Wall Street rebounds as investors buy the dip; stimulus measures in focus

Wall Street | March 02, 2020

U.S. stock indexes rose sharply on Monday, prompted by bargain hunting and on reassurances by central banks that they stood ready to counter any economic impact from the coronavirus. Technology stocks were the biggest boost to the S&P 500, with Apple Inc jumping 6.2% as it recovered from a more than two-month low. All three indexes were set for their best day in nearly two months in volatile trading. At 13:07 p.m. ET, the Dow Jones Industrial Average was up 730.64 points, or 2.88%, at 26,140.00, the S&P 500 was up 75.68 points, or 2.56%, at 3,029.90. The Nasdaq Composite was up 218.14 points, or 2.55%, at 8,785.51. Wall Street had marked its biggest weekly decline since the 2008 financial crisis, sinking into correction territory on Thursday amid fears of a recession resulting from the epidemic.

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FINANCIAL MANAGEMENT, FINTECH

Intrinio, a Leading Provider of Fintech Analytics, Has Now Added ETF Data to Its Platform

Intrinio | September 16, 2022

Intrinio is proud to announce their partnership with CFRA, a leading provider of independent research and analysis. Intrinio is pleased to undergo a new partnership with CFRA, an independent research firm that provides financial analysis and data for the global investment community. The partnership will allow Intrinio users to access CFRA’s rigorous standardization methodology, which has been used to provide industry-leading ETF expertise since 2002. The new condensed version of their ETF endpoints will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs. A deep understanding of ETF structures and underlying methodologies ensures the robustness and integrity of the hundreds of ETF data points that power all of Intrinio’s ETF endpoints. Intrinio is a top data provider that specializes in high-quality information and customer service. The company provides modern tools for financial technology platforms (companies whose business relies on the use of electronic transactions) as well as businesses who need real-time access to market data. One of Their most popular offerings is the extensive ETF data package the company provides. To ensure that all of their users have access to the critical ETF data points they need Intrinio is also releasing a condensed version of their ETF endpoints. This version will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs. About the Company: Intrinio is a full-service financial data provider with a focus on serving the B2B market from startups to enterprise-level customers. Intrinio offers introductory price points and data subscription packages that scale, making it still affordable and accessible for developers and quants. If a customer visits the website, they can sign up, chat with the team, and get an account, API keys, and trial data within minutes. Intrinio offers trials, monthly and annual pricing, full customer support, and co-marketing.

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FINANCIAL MANAGEMENT

Wells Fargo and HSBC Expand DLT Solution to Include Offshore Yuan

Wells Fargo and HSBC Holdings plc | November 18, 2022

Wells Fargo & Company (NYSE: WFC) and HSBC Bank plc today announced that the blockchain-based solution they are using for bilateral FX settlements is expanding to include the offshore yuan (CNH). The offshore yuan marks the fifth currency to be settled between the two banks using a shared settlement ledger that currently encompasses the U.S. dollar, Canadian dollar, British pound sterling, and the euro. Since launching the shared DLT solution in December 2021, HSBC and Wells Fargo have settled over $200 billion in transactions and plan to add additional currencies over the coming months. “We are pleased to expand the capabilities of the platform to include CNH, allowing us to reduce risk in the payment settlement process, The collaboration shows that we can pursue innovative technologies and apply them in a way that enhances our existing infrastructure and ultimately benefits our clients.” -Vince Hindman, global head of Rates and FX Solutions, Wells Fargo Corporate & Investment Bank Commenting on the announcement, Mark Williamson, global head of FX Partnerships & Propositions at HSBC said: Extending CNH PvP settlement to Wells Fargo is an important milestone for reducing Herstatt Risk outside G10 currencies. This development is only our first step in extending our coverage into Emerging Markets currencies. The shared, private ledger is managed by joint Operations teams at HSBC and Wells Fargo with full visibility by each of the parties to the relevant FX settlement, along with shared FX transaction records. The platform is governed under the framework of an agreed rulebook that facilitates efficient netting and settlement of FX transactions between HSBC and Wells Fargo in EUR, GBP, CAD, USD and now CNH. Participants in the network are only privy to transactions in which they are a counterparty. The platform runs on Baton Systems’ proprietary CORE distributed ledger technology and is governed by the Baton rulebook. The platform enables participants to efficiently settle bilateral cross-border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP risk reduction opportunities. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. About HSBC Holdings plc HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of the world’s largest banking and financial services organisations.

