Tradeverse consolidates real-time, multi-asset class data from multiple vendor applications and platforms from orders and executions through settlement into a unified, harmonized data platform. It reduces errors, simplifies access with a common data ontology across front, middle and back office and incorporates robust security to protect sensitive information and maintain data integrity. The clear data structure unlocks insights for all key functions – trading desks, operations, risk, finance, and regulatory – by providing a trusted and transparent data source.

“A Tradeverse implementation we’ve recently completed with a global bank is proving the power of harmonizing trade data,” said Hugh Daly, Head of Data and AI, Capital Markets, Broadridge. “The solution delivers efficiencies for their regulatory reporting and compliance teams, allowing direct access to the data for business users initiating complex searches using natural language.”

Many enterprise data warehouse projects fail to deliver the expected benefits due to the complexity arising from disparate representations of the source data. Tradeverse is focused on ensuring true data harmonization. The application of business logic and constraint of the data ontology is critical to that. This leads to seamless access to high quality data, which ultimately accelerates time-to-value for multiple AI initiatives.

In another use case, the Securities Operations team of a top ten capital markets firm is using Tradeverse’s harmonized data platform coupled with Broadridge’s Generative AI tool for Operations (OpsGPT) to empower users.  This is allowing the teams to identify and implement productivity gains such as settlement fails analysis that were previously incredibly hard to capture in a fragmented ecosystem.

Tradeverse will be the cornerstone of a number of innovative value-add business solutions that Broadridge will bring to market in the coming months.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Broadridge announced the launch of Tradeverse first appeared on FinTecBuzz.

Expansion into the US Market
APX Lending is pleased to announce that it has expanded its services to commercial borrowers across 30 U.S. states, offering loans from $1,000 to $10 million, with retail lending coming soon. This strategic move targets the $4 billion U.S. crypto-backed lending market. The company is committed to maintaining its high standards of security and compliance, with collateral held in segregated and insured cold storage wallets and visible to borrowers on the blockchain throughout the loan term.

Introducing the APX Lending White Label Solution
In addition to the U.S. expansion, APX Lending has unveiled its White Label Solution—a comprehensive, fully managed platform that enables financial institutions to offer their own branded crypto-backed lending services with minimal overhead. Built on APX Lending’s 100% proprietary technology, the platform is designed with high availability, customizable branding, and robust API integration to ensure seamless adoption. The solution also features advanced security protocols, including role-based access control, out-of-the-box Web Application and API Protection (WAAP), and custom reporting capabilities, all backed by dedicated support from APX Lending.

These announcements strengthen APX Lending’s role as a leading provider in the global crypto-backed lending industry, offering innovative solutions that cater to the changing needs of both businesses and institutions.

Notable Quotes for Media Reference:

• “As we continue to innovate and expand in Canada and the US, our focus remains on delivering cutting-edge crypto-backed lending solutions with the highest standards of security and compliance. This commitment sets APX Lending apart globally. We’re excited to now serve commercial borrowers across 30 states and look forward to expanding into the retail sector soon.” – Andrei Poliakov, CEO of APX Lending
• “Our technology and compliance expertise make us uniquely positioned to offer a white label solution that is both robust and adaptable. We are excited to collaborate with financial institutions worldwide, helping them to seamlessly enter the crypto-backed lending space with confidence and security.” – Andrei Poliakov, CEO of APX Lending

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post APX Lending Expands into the US and Unveils White Label Solution first appeared on FinTecBuzz.

Off Exchange effectively mitigates exchange counterparty risk by allocating and mirroring assets from a wallet both institutional traders and exchanges mutually control, leveraging Fireblocks’ MPC technology and on-chain settlement. In the last 90 days, the Fireblocks Network, upon which Off Exchange was deployed, facilitated over $200 billion in transactions between institutional traders and over 30 connected exchanges.

In March 2023, HTX joined the Fireblocks Network, an enterprise-grade digital asset transfer platform for rapid digital asset transactions and dynamic payment workflows, to facilitate seamless trading on the HTX platform, leveraging the direct custody solution offered by Fireblocks.

