Published
Clifford Bennett
Chief Economist at ACY
Is there such a thing as a silent top? see more
- 07:00 am
OSTTRA’s TriOptima, a leading infrastructure service that lowers costs and mitigates risk in OTC derivatives markets, today announced a new triBalance credit optimisation rebalancing initiative that reduces risk in multiple central counterparties (CCPs), including LCH CDSClear and ICE Clear concurrently.
This new service, which has already allowed 12 participants to eliminate more than $475bn of gross notional value from cleared Index Credit Default Swaps (CDS), enables investment banks such as Goldman Sachs and J.P. Morgan to simultaneously optimise multiple risk measures including notional, initial margin (IM) and capital exposures on a multilateral basis. Previously, banks would have had to reach out to, and negotiate with, counterparties individually to mitigate the same type of risk. The addition of credit to TriOptima’s multilateral network uniquely positions the service to optimise across all derivative asset classes, FX, rates, commodities, equities and credit derivatives.
“We appreciate triBalance for establishing a framework to optimise notional and capital for cleared credit products and look forward to future offerings targeting capital & IM reduction in the credit and mortgages space in the future,” said Kaushik Murali, Global Head of Index Trading at Goldman Sachs.
“Rebalancing credit risks across ICE Clear and LCH CDSClear is an important risk-management task and solutions to support dealers to achieve this will reduce market fragmentation and help deliver results for clients. Through a successful first session TriOptima: triBalance Credit has helped us to reduce initial margin and simplify positions, enabling us to continue delivering a best-in-class service”, said Aymeric Paillat, Head of J.P. Morgan Global Credit Index Trading.
"We welcome initiatives like triBalance Credit that help our members manage their gross notional and derived capital exposure across CCPs.” added Frank Soussan, Global Head of CDSClear, LCH.
“The risk reductions achieved, demonstrate the value that this triBalance Credit initiative is already delivering for our clients. It enables financial institutions to achieve further capital efficiencies and reduce funding costs associated with margin requirements, while contributing to the smooth and efficient running of the credit derivatives market,” concluded Erik Petri, Head of triBalance at TriOptima.
- 08:00 am
Luther Burbank Savings invests in Creatio’s one platform for workflow automation and CRM
Creatio, a global vendor of one platform to automate industry workflows and CRM with no-code and a maximum degree of freedom, today announced that Luther Burbank Savings, an FDIC insured, California-chartered commercial bank, is now a customer.
Luther Burbank Savings is a wholly-owned subsidiary of Luther Burbank Corporation (NASDAQ: LBC), a publicly owned company headquartered in Santa Rosa, California with total assets of $7.2 billion at September 30, 2021. Luther Burbank Savings executes on its mission to improve the financial future of customers, employees and shareholders by providing personal banking and business banking services. The bank, an equal housing lender specializing in multi-family lending, offers highly competitive depository and mortgage products, robust cash management solutions and high-yield liquidity management to individuals, small businesses, commercial real estate owners and fiduciaries.
Luther Burbank Savings opted for Creatio to transform its customer-facing financial services workflows. Creatio’s vertical solution offers a no-code platform for banks to automate business workflows and streamline customer journeys.
“Delivering an immersive and tailored experience is paramount to driving long term customer relationships,” said Andy Zambito, Chief Sales Officer Americas at Creatio. “By partnering with Luther Burbank Savings, the bank can take advantage of Creatio’s platform to service customers and meet them where they are – providing services that are most relevant, at the right time and place.”
- 04:00 am
Amazon will stop accepting Visa credit cards issued in the UK from 19 January, the online retail giant has said.
It said the move was due to high credit card transaction fees but said Visa debit cards would still be accepted.
Visa said it was "very disappointed that Amazon is threatening to restrict consumer choice in the future".
Amazon said: "The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers."
The online retailer said costs should be going down over time due to advances in technology, "but instead they continue to stay high or even rise".
