S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology space. For more fintech news, click here.
Top news
Google Cloud from Google LLC, Cleveland-based KeyBank NA and Deloitte revealed an expanded, multiyear partnership that will see KeyBank become one of the largest U.S. regional banks to operate its primary platforms and applications on Google Cloud infrastructure.
The bank will leverage the data solutions and artificial intelligence technologies of Google Cloud to improve digital banking experiences. It will migrate its infrastructure to Google Cloud starting in 2022, while the majority of its products and services will eventually be moved to the cloud by 2025. Deloitte will serve as the systems integrator.
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Through a partnership with Supernova Technology, SEI Investments Co. will add a fully digital, end-to-end security-backed lending solution to the almost 50 technology integrations and strategic partnerships available to independent advisers through the SEI Wealth Platform. The solution, called Nationwide Smart Credit, enables advisers to help clients use their nonretirement portfolios to access liquidity without disrupting investment strategies.
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Garden City Park, N.Y.-based Hanover Community Bank will join the early adopter program of digital asset platform Bakkt Holdings Inc., giving it the ability to connect to Bakkt's cryptocurrency platform and offer customers access to bitcoin and Ethereum through its mobile banking app. The cryptocurrency connect solution is expected to launch in the second quarter.
Banking and lending
Montreal-based Business Development Bank of Canada, or BDC, disclosed a three-year partnership with Mila – Québec Artificial Intelligence Institute with the goal of making added-value resources available to a group of BDC-backed companies from across the country. BDC Capital Inc., the investment arm of the bank, injected roughly C$330 million in over 200 companies incorporating AI solutions.
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Avant LLC and Ally Credit Card (Ollo) joined Mercury Financial LLC as founding partners of TreeQual, LendingTree Inc.'s automated preapproval platform, which enables lenders and card issuers to easily identify qualified LendingTree members and display customized preapproved offers after an onboarding process.
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Sistar Mortgage will implement Black Knight Inc.'s Empower loan origination system and integrated origination solutions to improve borrower experience and increase processing efficiencies.
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Reston, Va.-based John Marshall Bank inked an agreement with a Small Business Administration 7(a) loan processing platform from Reliant Business Valuation. The technology, LendUX, will allow the bank to provide small business customers with enhanced financing access.
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MX Technologies Inc. teamed up with Cadence Bank to help the Tupelo, Miss.-based bank identify trends in customer financial data and use such insights to grow interchange revenue and enhance connection with customers.
Payments
Financial super app Revolut Technologies Inc. is allowing U.S. customers to make up to 10 international money transfers monthly to bank accounts in Mexico in up to 30 minutes without fees, according to a press release obtained by S&P Global Market Intelligence.
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Innovative Payment Solutions Inc., a fintech company focused on creating digital payment platform IPSIPay, launched the IPSIPay app. The app allows users to remit money to Mexico; acts as a digital wallet; and lets users invest in cryptocurrencies, gold and silver.
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Cloud-based platform Verituity Inc. joined the accelerator program of BNY Mellon to offer improved payout solutions.
Trading and investing
Sundance Strategies Inc. is partnering with fintech organization Tradability for the release of non-fungible tokens backed by life settlements. The "real-world assets" backing the NFTs will be up to $500 million, investment-grade rated life insurance-linked bonds, to be backed by roughly $850 million of life insurance policies and about $115 million of cash reserves.
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Cboe Global Markets Inc. intends to launch trading in Nanos, a one-multiplier, cash-settled listed options contract, on March 14. Nanos will be available to trade based on the value of the S&P 500 Index.
Insurance
Amerisure Insurance subscribed to InsuranceSuite on Guidewire Software Inc.'s Guidewire Cloud. The upgraded subscription will also include Guidewire for Salesforce to allow for data synchronization between InsuranceSuite and Salesforce Financial Services Cloud.
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