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
Revere Bank and Virginia Commonwealth Bank will use SS&C Technologies Holdings Inc.'s platform SS&C Primatics' EVOLV(EA) as the current expected credit loss accounting standard gets underway. The banks will use the platform to facilitate reserving under the accounting standard.
Bottomline Technologies (de) Inc. launched its Digital Banking IQ Intelligent Engagement suite, which is expected to help banks engage intelligently with customers and provide a unified digital experience. The company's engagement suite provides a set of integrated solutions, which includes payments and cash management, payment fraud and risk management, account opening and onboarding, and relationship development, as well as a standards-based Open Banking API platform.
EVERTEC Inc. extended its regional collection and payment platform by partnering with Citigroup Inc. to include Mexico by utilizing Citibanamex. The bank's platform, which serves its corporate treasury clients, is live in Colombia and Guatemala. The move is expected to help Citi's corporate clients collect their reconciled invoices in a centralized and consolidated manner.
Payrailz LLC expanded its digital payment service to credit unions and established its new credit union service organization called CU Payz. The organization was established to help credit unions develop innovative technologies and services to provide a better payments experience.
BlockFi Inc. raised $18.3 million in its series A funding round led by Valar Ventures LP. The company expects to use the capital to add new products to its existing platform. The company now has $78.68 million in total financing, according to data from S&P Global Market Intelligence.
Trading and investing
FactSet Research Systems Inc. rolled out DataRobot Inc.'s artificial intelligence investment workflow, called DataRobot on FactSet. The automated machine learning solution will help financial services firms, including those firms without substantial data science operation, incorporate AI into their investment workflow.
Raymond James Financial Inc. debuted its new algorithmic trading platform, called Raymond James Electronic Trading, Markets Media reported. The platform which is primarily for its institutional equities clients utilizes state-of-the-art trading technology and contains a suite of benchmarking and liquidity-seeking algorithms. The product will be rolled out to over 1,000 institutional investor clients.
Data and information management
Visa Inc. will introduce a cloud-based platform later this year, The Wall Street Journal reported. The platform is expected to help engineers test advanced artificial-intelligence algorithms quickly to detect and prevent credit-card related fraud.
Northern Trust Corp. launched its new investment analytics tool for institutional investors worldwide. The reporting tool will provide investors with relevant and important insights as they track and analyze risk and performance across their portfolio.