An Amazon spokesperson said the dispute was to do with "pretty egregious" price rises from Visa over a number of years with no additional value to its service.
Amazon is offering £20 for Prime customers to switch from using Visa to an alternative payment method, and £10 for other customers.
Visa said in a statement it was "very disappointed that Amazon is threatening to restrict consumer choice in the future. When consumer choice is limited, nobody wins."
It said it had "a long-standing relationship with Amazon" and that it was trying to resolve the situation so customers would be able to use Visa credit cards with Amazon UK.
Amazon declined to say how much Visa charges the retailer to process transactions made on credit cards.
Visa also declined to comment though it claimed that on average it takes less than 0.1% of the value of a purchase.
'A blow'
Amazon and Visa said any changes in fees had nothing to do with Brexit.
Both Visa and its rival Mastercard have raised the so-called interchange fee on cross-border transactions between businesses in the UK and the European Union following Brexit.
The dispute between Amazon and Visa is to do with the fees the credit card company charges Amazon for its services in the UK.
This row between two corporate titans is now being played out in full view of their customers.
Amazon says Visa's fees are excessive, and an obstacle to low prices for consumers. Visa says its fees are competitive, has minimal effect on prices, and that nobody wins when choice is restricted.
Whether or not this row is about fees, or whether that is just a smokescreen is largely irrelevant to consumers using these services. They just know they may have to change the way they pay on Amazon.
Yet, the timing is significant. These messages to customers hit home harder when people are regularly using Amazon for Christmas shopping.
But it also means there is still time before January 19 for a compromise to be reached.
James Andrews, senior personal finance editor at comparison website Money.co.uk, said the move "will come as a blow to the millions of Britons" who use Visa credit cards, including Barclaycard and HSBC customers.
"With American Express also rejected by many UK retailers, that means people looking for rewards on their spending or trying to split the cost of shopping with a 0% purchase card on Amazon will be effectively forced to choose a Mastercard," he said.
He added that a rewards card that is offered by Amazon is "powered by Mastercard".
Mastercard's executive vice chairman Ann Cairns, said: "It's very important that customers have choice, and have the widest variety of ability to pay, whether that's through cards or from their bank accounts or cash, and remember that it is never the consumer that pays fees."
"We talk to Amazon all the time because obviously we are two big global businesses and Amazon is one of our top customers around the world."
Retail analyst Steve Dresser said in a tweet that Amazon could be aiming to bring Visa fees down with its move.
Amazon to stop accepting Visa credit cards from January next year. A challenge when such a big retailer decides to stop accepting payments.... Aiming to bring fees down? pic.twitter.com/vHYUkChO4K
— Steve Dresser (@dresserman) November 17, 2021
- 09:00 am
App Launch Features Introduction of Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB), Chainlink (LINK), & Uniswap (UNI)
CoinSmart Financial Inc., one of Canada’s leading digital asset trading platforms, has announced the official launch of its new mobile trading app for iOS and Android devices. The intuitive, simple to use mobile app streamlines the onboarding, digital asset buying, selling and trading process, while providing customers instant access to many of the most popular cryptocurrencies on the market.
To coincide with the app’s official launch, CoinSmart has listed Dogecoin (DOGE) and Polkadot (DOT) as well as Shiba Inu (SHIB), Chainlink (LINK), and Uniswap (UNI), giving traders an increased choice of crypto assets in addition to CoinSmart’s Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), EOS, Stellar Lumens (XLM), XRP, Bitcoin Cash (BCH), and USDC offering.
New customers can now create & verify an account or log in directly through one of the most user-friendly apps available from any Canadian crypto trading platform. Unlike other Canadian apps that require certain coins to be converted to fiat prior to withdrawal, the CoinSmart app uniquely offers traders the option to both on-ramp and off-ramp their entire portfolio of coins to and from their private wallet.
