The Year in Digital Wealth (Part 1)
As we round off the year, we wish everyone a Merry Christmas.
- This week and next, we shall recap 2024;
- Several stories that stood out;
- Regulators allowed growth to occur with a focus on the future;
- Partnerships, cooperation, and integrations were a thing in 2024;
- New players made big splash;
- Plus, we highlighted a few regulars;
As always, it’s your week in Digital Wealth!
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The One-Off Spectacular Stories
Some events shook the world and gave everyone a big jolt. We have covered a few here.
Hidden Road/CME
In a January 17 announcement, global credit ecosystem Hidden Road revealed the expansion of its services and solutions and included listed derivatives. Abinitio, the addition involved the selection of CME Clearing as its first venue.
Additionally, the deployment helps solve several problems institutional market participants face, including credit, brokerage processing, and other issues.
North American sales recruitment specialist RevsUp introduced a performance-based pricing model that puts salaries in the backseat. The offering also has a six-month probationary period with a success fee for new hires.
Furthermore, firms can pay recruits five percent of revenues or a flat fee. The choice of the payout depends on which is higher.
Hub International Limited (HUB)
Insurance behemoth HUB International improved the building industry with ‘Hub Builder’s Risk Insurance Solutions,’ an offering that streamlines industry access. The product has seamless integrations with first-class, third-party add-ons and a mobile app offering comprehensive insights.
Moreover, the offering grants single vendor access to key players.
Depository Trust and Clearing Corporation (DTCC)/S&P Global Market Intelligence
To help firms meet up with their T+1 obligations, DTCC teamed up with S&P Global Market Intelligence. According to a March 13 press release, the deployment combined DTCC’s ALERT with S&P’s Onboarding Accelerator.
In addition, the collaboration improved settlement processes via data queries and confirmations.
The Clearing House
RTP® network operator Clearing House increased transfer limits to $10 million. The move enhanced faster transactions and increased liquidity in the financial ecosystem.
Consequently, higher transactions now boost critical industries, adding business enhancements to the economy.
The Top Guns Did Their Thing
Industry greats continued to lead the charge with innovation and collaborations that guided what 2025 may hold. Here are a few of those institutions that gave us leadership.
Things were pretty busy at NASDAQ, with several things going on simultaneously. From January’s launch of its ‘NASDAQ IPO Pulse Index’ to its market surveillance GenAI platform in May and introducing Zero-day options for contracts across several contracts, NASDAQ has maintained its role as a trailblazer, setting standards for others.
Additionally, NASDAQ completed the migration of its NASDAQ MRS platform to AWS in November.
The industry’s story for 2024 will not be complete without BlackRock. The Larry Fink-led behemoth has almost weekly updates, with solutions and product launches making headlines regularly. BlackRock had everything from Larry Fink’s preference for blended portfolios to its diversification of trade portfolio partners, AI partnerships, and Aladdin’s integrations.
Furthermore, BlackRock ended the year by integrating Aladdin with Saphyre’s ecosystem.
Payments-focused Visa went beyond its limits with new partnerships and offerings. For Visa, the year began with a partnership with ServiceNow. Other headlines include upgrades to its Visa Commercial Pay platform, the relaunch of its SavingsEdge product, its cooperation with Analytic Partners, and more.
More so, Visa’s Fintech focus showed a clear direction for the next several years.
Software giant Temenos continued to make waves and maintain its steady leadership in the banking space. The year started with a bang for Temenos with the launch of its Banking-as-a-Service (BaaS) offering.
On the AI end, Temenos kept things going by introducing a GenAI solution in partnership with NVIDIA.
The payment specialist Mastercard had several focus areas, from open banking to SMBs and gaming. Mastercard began the year by collaborating with Create Labs Ventures by launching an AI mentor solution.
Other notable events include a Microsoft-Xbox partnership, the introduction of ‘Mastercard Receivables Manager,’ the unveiling of Biz360™, and others.
Key Players Throughout the Year
Several Fintech firms maintained their continuous presence and are worthy of mention. They include our favorite well-known brands and those that continued pushing things in the background.
Lumin Digital
Fintech upstart Lumin Digital stole the show with integrations, product launches, and deployments in the digital banking sector. From Community Finance Institutions (CFIs) to regional banks and bigger FIs, Lumin showed its strengths.
Important stories include the May launch of its one-click passkey and collaborations with Glia, upSWOT, FinGoal, and others.
E-commerce specialist PayPal was all over the news, with innovation taking center stage. In one year, PayPal moved from payments to crypto to credit offerings.
Several noteworthy launches include tap-to-pay functionality, the introduction of its ad-focused analytics business, ‘Fastlane by PayPal’ checkout, a BNPL solution, and others.
Database-focused Oracle remained consistent in the industry, making way for improved deployments and integrations. Notably, Oracle upgraded its Oracle Fusion Cloud Enterprise Resource Planning (ERP) platform for Federal Government agencies.
Other partnerships include integrations with tax-focused Avalara, FIS, DNA Payments, and others.
The global investment network Liquidnet is also worthy of mention. From its credit analytics solution deployment (in partnership with bondIT) to its GenAI integration with Boltzbit, Liquidnet created new avenues for growth across several segments.
Additionally, Liquidnet continued the rollout of its derivative analytics platform.
Other Players
The industry opened up in 2024, creating a level playing field for other previously unknown firms. Other players, too, had their chances and moved things forward.
Notable Fintech firms of note include CLARA Analytics, FIS, Sovos, Mahalo Banking, MANTL, Guidewire, Duck Creek, and others, too many to mention.
The Winner of the Year is:
The idea of a single winner in the Digital Wealth sector is alien to the events that occurred this year. Consumers had the chance to have new experiences, with security improving and standards returning.
Thanks to ideas, the instant economy is here, and 2025 will be the year things will bloom for everyone.
