Financial Technology - FinTecBuzz https://fintecbuzz.com Fintech News Fri, 13 Sep 2024 05:14:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://fintecbuzz.com/wp-content/uploads/2019/04/cropped-Original-black-FinTech-512-32x32.png Financial Technology - FinTecBuzz https://fintecbuzz.com 32 32 Galileo Launches Instant Account Verification and ML Risk Score https://fintecbuzz.com/galileo-launches-instant-account-verification-and-ml-risk-score/ Thu, 12 Sep 2024 16:00:34 +0000 https://fintecbuzz.com/?p=64813 New tools deliver real-time fraud detection for fintechs, banks and businesses and maintain frictionless account experiences for customers

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Galileo Financial Technologies, a leading financial technology company and a subsidiary of SoFi Technologies, Inc., is delivering fintechs, banks and businesses new ways to fight fraud with the launch of Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore.

As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk management capabilities, addressing an industry in which 63% of financial firms reported an increase in fraud, with digital channels contributing to half of the total fraud losses.

Galileo Instant Verification Engine

Galileo Instant Verification Engine (GIVE) provides real-time verification of external bank accounts and ownership. Whether used as a standalone product or integrated with the Galileo Payment Risk Platform (PRP), GIVE delivers real-time insights that help businesses prevent fraud by quickly verifying account existence, status, and ownership before processing transactions.

GIVE is further enhanced by its integration with the Galileo Payment Risk Platform, which uses a sophisticated Transaction Decision Rules Engine. This engine applies customizable models, rules and profiles to each transaction, allowing for real-time, automated fraud prevention decisions tailored to the specific needs and risk appetite of each business.

The key benefits of GIVE are:

  • Instant Account Verification: GIVE instantly verifies external bank account information, confirming its existence, status, and risk signals. This enables Galileo clients to make informed decisions when linking accounts or processing transactions, such as determining account status and risk associated with the account.
  • Instant Identity Verification: GIVE ensures that only authorized individuals can transact by verifying the ownership of external bank accounts. It matches the account holder’s name and personal information — such as social security number (SSN), date of birth, and address — against the provided owner details, which is particularly useful for preventing identity fraud.
  • Account Risk Profiling: By leveraging machine learning, the Galileo Instant Verification Engine generates risk scores that assess the probability of ACH returns and non-sufficient funds (NSF) issues, providing a comprehensive view of account reliability. This enables businesses to predict funding issues and take proactive measures to prevent them.
  • Seamless User Experience: GIVE supports “me-to-anyone” and “anyone-to-me” use cases without requiring customers to input their credentials for external accounts, ensuring a frictionless and secure transaction process.

The Galileo Instant Verification Engine significantly reduces the risk of fraud by providing real-time verification of external bank accounts and ownership, cutting verification times from days to seconds. This minimizes customer drop-offs — reducing abandonment rates from nearly 50% based on a traditional method such as MDA (Micro-deposit Authentication) to as low as 1% — and delivers a smoother, more reliable customer experience across multiple channels, including ACH, FedNow, Wires and check deposits.

Transaction Risk GScore

Transaction Risk GScore is a machine-learning-based risk score that assesses the risk of card transactions in real time. By analyzing multiple data points, such as user behavior and transaction patterns, GScore enables financial institutions, fintechs and businesses to detect and respond swiftly to potential fraud, reducing losses and ensuring more efficient operations.

GScore supplements the existing enhanced capabilities in Payment Risk Platform by adding a layer of fraud signals while allowing the client to determine the risk appetite based on the multiple model responses. GIVE and GScore are designed with scalability in mind, ensuring they can grow alongside your business.

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NCR Atleos Ranks #6 in IDC Fintech Rankings https://fintecbuzz.com/ncr-atleos-ranks-6-in-idc-fintech-rankings/ Tue, 10 Sep 2024 13:30:39 +0000 https://fintecbuzz.com/?p=64672 NCR Atleos Corporation, a leader in expanding self-service financial access for financial institutions, retailers and consumers, announced that it has ranked #6 overall and the largest ATM company in the 2024 IDC FinTech Rankings Top 100. The IDC Fintech Rankings list features the technology companies from around the globe that are focused on providing solutions to the financial services and FinTech industries. The ranking categorizes and evaluates the top global providers of financial technology based...