Fireblocks Off Exchange: Battle-Tested Technology and Real-Time Settlement

Fireblocks Off Exchange sets itself apart from other third-party custodial solutions by utilizing MPC technology to help traders mitigate exchange counterparty risk by locking funds in secure MPC-based shared wallets.

Justin Sun, a member of the HTX Global Advisory Board, acknowledged the importance of leveraging Fireblocks, stating, “By working with Fireblocks, HTX will deliver a more secure trading environment and an enhanced user experience. HTX is committed to establishing itself as the world’s leading one-stop trading platform, earning the trust of millions of users worldwide.”

Michael Shaulov, CEO and Co-founder of Fireblocks, said, “Exchanges are increasingly looking to innovative technology and institutional-grade security to address the challenges around counterparty risk and to ensure customer funds are protected. Fireblocks Off Exchange provides HTX with the ability to monitor and validate client collateral on-chain and enforce risk management without taking custody, as well as increases liquidity and maximizes capital efficiency, creating a more secure digital asset trading environment.”

HTX Continues to Elevate User Trading Experience, Paving the Way for Freedom of Crypto Trading

HTX recognizes the launch of Fireblocks Off Exchange as a milestone in risk mitigation for over-the-counter (OTC) transactions in the cryptocurrency market. Adhering to the “User First” principle, HTX is committed to consistently reducing trading risks and enhancing the overall trading experience. By working with Fireblocks, HTX aims to contribute to a cryptocurrency ecosystem that fosters greater freedom in trading, while simultaneously decreasing risk and increasing liquidity. Users from both platforms can seamlessly perform instant transfers, payments, and other operations directly through their HTX accounts. This move enhances the platform’s global presence and provides a myriad of investment opportunities for users worldwide.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post HTX Integrates Fireblocks Off Exchange first appeared on FinTecBuzz.

The recognition underscores Adversa AI’s flagship product, Continuous Red Teaming for Generative AI (GenAI), which is revolutionizing the financial sector’s approach to security and resilience. As financial institutions worldwide rush to implement GenAI for serving customers and grapple with increasingly sophisticated cyber threats specific to AI Applications, from prompt Injections and Jailbreaks to Data Leakages, Adversa AI’s Continuous Red Teaming stands out as an essential tool, ensuring Security and Safety of AI-driven applications in financial systems.

In an era where GenAI is transforming financial services, ensuring the security and reliability of AI systems is paramount. Adversa AI’s Continuous Red Teaming for GenAI addresses this critical need by providing continuous, rigorous testing and fortification of AI models against potential vulnerabilities and adversarial attacks. This proactive approach not only enhances the security of financial institutions but also builds trust and confidence among stakeholders and customers.

“Being named in the AI Fintech Global list is a testament to our commitment to innovation and excellence in the financial technology sector, the most growing customer segment and the most affected by Cyberattacks. This accolade recognizes our contributions to developing advanced and pioneering AI technologies that are crucial for the financial services industry in 2024 and beyond.” – added Alex Polyakov, Adversa AI CEO.

Continuous Red teaming involves the ongoing simulation of sophisticated cyber-attacks on AI systems, identifying weaknesses before they can be exploited by malicious actors. For financial institutions, this means staying ahead of threats, safeguarding sensitive data, and maintaining operational integrity. Adversa AI’s solution is designed to adapt to evolving threats, ensuring that financial companies can operate with the highest levels of security and reliability.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Red Teaming Platform for LLM in Global 100 AI Fintech List 2024 first appeared on FinTecBuzz.

Hack3d reports are the most detailed and authoritative security reports in the industry, providing the Web3 community with the most comprehensive statistics on onchain hacks, scams, and exploits.

In Q2 2024, $688 million was lost across 184 onchain security incidents, a 37% increase in value lost compared to Q1 2024. Phishing accounted for $433 million of these losses, with private key compromises coming in second at $170 million. Ethereum was hit hardest, with 83 incidents causing $170 million in losses. Despite these breaches, $99 million was ultimately recovered, adjusting total losses to $589 million for the quarter.

