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 sector. Explore more fintech news.
Top news
Silicon Valley Bank said it has rolled out its enhanced online banking platform, SVB Go, to tens of thousands of clients to date, with all clients expected to be reached in 2024. The platform helps users manage cash flow, issue border and international payments, build custom reports in real time and mitigate risk.
The bank also announced new and updated products rolling out in 2023, namely the SVB Travel & Expense Management Platform, embedded finance solutions, SVB Offers and real-time digital onboarding. Additionally, Silicon Valley Bank will launch real-time payments origination functionality via its API Banking channel in early 2024.
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U.S. Bank NA introduced Avvance, an embedded, multichannel point-of-sale lending solution that enables businesses to offer consumer financing during checkout with a quick application and instant decisioning.
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Marqeta Inc. unveiled its new credit card issuing platform. With the platform, the company adds credit card program management tools and offers a one-stop shop for launching consumer and commercial credit programs.
Banking and lending
Greenlight Financial Technology Inc. created Greenlight Financial CUSO, a credit union service organization through which credit unions can sign up for Greenlight for Credit Unions, a family banking solution.
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Lendesk Technologies ULC, a fintech provider for Canadian mortgage professionals, launched Lender Spotlight AI Assistant. The new generative AI resource goes through a database that has thousands of mortgage policies from lenders across Canada and displays mortgage options that fit a client's specific need.
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Truist Bank and Trovata Inc. partnered to give Truist commercial and corporate clients enhanced access to Trovata's cash management platform. Such clients can also leverage Trovata AI, a generative AI app that utilizes multibank data for managing and analyzing cash flows.
Payments
Visa Inc. revealed the upcoming pilot launch of Visa AR Manager, a solution that will automate the virtual card transaction process. Visa AR Manager will be available for pilot customer onboarding starting in November.
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Fiserv Inc. launched CashFlow Central, an integrated digital payment and cash flow management experience that will combine Melio Payments Inc.'s accounts payable and receivable workflows with the biller and merchant network and payment capabilities of Fiserv. The solution enables small businesses to send electronic invoices, accept payments via Automated Clearing House transfer or credit card, electronify all supplier invoices, and pay both billers and suppliers via a bank account or credit card.
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NerdWallet Inc. unveiled NerdUp by NerdWallet, its first financial product for consumers. The product is a credit card designed to help users build and improve their credit history.
Trading and investing
Bank of New York Mellon Corp. launched the new white labeling service offering of its short-end investments platform, LiquidityDirect. The offering enables financial institutions that seek to include short-term investments in their offering suite to leverage LiquidityDirect's technology and services to provide a single sign-on for their clients.
BNY Mellon also debuted Universal FX, a new foreign exchange platform that aids the company's clients across all market segments in navigating the industry transition to T+1 settlement. Universal FX allows such clients to manage their whole portfolio regardless of where they custody, prime broker or settle trades while giving them access to developed market and emerging market currency execution.
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Goldman Sachs Group Inc. started allowing clients to use its visual structuring product for credit derivatives and is targeting to offer the service for rates trading in the first half of 2024, Bloomberg News reported, citing Chris Churchman, who runs the company's Marquee digital trading platform. The offering, which uses neural networks and natural language processing, helps institutional clients with price discovery and trading ideas and assesses the risks of a given trade, among other things.
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The New York Stock Exchange introduced NYSE LaunchPad, a program that gives startups the ability to evaluate, test and receive actionable insights about their products. Participants in the program will have access to testing and evaluation using real-world use cases, access to feedback from innovators and technology professionals, and participation in the annual NYSE Tech Summit conference.
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Envestnet Inc. revealed an embedded investment solution that consists of diversified portfolios invested in exchange-traded funds and optional thematic stocks. Through the solution, the company provides a digitized process for banks, credit unions and financial advisers to offer investing solutions within their own apps and websites for customers within their existing banking experience.
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Model Market Center, a model portfolio marketplace pioneered by TD Ameritrade, has debuted on Schwab Advisor Center. The solution allows advisers to tap into over 500 asset allocation models from more than 50 money managers.
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Shift4 Payments Inc. utilized the full-stack application programming interface of cryptocurrency infrastructure platform Zero Hash Holdings Ltd. to create a fiat-to-crypto on-ramp for Web3 merchants.
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Under a new market data licensing agreement, Tradeweb Markets Inc.'s market data would be distributed through London Stock Exchange Group PLC's Enterprise Data Solutions and Workspace. London Stock Exchange Group will continue to offer access to a defined list of Tradeweb's fixed-income data sets, including cash and derivatives in credit, rates and money markets.
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