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NCR Atleos Corporation, a leader in expanding self-service financial access for financial institutions, retailers and consumers, announced that it has ranked #6 overall and the largest ATM company in the 2024 IDC FinTech Rankings Top 100.

The IDC Fintech Rankings list features the technology companies from around the globe that are focused on providing solutions to the financial services and FinTech industries. The ranking categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial institutions for hardware, software and/or services. These providers supply the technological backbone of the financial services industry.

“Atleos has been recognized in our IDC FinTech Rankings as a leading global technology provider that can assist financial institutions looking to modernize its branch presence,” explained Marc DeCastro, research director, IDC Financial Insights. “As these institutions look for ways to improve operational efficiencies, digital-first self-service technologies will be a key component to help deliver outstanding and efficient customer experiences.”

“We are proud to use our industry-leading ATM expertise and experience to empower financial institutions to provide exceptional digital-first experiences and effectively compete,” said Stuart Mackinnon, COO of Atleos. “We are honored to be ranked #6 in the 2024 IDC FinTech Rankings list.”

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FinScan set for another record year with double-digit revenue growth https://fintecbuzz.com/finscan-set-for-another-record-year-with-double-digit-revenue-growth/ Tue, 10 Sep 2024 11:21:13 +0000 https://fintecbuzz.com/?p=64662 FinScan®, an Innovative Systems, Inc. solution, is proud to announce a series of successes it has achieved throughout 2023 and 2024. The accomplishments highlight the company’s commitment to technological innovation, customer satisfaction, and market adaptation and the response from new and existing customers resulting in double-digit revenue growth over the last year. FinScan has achieved several key technological milestones meeting the evolving needs of the financial services industry. The launch of FinScan Securities, one of...

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FinScan®, an Innovative Systems, Inc. solution, is proud to announce a series of successes it has achieved throughout 2023 and 2024. The accomplishments highlight the company’s commitment to technological innovation, customer satisfaction, and market adaptation and the response from new and existing customers resulting in double-digit revenue growth over the last year.

FinScan has achieved several key technological milestones meeting the evolving needs of the financial services industry. The launch of FinScan Securities, one of the compliance industry’s first financial instrument screening solutions,  leverages FinScan’s proprietary, AI-powered matching engine to help firms tackle the growing problem of investors holding financial interests in sanctioned companies.

In addition, FinScan’s innovations are responding to the transformative shift from traditional Know Your Customer (KYC) processes to perpetual KYC (pKYC) focusing on streamlining customer due diligence and onboarding by delivering powerful customer risk scoring, real-time adverse media screening, beneficial owner identification, identity validation capabilities, and continuous customer monitoring after onboarding is complete.

Bob Colonna, CEO of Innovative Systems, Inc., said: “Partnering with our customers to make them successful is at the forefront of FinScan’s priorities. In 2023, we achieved a 92% client retention rate. We’ve also expanded our base of new customers in all major geographies over the last 18 months, including tier one insurance firms and fintechs. Our commitment to the delivery of reliable, efficient compliance solutions is further proven by the staggering 300 billion annual name screenings our SaaS customers conducted in over 60 countries in just milliseconds.”

A recent FinScan LinkedIn poll showed that 62% of 162 compliance professionals said data quality and accuracy was their compliance team’s biggest screening challenge. A separate poll revealed that 54% said incomplete customer data was the biggest cause of false positives. Another poll of 216 compliance professionals indicated the top challenge they face during KYC onboarding is customer due diligence (43%), followed by customer data quality (35%)—a core strength of FinScan.

Brian Markham, Senior Vice President of Engineering, added: “FinScan’s strategy for the next 12 months continues to focus on harnessing the power of data quality and integrity to drive efficiency, accuracy, and risk reduction for financial institutions and other organizations around the world. Innovative Systems will continue to invest in further development of FinScan to address the evolving needs of its customers and future-proof their AML and KYC processes to adapt to inevitable change.”