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FINANCIAL MANAGEMENT

Green Check Verified Partners with HSLC to Strengthen Cannabis Business Compliance

Green Check Verified | November 07, 2022

Green Check Verified (GCV), the leading fintech provider of compliant cannabis banking solutions and services, today announced a partnership with The Home Savings and Loan Company of Kenton, Ohio (HSLC). Through this partnership, HSLC will launch its newly formed cannabis banking program, with plans to offer a full suite of products and services to the entire supply chain of businesses within the cannabis industry ecosystem. As the cannabis industry continues to expand in Ohio and legalization efforts on the federal level carry on, the perception of cannabis banking is evolving. Not only are more financial institutions (FIs) finding their way in this space, the financial offerings being provided to the legal cannabis businesses continue to expand as well. In spite of this forward momentum, these legal businesses still have considerable financial services needs that have not been met. This partnership aims to improve integrated compliance for financial institutions and cannabis-related businesses in Kenton and the greater Ohio area. GCV will extend key components of monitoring for marijuana-related business and workflow solutions to automate license verification and monitoring for violations, negative news, and other compliance red flags. “The cannabis industry is growing at an exponential rate in Ohio, and FIs like HSLC are paving the way for these businesses to be successful through new banking services, This is another major step towards improved compliance for cannabis-related businesses, and Green Check Verified is thrilled to be an integral part of the journey.” -Paul Chesek, Chief Growth Officer at GCV We understand the challenges faced by cannabis related businesses when it comes to banking, that’s why we’ve established a Special Accounts Team, We’ve hired the best in class to help businesses navigate the complexities of the cannabis industry. Our team is made up of our BSA Analyst, Crystal Curry, and Ross Richards who serves as our Special Accounts Officer. Crystal and Ross are focused on providing the services businesses need,says Chris Jones, CEO at HSLC. HSLC is paving the way by introducing a cannabis banking program that offers all of the features of its serviced-based way of community banking to these legal businesses. The program includes deposit and lending products for businesses and owners, as well as their employees. HSLC also offers PIN debit merchant services to help facilitate payments by debit cards for cannabis related retail businesses. About Green Check Verified Green Check Verified (GCV) is a regulatory software and services company founded in 2017 by a team of technology, banking, and regulatory experts. GCV focuses on the intersection between community banking and the emerging legal cannabis industry and aims to provide the services and tools needed to connect these two industries in compliant and profitable ways. About HSLC The Home Savings and Loan Company of Kenton, Ohio is a state chartered, full-service community bank, headquartered in Kenton, OH with locations in Lexington, KY. Founded in 1888, HSLC’s focus has always been to serve communities, businesses and individuals with full service lending, banking and merchant services products.

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CORE BANKING

Bank of America and UK Fintech, Banked Ltd Expand Pay by Bank to Euro Currency Payments

Bank of America | October 17, 2022

Bank of America's innovative online payment solution, Pay by Bank, is now available for euro currency payments. Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge. "Pay by Bank is a great example of how we develop technology with our clients' business models top of mind, For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience." -Chris Jameson, head of Product Management, GTS EMEA at Bank of America Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants. Our Merchant Services clients annually process 8.7 billion transactions (USD 438.3B by volume) online and in store, in the US, Canada and Europe, We are pleased to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online,said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America. Key capabilities of Pay by Bank include: Reduces customer data storage – since a card is not required and it is an online 'account to account' payment, companies do not need to obtain and store customer card data. Streamlines reconciliation – incoming payments are added to a company's receivables, so they can view everything together in one place. Provides an enhanced customer experience – the user interface can be adapted by market location and country. Makes online checkout simpler, faster and more secure: easy and quick to set up by connecting to a company's existing payment system using APIs. leverages the customer's bank authentication network. avoids card processing fees. Pay by Bank euro currency payments will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies. Bank of America is an award-winning provider of global transaction services and was most recently named the World's Best Bank for Payment and Treasury by Euromoney for the second year in a row. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Spotlight

From the rise of data analytics to new needs in budgeting, the shift to value-based medicine is bringing a fresh set of challenges to healthcare CFOs. How can you best meet these new demands and turn change into opportunity? This Becker’s Hospital Review eBook compiles 10 must-read articles that offer executive tips, actionable

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