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CORE BANKING
FINXACT | July 12, 2022
Finxact, a Fiserv Company and the provider of the leading next-gen core banking platform to the US regional and super-regional banking sector, today announced that BetaBank will power its product ecosystem using the Finxact cloud-native core.
BetaBank is in formation, having submitted its banking charter application in April 2022. Concomitant with its application and fund-raising efforts, the bank is working with some industry powerhouses including Google to build from a scratch a fully automated digital lending platform driven by algorithms designed to remove inherent decisioning bias from traditional underwriting processes for small businesses.
BetaBank is launching at an opportune moment in the evolution of banking technology. It will be one of the first US banks built from scratch to run a next-gen core in Google Cloud. Its product ecosystem is composed of best-in-class providers individually selected by BetaBank that will connect via APIs to the open Finxact core. As a purely digital bank, it will have the ability to lend across the country, but its focus will be on the Chicago-area community of small businesses.
"BetaBank is what the future of lending will look like: democratized, fully-automated, purely digital, fair and transparent for the borrower, and cost efficient for the lender to serve SMBs and even sole proprietors. It's an honor for Finxact to be selected to underpin the technology stack that will help them in their mission."
-Ryan Victor, Chief Revenue Officer of Finxact.
The opportunity to start a bank from scratch presents us with a host of exciting and consequential decisions, among them which core system to use, said Seke Ballard, Founder and Chairman of BetaBank. We considered very carefully our options and concluded that Finxact will create a distinct competitive advantage for the bank.
ABOUT FINXACT-
Finxact's headless core is a SaaS platform engineered to support the scale and regulatory requirements of the largest U.S.-based financial institutions. Its cloud-native core banking system provides 100% accessibility to all data and functions via a robust set of modern APIs, empowering banks and their partners to rapidly deliver new experiences by creating products on demand and integrating new services as needed. Learn more at www.finxact.com
ABOUT BETA FINANCIAL SERVICES-
Beta Financial Services is the holding company of BetaBank, currently in formation. BetaBank will be the first digital bank in the United States to be built entirely on Google Cloud from the ground up. Born from Founder Seke Ballard's belief that when small businesses succeed, everyone succeeds. BetaBank's mission is to offer small business owners the opportunity to thrive through a bank that's easy to access, and equitable to its core.
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BITCOIN AND CRYPTO
Digital Currency Monetary Authority | June 27, 2022
A framework for expanded usage of cryptocurrencies and digital assets in banking and financial services has been introduced by the Digital Currency Monetary Authority (DCMA).
Since 2013, the executive team of the DCMA has collaborated with governments and central banks on blockchain technology and cryptography related to digital currency. The European Commission, the United Nations, and the World Economic Forum have all highlighted their efforts.
Meeting with the People's Bank of China (PBOC) in 2018 led to the development of the DCMA's goal. A founding member of the DCMA, Darrell Hubbard, accepted an invitation from the PBOC to meet with them in Beijing to talk about the prospects for digital currencies and specifics of their digital yuan initiative.
The guidelines and protocol for Crypto 2.0 were released by Universal Monetary Unit, a DCMA affiliate working with significant central banks. Only governments, regulated institutions, and authorized Fintech companies have access to the framework, which is funded by the Unicoin network.
Globally decentralized network of digital financial services, Unicoin. A Financial Services Provider (FSP) is required to access the Unicoin network, just as an Internet Service Provider (ISP) is required to access the Internet. A store of value cryptocurrency called Unicoin will be managed by central bank members of the DCMA. It is a semi-decentralized network with monetary regulations.
When Unicoin and Yubi, one of DCMA's Fintech digital banking projects, shared the Innovation of the Year Award during Hong Kong Blockchain Week in 2020, it made its debut on the global scene.
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FINANCIAL MANAGEMENT
JTC Group and Harmonate | August 09, 2022
Harmonate announced today its selection by JTC Group to allow faster, accurate extraction of financial data for institutional fund and private wealth clientele, broadening access to diverse sources and forms of data to enhance offerings and provide unprecedented speed and reporting capabilities to the global JTC customer base.
"Fund services strategy can only go as fast as the speed with which financials can be accurately extracted and rapidly deployed in the many different formats leaders require, Impact and ESG investing, for instance, and the hunt for an edge in this rapidly evolving environment also means the definition of what data falls under the fund administration role has quickly expanded, and requires normalization capabilities that are well beyond legacy systems."
-Harmonate CEO Kevin Walkup
Our institutional and private clients understand the power of data relative to their own organizations and as their trusted partner, they turn to JTC for the solutions that will meet their growing need for pace, quality, usability and information security, We are delighted to announce this alliance, which will marry the transformative capabilities of Harmonate with our deep human expertise and experience in fund, corporate and private client services,said JTC Group CEO Nigel Le Quesne.
JTC Group is a global organization servicing institutional fund clientele, private wealth and providing a robust range of corporate services. The company supports clientele across 25 jurisdictions, is recognized for its 32-year track record of consistent growth, customer relationship longevity and shared ownership business model where all employees are company shareholders. JTC's growing leadership in the marketplace is demonstrated by the company's significant investments to broaden technological capabilities, enhance product offerings, provide unprecedented levels of information security, data visibility and increased service levels.
JTC Group's successful achievement of the best of multiple worlds contributes to their accelerating rise in prominence as a preferred solution in a competitive market, We are excited to serve them as they exemplify what global fund administration will look like in the post pandemic world,said Walkup.
Harmonate's Conductor product provides proven automated data extraction from general ledger systems, statements and balances, providing data normalization, creating specialized data warehouses, and intelligently feeding client dashboards, reports and service level agreements. Outputs are also configured for internal general ledger administration, enterprise resource planning and reporting. Harmonate's data aggregation process encompasses configuration of schedules, data sources, reference data and master data. This provides reporting on expected and actual results to support management through straightforward dashboards.
Conductor has demonstrated the full-scale capacity to reduce reporting delivery timelines by more than 80 percent, or from two weeks to 24 hours. In addition to its speed, quality, and capacity to make data more easily used in more ways, Conductor is designed to support ongoing cost savings over multiple years of deployment.
About Harmonate
Harmonate is a data services platform for funds that frees operations from the limits of legacy systems and closes the information gap between fund managers and investors, as well as between funds and the public sector. The company's purpose-built solutions streamline middle office processes — simplify complex, high velocity transactions, and help ensure security and regulatory compliance through each step of a fund's life cycle.
With its proprietary fundstech platform and leveraging more than 15 years of specialty financial administration leadership, Harmonate is helping define best practices in each of the markets it has supported.
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