In recognition of its innovative solutions and industry leadership, FinScan has received numerous industry accolades. Most recently, FinScan was recognized as:

  • “Best Sanction/Watchlist Screening Innovation” in Datos Insights’ 2024 AML Impact Awards
  • Solution Leader in the Quadrant Knowledge Solutions’ SPARK Matrix 2024 report on KYC technology
  • Category Leader for “Adverse Media Monitoring Solutions” and “Name and Transaction Screening Solutions” in Chartis’ RiskTech Watchlist Monitoring 2024
  • “Functionality Standout” in Celent’s Financial Crime Compliance Technology: Watchlist Screening Edition—2024 XCelent Awards
  • Top 25 Governance, Risk, and Compliance companies of 2024 by The Financial Technology Report
  • 2024 FinCrimeTech50 company and 2024 RegTech100 company by Fintech Global

Looking forward, Steve Maul, Chief Revenue Officer, said: “We remain dedicated to supporting organizations in overcoming their financial crime detection and AML compliance challenges. Our continuous investment in cutting-edge technology and expert guidance ensures our customers can navigate the complexities of the regulatory environment effectively and sustainably.”

About FinScan®

Trusted by hundreds of organizations worldwide, Innovative Systems, Inc.’s FinScan® offers advanced Anti-Money Laundering (AML) compliance technology and consulting solutions. Built on decades of experience in data management and proprietary matching technologies, FinScan provides a data-first, risk-based approach to ensure unparalleled accuracy and efficiency in identifying and reducing risk, accelerating AML compliance workflows, and optimizing team productivity. FinScan’s comprehensive, integrated platform includes Know Your Customer (KYC), unparalleled sanctions screening, risk scoring, data quality, and advisory services for implementing a holistic compliance program. FinScan offers flexible deployment including SaaS, on-premise, and hybrid options. FinScan’s SaaS clients are screening more than 300 billion names a year. Learn more at www.finscan.com.

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Intuit Enhances Proprietary Generative AI Operating System https://fintecbuzz.com/intuit-enhances-proprietary-generative-ai-operating-system/ Thu, 05 Sep 2024 14:30:45 +0000 https://fintecbuzz.com/?p=64467 Company simplifies, streamlines end-to-end app development with new GenOS AI Workbench and GenStudio, GenRuntime, GenUX tools

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Intuit Inc., the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced major enhancements to its proprietary Generative AI Operating System (GenOS) that’s accelerating development velocity at scale across the company’s products and services to solve its customers’ most important financial problems and drive durable growth. Intuit’s GenOS now includes GenOS AI Workbench, a dedicated development environment for end-to-end application development, and enhancements to GenStudio, GenRuntime, and GenUX components.

Introduced in June 2023, Intuit’s GenOS empowers technologists to responsibly design, build, and deploy breakthrough generative AI (GenAI) experiences with unparalleled speed, fueling innovation for its approximately 100 million consumer and small business customers.

Since then, the company has continued to invest in GenOS to streamline end-to-end application development, with built-in governance and safety guardrails, and to enable rapid experimentation. It provides a comprehensive suite of tools with an extensible catalog of best-in-class large language models (LLMs), including commercial, proprietary, and open source base models for fine-tuning. To jumpstart app development, product teams can become productive with GenOS in a matter of minutes via self-serve onboarding tools and guided workflows.

“Intuit’s proprietary GenOS is the key to unlocking new opportunities to fuel consumer and small and mid-market business success with GenAI,” said Alex Balazs, Executive Vice President and Chief Technology Officer, Intuit. “Over the past year, we’ve increased our pace of innovation by enabling product teams to turn new ideas into live customer experiments in just days, and built out our GenOS to speed time-to-market for ideas that rise to the top. We’re proud of the progress we’ve made and fired up about the ‘done for you’ future we’re creating for our customers to power their prosperity.”

With GenOS, Intuit technologists (software developers, product managers, data scientists, machine learning engineers, and data analysts) have experimented with hundreds of GenAI use cases, which has led to game-changing new experiences delivered into the hands of customers with Intuit Assist. For example, Intuit’s GenOS enabled new capabilities with easy-to-understand explanations of tax calculations, backed by real-time accuracy checks, with Intuit Assist for TurboTax, boosting confidence for millions of individual tax filers this tax season.

“Intuit is at the forefront of the industry with this major release of its GenOS,” said Hamit Hamutcu, Senior Advisor at Institute for Experiential AI at Northeastern University, and Column Editor for the Harvard Data Science Review. “It is rare to see this level of scope and scale in a proprietary generative AI development environment. The company built a comprehensive set of tools and practices, far beyond a sandbox for securely experimenting with the technology. It should be a great accelerator for Intuit developers in building sophisticated fintech apps and sets an inspiring example for the industry.”

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B2BROKER and Spotware Fully Integrate B2COPY with cTrader https://fintecbuzz.com/b2broker-and-spotware-fully-integrate-b2copy-with-ctrader/ Fri, 30 Aug 2024 16:30:04 +0000 https://fintecbuzz.com/?p=64236 B2BROKER, a leading technology provider and the developer of the advanced investment platform B2COPY, has announced the full integration of B2COPY with Spotware’s cTrader, the premium and first Open Trading Platform™. This cooperation allows brokers and traders on cTrader to utilise both the platform’s and B2COPY’s unique advantages for a better and more effective copy trading experience. B2COPY on cTrader – What Can You Expect? B2COPY is the first-ever solution to provide an institutional-level trade copier for cTrader...

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B2BROKER, a leading technology provider and the developer of the advanced investment platform B2COPY, has announced the full integration of B2COPY with Spotware’s cTrader, the premium and first Open Trading Platform™. This cooperation allows brokers and traders on cTrader to utilise both the platform’s and B2COPY’s unique advantages for a better and more effective copy trading experience.

B2COPY on cTrader – What Can You Expect?

B2COPY is the first-ever solution to provide an institutional-level trade copier for cTrader that does not require users to sign in to their cTrader accounts. Moreover, for the first time, B2COPY introduces PAMM (Percent Allocation Management Module) for cTrader. The MAM (Multi-Account Manager) solution from B2COPY is a unique function that offers institutional-grade services like automated fee payment processing, seamless integration with IB modules, and extensive risk management features.

Advantages of B2COPY

This integration between cTrader and B2COPY introduces several enhanced features:

  • Flexible Trading – B2COPY on cTrader enables investors to trade on their accounts, close copied positions, and detach their positions from the master’s positions.
  • Fee Settings – Trade masters can fine-tune fee plans, create personalised promotions for clients, and set different fee settings for clients.
  • Flexible Allocation Methods – B2COPY on cTrader supports different allocation methods, such as proportionally by equity, balance, and fixed lot allocation.
  • Advanced Copying Features – The B2COPY integration offers features such as pausing and reversing copying, customising user nicknames and avatars, and changing strategy names on cTrader.
  • User-Friendly Integrations – B2COPY on cTrader integrates with B2CORE CRM and can be integrated with other prop firm CRMs. This removes the need to go to the trading platform.
  • Website Widgets – B2COPY on cTrader provides useful widgets for website integration, including traders’ leaderboards and individual statistics pages, increasing user engagement and transparency.

What Makes cTrader Unique?

cTrader is an advanced multi-asset FX/CFD trading platform known for its robust and sophisticated ecosystem that caters to the dynamic needs of Brokers, Proprietary Firms, IBs, and Traders.

  • cTrader seamlessly integrates third-party services through its multiple APIs. Even developing custom applications connected to the cTrader backend is highly simplified with the Open API.
  • Various plugins offer brokers & props extensive opportunities to personalise cTrader UIs and incorporate bespoke elements.
  • Brokers & props receive cTrader as an out-of-the-box cloud solution powered by Spotware on cutting-edge infrastructure.
  • cBroker, an advanced and flexible management system that provides unlimited possibilities for brokers & props, is included in the cTrader suite.
  • Brokers & props can confidently acquire a competitive advantage and improve their reputation using cTrader, the fastest-growing FX/CFD platform.

cTrader is famous in the trading community for its exceptional features:

  • Advanced order types and sophisticated protections
  • Powerful charting and technical analysis tools
  • Level 2 pricing and execution at almost-zero latency
  • Facilitated entry into algorithmic and social trading
  • Appealing designs and user-centric interfaces
  • Availability across all popular platforms: web, desktop, macOS, iOS and Android.

IBs prefer cTrader over other providers as the ultimate solution to grow a robust referral base with:

  • cTrader Invite – a comprehensive toolkit created to help affiliates attract new traders with appealing cTrader products and effectively convert them into referrals.
  • cTrader Copy – a full-scale social trading platform featuring hundreds of tested & proven trading strategies that encourage new users to engage in live trading.
  • cTrader Algo – an automated trading solution that supports easy algorithm development and provides free 24/7 cloud execution of cBots across all cTrader apps.
  • Other tools for partners include signal links for sharing trading opportunities, Chart Streams for sharing technical analysis, and shared access for money managers.

“With this integration with Spotware, we have brought advanced features and unprecedented flexibility to the traders. B2COPY offers the first-ever PAMM and MAM for professional money managers, multiple allocation methods, and a variety of fee types, including subscription and joining fees, to cTrader users. Also, our performance fee calculation options provide more flexibility for brokers and their clients. We’ve worked really hard to integrate these sophisticated features into B2COPY, and we’re excited to welcome cTrader and their users to experience these benefits.”

— Sergey Ryzhavin, CPO of B2COPY

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QUODD Powers Infosel with Comprehensive Market Data from QX Marketplace https://fintecbuzz.com/quodd-powers-infosel-with-comprehensive-market-data-from-qx-marketplace/ Fri, 16 Aug 2024 16:00:38 +0000 https://fintecbuzz.com/?p=63621 Both Firms Continue to Set New Standards in Global Market Data Integration

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QUODD, a leading provider of comprehensive market data on-demand for the global financial services industry and a NewSpring Holdings platform company, announced its partnership with Infosel, an investment intelligence financial technology leader based in Latin America. Infosel is now utilizing market data content from QUODD’s QX Marketplace to enhance its data platform and software solutions, providing superior information, analytics, and insights.

Infosel integrates market data content from QUODD’s QX Marketplace into its industry-leading market data Hub, serving banks, investment advisors, traders, and other key segments in the Mexican market and across Latin America. Whether through their own Hub or via white-labeled widgets that empower institutions to create customized experiences, it is the content from QUODD that enables Infosel to deliver world-class information, analytics, and insights within their solutions.

“QUODD’s data accessibility and comprehensive content make it a perfect partner for Infosel,” said Miguel Garcia, CEO of Infosel. “The ease of accessing and redistributing their data, combined with the breadth of content, including real-time and historical data on global currency pairs, indices, and more, allows us to deliver exceptional value to our clients and continue disrupting the investment industry in Mexico and across Latin America.”

“Partnering with leading global financial technology leaders like Infosel underscores QUODD’s commitment to delivering flexible, cutting-edge technology solutions that meet the strategic objectives of our clients. Our collaboration with Infosel highlights how QUODD’s market data solutions can power innovation and growth in the financial sector, empowering end-users with the data they need to achieve better investment outcomes,” said Bob Ward, CEO of QUODD.

“Our data marketplace and digital platform are dedicated to working with the best-of-breed content providers around the globe, and Infosel is one of them,” said Justin Van Til, Head of Strategy at QUODD. “QUODD’s focus on accessibility is crucial for innovators who need modern solutions that fit a cloud-first, API-driven philosophy. By removing integration friction and increasing self-service access, QUODD empowers builders to quickly adopt and leverage advanced data infrastructure.”

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LendingPoint Appoints Shawn Stone as Chief Executive Officer https://fintecbuzz.com/lendingpoint-appoints-shawn-stone-as-chief-executive-officer/ Fri, 09 Aug 2024 17:30:40 +0000 https://fintecbuzz.com/?p=63363 LendingPoint, the award-winning online loan origination and servicing platform, announced the appointment of Shawn Stone, a longtime financial services executive, as the Company’s new Chief Executive Officer and member of the Board. LendingPoint is a financial technology platform that provides financing solutions to a wide range of customers, including lending institutions and consumers. The company’s proprietary fraud prevention, risk, and asset management algorithms are used to create financing opportunities across the credit spectrum. Mr. Stone...

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LendingPoint, the award-winning online loan origination and servicing platform, announced the appointment of Shawn Stone, a longtime financial services executive, as the Company’s new Chief Executive Officer and member of the Board.

LendingPoint is a financial technology platform that provides financing solutions to a wide range of customers, including lending institutions and consumers. The company’s proprietary fraud prevention, risk, and asset management algorithms are used to create financing opportunities across the credit spectrum.

Mr. Stone is a senior financial services executive with more than 25 years of experience in online loan origination, loan servicing operations, credit and capital markets. He spent more than 20 years at Mr. Cooper, where he helped build Mr. Cooper into the country’s largest home loan servicer. He held numerous executive leadership positions across the entire platform, including Chief Revenue and Production Officer as well as Executive Founder and President of Xome, a technology-enabled real estate and mortgage services subsidiary of Mr. Cooper. Prior to joining LendingPoint, Mr. Stone was a senior advisor for Bayview Asset Management and served as the Chief Executive Officer and a member of the Board of Directors for Renovate America, a nationwide POS and ESG and home improvement fintech lender.

“I am honored to join LendingPoint and to work alongside such a dedicated and talented team at a pivotal time in our growth. I previously had the opportunity to work with LendingPoint as a lending partner and was impressed with their fintech lending platform, customer-centric culture and operational excellence,” said Shawn Stone. “I also want to thank Mark for his leadership and significant contributions to LendingPoint in various roles over the past seven years and look forward to working closely with the team on this next phase.”

“It’s been a privilege to serve LendingPoint as interim CEO. I believe that Shawn is a great fit and will continue the company’s mission to provide innovative financing solutions for customers, while identifying new strategic growth opportunities,” Mark Lorimer, Chief Business Affairs and Legal Officer. “Throughout his career, Shawn has been recognized for his ability to drive organizational success, foster a culture of excellence, and deliver superior results. His strategic vision, operational expertise, and championship of customer experience make Shawn the ideal leader to guide LendingPoint in its next chapter.”

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Options Announces Expansion in Toronto, Bolstering Canadian Markets https://fintecbuzz.com/options-announces-expansion-in-toronto-bolstering-canadian-markets/ Wed, 07 Aug 2024 14:30:49 +0000 https://fintecbuzz.com/?p=63232 Options Technology, a trailblazer in capital markets infrastructure, announced the expansion of its Toronto office. The expansion is part of Options’ strategic growth in North America and demonstrates the firm’s continued commitment to its clients and partners across the Canadian financial markets. The new office, at 141 Adelaide Street W, is situated in the center of Toronto’s financial district, giving even closer proximity to clients and partners, and enhancing the firm’s ability to deliver innovative...

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Options Technology, a trailblazer in capital markets infrastructure, announced the expansion of its Toronto office. The expansion is part of Options’ strategic growth in North America and demonstrates the firm’s continued commitment to its clients and partners across the Canadian financial markets.

The new office, at 141 Adelaide Street W, is situated in the center of Toronto’s financial district, giving even closer proximity to clients and partners, and enhancing the firm’s ability to deliver innovative solutions to its clients across the global capital markets.

With over a decade of experience in foreign exchange technologies and E-trading platforms, Robert Strawbridge, VP Head of Canada, has been instrumental in driving Options’ success in the region. His deep knowledge of the industry and vision have helped establish the business as a key player in Toronto’s vibrant financial technology landscape.

Robert Strawbridge, VP Head of Canada, commented, “We are thrilled to announce the major expansion of our Toronto office, a testament to the incredible dedication and talent of our team here. Our Toronto staff, along with those who contribute from other locations, are truly exceptional, embodying the spirit of innovation and excellence that drives our success in the Canadian market. This expansion not only strengthens our presence but also underscores our commitment to investing in our people and the vibrant community of Toronto.”

Invest Ontario’s Interim CEO and VP, Strategies & Business Solutions, Michael Fedchyshyn, commented, “Options’ rapid growth and evolution since opening their first Canadian headquarters in 2020 highlight the significant opportunities available here. Northern Irish-based businesses like Options are flourishing in Ontario, thanks to the competitive business environment and world-class talent the province offers. We extend our best wishes to Options for continued success and growth in their new office space.”

Today’s news comes as the latest in a series of exciting developments for Options, including its partnership with DiffusionData, its achievement as Digital Realty’s EMEA Partner of the Year and Equinix’s Tech Trailblazer awards.

Options Technology:

Options Technology (Options) is a financial technology company at the forefront of banking and trading infrastructure. We serve clients globally with offices in New York, London, Belfast, Cambridge, Chicago, Hong Kong, Tokyo, Singapore, Paris, and Auckland. At Options, our services are woven into the hottest trends in global technology, including high-performance Networking, Cloud, Security, and AI (Artificial Intelligence).

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CSI Launches Expanded Developer Portal https://fintecbuzz.com/csi-launches-expanded-developer-portal/ Wed, 31 Jul 2024 17:00:31 +0000 https://fintecbuzz.com/?p=62911 New enablements help community banks accelerate integrations, reduce costs and improve efficiency

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CSI, a leading provider of end-to-end financial software and technology, announced a new Developer Portal with features that make it easier for community bank partners to integrate applications from third-party developers via open APIs.

In addition to a growing list of integrated fintechs and integrators, CSI community banks and developers now have access to new documentation methods, resources and standardizations that simplify the implementation process and accelerate time to value. As a result, community banks can consider more application programming interfaces (APIs) across account opening, payments, document services and other applications—and quickly onboard solutions to open new lines of revenue, streamline back-office operations and improve engagement with account holders.

“We believe that our community bank partners will benefit greatly from our investments in open banking, and these enhancements will make their onboarding process more seamless than ever,” said Shanda Purcell, senior director of open banking at CSI. “The speed of our integrations equals decreased costs and increased efficiencies for our community bank partners. That’s really what we are after: a plethora of choices and ease of use for our customers as they deploy proven APIs and pursue strategic growth.”

CSI’s Developer Portal includes updated technical and application guides as well as test environments that allow both parties to better understand data communication and associated business rules. CSI visually curated these features to allow non-IT staff within banks—such as deposit, loan and payments officers—to easily digest information, understand the purpose of a developer’s API and stay compliant by highlighting data visibility and access. All APIs available in CSI’s Open Banking Marketplace are also required to have a proven deployment through the Developer Portal with a community bank before listing.

“Community banks competing in today’s market require the right combination of flexibility, speed and efficiency that can meet the needs of their account holders without a significant tech investment,” said David Culbertson, CEO and president of CSI. “Our Developer Portal is designed to meet all three of those needs with the scaffolding community banks need to reduce the burden of adoption. It’s just the latest example of how CSI is pursuing every avenue and opportunity to help our customers more effectively tackle critical areas of their front- and back-office operations.”

CSI worked with fintech partners directly to finesse implementation, user-test the interface and create features that enhance developers’ user experience and ease of integration. Third-party developers have the tools and methodologies they need to develop according to CSI’s APIs—along with samples of code to promote standardization across all APIs.

“As a development team integrating with CSI’s NuPoint® core, the new API documentation portal is a game-changer,” said Mitch Miller, director of engineering at Core10, a financial technology company that provides lending, account opening and middleware products. “Its clear layout, detailed guides, robust code samples and interactive tools streamline our integration process—allowing us to focus on innovation. The CSI technical team’s prompt support and deep knowledge have been invaluable, swiftly answering any questions we have.”

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BlackRock to Acquire Preqin https://fintecbuzz.com/blackrock-to-acquire-preqin/ Mon, 01 Jul 2024 15:50:12 +0000 https://fintecbuzz.com/?p=61545 BlackRock, Inc. has agreed to acquire Preqin, a leading independent provider of private markets data for £2.55 billion or approximately $3.2 billion in cash. Bringing together Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will create a preeminent private markets technology and data provider. The acquisition adds a highly complementary data business to BlackRock’s investment technology, marking a strategic expansion into the fast-growing private markets data segment. Private markets...

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BlackRock, Inc. has agreed to acquire Preqin, a leading independent provider of private markets data for £2.55 billion or approximately $3.2 billion in cash. Bringing together Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will create a preeminent private markets technology and data provider. The acquisition adds a highly complementary data business to BlackRock’s investment technology, marking a strategic expansion into the fast-growing private markets data segment.

Private markets are the fastest growing segment of asset management, with alternative assets expected to reach nearly $40 trillion by the end of the decade. As institutional and wealth investors increase allocations to alternatives, BlackRock has built a leading private markets franchise to meet this client demand. There is an even greater need for standardized data, benchmarks, and analytics that enable investors to better incorporate private asset classes into portfolios and provide fund managers with better data and tools to deliver outcomes for clients. Private markets data is estimated to be an $8 billion total addressable market and growing 12% per year, reaching $18 billion by 2030.

Preqin empowers investors to make better decisions by providing data and insights that increase transparency and access across the global alternatives market. With a 20-year history, Preqin is a leading independent data solutions provider in private markets with global coverage of 190,000 funds, 60,000 fund managers and 30,000 private markets investors, reaching more than 200,000 users, including asset managers, insurers, pensions, wealth managers, banks, and other service providers. In 2024, Preqin is expected to generate ~$240 million of highly recurring revenue and has grown approximately 20% per year in the last three years.

Through the Aladdin platform, BlackRock provides technology solutions to over 1,000 clients. The combination of Preqin with eFront, Aladdin’s private markets solution, brings together the data, research, and investment process for fund managers and investors across fundraising, deal sourcing, portfolio management, accounting, and performance. Preqin will also continue to be offered as a standalone solution.

“BlackRock’s vision has always been to bring together investments, technology, and data to offer solutions that meet our clients’ needs across their whole portfolio. As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data, and analytics that create a ‘common language’ for investing across both public and private markets. We see data powering the industry across technology, capital formation, investing, and risk management,” said Rob Goldstein, BlackRock Chief Operating Officer. “Every acquisition has been an opportunity to strengthen our capabilities for clients—and in fact, we have been a client of Preqin for many years, and we look forward to welcoming the talented Preqin team to BlackRock.”

“Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers. This presents a substantial opportunity for Aladdin to bridge the transparency gap between public and private markets through data and analytics,” said Sudhir Nair, Global Head of Aladdin.

“BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale.” said Mark O’Hare, Founder of Preqin. “I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our customers.” Preqin founder Mark O’Hare will join BlackRock as a Vice Chair after the close of the transaction.

“Private markets continue to evolve and so is Preqin. I am incredibly excited about the opportunities this next phase of growth, together with BlackRock, promises our customers and our employees,” said Christoph Knaack, CEO of Preqin.

Terms of the Transaction

Under the terms of the transaction, BlackRock will acquire 100% of the business and assets of Preqin for total consideration of £2.55 billion or approximately $3.2 billion in cash.

The transaction is expected to close before year-end 2024, subject to regulatory approvals and other customary closing conditions.

Barclays served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel. Goldman Sachs International served as the sole financial advisor, and Macfarlanes acted as legal counsel, to Preqin.

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The post BlackRock to Acquire Preqin first appeared on FinTecBuzz.

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