Total losses in the first half of 2024 reached $1.19 billion across 408 incidents. Despite these losses, regulatory advancements such as the passage of the FIT21 bill in the U.S. and the approval of spot ETFs for Bitcoin and Ethereum indicate a maturing market poised for increased institutional participation. However, the substantial losses experienced in Q2 and H1 2024 highlight the ongoing challenges in achieving a secure and stable crypto ecosystem.

“Q2 2024 has been another eventful quarter for the blockchain security world,” said Prof. Ronghui Gu, co-founder of CertiK. “The increasing value lost to hacks and scams underscores the importance of continued vigilance and innovation when it comes to onchain security.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post CertiK Releases Hack3d: The Web3 Security Report for Q2 and H1 2024 first appeared on FinTecBuzz.

“Congratulations to the Aave community on achieving this milestone for GHO’s expansion beyond Ethereum mainnet to Arbitrum,” said Aave Labs Founder and CEO Stani Kulechov. “The DAO’s measured approach to making GHO more accessible, aligns perfectly with its commitment to stability and risk management. Integrating with other networks will lower fees, offer faster transactions, and enhance liquidity, making GHO more attractive to users and ushering in a variety of new use cases, including GHO digital payments.”

“We are excited to see that the Aave DAO has chosen Arbitrum as the first platform to launch its GHO stablecoin. This integration is poised to revolutionize accessibility, lower transaction costs, and unlock unprecedented liquidity. As decentralized finance continues to advance, we are looking forward to seeing more transformative new use cases across Arbitrum.” said Nina Rong, Head of Ecosystem Development at The Arbitrum Foundation

“Excited to see that the Aave community has voted to choose the security of Chainlink’s CCIP as its interoperability solution for cross-chain GHO transfers. I have always seen the developers of Aave prioritize security, thanks to their deep understanding of the dynamics around keeping user value secure. CCIP does provide a large improvement on the security of other cross-chain systems, which is what will come to define it as the leading cross-chain infrastructure, just like the security of Chainlink Data Feeds is what led them to become the leading source of data in DeFi,” said Sergey Nazarov, Co-Founder of Chainlink.

For secure and cost-effective GHO cross-chain transfers, the Aave DAO chose CCIP, which is compatible with both EVM and non-EVM networks, enhances risk mitigation, security, and user experience through advanced features and mechanisms like rate limits, flexible billing, Programmable Token Transfers, a well-audited codebase, and a first of its kind separateRisk Management Network. Additionally, CCIP’s cross-chain security innovations empower the DAO through important risk management levers such as configurable rate limits and the ability to control GHO bridge logic. Backed by Chainlink’s battle-tested infrastructure, CCIP is widely adopted across  DeFi and capital markets and supports existing Aave deployments, helping to ensure smooth and secure cross-chain expansion for GHO.

GHO was designed to be a secure multi-chain stablecoin architectured for flexibility. Arbitrum has, and every chain with GHO in the future will have, its own GHO version, backed by reserves on Ethereum, for sufficient collateralization. For secure cross-chain transfers between Ethereum and non-Ethereum chains like Arbitrum, GHO uses a lock-and-mint model enabled by CCIP, where tokens are locked on Ethereum while an equivalent amount is minted on the other network, keeping the total supply constant. As additional chains are supported, transfers between non-Ethereum chains will use a burn-and-mint model enabled by CCIP for maximum capital efficiency and fungibility, while still being backed by reserves on Ethereum. This ensures security and flexibility for GHO’s future expansion across multiple blockchains.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Aave’s GHO Stablecoin Now Live on Arbitrum Powered by Chainlink CCIP first appeared on FinTecBuzz.

Research shows that when people are aware of a specific scam, they are 80% less likely to engage with it, and if they do engage, they are 40% less likely to lose money or sensitive information. As financial fraud plagues older Americans, with over $28 billion stolen from them each year, SpeedBump ensures customers are maximally aware of the latest information about fraud, so they are empowered to protect their money during the moments they are most at risk. SpeedBump is a major step forward in protecting older Americans from rampant financial abuse.

