S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology space. For more fintech news, click here.
Top News
JPMorgan Chase & Co. is replacing its core system for its retail bank with a cloud-based one using software developed by U.K.-based Thought Machine Group Ltd., American Banker reported, citing the two companies. The amount that the banking giant will pay for the upgrade and the duration of the project were not disclosed, according to the report.
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CME Group launched the first-ever sustainable clearing service in the derivatives industry, aiding market participants in tracking and reporting the advancement of their hedging activities toward their sustainability goals. The service will be available from Sept. 27, and its criteria and governance will be administered by an independent legal entity within the company, CME Group Benchmark Administration Ltd.
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Morgan Stanley's Morgan Stanley at Work partnered with Wilson Sonsini Goodrich & Rosati PC, a technology legal firm, to develop an industry-first application programming interface that integrates the former's Shareworks platform and the latter's proprietary software platform Neuron. The API will let equity information for mutual clients pass between a law firm and an equity management provider.
Banking and lending
Wilmington, Del.-based WSFS Financial Corp. primary unit WSFS Bank rolled out an Upstart Holdings Inc.-powered digital personal loans product. WSFS Financial's partnership with the artificial intelligence lending platform expands its subsidiary's personal loan offerings to a more inclusive customer base.
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First National Bank of Omaha launched a buy-now, pay-later solution that is integrated directly into partner e-commerce websites and through QR codes and text for credit into the partner's brick-and-mortar locations. The Omaha, Neb.-based bank worked with operations management and analytics company ExlService Holdings Inc. and point-of-sale loan originations platform Skeps to develop the full suite of POS financing solutions.
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The Woodlands, Texas-based Woodforest National Bank selected Repay Holdings Corp. as a clearing and settlement processor. The payment processing solutions provider will offer services such as flexible boarding APIs, improved merchant billing options, online chargeback and dispute processing, and next-day funding within a Payment Card Industry Data Security Standard-compliant environment.
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Laurel Road, a digital banking platform of KeyCorp unit KeyBank NA, revealed a checking account and mobile application. The new offering adds to the platform's existing lineup of digital banking products, which consists of a Student Loan Refi & Linked Savings account, Student Loan Cashback credit card, student loan refinancing, personal lending and mortgage options.
Payments
Visa Inc. added exclusive benefits for its U.S. consumer credit cardholders, namely Shipt, Skillshare and Sofar Sounds. Shipt provides delivery services in over 5,000 U.S. cities from more than 130 retailers, while Skillshare is an online learning community that offers over 30,000 classes to 13 million members. Sofar Sounds makes intimate concerts available in over 400 cities globally.
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Card issuing platform Marqeta Inc. is partnering with Figure Technologies Inc. to power the launch of an all-in-one digital money app, Figure Pay, which is currently available in 26 states. Marqeta's just-in-time functionality will let Figure manage its own transaction authorizations, giving Figure Pay users the flexibility of choosing between debit and point-of-sale lending.
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Payfare Inc. is collaborating with Visa to include Visa SavingsEdge in its platform, beginning with the DoorDash DasherDirect card program. Visa SavingsEdge furnishes qualified Visa business cardholders that opt into the program with access to savings on eligible purchases at participating merchants.
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American Express Co. and fintech company Extend Enterprises Inc. partnered to allow U.S. companies with an eligible American Express business card to enroll and create virtual cards, or tokens, through Extend's app or desktop login using their existing American Express card account. The companies intend to offer more features and functionality over time, such as the ability to add American Express virtual cards to mobile wallets for in-store purchases.
Data and information management
One River Digital Asset Management LLC closed a series A investment round with participation from Coinbase Ventures, Goldman Sachs Group Inc., Liberty Mutual Insurance, a global alternative asset manager and Infinity Investment Partners. The financing provides the company capital to further accelerate its development, according to a news release.
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ICE Mortgage Technology, a part of Intercontinental Exchange Inc., and PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services Inc., partnered to enable a more streamlined loan delivery. PennyMac will become the largest correspondent aggregator within a network of correspondent investors available on one platform through the integration with ICE Mortgage Technology's Encompass Investor Connect.
Insurance
MetLife Inc. unveiled Upwise, a free mobile app designed to connect consumers' behaviors around common financial concerns or stressors. The app is the newest expansion of the company's financial wellness solutions and is provided at no cost to employers and their employees.
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Automated claim solutions provider Upptec's new Ready for Guidewire validated add-on may now be accessed by ClaimCenter users in Guidewire Software Inc.'s Guidewire Marketplace. Upptec Valuation for adjusters allows for automated valuation for damaged goods in a claim.
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