Fintech, Finance, Technology, Banking Highlights – 14 May 2018
Pimco takes minority stake in fintech firm Beacon
Pimco, a global investment management firm, has entered into a strategic partnership with Beacon Platform Incorporated, a financial technology company specialising in the development of cloud-based, end-to-end development and production platforms.
As part of the partnership, Pimco has acquired a minority stake in Beacon and will license the Beacon platform to aid in delivering quantitative research and analytics to Pimco portfolio managers globally.
Beacon’s platform allows investment firms to build their proprietary analytical models and tools in a controlled, secure environment connected to relevant market and enterprise data. Pimco will integrate the platform with its valuation models, risk analytics and technology. The platform will be deployed globally to deliver proprietary models developed in-house by Pimco’s quantitative analysts and technologists and will support the firm’s 240 portfolio managers around the world.
“Quantitative models and technology are integral to Pimco’s investment process and this strategic partnership with Beacon will allow us to continue to innovate and evolve as the industry changes,” says Emmanuel Roman, Pimco’s Chief Executive Officer. “Our portfolio managers around the world will have broad access to Beacon’s platform for faster and more efficient use of Pimco’s proprietary risk analytics and quantitative research, helping them implement investment strategies to deliver attractive returns for our clients.”
Paysend launches Global Account with smart card and cryptocurrency functionality
Payments disrupter Paysend opened pre-registration for its new platform this week, with a headline feature of a new smart card allowing customers to select and spend from any currency.
Customers can manage their fiat and crypto currencies as part of the new Global Account, from the convenience of one e-wallet, and will avoid international transaction charges.
Presenting the solution at Finovate in Silicon Valley Ronald Millar, CEO of Paysend, said: “Digital currencies and the blockchain technology will become an established part of everyday life over the coming years and Paysend is seeking to make them available to as many members of the public as possible, and as easy to use as traditional currencies. Be it a card, a bank account or a crypto wallet, customers are looking for a universal solution to pay and move their funds in a secure and simple way. If you want to pay for your latte with pounds, dollars or bitcoin you should be able to do so – and we take care of the complex financial processing seamlessly in the background.”
Corlytics teams with Digital Reasoning to boost financial conduct risk detection
Two highly innovative technology firms, Corlytics and Digital Reasoning, announced that they will collaborate on an integrated regulatory intelligence and surveillance offering.
Financial institutions are constantly assessing whether they can better control their risks. The combination of Corlytics’ deep understanding and insight of the regulated financial market with Digital Reasoning’s best-in-class artificial intelligence technology for conduct surveillance will enable financial institutions to develop new detection strategies and address blind-spots in risk coverage. The combined solution will be offered to Corlytics and Digital Reasoning clients globally.
Financial firms are seeking opportunities to introduce enhanced process, programme and technology solutions to meet changing regulatory expectations, and improve surveillance efficiency and effectiveness. According to analysis by Tricumen and PwC, firms have seen headcount in the front office dedicated to a control function grown by about 21% over the past six years. However, limitations with time, budget and technology mean firms often lack formal processes to optimise alerts and identify new risk areas.
