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
Goldman Sachs Group Inc.'s Marcus consumer lending and savings platform has partnered with retail mortgage lender Guaranteed Rate Inc. to offer unsecured personal loans to Guaranteed Rate customers looking to finance improvement projects or consolidate their debt.
Bank of Montreal has rolled out a new personal financial management solution called BMO Insights, which uses artificial intelligence to give customers automated, personalized advice for managing their finances. The service is currently available as a pilot to select Canadian customers and is expected to be widely available in early 2020. Bank of Montreal will integrate BMO Insights into its mobile app.
Visa Inc. has joined forces with U.K.-based money transfer and remittance firm TransferWise Ltd. to let customers quickly and securely move money to debit cards in real-time. TransferWise also gives customers a transparent view of the fees involved in the payment. The service will be available in select European markets, but the companies plan to scale the service throughout Europe and globally in 2020 using Visa Direct.
Equitable Bank also partnered with TransferWise to roll out fully transparent and fast international money transfers. Under the latest partnership, Equitable Bank will directly integrate TransferWise's application program interface into its infrastructure, allowing the bank's customers to transfer money directly from their savings account.
Data and information management
JPMorgan Chase & Co. has begun using machine learning technology to process expense reports, Bloomberg News reported. The bank will audit all travel and expense reports through a machine learning model to ensure the spending meets the company's policies.
Goldman Sachs and application software developer QC Ware Corp. are collaborating on new algorithms to enable quantum computers to make financial calculations, The Wall Street Journal reported. Paul Burchard, the investment bank's research and development division head, told the newspaper the technology could be used in creating trading strategies and in modeling the value of options contracts.