PR Newswire | October 04, 2023
Bloomberg today announced the completion of its acquisition of Broadway Technology, a provider of high-performance front-office financial technology solutions. The transaction brings together two highly complementary businesses, Bloomberg's Electronic Trade Order Management Solutions (ETOMS) and Broadway's low-latency execution management solution, and will help further the development of a comprehensive, low-latency order and execution management solution for the credit and rates markets.
Electronic trading in fixed income continues to mature and as workflows become more digitized, market participants are looking for scalable solutions that enable them to remain competitive. Together, Bloomberg and Broadway's solutions will offer clients innovative multi-asset low latency technologies in an increasingly competitive area.
The acquisition will help to further the development of comprehensive execution management solutions that provide greater asset coverage, connectivity, automation, and integration with pre-and post-trade workflows in response to demand for increasingly electronified and automated solutions. According to Coalition Greenwich's August 2023 Spotlight on US credit and rates markets, the future of e-trading will focus on innovation and evolution rather than just on growth. The analysis also found a year-over-year increase in electronic trading in US rates and US credit.
We are excited to welcome the entire Broadway team to Bloomberg. This acquisition enables us to deliver innovative multi-asset solutions that have a meaningful impact on an increasingly electronified, sophisticated, and interconnected fixed income market, said Ben Macdonald, Global Head of Enterprise Products at Bloomberg. We remain committed to investing in our business, and capitalizing on opportunities that enable us to provide clients with solutions that deliver cross-asset interoperability and enhance the value of Bloomberg's products and services to our community .
"Bloomberg and Broadway are synergistic, and this is an enormous opportunity as both companies value transparency, collaboration, fairness, and being employee-first," said Michael Chin, CEO of Broadway. "As part of Bloomberg, we are excited about our expanded capabilities to bring to market a wider breadth of innovative solutions for existing and future customers."
Clients of Bloomberg and Broadway's technology solutions will continue to experience the same high-levels of service and support.
Finastra | September 08, 2023
In 2017, Finastra introduced FusionFabric.cloud, which has since become a leading open innovation platform for the industry.
LaserPro, utilized by more than 2,500 financial institutions, is crafted to enhance and accelerate the loan processing journey for borrowers.
LaserPro in the cloud will initially prioritize commercial and consumer closing document generation, with ongoing enhancements planned.
Finastra has announced that its loan document preparation system, LaserPro, is currently accessible through cloud infrastructure. This introduction of LaserPro into the cloud environment aims to simplify loan document compliance management for financial institutions by employing a SaaS model.
Mitch Lucas, Vice President of Retail Lending at Finastra, who heads the team based in Portland (Oregon) responsible for developing this solution, emphasized that deploying their lending technology in the cloud demonstrates their commitment to promoting cloud solutions across the financial services sector. He added that with the capabilities of LaserPro, borrowers can enjoy expedited decision-making, streamlined processes, and seamless integration with various vendors and services.
LaserPro in the cloud equips financial institutions with the agility and scalability needed for expansion. It enables streamlined system access, accelerated compliance adjustments, and reduced IT costs for improved loan operation profitability. This solution lowers ownership expenses and enhances integration with core systems, e-signature solutions, and document management platforms, bolstering technological adaptability. LaserPro's provision of standard product templates and mandatory data fields also addresses evolving compliance requirements, expediting document preparation while ensuring compliance. Its cloud deployment strengthens regulatory adherence, bestowing a competitive edge by enabling swift adaptation to regulatory changes, reducing compliance costs, and fostering trust with customers and stakeholders.
David O'Connell, Strategic Advisor at Datos Insights (formerly Aite Novarica Group), stated,
The more cost-effectively lenders can have a uniform and automated approach to document generation, the better their borrower experience will be. This is particularly true in the case of the many smaller banks in North America competing against the small cohort of larger players.
[Source: Cision PR Newswire]
Finastra's introduction of LaserPro in the cloud underscores its commitment to delivering cutting-edge technological solutions to financial institutions. This cloud deployment streamlines operational processes, ensures continual compliance, and elevates the borrower experience.
Finastra, a global provider of financial software applications and marketplaces, serves a diverse range of institutions, offering acclaimed software solutions and services encompassing lending, payments, treasury and capital markets, and universal banking, spanning retail, digital, and commercial banking. These solutions empower banks to foster direct customer relationships while expanding through indirect channels, such as embedded finance and banking-as-a-service.
JPMorgan Chase & Co. | September 13, 2023
JP Morgan aims to expand its blockchain efforts with a new blockchain-based digital deposit token.
Deposit tokens are digital representations of bank-held deposit claims, enabling swift transactions through blockchain technology for instant settlements.
In 2022, the bank carried out a trial, issuing deposit tokens as a component of Singapore's Project Guardian, and subsequently emphasized their potential in a recent study.
JPMorgan Chase & Co., one of the leading financial institutions globally, is currently in the initial phases of considering the development and implementation of a blockchain-based digital deposit token. The primary objective of this strategic initiative is to enhance and expedite the traditionally complex, delayed, and inefficient process of cross-border payments and settlements.
The bank has embarked on comprehensive preparatory efforts to establish the essential infrastructure for its envisioned blockchain-based digital deposit token. These preparations encompass the development of a robust blockchain network, ensuring scalability and security, as well as the creation of a seamless digital architecture for token issuance and transfer. However, JPMorgan's ability to secure the necessary approvals from regulatory authorities within the United States, where it is headquartered, ultimately determines the deployment of this transformative financial instrument.
JPMorgan’s representatives addressed this advancement by highlighting the potential benefits of deposit tokens and the cautious regulatory approach required before introducing any new financial product. They also revealed that the bank has proactively prepared its blockchain infrastructure to support the swift launch of deposit tokens. This strategic move underscores JPMorgan's commitment to innovation, operational readiness, and ability to adapt to regulatory requirements, marking a significant step in its ongoing pursuit of financial innovation.
This action marks a significant broadening of JPMorgan's engagement with blockchain technology, highlighting the bank's leading role in Wall Street's ongoing endeavors to harness blockchain's potential for simplifying complex banking procedures. JPMorgan's persistent commitment to exploring blockchain applications in finance reflects its proactive approach to technological innovation. By expanding its blockchain initiatives, the bank reasserts its dedication to remaining at the forefront of adopting cutting-edge solutions to address the intricate challenges within the financial sector.
In addition to this new initiative, JPMorgan has already developed several applications leveraging blockchain technology; one notable example is JPM Coin, introduced in 2019. JPM Coin facilitates the seamless transfer of dollars and euros among select JPMorgan corporate clients within the financial institution. As of June 2023, the bank reported processing approximately USD 300 billion in transactions through this system since its inception. Besides, JPMorgan manages US dollar transactions amounting to USD 10 trillion daily.
Compared to JPM Coin, the proposed deposit token serves a unique purpose. It is designed to facilitate effortless fund transfers to clients of other banks and is particularly well-suited for settling transactions involving tokenized securities or financial instruments issued on a blockchain. Like JPM Coin, its infrastructure will seamlessly integrate with the bank's existing compliance systems, guaranteeing adherence to crucial protocols such as KYC procedures, anti-fraud measures, and regulatory reporting obligations.