“The proliferation of AI has created a new frontier of fraud, where criminals can impersonate financial institutions, businesses, and even victims’ loved ones via email, text, and voice with just a few clicks of a button,” said Kevin Nazemi, co-founder and CEO of Charlie. “AI has unleashed a disturbing new wave of financial fraud and scams on this population, leaving them more vulnerable than ever. With billions stolen from older Americans every year and fraudsters becoming more sophisticated, we believe it is our responsibility to build impactful technology to empower our customers to get the most out of their money and keep it safe. SpeedBump is the next frontier in helping older Americans protect themselves in this growing war.”

How SpeedBump Works

SpeedBump activates when the following actions take place due to the acute risk they present:

• Payees: A Charlie customer adds a new payee. Fraud can occur when a criminal puts pressure on a victim to quickly add them as a payee to their account to send money, or an unauthorized person with access to an account adds a new payee, oftentimes themselves, to move money out.
• Transactions: Transfers over $100 from their Charlie account. This covers a wide variety of fraud, including caretaker or family fraud, where a payee is established but the account holder does not approve of the transfer, among much else.
• Devices: They log into their Charlie account from an unknown device or a device they have not used in the past 30 days. This covers hackers using a remote device to break into an account or a caretaker or service provider accessing multiple devices they may have access to.

Whenever one of these actions is taken, SpeedBump activates to empower the customer to determine if they are in the midst of financial fraud, and if so, take immediate action to stop it. SpeedBump consists of the following:

• The Pause: When a new payee or device is added, a six-hour pause is immediately implemented before any money can be released. Money movement over $100 to established payees gets a one-hour speedbump. If the customer takes no action, the money leaves their account at the conclusion of the pause with no further action required. However, if the activity is fraudulent or suspicious, the customer has the option to stop it.
  • How it stops fraud: Once money leaves a bank account, it becomes much harder, if not impossible, to recover it. The pause gives the customer crucial time to either cancel the transaction themselves in the Charlie app or to seek help from Charlie customer support.
  • Example: Imposter scams – A fraudster posing as the Social Security Administration contacts a customer to inform them that their system crashed and that they need the customer’s login credentials to their Charlie account to confirm their Social Security is being deposited to their Charlie account. The fraudster gains access to the customer’s account and moves money out of their Charlie account to the fraudster’s account. The pause gives the customer time to stop the transaction.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Charlie announced the launch of SpeedBump first appeared on FinTecBuzz.

85% of respondents say deepfake technology poses an existential crisis to the business’ financial security.

Ahmed Fessi, Chief Transformation & Information Officer, explains: “Today’s CEOs and CFOs have large digital footprints. They have speeches, interviews and videos plastered across YouTube, LinkedIn and corporate websites. Artificial Intelligence (AI) can now use existing online audio content to create fake audio that sounds just like business leaders. Scammers are creating fake audio clips of CEOs and CFOs and calling the finance team asking them to pay bogus suppliers.”

When asked, the vast majority of professionals (87%) admitted that they would make a payment if they were “called” by their CEO or CFO to make a payment. This is concerning as more than half (57%) of financial professionals can independently make financial transactions without additional approval.

Yet only 40% of professionals say protecting the business from deepfakes is a top priority. A third (33%) of employees don’t feel well educated in deepfakes. There is also little faith in colleagues, as only 36% of professionals are very confident a colleague would spot a deepfake fraud attempt.

The lack of education appears true as when asked if and what technology their business uses to protect itself against deepfakes, only 5% knew what this technology was.

Fessi continues: “There are three important factors to prevent falling victim to deepfake attacks. One is education: employees should understand the threats and know how to counteract them. Second is process. Too many businesses allow employees to make payments without the right checks and balances. Third is technology. AI is a force for good for finance professionals if deployed correctly as it can spot anomalous transactions based on large data sets.”

Traditional phishing attacks involve fraudulent emails or websites that trick individuals into divulging sensitive information or performing unauthorized transactions. Deepfakes elevate this deception to a new level, generating hyper-realistic audio or video impersonations of trusted individuals (such as CEOs or CFOs) and deceiving even the most vigilant professionals. Just as organizations have safeguards and technology in place to protect against and educate on phishing, it’s critical that the same tools and processes are leveraged to increase readiness to respond to deepfake attacks.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Half of US and UK finance professionals hit by deepfake fraud scams first appeared on FinTecBuzz.

