Trading Systems
PR Newswire | October 23, 2023
Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates.
The Corporate Trade Finance Portal from Finastra and ELCY will enable corporates to communicate in a secure and authenticated manner with all their banks through one centralized platform. As a result, corporates will benefit from greater visibility and real-time control of all trade finance exposures across their organizations. The transition away from the complexity of connecting to multiple bank proprietary systems and the removal of inefficient paper-based processes will also deliver significant cost and efficiency savings.
Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties, said Jaime Lynn, Vice President, Enterprise Solutions, Finastra. ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk.
Robin Cohen, Chief Executive Officer, ELCY added: "Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time."
The Corporate Trade Finance Portal is available as a cloud-based, multi-tenant SaaS solution meaning no software installation is required on site and all users benefit from the ability to adapt quickly to new market requirements through centrally-managed software upgrades.
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Fintech
PR Newswire | October 19, 2023
Alloy, the identity risk management company, is expanding its credit underwriting capabilities to support banks, fintechs, and other builders of financial products in managing their holistic credit risk. In a challenging macro-environment, Alloy enables lenders to make smarter credit decisions, capture default risk, and increase revenue by identifying upsell and cross-sell opportunities. Alloy also automates credit line management and product remarketing, helping lenders maintain appropriate credit limits and proactively extend new product offers to customers.
Lenders rely on Alloy's established credit underwriting capabilities to offer credit products to more people with less risk. Alloy allows lenders to automate their credit decisions using identity data gathered during onboarding, credit bureau data, and alternative underwriting data. Lenders can make credit decisions using custom models, building anything from basic workflows to complex matrix models right within Alloy.
Alloy's updated credit offering builds upon these existing capabilities to offer a comprehensive and proactive approach to credit management beyond origination, enabling banks and fintechs to monitor for credit risk throughout the customer lifecycle. New features include:
Automated, scheduled checks using the richest set of credit signals to monitor the ongoing financial health of borrowers: Lenders can incorporate fresh data pulls into their decisioning from a wide range of third party data sources: including credit bureau data, alternative underwriting data, and their own proprietary data. This comprehensive approach enables lenders to build a more complete picture of a borrower's creditworthiness and potential risks and carry out more data-driven decisions.
Real-time alerts sent to lenders to notify them about changes in a borrower's risk (e.g. if a borrower declares bankruptcy): Lenders can then take proactive measures to prevent the accumulation of high-risk loans.
Automated line management: Lenders can maintain appropriate credit limits and terms through continuous monitoring to determine if customers qualify for a credit line change based on behavior and automatically conduct line adjustments.
Automated credit remarketing process: Lenders can monitor positive customer behaviors like timely repayments and salary increases and can offer good customers new products, ultimately increasing their company revenue.
Historically, lenders have had to rely on point-in-time, siloed information about their borrowers, said Parilee Wang, Chief Product Officer at Alloy. With Alloy, lenders have a holistic solution for building a more complete picture of a borrower's ongoing creditworthiness and potential risks.
Alloy's product investment in the credit space comes as U.S. consumer credit card debt has topped $1 trillion for the first time in history. As many borrowers face increased financial strain impacting their ability to repay debts, lenders may be forced to make difficult decisions about the creditworthiness of their applicants. At the same time, as revolving credit usage grows and consumers demand personalized, seamless experiences from their financial institutions, lenders are challenged with remaining top of wallet and staying ahead of competitors.
"We were so excited to find a credit underwriting solution that lets us proactively manage our credit risk and allows us to rely on automated decisioning," said Bobby Parker, Head of Credit at PEX Card. "The configurable platform allows us to be nimble, and we can make critical underwriting changes quickly with the appropriate controls in place. Furthermore, with the A/B test feature, and pre-built integrations with salient data providers, we can ensure our decisions are driven by data and information gain. Leaning on this solution will give us the ability to prudently grow our portfolio while driving strong risk adjusted returns."
"We knew building our platform would require us to partner with best-in-class fraud prevention, compliance, and credit decisioning capabilities," said David Anderson, Co-Founder and CPO at Tandym, a consumer credit card issuer and Alloy client. "We wanted a solution that was flexible, easy to use, pre-baked with integrations, and that made adding new data sources and making changes to our policy simple and seamless. Using Alloy's Identity Risk Solution for credit underwriting provided us with the tools to create more complex configurations to deliver better and more tailored results."
