have required reporting requirements for (self-hosted) wallets and others.
State Street/Taurus
Financial behemoth State Street revealed its partnership with premier crypto infrastructure firm Taurus to enhance its digital asset capabilities for customers. The move integrates three solutions from Taurus (Taurus-EXPLORER, Taurus-CAPITAL, and Taurus-PROTECT) with State Street’s ecosystem.
PayPal/Anchorage Digital
Following the launch (and growing popularity) of its PYUSD stablecoin, PayPal teamed up with boutique digital asset company Anchorage Digital to launch a rewards program. The move will enable the payments of yields on PYUSD tokens held by Anchorage or in its self-custody wallet Porto.
Fintech, Personal Finance, and Apps
Checkbook, Inc.
The launch of digital checks by payments-focused Checkbook boosted business operations. The move followed an increase in the adoption of the firm’s services.
Furthermore, an August 22 press release noted a gap between paper-based payments and available digital options.
DNA Payments/Oracle
The hospitality industry got a boost with the addition of DNA Payments’ product suite within the Oracle Partner Network (OPN).
In an August 22 press release, DNA Payments indicated that several products, including “Pay at Table,” “Pay at Counter,” and “Pay at Reception,” were (now) available in the niche marketplace.
Corporate customers have increased access to the “Fastlane by PayPal” no-account checkout feature with new cooperation between the payment giant and global Fintech infrastructure firm Adyen.
Adyen’s enterprise clients across America will have access to the feature, with (global) expansion coming soon.
AI-focused Vic.ai put its best foot forward by introducing automated approval flows for organizations. The boutique tech firm revealed that the new feature focuses on organizations’ HR and Accounts Payable (AP) systems.
Furthermore, the workflows can (either) be individual or role-based.
Banking, Payments, and Infrastructure
Jack Henry/Swaystack
An integration (between) engagement platform Swaystack and FI-focused banking software Fintech Jack Henry boosted customized customer deployments. Swaystack revealed the integration of its onboarding kit and ecosystem with the Jack Henry™ digital banking infrastructure.
Additionally, the deployment refines lead generation and onboarding at lower costs.
Treasury Prime/Kobalt Labs
Similarly, banks on Treasury Prime’s platform (now) have access to AI-powered compliance by adding the Kobalt Labs copilot to its marketplace. The inclusion provides (seamless) inclusion of due diligence processes for FIs.
The Kobalt Labs copilot is (also) up-to-date with (relevant) compliance laws and regulations.
Risk-focused Unit21 introduced AI-powered features that improve the security and transparency of ACH transactions. According to an August 19 press release, Unit21 introduced new tools to tackle ACH fraud.
The new offering has several features: transaction risk scoring, preset rules to counter (false positive) detection rates, account detection, a GenAI investigation offering, and more.
Bluestone Federal Credit Union/Investifi
Sioux Falls, South Dakota, residents have (improved) options thanks to cooperation between Bluestone FCU and boutique Credit Union service provider Investifi. The integration gives Bulestone’s members access to various instruments, including ETFs, stocks, and digital assets.
REtech, Insurtech and Investing
Jetty National, Inc./Socotra
Insurtech-focused Socotra teamed up with Jetty to improve (affordable) renters’ choices. The partnership integrated Surety product “Jetty Deposit” and renters insurance solution “Jetty Protect” with Socotra’s platform.
Accordingly, the combination focuses on personal leases, allowing insurers to create flexible tenant options.
Carpe Data/EverPeak Insurance/Pinnacol Assurance
Industry partner Carpe Data revealed its cooperation with worker’s compensation-focused EverPeak Insurance (by Pinnacol Assurance). The partnership combines Carpe Data’s Minerva solution with EverPeak’s ecosystem.
Moreover, the deployment enables predictive insights (from Carpe Data), giving EverPeak a clear lead from a risk-based perspective.
VIP Software/PURE Insurance
White Plains, New York-based PURE Insurance partnered with analytics-focused VIP Software to deploy its BAP management solution. The collaboration (seamlessly) integrates VIP’s cost management offering with PURE’s XactAnalysis offering.
In addition, the deployment provides industry players with data-driven invoice management.
