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. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.
Banking and lending
Black Knight Inc. launched an artificial intelligence-powered digital point-of-sale solution to help streamline the origination process. The new offering will integrate with its loan origination system while ensuring data integrity and consistency.
Coral Gables, Fla.-based Professional Bank will use Moody's Analytics Inc.'s automated spreading technology software, QUIQspread. The software will help review loan applications faster and more accurately.
Bank of Nova Scotia entered into a 15-year bancassurance strategic alliance with BNP Paribas Cardif, which will enable the bank to provide insurance products in certain Latin American countries. The bank has approximately 9 million retail customers in the Pacific Alliance markets — made up of Chile, Colombia, Mexico and Peru — with a combined retail book of about C$55 billion.
Cardtronics PLC signed a long-term renewal agreement with FICANEX Services LP. FICANEX will continue to provide technology services that enable interconnectivity between ATMs and more than 175 financial institutions listed on Canada's largest surcharge-free ATM network.
Visa Inc. expanded its Fast Track program, aimed at speeding the integration of startups with the company's global payment network, VisaNet. The company is collaborating with multiple service providers for its launch in the U.S.
JPMorgan Chase & Co. will utilize Billtrust Inc.'s business payments network for making payments quickly and efficiently. The implementation is expected to streamline the delivery of electronic business-to-business payments for the company's commercial card clients.
Western Union Co. and Toronto-Dominion Bank partnered to allow the bank's customers to transfer money internationally quickly and conveniently. The service is now available for use online and via EasyWeb and will soon be available through the bank's mobile application.
Insurance and healthcare
RLI Corp. signed a deal with SS&C Technologies Holdings Inc., under which it will migrate its outsourced investment operations and accounting processes to SS&C Technology Holding's platform called Singularity. The switch is expected to bring about greater functionality, data transparency and operational efficiency.
Data and information management
Morgan Stanley rolled out its sustainable investing analytics and reporting application called Morgan Stanley Impact Quotient. The application will provide clients with customized insights into their current investment holdings and help in integrating social and environmental objectives in their investments.
Waddell & Reed Inc. entered into an enterprise agreement with Riskalyze Inc., whereby it will provide risk alignment for all Waddell & Reed affiliated advisers. Riskalyze's client engagement tools and analytics technology will help Waddell & Reed advisers provide well-aligned risk metrics according to client needs and risk tolerances.