FINANCIAL MANAGEMENT, FINTECH
PRnewswire | March 24, 2023
Abrigo, the leading technology provider of compliance, credit risk, and lending solutions for financial institutions, today announced the launch of Abrigo Small Business Lending Intelligence. This lending decision and monitoring engine is powered by Charm Solutions, a provider of AI technology that helps financial institutions unlock the full potential of their data, identify growth opportunities, optimize operations, and improve financial decisions.
According to FFIEC call report data, small business (SMB) loans made by banks in the U.S. grew to nearly 27 million in 2022. Many institutions have indicated that SMB is a continued, targeted area for growth in 2023, following the successful Paycheck Protection Program during COVID-19, which led many lenders to build or deepen relationships with SMBs in their communities. A barrier to growth for many institutions is efficiency. In a recent Abrigo survey, nearly 60% of financial institutions indicated that efficiency was the top challenge in small business lending.
Abrigo Small Business Lending Intelligence is embedded into the Abrigo loan origination platform and provides real-time scorecards that include a loan risk rating score, probability of default, and details of how the score was calculated. Using Charm's dynamic models along with existing processes, institutions can improve their decision-making by incorporating an array of data sources and leveraging analytics to gain actionable insights.
The engine leverages self-learning AI to continuously monitor a wide range of current and historical data, loan performance, accounting, and macroeconomic data from more than 1,200 institutions. Abrigo Small Business Lending Intelligence is transparent, providing institutions insight into the data and processes used for its scoring model. Abrigo Small Business Lending Intelligence also provides an early warning system alerting banks to changes that may impact an institution's entire loan portfolio before they become an issue.
"By leveraging the power of automation and AI, financial institutions can provide the small businesses in their communities with the funds they need faster while ensuring they have the right risk management controls in place for their lending processes," said Ravi Nemalikanti, CTO of Abrigo. "We are very pleased to partner with Charm to develop this innovative solution that advances our mission to help communities thrive."
"We are proud to power the Abrigo Small Business Intelligence platform with our proprietary AI-technology and help thousands of financial institutions make faster and better decisions to grow their SMB loan portfolio profitably and move the economy forward," said Jacob Malmborg, CEO of Charm Solutions.
About Charm Solutions
Charm Solutions is an AI software platform used by leading lending institutions to quickly and transparently analyze, decision, and monitor SMB loans, and by SMBs to gain insights into their financial health and use Charm's proprietary SMB Score™ report to receive actionable recommendations and efficiently secure the best financing alternatives to grow their business. Learn more at www.charmsolutions.ai
Abrigo is a leading provider of compliance, credit risk, lending, and asset/liability management solutions and services that help financial institutions thrive. Abrigo accelerates growth, increases client efficiency, and improves customer experience with an easy-to-use and expansive platform. We ensure customer success with our award-winning client service team, advisory expertise, and innovative technology. With a network of 2,400+ FIs, Abrigo offers unique opportunities for insightful peer benchmarks and best practices. Visit abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
CORE BANKING, FINTECH
Wirex and Novatti | March 15, 2023
Wirex, a major crypto payments platform, announced on March 14, 2023, that it has teamed up with Novatti, a card issuer, to issue cards directly to Australians. This partnership could enable more than 20 million individuals to use their groundbreaking multicurrency card daily.
Wirex's pioneering crypto-enabled debit card allows around 5 million users to seamlessly buy, hold, exchange, and sell over 12 traditional and 130 cryptocurrencies at 80 million locations. Recently, Wirex added the TAUD (True AUD) stablecoin to its app as part of its most significant token release.
Wirex's partnership with Novatti will allow direct card issuance to Australian users. The collaboration brings advantages such as higher spending limits, up to 8% instant rewards, no FX or maintenance fees, international ATM withdrawals, fiat-to-fiat exchanges, affordable top-ups, and exclusive merchant offers. Strict KYC checks and AML requirements will be in place for all transactions and processes.
After experiencing significant success in the UK and EEA, Wirex expanded to APAC in 2019 and has since become their most rapidly growing region. With one of the world's highest levels of crypto adoption, Australia has become an important market for Wirex. The partnership with Novatti will be a bridge between the traditional economy and the digital economy. This will allow Wirex to take advantage of this growing market.