Alloy offers the broadest coverage of third-party data in the industry with more than 190 data sources, including credit bureaus and alternative credit data providers. Some of Alloy's partners in the credit space include:
Equifax
Experian
Transunion
Nova Credit
FIS
Zest AI
Prism Data
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About Alloy
Alloy solves the identity risk problem for companies that offer financial products. Today, nearly 500 banks and fintechs turn to Alloy's end-to-end identity risk management platform to take control of fraud, credit, and compliance risk, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
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Financial Management
PR Newswire | October 20, 2023
LTX, a subsidiary of global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR), today announced the launch of BondGPT+, the enterprise version of its award-winning BondGPT application, which incorporates Broadridge's unique patent-pending technology and OpenAI GPT-4 to answer complex bond-related questions and rapidly assist users in their identification of corporate bonds on the LTX platform. BondGPT+ contains a range of new capabilities focused on the needs of its most sophisticated enterprise clients.
Since the successful launch of BondGPT in June 2023, we have received overwhelmingly positive feedback and thoughtful suggestions from our clients, said Jim Kwiatkowski, CEO of LTX. Based on that feedback, we have moved quickly to incorporate clients' own data as well as a range of new features in the second generation of BondGPT. The result is that BondGPT+ not only meets our clients' enterprise requirements, but also sets a new standard for generative AI solutions in the financial industry by providing a single natural language interface for seamless access to much of the data used by busy fixed income professionals.
Enterprise data and workflow integration
BondGPT+ allows clients to securely integrate their own data and other third-party datasets, providing easier access to critical information. Offering multiple implementation options and a robust API suite, BondGPT+ seamlessly integrates into clients' enterprise applications, including trading workflows. This means businesses can harness the full spectrum of BondGPT+'s natural language capabilities to receive quick answers to complex questions, which can help clients optimize portfolio strategies and make better-informed trading decisions when time is of the essence.
User-level customization and premium features
The personalized BondGPT+ dashboard with resizable answer panels allows users to take up as much or as little screen real estate as required. Critical questions can be saved as "favorites" on the dashboard and scheduled to run at a desired frequency, time of day, or when key data changes. Users can tailor BondGPT+ to their requirements by adding preferences that should be considered when generating responses. For example, if a user or firm has a policy where they only trade high yield bonds that are above a certain credit rating, BondGPT+ can be instructed to only include those types of bonds in its responses.
Accuracy, security, and control
From the first instance, BondGPT was created with architectural design patterns that ensure accuracy, data security, and privacy. These principles are equally central to BondGPT+ enterprise implementations, and they are especially critical given the capabilities within BondGPT+ to integrate with proprietary client data and systems.
Because it was purpose-built for institutional fixed income users, accuracy is paramount in BondGPT, and BondGPT+ continues this heritage. The application relies on verified, curated data sources, which mitigates hallucination risk and eliminates the need to pass sensitive data through the LLM. Further, explainable AI capabilities allow users and administrators to understand how BondGPT+ arrives at its responses. The patent-pending technology behind the "Show your work" feature offers transparency by showing, step-by-step, how each response was created.
Another key differentiator of BondGPT+ is its focus on enterprise control and governance. With its Admin Center, system administrators gain the ability to configure various levels of data access through user and firm level entitlements. BondGPT+ builds on BondGPT's AI-powered compliance layer, allowing compliance officers at client firms to add custom rules based on their firm's unique compliance and risk management processes. AI-powered usage analysis provides invaluable insights into user interactions with BondGPT, offering businesses a powerful tool for improving user engagement.
"Generative AI has the potential to transform the financial services industry by bringing unparalleled efficiencies to core operations," said Jean Sullivan of Celent. "BondGPT is a transformative industry-first use case that enables streamlined pre-trade fixed income workflows. By integrating BondGPT+'s natural language capabilities and curated data sources with clients' own data in their own systems, LTX is helping market participants make smarter, more streamlined decisions through easier access to the mountains of disparate data they deal with every day."
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