However, this digital revolution comes with a downside. In the wrong hands, even the most beneficial instruments can be used for malicious purposes. While most users adopt new financial technologies to simplify their lives, others exploit these innovations for fraudulent practices.

For example, in 2023, about $22.2 billion worth of cryptocurrency was sent to illicit addresses, a clear scheme of money laundering. Cryptocurrency is just one component of fintech; other elements like P2P digital payments and online banking significantly increase these numbers.

Fintech Providers Face Security Challenges

Under these conditions, top fintech providers face a dual challenge: offering competitive financial services while ensuring high-level protection for their clients. The industry’s leaders are now in a heated race to implement the most effective anti-fraud and anti-money laundering (AML) measures.

B2B fintech solution providers demonstrate the highest dedication to security. Unlike other businesses focusing on specific financial services, B2B solution providers create comprehensive ecosystems relied upon by other organizations. With such responsibility, enhanced safety measures are crucial to protect both their operations and those of their clients.

Fintech360 Leading the Fintech Solutions Race

A prime example of a fintech solution provider committed to security is Fintech360. This company’s responsible approach to transaction and data safety sets it apart as a leader in the field. Fintech360 is renowned for its high-quality B2B services provided to regulated brokers, including CRM systems, payment gateways, business intelligence tools, trading platforms, and more.

Fintech360’s mission goes beyond profit-making; it aims to revolutionize the brokerage industry with innovative omni-channel solutions. The company focuses on achieving the highest efficiency while keeping its trading platforms simple and user-friendly, available for both iOS and Android.

How Fintech360 Ensures Client Protection

Fintech360 is a blueprint for B2B fintech solutions providers, both in the quality of its services and the security measures it takes to protect its clients. The company’s security system relies on a multi-layered, cloud-based infrastructure that ensures the highest level of data safety. It meets the latest industry standards, employing advanced security tools to protect sensitive information and prevent fraudulent practices.

Major safety measures employed by Fintech360 include Rest API encrypted protocols and disc encryption at rest, ensuring secure data storage and transfer. Given the volume of data handled, this aspect cannot be overestimated.

Other security measures include Data Loss Prevention (DLP) services, comprehensive security logs, a permission-based platform structure, and automatic security monitoring tools. Additionally, the company utilizes two-factor authentication (2FA) for both B2B clients and internal users.

Fintech360 Teams Up with FUGU for Enhanced Security

Despite its robust internal security measures, Fintech360 recognizes the value of third-party support in covering global, strategically important elements like anti-fraud and AML. To this end, Fintech360 has partnered with FUGU, a leading provider of payment fraud detection software known for its innovative approach to digital safety.

FUGU’s post-checkout verification system allows parties to confidently accept transactions while minimizing the risk of false declines, a common method of fraud. Using constant transaction monitoring, pattern analysis, and AI tools, FUGU effectively combats various fraud models, including stolen identities, account takeovers, and friendly fraud.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Fintech360 partners with FUGU to Elevate Fintech Security Measures first appeared on FinTecBuzz.

The Regional Management Issuance Trust 2024-1 (RMIT 2024-1) notes were issued at a weighted-average coupon of 6.19% (a 132 bps improvement over the prior RMIT 2022-2B issued notes), secured by $215.7 million of receivables, with a 3-year revolving period. The Class A notes of the securitization received a top rating of “AAA” from Standard & Poor’s and Morningstar DBRS.

“We are pleased to complete our latest securitization at an improved cost of capital compared to our prior securitization, which is a continued testament to the market’s confidence in Regional,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “The securitization fortifies our balance sheet, further diversifies our funding sources, and moderates our exposure to interest rate risk. As of the transaction’s closing, our fixed-rate debt as a percentage of total debt was 87%, with a weighted-average coupon of 4.1% and a weighted-average revolving duration of 1.2 years. We remain well-positioned to execute on our strategy to deliver sustainable returns and long-term value to our shareholders.”

The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Regional Management Corp. Completes $187M Asset-Backed Securitization first appeared on FinTecBuzz.