The CoinSmart app also offers the SmartTrade feature, allowing customers to instantly swap between any two digital assets without having to trade through Bitcoin, Ethereum, or a stable coin first. This streamlines the trading process even further and gives customers unparalleled flexibility with their trading decisions — making the entire process easier and enabling immediate trading with just a few clicks.
Other benefits and innovative features include:
· Multiple funding methods and FIAT currencies
o CAD, USD, EUR
o Onboarding and offboarding through Interac, Bank wire/SWIFT, UK Faster payments or SEPA
· Account funding with as little as CAD $100 or €50
· Instant account creation and fast Know Your Customer (KYC) verification, giving users the ability to trade within minutes
· Same day access to fiat deposits
· 24/7 omni-channel customer support
· Institutional grade account security and cold wallet coin storage
o Mandatory 2FA on all user accounts
o PIN security requirements
o Email verification
“Our priority is to provide Canadians with easier accessibility to a diversified range of popular digital asset classes” said Justin Hartzman, co-founder and CEO of CoinSmart. “By providing our new mobile trading app alongside our user-friendly platform, we have opened up the potential for both our Canadian and international clients to quickly gain access to a growing range of crypto assets in a highly secure and compliant environment and providing them the ability to on and off ramp our full selection of coins.”
The new CoinSmart trading app is available for download for iOS through the Apple App Store and on Android at Google Play.
To find out more, please visit www.coinsmart.com
Philip Dutton
Co-Founder and Co-CEO at Solidatus
Precious gems and metals derive a substantial part of their value from their scarcity and the huge effort required to obtain them. see more
- 06:00 am
Yapily’s open banking infrastructure to power growth and innovation for Spain’s banks and fintech sector
Yapily, the European open banking infrastructure provider, today launches in Spain to drive innovation, growth and international expansion for domestic banks and the country’s thriving fintech sector. The Spanish launch comes on the heels of Yapily raising $51m in its Series-B fundraising round and will see the appointment of an experienced local team.
Yapily has already developed substantial capabilities in the Spanish market. With 100% PSD2 connectivity, Yapily covers more than 95% of Spanish bank accounts - both retail and corporate - at 52 banks. This represents near total market coverage for the deployment of open banking-enabled products and services. Vivid, the Berlin-based financial platform for investing, banking and saving, already uses Yapily to connect their users to bank accounts in Spain.
Angel Salamanca, Yapily’s Country Lead for Spain, said: “With a focus on rapid growth, Spain’s fintech firms are looking for scalability, innovation and opportunities for international expansion. Yapily’s open banking infrastructure can provide them with all of these as well as the tools to build better products and services. Our infrastructure is API-first, secure, reliable and delivers a great developer experience. Yapily is content to remain in the background - invisible to end users and putting our customers in control and at the forefront in creating better user journeys and experiences.”
Yapily’s experience, presence and expertise across a range of European Union member countries, including Germany, Italy and France, presents Spanish financial institutions and fintech service providers with a foundation for expansion in the world’s biggest trading bloc.
Yapily’s recent completion of its Series-B fundraising round has enabled it to extend open banking across Europe and revolutionise financial services. The investment round had a markedly European flavour, being led by Sapphire Ventures with existing investors Lakestar, HV Capital and LocalGlobe also taking part.
As Yapily’s country lead in Spain, Angel Salamanca brings to the organisation considerable experience of financial services innovation and Spain’s open banking sector. He was previously responsible for Banco Santander’s open banking services strategy and its integrations with fintech and non-financial companies. Prior to that he spent time at a range of other organisations, including BBVA and PwC. He is also a lecturer on payments and open banking at several business schools.
- 09:00 am
The New Guide Provides Digital Banks With Important Insights Including Global and Regional Policy Trends, AML Risk Assessment Considerations And Examples Of Best-In-Class Risk Management Programming
ComplyAdvantage, a global data technology company transforming financial crime detection, today announced the availability of the firm’s new Anti-Money Laundering (AML) Guide For Digital Banks. The guide provides firms - including neo and challenger banks - offering digital-first services with a clear understanding of the regulatory challenges they may face; how best to structure an effective, customer-centric AML program and; real-world examples of success stories from digital-first banks.
