Fintech, Finance, Technology, Banking Highlights – 24 May 2018

AxiomSL Announces the MNPI Vault on the Cloud

AxiomSL, a global provider of regulatory-reporting, risk and data-management solutions, today announced it has built capabilities that enable regulatory and risk reporting on both public and private cloud infrastructures.

AxiomSL’s launch strongly validates the view increasingly shared by regulators and financial institutions that the cloud is a viable technology infrastructure – so long as appropriate risk-mitigation capabilities are in place.

As financial institutions contemplate cloud-computing infrastructures for regulatory reporting, they must examine the associated risks. Over the past two years, AxiomSL addressed the cloud risk-stack focusing on Business, Implementation and Operational risks and created the MNPI Vault to mitigate these risks. “When it comes to processing MNPI on the cloud, security is our highest priority. We provide carefully designed technical and operational capabilities to manage and mitigate risks across multiple dimensions,” said Peter Tierney, Global Head of Cloud Solutions.

“Expanding deployment options for our clients by leveraging cloud technology is a timely and natural extension of our leadership in regulatory, risk and analytics reporting,” said Alex Tsigutkin, Group CEO and Founder of AxiomSL. “I believe our clients will find the scale and automation benefits of the MNPI Vault extremely compelling. Our cloud deployment positions financial institutions to efficiently address today’s rapid velocity of change and ever-increasing data volumes. With the MNPI Vault, our clients benefit not only from secure cloud-delivery, but also from global access to AxiomSL’s flagship data integrity and control platform and our broad range of regulatory and risk reporting solutions.”

First Data and Navient Announce Agreement on Student Loan Technology

First Data and Navient announced they have reached a strategic agreement for First Data to become the primary provider of technology solutions for Navient’s federal and private education loans.

This agreement expands on First Data and Navient’s longstanding partnership to support private student loans.

As a part of the agreement, First Data will acquire Navient’s student loan technology platform. Navient information technology talent who manage the platform will join First Data.

First Data is one of the world’s largest providers of credit processing services, with more than a billion accounts on file. This agreement will also position First Data as a major provider in the student loan technology market and allow First Data to further leverage its scale, technology, and deep experience on behalf of student borrowers. To reinforce First Data’s commitment to this space, First Data is establishing First Data Education, which will be led by Jeff Whorley. Jeff has been Group President, Asset Management and Servicing at Navient and will become a member of First Data’s Management Committee.

As one of the largest servicers of student loans, Navient will continue to provide its leading customer service, data insights, default prevention, back office support, and other services that have delivered a track record of customer success.

“We are delighted that Navient has chosen First Data as its partner. Student loan technology is a natural adjacency for First Data, and this agreement significantly expands our capabilities in this sector,” said Andrew Gelb, executive vice president, head of Global Financial Solutions, First Data. “Navient’s platform is well-proven, and we welcome the Navient employees joining our company.”

identitii and Blue Prism Partner to Enable Banks to Securely Streamline Financial Transactions While Helping Detect Money Laundering and Fraud

identitii, the company enabling the secure, trusted and auditable exchange of information within and between counterparty financial institutions, today announced a new partnership with Blue Prism, the global market firm in Robotic Process Automation (RPA).

The partnership will see a joint technology offering designed to help financial institutions securely digitise and automate corporate payment and trade transaction processes, and provide a detailed audit trail to aid the efficient and effective detection of fraudulent activities.

For many financial institutions, collating and verifying the information necessary to complete a transaction such as a cross-border corporate payment or corporate trade deal is a very manual, time-consuming and costly process. Furthermore, the extensive anti-money laundering and financial crime sanctions checks that firms must conduct to accurately assess the transaction’s intended purpose and requirements add additional layers of complexity.

The partnership will enable financial institutions to digitise costly and inefficient manual processes by automating the collation and permissioned exchange of information whilst securely recording a detailed audit trail of all processes and activities on a private distributed ledger, allowing for detailed reporting.

identitii will integrate their permissioned data sharing capabilities and their verification engine, Integrity, with Blue Prism’s Digital Workforce, used by businesses to automate complex work processes.