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Fintech focus: YieldStreet, Citi partner over private credit opportunities

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

Digital wealth management platform YieldStreet Inc. partnered with Citigroup Inc. to access investment opportunities across private credit markets, including real estate, aviation, shipping, telecommunications, and other structured credit products. The partnership is backed by Citi's Spread Product Investment Technologies unit, which was created in 2018, within the Citi Markets Fintech Investment program.

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Toronto-Dominion Bank; SunTrust's LightStream; Nationwide; and First Citizens Bank will offer financial advisers on Envestnet Inc.'s recently launched Envestnet Credit Exchange platform a variety of loans with both secured and unsecured financing options, valued from $10,000 to $25 million or more. Additional lenders and a broader market expansion for the platform are planned for 2020.

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In Wisconsin, Verve a CU and Landmark CU both selected DNA from Fiserv Inc. for core account processing. Verve also added several integrated solutions from Fiserv including enterprise content management, item processing, wire transfer and financial accounting.

Payments

Western Union Co. and Du Xiaoman Financial launched Western Union international money transfers to be paid out in real-time into even more bank accounts in China. More than 150 million users of the Du Xiaoman Financial mobile app are now able to route any money transfer received from across the world into their bank accounts, and receive funds in real-time, with 24/7 convenience, via the app.

Insurance and healthcare

Ebix Inc. launched USAA Life Insurance Co.'s annuity products on its AnnuityNet4 exchange platform. The platform supports variable, fixed, index and income annuity sales, as well as in-force policy maintenance for withdrawals, fund transfers, and policy updates.

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Fidelity Investments announced the availability of a full-service health savings account, called Fidelity HSA, for financial intermediaries. The account will allow broker/dealer firms, banks and registered investment advisers to help their clients better prepare for and manage healthcare expenses. The solution offers a full brokerage platform with access to more than 10,000 mutual funds, as well as stocks, bonds and exchange-traded funds.

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ON Investment Management Co launched the Envestnet Insurance Exchange, an insurance network providing access to insurance carriers and their annuity products alongside traditional managed account investments on the Envestnet platform. The exchange is backed by Fiduciary Exchange LLC and provides end-to-end management of annuity solutions, from pre- to post-issuance.

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Digital insurance solution provider eBaoTech and Willis Towers Watson PLC will partner to provide a one-stop insurance middle office platform to accelerate digitalization across the insurance sector.

Trading and investing

RisQ Inc., a Boston-based startup focused on climate risk analytics, collaborated with Intercontinental Exchange Inc. to help enable the municipal bond ecosystem to integrate climate risk into project and investment decisions. ICE Data Services and risQ plan to launch the municipal climate package by the end of the first quarter.

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Charles Schwab Corp.'s Schwab Intelligent Income, an income solution designed for people who want to pay themselves from their investment portfolios, is now available to investors.

Data and information management

Under a master services agreement between Broadridge Financial Solutions Inc. and International Business Machines Corp., the latter will operate, manage and support Broadridge's private cloud global distributed platforms and products, and operate and manage certain company networks. The agreement has an initial term of approximately 10 years and three months, expiring on March 31, 2030. Additionally, the parties amended a 2019 information technology services agreement which extends the term of the original agreement by three years. The parties further agreed to transfer the ownership of certain Broadridge-owned hardware located at its facilities worldwide and the company’s maintenance agreements associated with the hardware to IBM.

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Nasdaq Inc. launched its data discovery capability within Nasdaq Trade Surveillance, a surveillance solution for the sell-side industry. The data discovery capability helps with multiple trade surveillance use cases, including regulatory inquiries and data reconciliation.

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FactSet Research Systems Inc. will deploy its proprietary datasets, both structured and unstructured, on Snowflake, the cloud data platform.

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Preqin, a provider of data, analytics and insights to the alternative assets community, and S&P Global Market Intelligence partnered to share data between their respective platforms. As part of the collaboration, select S&P Global Market Intelligence data will be included on Preqin Pro while Preqin fund data will feature in S&P Global's Market Intelligence Desktop & Datafeed solutions. S&P Global Market Intelligence is owned by S&P Global Inc.