Visa | September 07, 2023
Visa expands stablecoin settlement with Circle's USDC, piloting programs with Worldpay and Nuvei on the Solana blockchain.
Visa's USDC settlement capability empowers Worldpay to internalize more treasury operations and diversify merchants' fund-receiving options.
Earlier, Visa card transactions were time-consuming, but now they can efficiently transmit USDC over Ethereum to Visa's Circle-managed treasury.
Visa, a prominent global payment industry leader, has unveiled its latest endeavor to advance cross-border monetary transactions. The company is extending its proficiency in settling stablecoin transactions to the Solana blockchain while collaborating with esteemed merchant acquirers, namely Worldpay and Nuvei.
Through actively conducting pilot programs with issuers and acquirers, Visa has successfully facilitated the transfer of substantial sums of USDC (USD Coin) between its partnered entities over the Solana and Ethereum blockchain networks. In doing so, it has effectively executed the settlement of fiat-denominated payments duly authorized through VisaNet.
When consumers employ Visa cards to make purchases at any of the vast merchant establishments worldwide that accept Visa, they benefit from the nearly instantaneous authorization of their payments. However, what remains concealed from their view is the intricate process of transferring the funds used for their purchases between their bank (the issuer) and the bank of the merchant (the acquirer). At this precise juncture, Visa's treasury and settlement systems come into play, orchestrating the meticulous clearance, settlement, and transfer of funds amounting to billions in daily transactions. This ensures that the correct sum, denominated in the preferred currency, is received from the issuer and dispatched to the acquirer.
Cuy Sheffield, Head of Crypto at Visa, stated,
By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa's treasury.
[Source: Business Wire]
Visa will test the reception of blockchain funds from multiple issuer partners. This new settlement option will enable Visa to quickly transfer funds to acquirers like Worldpay and Nuvei, speeding up settlement times for their diverse global merchant clients. Visa now also uses its Circle account to manage USDC settlement payouts to Worldpay and Nuvei, who can then distribute these payments in USDC to their end merchants.
Nuvei CEO Philip Fayer emphasized the cutting-edge nature of stablecoins like USDC, highlighting their potential to facilitate the growth of online businesses worldwide.
Visa, a prominent leader in the digital payments sphere, facilitates transactions among consumers, merchants, financial institutions, and government entities spanning more than 200 countries and territories. The company's mission revolves around fostering connectivity worldwide via an innovative, user-friendly, dependable, and secure payment network. This endeavor aims to empower individuals, enterprises, and entire economies, promoting prosperity through inclusive economic participation and emphasizing universal access as a fundamental element of the future of financial transactions.
BNY Mellon | October 09, 2023
Integrity will leverage the Wove platform to manage over $40 billion in assets through its wealth management network.
Pershing X introduced the Wove platform in June, unifying advisors' client tools into a highly data-driven system.
Wove, powered by BNY Mellon Investment Management, offers Integrity and clients access to top-tier investment solutions from specialized firms.
BNY Mellon's Pershing X has informed that Integrity Marketing Group, LLC, a prominent insurance and financial services entity, has strategically adopted its Wove wealth management platform to enhance and fortify its operational capabilities.
This strategic initiative will enable Integrity to equip its financial professionals with cutting-edge technology and investment resources, leading to a transformation in its client service approach and ensuring a heightened standard of excellence. With this, clients can anticipate a more robust and all-encompassing financial advisory experience.
Ainslie Simmonds, President of Pershing X, expressed enthusiasm about Integrity's adoption of Wove as a new client and the alignment with their growth strategy using the scalable solution. She further stated that the platform will empower Integrity's insurance agents with a comprehensive toolkit tailored to enhance their wealth management capabilities.
Notably, the Wove platform will grant Integrity's advisors access to extensive third-party models and investment models, including mutual funds and exchange-traded funds, curated by BNY Mellon's Investment Management division, one of the world's largest investment managers. These models will be securely stored on the Wove platform, tailored for optimizing wealth accumulation, retirement income portfolios, and capital preservation. BNY Mellon's Pershing will also provide comprehensive broker-dealer clearing and custody solutions.
