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Fintech focus: Microsoft, Mastercard partner on digital identity management

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.

Payments

Comdata Inc., a subsidiary of FleetCor Technologies Inc., will now serve as Bill.com Inc.'s virtual credit card provider for its business-to-business payments. Comdata is a payments technology provider while Bill.com is a payments company.

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Universal Air Travel Plan Inc., an airline-owned payment network, and JPMorgan Chase & Co. partnered to allow airlines to accept Chase Pay as a payment and checkout option in their own apps and websites. Chase Pay is a mobile app and digital engagement platform for Chase customers with an eligible personal Chase Visa debit or credit card that allows them to pay online, in app and at merchant locations.

Banking and lending

First Tennessee Bank NA and Capital Bank, subsidiaries of Memphis, Tenn.-based First Horizon National Corp., launched new digital enrollment websites that allow their business clients to enroll in merchant services, get credit approval and shop for Clover point of sale system solutions. The service is powered by First Data Corp.

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Chicago-based BMO Harris Bank NA teamed up with AutoGravity, a vehicle purchase and sale platform, to enable AutoGravity customers to apply for loans at BMO Harris, through the platform.

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United Community Bank, a subsidiary of United Community Banks Inc., is rolling out a new digital lending platform provided by RCGILTNER Services Inc. for consumers and small businesses in Georgia, South Carolina, North Carolina, and Tennessee. The service will be available from the second quarter of 2019. Louisville, Ky.-based RCGILTNER is a provider of digital lending technology to financial institutions.

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Trovata, a California-based cash automation platform, is launching a pilot with Square Inc. and JPMorgan Chase & Co. The pilot platform will provide Square's Treasury team financial data in real time using JPMorgan's Treasury Services application program interfaces. JPMorgan Chase also led Trovata's seed funding round with a strategic investment in the firm.

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Mobius Capital Partners, a U.K.-based investment manager, selected Northern Trust Corp. to provide asset servicing and Integrated Trading Solutions to support its London-listed Mobius Investment Trust and Luxembourg Société d'Investissement à Capital Variable, the Mobius emerging markets fund. Northern Trust will provide depositary, custody, fund accounting and foreign exchange services to the investment trust, and fund administration to the emerging markets fund.

Insurance and healthcare

Aetna Inc. and Ascension, a faith-based healthcare organization, joined a pilot project applying blockchain technology to improve data quality and cut administrative costs associated with changes to healthcare provider demographic data. The pilot project, Synaptic Health Alliance, was launched in April by Humana Inc., MultiPlan, Quest Diagnostics Inc. and UnitedHealth Group Inc.'s Optum and UnitedHealthcare.

Trading and investing

Canada-based NetCents Technology Inc. launched its first software-as-a-service-based cryptocurrency processing platform with 50,000 merchants onboard.

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TD Ameritrade Holding Corp. teamed up with the Chinese social media company Wechat International Pte. Ltd. to bring financial market updates, research and investor education to its retail investors in the U.S.

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Parisian bank BNP Paribas SA will now use Fidelity National Information Services Inc.'s investment solution Cleared Derivatives Margin Advisor, a tool that enables sell-side firms, investment funds and institutional investors to better assess and calculate initial margin requirements on cleared derivatives portfolios.

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Coinbase Inc. has added Zcash to its portfolio of cryptocurrencies, which will be available for trading in most jurisdictions but will not initially be available for residents in the U.K. and the state of New York, according to a blog post. Zcash uses cryptography to allow users to protect the privacy of transactions.

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Vestwell, a digital retirement platform, and Bank of New York Mellon Corp. partnered to offer 401(k), 403(b), and employer-sponsored individual retirement account plans to BNY Mellon clients through Vestwell's digital interface.

Data and information management

Kalamazoo, Mich.-based AmeriFirst Home Mortgage Corp., a division of AmeriFirst Financial Corp. began using Servicing Digital, a Black Knight Inc. mobile product that lets users track the value of their homes in real time and provides an estimate of the wealth that can be built from their real estate assets. The service uses Black Knight's property records database, advanced analytics and automated valuation models to provide the insights.

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Mastercard Inc. and Microsoft Corp. are entering into a strategic collaboration to build a service to help people better manage and use their digital identity.

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Virginia-based RiskSpan Inc. partnered with S&P Global Market Intelligence Inc. to expand the capabilities of its software-as-a-service platform, RS Edge, which integrates normalized loan and securities data, predictive models and complex scenario analytics for commercial banks, credit unions, insurance companies and other financial institutions. S&P Global Market Intelligence is a division of S&P Global.

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Moody's Analytics Inc. launched Moody's Analytics QUIQspread, a software that enables financial institutions to automate the spreading of financial statements by using machine learning. The new tool integrates with Moody's Analytics CreditLens platform which lets CreditLens' users run financial statements through the QUIQ spread tool without leaving the platform.

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McKinley Capital Management LLC, a privately held investment adviser specializing in global and international growth equity strategies, is deploying IHS Markit Ltd.'s Enterprise Data Management Managed Service.