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Fintech focus: Western Union launches home-based transfer service

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.

Payments

Western Union Co. launched its "digital location" service, which allows money transfers from customers' homes as many countries and regions enact social distancing policies to combat the COVID-19 outbreak. The service is in a pilot stage in Austria, Belgium, Italy, Portugal and Oman.

The channel connects customers, through a voice or video call, to a Western Union employee who can conduct electronic transactions via a card for payout into the company's global network of bank accounts, wallets or agent retail locations.

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FleetCor Technologies Inc. unit Comdata Inc. introduced Comdata QuickPay to give fleet owners access to capital within 24 hours. Powered by MetaBank division Crestmark, the financing solution supports same-day payments for trucking fleets, which improves cash flow and business scale through seamless access to shipper payments via the Comdata fuel card of the owners.

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Vertically integrated payment solutions provider Repay Holdings Corp., in partnership with Remitter USA Inc., improved payments recovery performance through the integration of AI-driven SMS and email communications to its platform.

The integration streamlines and automates recovery efforts for creditors by removing the friction and communication gaps associated with the process. It engages consumers with personalized text and emails to better facilitate the collection of missed or late payments, resulting in increased collections and lower collection costs.

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ACI Worldwide Inc. and Guidewire Software Inc. collaborated to offer better premium payment and claims disbursement experience for property and casualty insurers.

ACI’s "Ready for Guidewire" validated accelerators, BillingCenter and ClaimCenter, are now complete, providing policyholders with more convenient ways to pay bills and receive payments, increasing satisfaction and improving security. Insurers can quickly integrate ACI Speedpay with the full Guidewire InsuranceSuite platform including PolicyCenter, BillingCenter and ClaimCenter.

Trading and investing

Envestnet Inc. partnered with Compliance Solutions Strategies to build an automated web tool for broker/dealers and registered investment advisers to file Form CRS more easily by the SEC's June 30 deadline. The Form CRS Automator software streamlines the creation of the filings, which were instituted by the SEC in 2019 to create more transparency into brokers' offerings and fees for retail investors.

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As part of a broader strategic partnership, Affiliated Managers Group Inc. invested in Institutional Capital Network Inc. to give the company and its affiliates access to alternative investment strategies via iCapital’s proprietary technology.

The alternative investment platform offers financial advisers and their clients an end-to-end technology solution that fully automates the unique subscription, administration and reporting processes of alternative investments.