Svyatoslav Garal, Managing Director of APAC at Wirex, remarked, "As we grow our operations in Australia, we've strategically chosen to partner with a trusted Australian-headquartered company, Novatti, to issue cards. Being able to expand our product offerings will enable more users to continue taking advantage of the benefits of forward-thinking payments."
(Source – Cision PR Newswire)
This comes after a recent announcement that Wirex would be able to try out new blockchain projects, bring in cutting-edge solutions, and improve the customer experience.
Wirex is a regulated digital payment platform that has revolutionized the digital payments industry by developing the world's first crypto-enabled payment card in 2015. Co-founded by Pavel Matveev and Dmitry Lazarichev in 2014, the company aims to make the digital economy accessible to all. With more than 5 million customers and the ability to grow into new areas, including the US, Wirex can use innovative solutions to get people to move toward a cashless society. In 2021, it expanded its offering into the CeFi and DeFi sectors to keep up with the growth of the metaverse.
Novatti is an award-winning Australian fintech with over 20 years of experience and partnerships across 58 countries. As an end-to-end payments provider, the company offers a range of solutions, including omnichannel payment acceptance, subscription billing, banking via International Bank of Australia Pty Ltd., Visa prepaid/debit/gift cards, digital wallets, cross-border payments, and alternate payments such as Flexepin vouchers and wallets, Novatti BillPay, AUDD (Australian dollar stablecoin), and other payment innovations.
FINANCIAL MANAGEMENT, FINTECH
PRnewswire | March 20, 2023
CQG, a leading global provider of high-performance technology solutions for market makers, traders, brokers, commercial hedgers and exchanges, today announced a strategic partnership with global Fintech leader, Broadridge Financial Solutions Inc. (NYSE: BR) that will integrate the two firms' Execution Management System (EMS) and Order Management System (OMS) respectively. The combination of CQG's front-end trading technology with Broadridge's Order Management System and the NYFIX network will be a first of its kind out-of-the-box solution for institutional customers who wish to take advantage of a full front-, middle- and back-office technology suite. These types of partnerships complement Broadridge's open architecture approach of the OMS.
CQG completed a FIX connection into Broadridge to allow for order flow from CQG directly into Broadridge's infrastructure to be managed and routed out to its network of exchanges and liquidity providers. Additional development underway will complete the effort to allow for seamless workflow between the two systems. Viewing and managing orders will be achievable and in-sync in either system. Customers can stage orders, apply algorithmic logic to existing orders, splice and bundle orders, manage allocations, and much more. Traditionally, clients have been tasked with piecing together a solution with a variety of technology providers and have the added effort and cost of making those tools work together.
CQG CEO Ryan Moroney said: "We believe this strategic partnership will bring ease along with significant savings opportunities to our mutual customers. Rather than making a choice between an OMS and an EMS, customers will be able to deploy an enterprise solution that offers both to their internal desks and clients alike."
Together, Moroney said, CQG and Broadridge look forward to enhancing the workflow of their institutional customers and providing best-in-class execution and order management.
CQG provides the industry's highest performing solutions for traders, brokers, commercial hedgers and exchanges for their market-related activities globally, including trading, market data, advanced technical analysis, risk management, and account administration. The firm partners with the vast majority of futures brokerage and clearing firms and provides Direct Market Access (DMA) to more than 45 exchanges through its global network of co-located Hosted Exchange Gateways. CQG technology serves as the front end for a variety of exchanges and is increasingly employed as the over-the-counter matching engine for important new markets. CQG's server-side order management tools for spreading, market aggregation, and smart orders are unsurpassed for speed and ease of use. Its market data feed consolidates 85 sources, including exchanges worldwide for futures, options, fixed income, foreign exchange, and equities, as well as data on debt securities, industry reports, and financial indices. One of the longest-serving technology solutions providers in the industry, CQG has won numerous awards for its trading software, technical analysis and multi-asset trading platform. CQG is headquartered in Denver, with 16 sales and support offices and data centers in key markets globally. For more information, visit www.cqg.com.