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Fintech focus: Wells Fargo taps nCino for division's digital transformation

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

Wells Fargo & Co. is expanding usage of nCino Inc.'s Bank Operating System to speed up digital transformation within its consumer and small business banking division. The small business banking solution of nCino provides a single platform to streamline the whole lending process for origination, underwriting and portfolio management. In September 2021, Wells Fargo chose nCino for the transformation of its commercial lending operations.

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Citizens Financial Group Inc. unveiled an earned wage access solution that allows corporate clients to provide employees on-demand access to their earned pay, together with financial health tools. The solution finances the earned wages and is then reimbursed by companies during the traditional payroll cycle.

In the second quarter, the company will launch Citizens Paid Early, a new account feature that enables customers to receive direct deposits up to two days early.

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Broadridge Financial Solutions Inc. improved its ProxyVote app ahead of the coming proxy season peak from April to June. The enhancements allow investors to access and review proxy information in upcoming annual meetings and cast their votes easily, as well as personalize voting alerts, among other features.

Banking and lending

JPMorgan Chase & Co.'s digital bank, Chase, launched new savings account for customers in the U.K. and will offer a variable interest rate of 1.5%, Bloomberg News reported, citing the company. Deposits will be capped at £250,000, and there will be no fees and charges for withdrawals, according to the report.

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Farm Credit lenders in 28 states are working together to expand their shared online land loan application service to more areas. The online service, FarmLend.com, enables borrowers to apply for land financing anytime and is currently offered in the geographies served by Farm Credit Services of America, Frontier Farm Credit, AgCountry Farm Credit Services, Farm Credit of Southern Colorado and Farm Credit of Western Arkansas. In 2022, Farm Credit Mid-America, Farm Credit East, American AgCredit and Carolina Farm Credit will also offer the service.

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Mobile-first savings platform Plinqit integrated with Jack Henry & Associates Inc. using the Banno digital toolkit, which allows financial technology companies to embed their solutions into digital banking experiences. The company's platform may now be accessed through Jack Henry's Banno digital platform.

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Boston-based Berkshire Hills Bancorp Inc., the holding company for Berkshire Bank, expanded its partnership with fintech company Narmi Inc. The company's new Narmi-powered consumer and small business mobile app and online banking sites will let customers and bankers see the totality of a banking relationship in a single dashboard across all digital platforms.

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Texas-based Guaranty Bank & Trust NA inked an agreement with Unqork Inc. to create custom digital applications more quickly and provide improved user experience at a lower cost than methods depending on traditional coding. The Guaranty Bancshares Inc. subsidiary will leverage Unqork's enterprise no-code platform, which will also help enhance its internal processes and increase productivity through more systematic workflows and process automation.

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Los Angeles-based Cathay Bank added payment and invoicing services to its online business solutions through the integration of Autobooks Inc.'s invoicing and payment acceptance module into its online business banking platform. The move helps small business owners in managing cash flow and keeping track of customers' payment status.

Payments

Toronto-based Payfare Inc. expanded its collaboration with Visa Inc. in the U.S. and will add Visa Direct, Visa's real-time push payments platform, to its platform to aid in facilitating real-time payout experiences for gig workers.

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AFR Insurance teamed up with InvoiceCloud, an EngageSmart Inc. solution for online bill payment services, to launch an improved online billing and payment system for its customers. The new online payment portal launched Feb. 22 and provides policyholders with enhanced options to pay bills digitally.

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Digital payment and banking technology provider i2c Inc. partnered with Visa Inc. as a fintech processor in the Middle East and North Africa region, to provide modern payment and processing services. With the arrangement, fintech companies in the region are given access to i2c's issuing and processing platform and Visa's global network.

Data and information management

Equifax Inc. launched an integration between The Work Number and Apex HCM, allowing business owners to spend less time responding to requests from verifiers. The Work Number database is the centralized commercial repository of income and employment data in the U.S., while Apex HCM licenses cloud-based payroll and human resource software technology.

Trading and investing

Charles Schwab Corp. announced the upcoming launch of Schwab Personalized Indexing, a direct indexing solution expected to be available to the public by the end of April. The solution brings tax management and portfolio management capabilities to a broader spectrum of registered investment advisers and retail investors. With separately managed accounts, the solution uses a proprietary optimization process including daily client portfolio monitoring and tax-loss harvesting technology.

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UBS Group AG, Envestnet Inc. and iCapital revealed the launch of Alternatives Exchange, a provider of private market investment opportunities to Envestnet's client base with over 35 funds available from managers across geographies and strategies. Subscription and client servicing processes throughout the entire investment lifecycle are fully automated with Alternatives Exchange, which is powered by iCapital technology.

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