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Fintech focus: Fiserv backs Mi Bank's de novo launch; NY forms crypto task force

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Fintech focus: Fiserv backs Mi Bank's de novo launch; NY forms crypto task force

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 fintech space. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.

Payments

California-based business-to-business payment processing company Finexio is going to use Cass Information Systems Inc.'s financial exchange services. Finexio and its clients will use the Missouri-based payment management solutions company's funds management, transaction processing, automated clearing house and check processing services along with certain other financing services.

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In a first in the U.S., New York State launched a cryptocurrency task force to identify how the state may best regulate, define or utilize cryptocurrencies after the state's governor, Andrew Cuomo, signed into law The Digital Currency Study Bill. The members of the task force will include stakeholders, such as technologists, consumers, institutional and small investors, large and small blockchain enterprises, and academics.

Banking and lending

Bloomfield Township, Mich.-based Mi Bank will use Fiserv Inc.'s technical infrastructure as it opens as the state's first de novo bank in nearly a decade. Fiserv will also provide training to the bank's staff to help them fully utilize Fiserv's technology solutions suite.

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Fidelity National Information Services Inc. on Dec. 31, 2018, closed its planned agreement to unwind its joint venture with Brazilian bank Banco Bradesco SA. In addition, the parties on Jan. 1 entered into a new long-term commercial arrangement.

Trading and investing

Bank of America Merrill Lynch is offering a new feature called Fund Story through its online brokerage offering, Merrill Edge, the Charlotte Business Journal reported, citing Aron Levine, head of Merrill Edge. The feature provides more insight for investors on mutual funds and exchange-traded funds, including fund holdings, costs and ratings.

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Texas-based real estate investment company Conti Organization LLC is beginning to use RealPage Inc's investment accounting platform. CONTI's portfolio includes 29 properties comprising approximately 7,500 units.