CORE BANKING, FINTECH
Quaint Oak Bank | November 25, 2022
Quaint Oak Bank, a Pennsylvania-based community bank, will leverage Cable’s centralized platform to enhance financial crime compliance oversight across its fintech partner portfolio, using Cable’s suite of automated and smart tools to efficiently onboard and continuously monitor its fintech partners on a single platform.
“We are excited to partner with Cable to scale our fintech sponsorship program in a safe and sound manner, Our primary responsibility as a partner bank is to ensure that every fintech program complies with applicable banking and consumer protection regulations, with a heightened focus on combating money laundering, identity theft, and other financial crime related activities. Cable’s real-time integrated platform provides us the visibility and unrestricted access necessary to identify and target compliance deficiencies quickly and efficiently. Deploying Cable aligns perfectly with our enterprise-wide initiative to leverage technology for accuracy and scalability. We believe by using Cable we can onboard our partners faster, have significantly greater oversight of their financial crime controls, provide a streamlined experience for our partners, and give us greater assurance about our compliance.”
-William Gonzalez, EVP of Quaint Oak Bank
Cable gives partner banks such as Quaint Oak Bank and other institutions confidence in their compliance with financial crime requirements, providing a single platform for conducting tech-enabled risk assessments, automated assurance, quality assurance, management information, reporting, and more.
We are honored to partner with Quaint Oak Bank to help grow its fintech partner program, Our technology will help them meet regulatory requirements and launch fintech partners faster, while implementing oversight processes that scale seamlessly as its business expands,said Natasha Vernier, Cable CEO.
There is a lot of opportunity now to level up partner bank oversight of fintech partners. We’re excited to build our relationship with Quaint Oak Bank and raise the bar on what’s possible for fintech partner management together.
FINTAINIUM and DataSeers | November 22, 2022
Atlanta-based fintech DataSeers and Jacksonville-based FINTAINIUM announce a new partnership to further expand FINTAINIUM's unified cash flow management platform. FINTAINIUM will be using DataSeers' industry leading SaaS solutions like IdentitySeer and ReconSeer to help financial institutions attract, retain, and grow business relationships.
DataSeers will be providing essential back-office services and payments capabilities through their platform specifically designed for banking and payments to help manage critical operations such as reconciliation, compliance, fraud detection, onboarding, and analytics.
Knowing your customer is the first line of defense for fraud, risk, and compliance, but it's still one of the biggest challenges for banks and credit unions. Implementation of a top-tier product like IdentitySeer proves an institution's commitment to providing financial services while keeping out bad actors.
We are pleased to develop this new partnership with Fintainium and together leverage this flexible and scalable platform to provide elevated services in onboarding, reconciliation, and others to their customers in the financial space," says Adwait Joshi, Founder and Chief Seer at DataSeers.
"We have the leading solution in the cash management space and are honored to connect with DataSeers to provide the essential function of embedded reconciliation to the market,"
-Richard Jackman, Chief Executive Officer of FINTAINIUM
FINTAINIUM delivers back-office innovation for financial institutions and streamlines end-users' payments and cash flow management processes. With headquarters in Jacksonville, Florida, and operations in Toronto, Canada, FINTAINIUM facilitates enhanced services between financial institutions, businesses, and other technology companies. Fintainium is a modular platform with the newest technology to work seamlessly with financial institutions and ERP systems. Fintainium's technology enables features such as embedded payments and lending, an integrated CFO toolkit with business intelligence, cash flow management tools, and back-office automation. Fintainium is the only unified platform that combines all these features into a simple, easy-to-navigate user interface. Fintainium was named a Best Startup in Jacksonville by The Tech Tribune.
DataSeers is an Atlanta-based FinTech that has engineered a unique solution for effectively harnessing complex data. Its FinanSeer® software is AI-powered and specifically designed to help banks and payments companies improve their onboarding, reconciliation, compliance, fraud detection, and analytics in one user-friendly platform.
DataSeers was established in 2017. Since the creation of DataSeers five and a half years ago, the company has changed office spaces five times to accommodate its steady client and staff growth.
The company has won multiple awards. With three-year revenue growth of 427 Percent, DataSeers received ranking No. 1503 among America's Fastest-Growing Private Companies in the annual Inc. 5000 list. The company was named one of the Best Places to Work in FinTech by American Banker. DataSeers was recently selected in the AIFinTech100 for 2022. DataSeers received a 2021 Atlanta Business Chronicle Pacesetter Award as one of the 100 Fastest Growing Private Companies in Atlanta. The Technology Association of Georgia recognized DataSeers as one of its "Top 40 Technology Companies" three years in a row. The company has also received the LexisNexis® Risk Solutions HPCC Systems® Community Recognition Award for creating a "Truly Unique Solution" leveraging the HPCC Systems open-source data lake platform. DataSeers was among Atlanta Inno's 2019 "50 on Fire" companies in Georgia. The company was also a winner in the New to Export category at the 2019 GLOBE Awards presented by the Georgia Department of Economic Development and among the 2020 award recipients.
FINANCIAL MANAGEMENT, FINTECH
State Street | November 21, 2022
State Street Corporation (NYSE: STT) today announced the launch of the firm’s new peer-to-peer financing platform, Venturi, specifically designed to connect buy-side firms with new sources of liquidity in the global repo space. Venturi, built through a partnership with FinOptSys, a cutting edge FinTech focused on the securities financing market, supports trade negotiations and enhances trade settlement and collateral management, allowing traders to better manage and diversify their counterparty exposure.
“As a result of elevated market volatility and the changing liquidity and rate environment, buy-side firms are increasingly seeking new and diversified sources of financing, We are excited to further expand our product suite with the launch of Venturi to help foster the growth of and scale the peer-to-peer marketplace. Akin to our 2005 launch of FICC’s Sponsored Repo Service, which has also provided our clients with critically needed liquidity solutions, we believe Venturi will empower our clients to discover new liquidity pools and make better, data-driven investment decisions. The launch of this platform – designed in large part through extensive development and feedback from our clients – is certainly a very noteworthy milestone for our business and the evolution of our peer-to-peer initiatives.”
-Gino Timperio, global head of Financing Solutions at State Street
Venturi was built to provide clients:
Increased Efficiency: Users negotiate economic terms of peer repo transactions on Venturi. A program master repo agreement streamlines the documentation process and supports ready scalability. Users may engage with any or all counterparties active on the platform.
Improved Flexibility: Venturi supports a flexible suite of eligible collateral and margin requirements.
Seamless Confirmation of State Street’s Guaranty to Repo Buyers: Venturi allows buy-side participants to seamlessly submit and confirm the repo transaction terms satisfy the criteria necessary for State Street to guarantee the repurchase price payment obligations of the repo seller to the repo buyer following a repo seller default. State Street’s short-term credit rating: A+/AA1.
Transparency of trade and margin call settlement: With links to State Street’s Collateral+ Triparty Solution for Peer-to-Peer Repo, Venturi displays confirmed trade matches, collateral valuation and margin calls, and collateral movements between counterparties.
In helping to centralize liquidity pools and enhance transparency, Venturi seeks to open up for the buy-side new trading opportunities, lower their transaction costs and improve their returns.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide.