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Fintech focus: Black Knight Financial Services wins contracts from 2 banks

Several players within the financial technology arena introduced new products and entered into various agreements in recent days. Please send news tips and feedback to news@snl.com. For other recent financial technology news, click here.

Banking and lending

Computer Services Inc. aligned with Argus to offer its customers access to Argus' CECL/ALLL solution. The solution offers banks a tool for measuring, monitoring and managing reserves using the expected loss approach, as per the Financial Accounting Standards Board's current expected credit loss guidelines released in June 2016. Argus, a Verisk Analytics Inc. business, provides information, scoring solutions and advisory services to financial institutions.

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FirstBank signed a six-year contract for Black Knight Financial Services Inc.'s loan servicing system, LoanSphere MSP. FirstBank will use the platform to manage all of its mortgage servicing processes. FirstBank is a unit of FirstBank Holding Co.

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KeyCorp unit KeyBank NA agreed to implement Black Knight Financial Services' LoanSphere MSP and Portfolio Overview Insight solution. KeyBank will use MSP to service both first mortgages and home equity loans and lines of credit on a single platform. The bank will use Portfolio Overview Insight to monitor and manage its servicing operations through the use of performance metrics, and it will also use additional Black Knight Financial Services technology solutions.

Payments

Net Element Inc.'s PayOnline subsidiary launched support for electronic commerce in the U.S.

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Western Union Co. launched WU.com transactional website in Kuwait, enabling consumers in the country to send money digitally to more than 200 countries and territories.

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China Guangfa Bank Credit Card Center said it is using Fair Isaac Corp.'s customer communications services.

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WEX Inc. introduced its integrated payables platform, a business-to-business electronic payments platform.

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WEX and ACOM Solutions will collaborate on an offering to provide business clients with a buyer/supplier integrated payables solution on a cloud-based platform. ACOM Solutions provides payment technology solutions for business users.

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Upland Software Inc. released cloud cost management capabilities delivered via its ComSci ITFM solution.

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CoreLogic Inc. introduced CondoSafe Express, an online, self-service version of its condominium project review solution, which offers registration and transactional credit card payment capability.

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Home improvement company Lowe's selected a prepaid payment solution from Fidelity National Information Services Inc. The payment solution Lowe's PreLoad uses the FIS BizNOW prepaid solution to provide contractors, construction professionals and other businesses the ability to buy job-site equipment and other necessities without the need for personal or corporate cards.

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Geoswift, Western Union unit Western Union Business Solutions and UnionPay International announced a joint tuition payment promotion available to Chinese students studying in the U.S., U.K., Canada, New Zealand, France, Australia, Switzerland, Singapore, Japan, Czech Republic and Ireland.

Insurance and healthcare

Hartford Financial Services Group Inc. launched Employee Choice Benefits, a digital benefits administration and enrollment platform for small and medium-sized businesses developed in partnership with Maxwell Health.

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Under a partnership, Evolent Health Inc. will provide third-party administrator services and population health management technology for Crystal Run Healthcare's Medicaid and commercial health plans.

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Pickerington Local School District adopted Castlight Health Inc.'s health platform for its employees.

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Inovalon Holdings Inc. said it began receiving fee-for-service Medicare data under the Centers for Medicare & Medicaid Services Qualified Entity program during the second quarter.

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CoreLogic expanded its capabilities with Myriad Development's insurance underwriting solutions. Myriad Development provides business process management products and services for insurance carriers, real estate companies and government agencies.

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Black Knight Financial Services' data and analytics division launched Black Knight Index Suite, a series of indices for the mortgage and housing markets.

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Medical Transcription Billing Corp. completed its phase one launch of talkEHR, a tool designed to utilize natural language processing and artificial intelligence to allow providers and staff to learn, implement and run their medical practices.

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ISO rolled out a commercial flood insurance program that allows insurers to set their own limits of insurance and provide optional coverage for risks not typically covered by the National Flood Insurance Program. ISO is a Verisk Analytics business.

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Arch Capital Group Ltd.'s unit, Arch Mortgage Insurance Co., and Mortgage Cadence, an Accenture company, collaborated to create integration capabilities for Mortgage Cadence's Loan Fulfillment Center. The integration allows users of the center to obtain quotes from Arch Mortgage Insurance's risk-based rates program, RateStar.

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Allstate Corp.'s Allstate Business Insurance expanded its use of Insurity Inc.'s policy administration system, Policy Decisions. Allstate Business Insurance has also gone into production with a quoting application that allows business owners to get a quote and purchase a business owner's policy.

Marketing

Fiserv Inc. said it is equipping financial institutions with Integrator Advance, a marketing analytics solution that offers tools like research-based segmentation, cross-sell intelligence, campaign management and reporting in a single platform. Integrator Advance leverages technology from Raddon, a Fiserv company.

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Blackhawk Network Holdings Inc. and lottery technology provider Linq3 partnered to offer a way to purchase lottery tickets at grocery retail checkout and have the numbers sent to their mobile device.

Administration

Paychex Inc. entered into a partnership with the Latino Tax Professionals Association. Under the partnership, the financial technology company will serve as the preferred provider of payroll and human resources services for the organization and its members.

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Ryder System Inc. entered into a partnership with Maxon Lift Corp. under which the truck and trailer liftgates manufacturer will outsource its warehousing function into five Ryder System-operated warehouse facilities in California, Texas, Indiana, Georgia and Pennsylvania.

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Benefitfocus Inc. announced programs that provide brokers and consultants with tools for benefits management: preferred partner program and broker advisory council. USI Insurance Services Corp., Catholic Mutual Group and Blue Chip Benefits joined the preferred partner program.

Data and information management

Mercy Housing Inc. chose to adopt RealPage Inc.'s property, corporate and investment accounting, property management software and compliance software solutions to manage multiple subsidy layers for its entire asset portfolio. Mercy Housing is a nonprofit affordable housing organization.

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Thomson Reuters Corp. integrated research capabilities on its flagship financial desktop, Eikon, to help financial institutions manage MiFID II research unbundling requirements set to be implemented in January 2018.

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Advicent entered into a partnership with Envestnet Inc., which will include the integration between the NaviPlan financial planning software from Advicent and the Envestnet wealth management platform. The launch will enable NaviPlan users to pull client demographic, investment account and investment portfolio data from Envestnet directly into a NaviPlan financial plan. Advicent is a provider of software-as-a-service technology solutions for the financial services industry.

Information technology

Under a partnership, Zix Corp. will be able to deliver its email encryption with Digital Guardian's enterprise data loss prevention offering. Digital Guardian provides a data protection platform.

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Mitek Systems Inc. added near-field communication capability to its Mobile Verify solution.

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NCR Corp. deployed Microsoft Corp.'s Windows 10 Internet of Things Enterprise software with a European financial institution. The implementation will allow banks to future-proof their ATMs and to deliver functionality like contactless access.

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Nasdaq Inc., in collaboration with technology partner Chain, will provide distributed ledger technology for a minimum viable product for SIX Swiss Exchange's over-the-counter structured products business.

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