This week in BFS: AI, Cloud, and Blockchain grip the sector as digital transformation becomes top priority

Latest Industry Insights from Draup Braindesk

Companies are leveraging next-generation use cases such as mobile wallet, process automation, and Banking-as-a-Service (BaaS) platform to expand their digital offerings 

  • J.P Morgan used Saphyre’s AI technology to provide an automation workflow process for account opening, thereby improving scalability. 

  • Goldman Sachs launched Marcus, a Robo-advisory tool and a new digital investment platform that offers managed portfolio of stocks and bonds for banks with auto-portfolio management and rebalancing. 

The firms have partnered with various cloud companies to expand services such as platform integration, data resilience, privacy, and digital payment process. 

  • J.P. Morgan partnered with SAP Cloud to offer real-time cash visibility to customers and improve liquidity with low risk. 

  • Goldman Sachs is migrating the production of its securities database, Goldman Sachs Marquee, to AWS. They aim to deliver new products and services to clients directly on the platform. 

Organizations are leveraging the Blockchain for trade transactions and real-time bill payments. 

  • HSBC partnered with Tata Steel to execute a blockchain-enabled, paperless trade transaction of steel and validated the commercial viability of blockchain. 

  • J.P. Morgan partnered with the State Bank of India to provide blockchain technology to speed up overseas transactions. The tie-up is expected to reduce SBI customers’ transaction costs and time taken for payments.

Latest Reports Published in Draup

Private Equity Firms Landscape Analysis Report: Private Equity Firms focus on the eight key digital innovations (API, Big Data, Blockchain, Social Media, Cognitive Technology & ML, New Digital Platforms, Robo Advisers, and RPA) to move into a more digital future. Read More>>
Nasdaq Account Intelligence Report: Nasdaq focuses on collaborating with leading fintech, trading, and technology firms to provide next-gen SaaS-Based Platforms with enhanced security features using advanced digital technologies like AI/ML, automation, and Blockchain. Read More>>

Key Funding Alert

Solarisbank raises USD 224 Mn at a USD 1.65 Bn valuation to acquire Contis 
This latest round is going to be used for expansion. CEO Roland Folz said in an interview that the Contis acquisition — which underscores a wider consolidation trend in fintech — will help it better cover API-based embedded banking tech in all of Europe and start to make its first early moves into Asia. Read more>>

Startup Spotlight

Company – Payzer 
Total Funding  USD 42.15 Mn
Year of Inception – 2014
About: Payzer is a North Carolina-based financial technology company that offers an all-in-one financial tool that helps contractors grow their businesses and exchange money with ease. Its mobile and cloud-based platform allow customers to accept credit and debit cards and electronic checks in the field or at the home office with real-time tracking across their organizations. 
Read more>>

Key Insights and Signals in Semiconductor 

Mergers and Acquisitions  
Wells Fargo rebrands as Allspring Global Investments
Wells Fargo Asset Management (WFAM), the newly independent company, will be rebranded as Allspring Global Investments following its acquisition by GTCR LLC and Reverence Capital Partners. Veteran industry executive Joseph A Sullivan will become Chief Executive Officer and succeed Nico Marais, WFAM’s current CEO. Read More>>
Visa acquires CurrencyCloud in a USD 963 Mn deal to strengthen cross-border payments
Visa has signed to acquire Currencycloud, a global platform that enables banks and FinTechs to provide innovative foreign exchange solutions for cross-border payments. Visa will use the startup’s technology to bolster its currency exchange rails to offer a wider set of services to its customers, including financial institutions, FinTechs, and more. Read More>>
Singapore Exchange acquires MaxxTrader in a USD 125 Mn deal
SGX is planning to expand its reach into the FX over-the-counter (OTC) ecosystem through the latest acquisition of MaxxTrader. Headquartered in Singapore, MaxxTrader provides FX pricing and risk solutions for sell-side institutions, including banks and broker-dealers, as well as a multi-dealer platform for hedge funds. Read More>>
State Street acquires Mercatus as part of private market solutions launch     
State Street has agreed to acquire Mercatus, a solutions and data management provider for private market managers with over USD 1 Tn in invested capital. State Street will launch its “State Street Alpha” for institutional investors to help them manage their infrastructure, private equity, real estate, private debt, and fund of fund investments through a single platform. Read More>>
Brazil’s Nubank partners with Remessa Online to offer international money transfer
Nubank, Latin America’s largest digital bank and unicorn, has begun offering an international money transfer service for customers to send and receive money from abroad through its app, in partnership with Remessa Online platform. The new service also expands Nubank’s portfolio, including credit cards, investment options, insurance, personal loans, and instant payment solutions. Read More>>
Barclays joins Mastercards multi-rail B2B payments network
Barclays will be the first large bank partner to offer the Mastercard Track Business Payment Service (BPS), a global real-time corporate payments system the card network is building. Barclaycard Payments will begin offering Track BPS in the U.K. and continental Europe to automate instant business-to-business payments starting later this year. Read More>>
Mastercard and Lloyds Bank team up for Open Banking checkout solution     
Lloyds Bank’s PayFrom Bank, enabled by Mastercard’s Open Banking Merchant Payment Solution, lets consumers make payments on an organization’s website directly from their bank account without entering any payment details. The solution aims to be a quick, secure, and seamless payment option without remembering passwords or input data. Read More>>
Sampath Bank extends partnership with Paycorp International     
Sampath Bank extended its partnership with Paycorp International to provide customers with the capability to accept online payments from AMEX, Diners Club, and Discover Network through Paycorp’s Payment Gateway. With this, Sampath Bank becomes the first local bank in Sri Lanka to enable its customers to access these six major issuer networks. Read More>>
Afterpay to launch lifestyle app Money on Westpac tech     
Buy now, pay later (BNPL) firm Afterpay has marked its partnership with Australian bank Westpac with the launch of its new app, Money. Money is built on banking infrastructure provided by Westpac and offers money management, balance analysis, and displays upcoming installments of existing orders via Afterpay. Read More>>
Executive Movement 
Nivedita Sharma & Birju Sanghrajka appointed to the Standard Chartered Board 
Nivedita Sharma, a technology and innovation expert, and banking professional Birju Sanghrajka join the Board of Standard Chartered Bank. Nivedita will serve as a non-executive director on the board chaired by Kellen Eileen Kariuki, and Birju Sanghrajka takes up the role of executive director of the bank. Read More>>
Son Won-joon becomes the youngest CEO to lead Hana Financial group’s subsidiary
Son Won-joon, former Managing Director at Brain Asset Management, will be the first CEO to lead the group’s newly-launched Hana Asset Management Asia, located in Singapore. With the appointment, the 43-year old will be the youngest CEO to serve at one of Hana Financial Group’s subsidiary companies. Read More>>
IberiaBank announces key leadership changes to move digital
IberiaBank, a division of First Horizon Bank, has named Hunter Hill as Chief Digital Transformation Officer and promoted Tony Adams to New Orleans market president. In his new role, Hill will create and drive the company’s digital vision, strategy, and thought leadership across all lines of business, and Adams will lead the commercial banking segment. Read More>>
Marqeta announces Randy Kern as new CTO     
Marqeta, the global modern card issuing platform, added Chief Technology Officer Randy Kern to its executive team. Kern will be responsible for scaling the global engineering team and driving technological advancements across the company. Randy brings decades of software engineering experience to Marqeta, and his experience leading development teams and building software products will be vital for Marqeta. Read More>>
Deals and Deal renewals 
BNP Paribas selects InvestCloud for CLM/CRM solutions     
BNP Paribas Wealth Management selected InvestCloud’s solution based on the latter’s leading automation technology to bring operational efficiency to onboarding of HNWIs, the ease of integration with existing systems, as well as enabling BNP Paribas Relationship Managers (RMs) to provide HNW clients with a more responsive and proactive level of client service, for better client retention and client growth. Read More>>
Finicity and Green Dot sign a data access agreement to secure money management for customers
The Finicity direct API experience will first be available through Green Dot’s flagship digital bank, GO2bank. It will allow customers to link their accounts to third-party apps that use Finicity’s secure data network and financial data. This integration enables customers to put their financial data to work for them by offering secure, seamless connections to tools and features that can have a meaningful impact. Read More>>
Worldpay from FIS selected by Crypto Exchange OKCoin to support global expansion
FinTech leader Worldpay from FIS has been selected by cryptocurrency platform OKCoin to provide global merchant acquiring and foreign exchange services to support its continued global expansion, currently spanning 190 countries. The exchange will leverage Worldpay’s worldwide scale and foreign exchange services, enabling smooth credit and debit card payments for customers to purchase crypto. Read More>>
RBL Bank enters into an agreement with Visa for issuing credit cards     
The bank expects to start issuing on the payment network post the technology integration, scheduled to take 8 to 10 weeks. In the interim, the bank’s run rate of issuing 100,000 new cards per month would be impacted until there is some clarity from the Reserve Bank of India (RBI) on issuing new credit cards on the network or till the technical integration with Visa is complete. Read More>>
Center setup and Expansion
Bank of Baroda launches Customer service center in Kandra
The Kandra branch of Bank of Baroda inaugurated its Customer service center for providing better services to customers. With the launch of Customer Service Centre, customers will be provided a range of new and better services. All banking facilities will be available for customers at this center, including cash deposits and withdrawals and necessary transactions even during holidays. Read More>>
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