The phenomenon of emerging banks offering digital-first services is redefining how consumers and businesses around the world access, manage, invest or transact with their money. And, while these services that have been designed around speed and convenience have attracted hundreds of millions of customers en masse, they have also become attractive hotbeds for financial criminals.
Criminal organizations have shown their willingness to exploit the compelling features and benefits that digital-first banks offer to line their own pockets, launder illicit money and fund terrorism worldwide. As a result, regulators have begun to step up their scrutiny of the industry.
As a leading reg tech innovator, ComplyAdvantage is dedicated to helping digital-first banks navigate through the growing complexities of the AML/CFT regulatory landscape so they can meet their regulatory requirements while delivering a seamless customer experience.
“As the provider of an innovative money app, we recognized the importance of implementing rigorous AML and risk management processes right from the start,” said Chisato Kamimura, Head of Compliance at sync. “By working with ComplyAdvantage, we not only have a better understanding of the regulatory landscape but we also have the right tools and program strategies to ensure the highest level of customer vetting and transactional integrity.“
The new AML Guide For DigitalBanks highlights key compliance considerations that include:
Global Policy Trends: The latest guidance from the Financial Action Task Force (FATF), one of the most influential organizations on the world stage when it comes to fighting financial crime.
Regional Policy Trends (North America, European Union and Asia-Pacific): How different countries have treated the rise of challenger banks including charter and licensing requirements and specific regulatory requirements in their jurisdictions.
Risk Assessment Considerations: A bank’s risk-based approach hinges on conducting a thorough, accurate risk assessment program as early as possible. The guide covers the risks inherent in the products or services used; risks posed by the individual or entity (e.g., a cash-intensive business, a foreign entity, or a politically exposed person) and, lastly: risks posed by the specific jurisdiction or sub-jurisdiction (e.g., where the bank operates and where the customer is located) and more.
Success Stories: Examples of digital banks and best-practices for AML program implementation.
“Our research is intended to help both customers and the financial services industry by providing insights with prescriptive measures so they can maintain the greatest level of risk management integrity, “ says Charles Delingpole of ComplyAdvantage. “With areas from sanctions to cryptocurrencies evolving at such a rapid pace, what you don’t know can truly hurt your business.”
ComplyAdvantage offers a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime. The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.
- 03:00 am
- New GDP Nowcast expands global coverage and indicates impact of US economy on Canada in real time
Alternative data specialist QuantCube Technology today announced the availability of the QuantCube real-time GDP Canada Nowcast. The latest GDP indicator is part of a series of expansions to its GDP Nowcasts for the main global economies: the US, China, the UK, Japan, and the Eurozone, including France, Germany, Spain, and Italy.
The QuantCube Canada GDP Nowcast enables users to see whether an event or trend happening in the US economy is affecting Canada’s economy, with insights delivered daily. QuantCube GDP Nowcasts are real-time indicators quantifying current economic growth trends at a country level. QuantCube does this by dynamically processing multiple subcomponents of GDP nowcasting and establishing patterns from robust observations.
QuantCube’s GDP Nowcasts demonstrate—in real-time—economic growth over a 12-month period at the country level by tracking and aggregating each component of the GDP.
“With its close relationship to the US, Canada is an important country to track, especially given its status as a significant producer and exporter of fossil fuels,” said QuantCube CEO, Thanh-Long Huynh. “Tracking Canada’s GDP is essential for any fund involving mining, oil and gas extraction, construction, and manufacturing to wholesale trade and transportation and warehousing. Investment professionals can gain a significant competitive edge by getting valuable information ahead of anyone else, before the publication of official GDP data, to generate greater Alpha.”