Hanneke Smits, Global Head of Investment Management at BNY Mellon, remarked,
This is a great example of how BNY Mellon is bringing the scale of its enterprise together to deliver a combined offering to clients.
[Source – Cision PR Newswire]
In June, Pershing X introduced the Wove platform, representing a pivotal shift as it consolidates advisors' client tools into a sophisticated, data-driven system. Integrity is poised to leverage the capabilities of the Wove platform to manage an extensive asset portfolio exceeding $40 billion through its expansive wealth management network.
Meanwhile, Bryan W. Adams, Co-Founder and CEO of Integrity, also expressed his excitement about collaborating with BNY Mellon, which offers a distinctive range of solutions. This encompasses access to the Wove platform and personalized portfolio offerings.
This transformative partnership between Integrity Marketing Group and BNY Mellon will offer a holistic client experience, encompassing financial prosperity and vital aspects of life, such as health and well-being. Together, the two companies aim to empower clients with comprehensive solutions that facilitate improved financial planning and brighter prospects for the future.
Security and Compliance
PR Newswire | September 29, 2023
Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, expanded its relationship with Amazon Web Services, Inc. (AWS) to transform financial crime risk operations, leveraging generative AI and large language models (LLMs). Integrating Genpact's proprietary cloud-based financial crime suite, riskCanvas™, with Amazon Bedrock, has led to accelerated efficiencies and impact for clients such as Apex Fintech Solutions.
Amazon Bedrock is a fully managed service that enables developers to test, integrate, and deploy industry-leading foundation models (FMs) via an application programming interface (API) and customize the models to best suit their unique use cases.
Building on its existing relationship with AWS, Genpact is now combining its intellectual property and deep industry expertise with AWS's generative AI capabilities.
For example, seamlessly incorporating Amazon Bedrock FMs into Genpact's riskCanvas financial crimes software suite aims to unlock exponential value and improve speed and accuracy in the detection, investigation, and prevention of financial crime threats for operations across enterprises. This allows experts to review outputs and incorporate a guided decision-making process, providing comprehensive summaries and analyses of potential financial crime activities – accelerating both efficiency and precision.
Genpact engaged multiple riskCanvas clients to significantly improve the detection, investigation, and prevention of a wide range of financial crime threats. As a result, Genpact is now driving accelerated efficiencies and delivering substantial impact for these clients in finance and capital markets, exemplified by their work with Apex Fintech Solutions.
"Financial criminals are constantly innovating, which means financial services companies need to use advanced digital technologies to stay one step ahead of them," said Justin Morgan, Head of Financial Crimes Compliance at Apex Fintech Solutions. "With the addition of generative AI features to Genpact's riskCanvas, our analysts will be able to produce Suspicious Activity Report (SAR) narratives and case summaries at the click of a button using inputs from millions of data points. We expect this will reduce time spent on case summarizations by 60%, allowing our analysts to spend more time identifying truly suspicious financial activity."
Using approved client data from the secure riskCanvas ecosystem, combined with Amazon Bedrock's secure data handling, enables the generation of highly accurate outcomes while maintaining data protection across clients.
"Responsible AI is a core consideration in AI implementation and its importance will continue to increase, said Atul Deo, General Manager, Amazon Bedrock at AWS. Amazon Bedrock is rooted in secure data handling, encrypting all data and allowing users to customize models privately. Integrated with Genpact's riskCanvas, this powerful combination enables our mutual customers to enhance productivity in investigating, detecting, and preventing financial crime threats.
The initiative enables clients to fully leverage the potential of generative AI solutions and drive secure, scalable, AI-led transformation.
"Data complexity and volume, false positives, and evolving sophisticated criminal tactics are accelerating the need for businesses to harness generative AI to transform financial crime operations," said BK Kalra, Global Business Leader, Financial Services, Consumer and Healthcare, Genpact. "Genpact's expanded relationship with AWS represents a pivotal step in redefining the operations landscape for enterprises. Together we can unlock untapped value, and fuel significant growth opportunities for our clients, solidifying our commitment to delivering valuable business impact."
For more information on Genpact's relationship with AWS, visit: AWS | Our Partners | Genpact, and for more information on our financial services visit: AWS Financial Services | Our Partners | Genpact.