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Fintech focus: Charles Schwab to launch retirement income planning tool in 2020

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 For more fintech news, click here.

Trading and investing

Charles Schwab Corp. plans to launch Schwab Intelligent Income, a new digital advice service for people nearing retirement, in 2020. The tool will help answer income-related questions about how much to withdraw; how to invest based on individual goals and time horizon; and how to withdraw from a combination of taxable, non-taxable, and Roth accounts in a tax-smart and efficient way.


Cadre, a technology-enabled real estate investment platform, will integrate commercial property data from Moody's Analytics REIS into its internal models to drive greater investment efficiencies across the transaction lifecycle, from acquisition to asset management and disposition. Moody's Analytics Inc. is a subsidiary of Moody's Corp.


Victorian Funds Management Corp., the investment specialist of the government of Victoria in Australia, selected BNY Mellon's Eagle Data Management product to support its data and IT transformation strategy. The solutions, hosted on a secure private cloud, also include a managed services agreement to integrate and validate multiple sources of investment data into one centralized location. BNY Mellon is the corporate brand of Bank of New York Mellon Corp.


Under an extended partnership agreement between Citigroup Inc. and PayPal Holdings Inc., Citi's institutional clients will be able to pay directly into PayPal digital wallets via the bank's WorldLink cross-border payments platform. The new service will be available to Citi clients in the first quarter of 2020.


Ripple Labs Inc. announced $200 million in series C funding on Dec. 20. The funding round was led by Tetragon Financial Management LP with participation from SBI Holdings Inc. and Route 66 Ventures Inc. The investment will expedite the blockchain startup's onboarding of new global talent, as Ripple now has payout capabilities in more than 70 countries.


POSaBIT Systems Corp., a financial technology company providing blockchain-enabled payment processing and point-of-sale systems for cash-only businesses with a focus on the cannabis industry, launched its point-of-sale solution in Montana. POSaBIT's solution has been integrated with Montana's METRC seed-to-sale requirements and is now available to all medical marijuana dispensaries in the state.


VyStar CU selected Fidelity National Information Services Inc., commonly referred to as FIS, as its new credit card technology solutions provider. Under a multiyear agreement, FIS will provide VyStar with end-to-end card services, including credit processing, card production, electronic statement delivery and fraud protection.


MoneyGram International Inc. and Atlanta-based financial technology company Brightwell Payments Inc. partnered to enable cruise ship workers around the world to digitally send their money home using MoneyGram within the Brightwell app.


Discover Financial Services' Discover Global Network and EVO Payments International LLC signed an agreement to allow EVO merchants in the U.K. and Ireland to process Discover, Diners Club International and affiliate card networks. EVO Payments will enable U.K. and Ireland merchants in 2019, while merchants in other markets will be enabled in 2020. The Discover Global Network includes Discover Network, Diners Club International, PULSE and more than 15 alliance partner networks across the world, including relationships in China, Japan, Korea, India, Brazil, Turkey and Nigeria.

Insurance and healthcare

Benefitfocus Inc. announced several platform enhancements to provide consumers with an improved experience and administrators an easier benefits management process. Among other things, the new enhancements leverage artificial intelligence for customized product suggestions and will simplify the billing process.


State Street Corp. and Gemini Trust Co. LLC, a cryptocurrency exchange and custodian, announced a new digital asset pilot that combines Gemini Custody with State Street's back-office reporting. The pilot allows the user to consolidate the reporting of their digital assets serviced by Gemini Trust, a qualified custodian, with their traditional assets serviced by State Street.

Data and information management

Citigroup and ValueAct Capital Management LP extended their existing information sharing and engagement agreement for two years, through the end of 2021. The agreement was entered into in January and its extension will allow ValueAct to continue to engage with Citi's management and board members on areas such as strategy, governance and operational planning matters.