The industry settled in as integrations, collaborations, and partnerships remained at the fore. Industry-level growth improved, and the tech mix is a sign of things to come.
Headlines to take note of:
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- Broadridge unveiled messaging in partnership with Symphony;
- Cboe revealed plans to expand trading access;
- Bloomberg’s algo solution took off;
- Fyle revealed its QuickBooks integration;
- Plus, Wells Fargo launched a new business banking solution in partnership with Q2 (read on to find out);
- And much more!
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Wealthtech, Regtech, Regulatory, and Treasury
Broadridge Financial Solutions/Symphony
Communications-focused Symphony extended Broadridge’s ecosystem by integrating messaging into the NYFIX Matching solution. The deployment enables direct interactions between asset managers and brokers.
Consequently, the setup improves trade efficiency and accuracy.
Cboe Global Markets, Inc.
Global markets operator Cboe unveiled plans to enable 247, five days a week trading on the Cboe EDGX Equities Exchange (EDGX). In a February 3 announcement, Cboe revealed its intentions for NMS-listed stocks to be available on EDGX every business day except holidays.
Additionally, the suggested changes are subject to regulatory approval.
Financial behemoth Bloomberg announced the go-live of its Treasury dealer algorithmic dealer offering. The solution improves access to liquidity for buy-side clients.
Moreover, several players, including RBC Capital Markets, Citi, J.P. Morgan, and others, already support the platform.
Alternative trading specialist PureStream teamed up with OptimX to improve institutional trade processing and liquidity. The deployment integrates PureStream’s streaming protocol with the OptimX platform.
Furthermore, broker-dealers from both ecosystems can use the integration to find liquidity opportunities.
Crypto, Blockchain, and Digital Assets
On February 7, the SEC revealed that it had postponed its decision to approve BlackRock’s Ethereum ETF option proposal. According to a filing with the regulator, the final go-ahead for options listing for the iShares Ethereum Trust will occur on April 9.
Similarly, crypto ETP provider 21Shares filed for a Polkadot ETF in America. The proposed 21Shares Polkadot Trust will trade on the Cboe BZX Exchange (if approved).
Coinbase will be the offering’s custodian.
Tokenization specialist Ondo Finance took its game to another level with the introduction of its Layer-1 blockchain. The institutional-focused Ondo Chain enables access to tokenization functionalities for real-world assets (RWAs).
Moreover, Ondo Chain aims to improve RWA tokenization via staking.
Fintech, Personal Finance, and Apps
Expense-focused Fyle unveiled its integration with QuickBooks Desktop. The deployment enables efficient data entry and reconciliations.
Moreover, the setup has several advantages for finance users, including frictionless data import and export, flexible classification options, improved data representations, and others.
First Citizens Bank/Sixth Street/Bank of America (BofA)
Thanks to a collaboration between First Citizens Bank and global investment behemoth Sixth Street, firms now have access to flexible equipment finance options. The Sixty-First Commercial Finance platform enables capital finance options for SMBs from $5 million to $100 million.
In addition, First Citizens Institutional Asset Management manages the ecosystem, and a BofA $300 million facility underpins the arrangement.
Payments-focused Checkbook unveiled the integration of push-to-card functionality via a partnership with Visa. The feature allows Checkbook’s customers to access bank account-oriented payments.
Furthermore, the cooperation enables payment flexibility and on-the-go access.
Similarly, pay-by-bank specialist Trustly teamed up with Spreedly to improve merchant payment options. The deployment combines Spreedly’s open payment infrastructure with Trustly’s pay-by-bank solutions.
The integration offers merchants several advantages, including seamless FI connectivity, enhanced security, fraud detection and prevention tools, and more.
Banking, Payments, and Infrastructure
Wells Fargo/Q2 Holdings, Inc.
Banking giant Wells Fargo was in the news again; this time, it was a partnership with boutique banking software provider Q2. The collaboration includes the introduction of a commercial-focused banking solution for FIs.
Furthermore, in a February 7 announcement, the duo revealed the completion of the initial rollout.
Bank for International Settlements (BIS)
The BIS continued to expand frontiers in AI. In a recently published report, the world’s central bank guided using AI in banking, risk analysis, and other areas.
Furthermore, the advisor recommended establishing an AI deployment committee that balances innovation with ethics, improving risk governance frameworks, and calling for AI safety deployment guardrails.
Startup-focused banking software provider Bluevine announced a partnership with SMB finance specialist Xero. The cooperation integrates Bluevine’s ecosystem with Xero’s infrastructure and solutions.
Consequently, American-based Xero customers have a three-month free trial to Bluevine Plus or Premier, while Bluevine’s clients can access Xero’s accounting platform for six months.
In related news, niche banking Fintech OMB Bank revealed the launch of its embedded banking product, OMBX. OMBX enables Fintechs and other digital firms to effortlessly onboard clients.
Additionally, the solution allows providers to create bank accounts on the go efficiently.
REtech, Insurtech and Investing
Duck Creek Technologies
Boutique Insurtech provider Duck Creek introduced its industry-focused Payments Marketplace solution. The offering streamlines and enhances payment processes for critical sector players.
Furthermore, product deployment can occur in as little as two weeks.
Bold Penguin/EMPLOYERS
Thanks to a collaboration between Bold Penguin and EMPLOYERS, workers now have improved access to compensation insurance. The move integrates EMPLOYERS with the Bold Penguin Terminal offering.
In addition, agents can quote and provide workers’ compensation policies for businesses in all 50 states, including Washington, D.C.
In the Lone Star State, auto industry-focused Insurtech Clearcover introduced the Clearcover General Agency (CGA). CGA enables non-standard auto insurance policies, leveraging digital integrations.
Moreover, the Old American County Mutual Fire Insurance Company underwrites the policies.
