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
Synovus Bank collaborated with Visa Inc. to launch a mobile virtual commercial credit card solution that leverages Visa Commercial Pay. The offering allows businesses to instantly generate and send virtual Visa credit cards to employees, vendors and contractors through a mobile app. Once issued and enabled in a digital wallet, the virtual cards can be used in making online purchases or contactless payments with a mobile phone wherever Visa is accepted.
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TradeStation Group Inc. is rewarding new TradeStation Crypto customers with $10 in a supported cryptocurrency when they open an account. New customers can also qualify for a higher tiered cash or cryptocurrency reward for funding their account depending on the amount of a qualifying deposit. TradeStation Securities Inc.'s existing customers that open TradeStation Crypto accounts are also qualified for the initial and tiered rewards.
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MoneyGram International Inc. completed a minority investment and obtained a roughly 4% ownership stake in cryptocurrency cash exchange Coinme Inc. The companies announced their original partnership in May 2021 to form a crypto-to-cash model through connecting bitcoin to local fiat currency. The team-up also further expanded bitcoin access via thousands of new point-of-sale locations to buy and sell bitcoin.
Banking and lending
De novo bank Cypress Bank & Trust picked end-to-end fintech and regulatory technology solutions provider Computer Services Inc.'s NuPoint core platform as the backbone of its integrated banking services. The implementation of NuPoint will let the Palm Beach, Fla.-based bank offer commercial and consumer banking services to new customers and expand services to current trust and investment management clients.
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Computer Services Inc. teamed up with bitcoin company NYDIG to offer Bitcoin services to community financial institutions. The NYDIG-powered offering lets banking customers buy, sell and hold bitcoin directly within Computer Services' digital banking platform.
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Charles Town, W.Va.-based Bank of Charles Town is working with Jack Henry & Associates Inc.'s lending platform to digitize commercial lending and add efficiencies to improve borrower and lender user experience.
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Old Missouri Bank chose Jack Henry & Associates Inc. to provide a modern and open banking platform as part of its expansion through a new digital bank that will launch in early 2023. The Springfield, Mo.-based bank is able to integrate directly with the Jack Henry banking system using jXchange or with the Banno Digital Platform using the Banno Digital Toolkit, and is also leveraging Jack Henry's digital lending, deposit and payment solutions.
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Sound CU inked a contract to implement Black Knight Inc.'s Empower loan origination system to streamline the origination of first mortgages and home equity loans from prequalification through closing. The Tacoma, Wash.-based credit union will also utilize Black Knight's integrated suite of origination solutions and product, pricing and eligibility engine.
Payments
Payment products innovations company Rêv USA Inc. launched The X World Wallet, an app-based multicurrency debit account linked to physical and digital Visa cards.
Marketing and analytics
Innovative Payment Solutions Inc. engaged Response Media Products Inc. to design and execute a digital marketing campaign for the launch of the IPSIPay app. IPSIPay is a universal digital payment network for remittances, money transfers, bill pay, cash advances, gaming and more, according to its website.
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SS&C Technologies Holdings Inc. unveiled SS&C Algorithmics 18f-4 Analytics Service, a cloud-based platform that allows firms to generate reports for compliance with SEC Rule 18f-4, or the new derivatives investment reporting rules that will take effect in August.
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Codat Ltd., the universal application programming interface for small business data, inked a product partnership agreement with Moody's Analytics Inc. The Codat API is being integrated into the Moody's Analytics CreditLens solution, allowing financial service providers that use the solution to connect with several accounting platform providers.
Insurance
United Surety & Indemnity Co. launched a general liability product for commercial lines of business on the P&C Core Suite of Majesco, a software partner to both the property and casualty and life and annuity insurance markets.
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