For every country, QuantCube uses different proxies that track the most important parts of the variance of GDP. To compute each subcomponent of the GDP, multiple layers of analytics and pre-processing are necessary to extract an accurate proxy from the massive flow of alternative datasets. QuantCube’s GDP Nowcasts for current-quarter growth rates are updated daily, a capability achieved via QuantCube’s Data Infrastructure, which can process massive amounts of data in real-time.
The real-time GDP Canada Nowcast indicator is available to view through the QuantCube Macroeconomic Intelligence Platform (MIP). Alongside country GDP nowcasts, the platform also provides real-time information on various indicators from tourism and global trade to inflation and other key macro-economic variables.
- 02:00 am
Next-generation product suite revolutionizes wealth management communication, planning and financial product distribution
InvestCloud, the global leader in financial digital transformation, today unveiled InvestCloud X – its most significant product innovation yet. InvestCloud X is three revolutionary products packaged into one: a Digital Communication platform transforming the way advisors interact with clients, a Digital Planning platform designed to cover the simplest to the most sophisticated needs of all investors, as well as a Digital Shopping platform for financial products called the Financial Supermarket.
Co-founder and CEO John Wise said: “Combining three products into one is a game-changer. The ability to work on plans at different age and wealth moments, then immediately select financial products to achieve these plans, and then monitor, report and communicate in one platform and product is a game-changer.”
Like everything InvestCloud has done in its 11 years since inception, InvestCloud X is deployed on InvestCloud’s financial cloud platform, which today supports $6.3 trillion in assets across over 20 million investor accounts in over 40 countries globally. As with all InvestCloud products, InvestCloud X has been designed and built using InvestCloud’s iProgram (formerly known as PWP), the patented AI code generating engine that is a revolution for cost and time to market. Connecting all aspects of InvestCloud X is of course the InvestCloud Digital Warehouse, the custom central data warehouse cataloging data for seamless search and access the world over.
Intuitive Digital Communications
The InvestCloud X Digital Communication platform is a digital platform for client and advisor communication. It enables the creation of custom experiences that can be optimized and refined for an unlimited number of personas and viewed on mobile or desktop, from anywhere, at any time. Using both gaming and decision theory, InvestCloud’s behavioral science offerings encouraging end-users to stay actively engaged in their financial wellness. The platform also leverages AI trained on historical information to serve up custom recommendations for products and actions in a client portfolio.
Intelligent Digital Planning
The InvestCloud X Digital Planning platform offers completely comprehensive financial plans, at any stage of the wealth continuum, from basic goal-based planning for the mass affluent to the sophisticated and complex needs of all investors – including tax and estate planning. As with the Digital Communication platform, the Digital Planning platform is entirely customizable to the end-user, allowing advisors to guide their clients in completing and maintaining their financial plans on their own terms.
Co-founder and Chief Product Officer for Digital Wealth Yaela Shamberg explains: “From Lifestyle to Goal-Based plans, Cashflow, Tax, Trust and Retirement, the Digital Planning platform in InvestCloud X is a fully digital experience, accessed using the InvestCloud X Communication Platform. These Planning tools leverage the same behavioral science techniques that are core to InvestCloud, encouraging engagement with a thorough eye on design and user experience.”
A Revolutionary Financial Supermarket
The Financial Supermarket is an Amazon-like marketplace for the financial industry – a financial product marketplace for distributors and manufacturers. With the Financial Supermarket, all products are cataloged on one platform, allowing for simple search by advisors, simple addition by asset managers and simple execution by advisors for clients. The products can be marketed with detailed information – from historical performance data to rich media (video, podcast, etc.), which help paint a clearer picture of the opportunity.
Chief Product Officer for the Financial Supermarket Fred Duden adds: “This is our game-changer. Insights and due diligence are digitized and seamless within the Financial Supermarket. As with all things InvestCloud X, this product information is effortlessly shareable via the Digital Communication platform, and executable via the Digital Planning platform.”
InvestCloud hosted a live stream launch event last week, and a recording of the product launch is now available on the InvestCloud website here.
