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Industry roundup: 1 September

ABN Amro and Techstars partner on financial services innovation

ABN Amro and Techstars have agreed to a three-year partnership to accelerate innovation. The collaboration is aimed at identifying and supporting innovative startups that transform financial services for businesses and consumers.

The partnership will connect ABN Amro with a worldwide network of startup entrepreneurs. Working with such early-stage companies, ABN Amro intends to accelerate digitalisation and innovation and thereby deliver on its strategy. The Techstars accelerator programme will be the backbone of this journey, attracting and supporting promising companies that are revolutionising the financial industry. 

The first year of the Accelerator will kick off in Amsterdam in early 2021. The focus will be on accelerating startups that the bank can engage with to push forward its innovation agenda, execute its refreshed strategy, and meet the goals set for its purpose. Applications will officially be open from 14 September 2020. 10 companies will be selected by January 2021, with the Accelerator lined up to begin in March and 'Demo Day' planned for June 2021.

 

Bill.com and KeyBank introduce cash flow solution

Bill.com and KeyBank have launched Key CashFlow, an online banking solution that is designed to streamline payments for both small businesses (SMBs) and commercial customers.

Key CashFlow is described as a scalable, centralised platform that services the bank’s broad client segments, from SMBs to commercial, enabling customers to grow and scale their use of the platform during their business journey. The solution is designed to provide business customers with increased visibility and control of cash flow, the ability to send and receive electronic payments, manage approvals digitally, and integrate with accounting software. The platform can be accessed through the KeyBank Business Online and KeyNavigator portals in addition to being integrated into KeyBank’s Small Business Financial Wellness.

Key CashFlow is powered by Bill.com Connect, a business payments platform. KeyBank customers will also be able to join Bill.com’s payments network, which helps millions of members across the US process more than US$70bn annually.

 

BNY Mellon's Pershing integrates with CAIS and iCapital Network

BNY Mellon's Pershing has announced integrations with CAIS and iCapital Network, two prominent alternative investment platform sponsors, through its enterprise-wide Application Program Interface (API) Store. The move underscores Pershing's commitment to leveraging technology to deliver increased efficiencies and a seamless experience to clients.

Pershing has offered access to alternative investments through its Alternative Investment Network for more than 10 years, with registered investment advisor (RIA) balances on the network doubling over the past three years. Integrations with CAIS and iCapital are expected to contribute to that growth by automating document workflows between these providers and the Pershing platform.

Moving forward, advisors will only need to pre-populate required documents - including the Pershing Private Investment Form - on the alternative investment platform where the product is offered. These completed, executed documents will then be automatically uploaded to the Pershing platform, eliminating the need for manual uploads and reducing the potential for human errors. Further, advisors will be able to use e-Signature on Pershing's required form as part of these integrations.

 

Danske Bank launches payments from accounts with other banks in mobile banking

Danske Bank now offers a mobile solution that enables its customers to transfer money through Danske Mobile Banking from payment accounts that the customers have with other banks. Danske Bank customers with accounts and facilities with several banks can now use Danske Mobile Banking to transfer money from all the customer's accounts – including accounts with other banks.

Since 2018, customers have been able to see accounts with other banks, and this new opportunity to also be able to pay from the accounts is the second step in Danske Bank's work to provide customers with new digital services and a better overview of the economy as a result of Open Banking.

The new solution is carried out via the Nordic API Gateway platform, which has combined access to all Nordic banks' data in one place. The Nordic API Gateway platform has been developed by fintech company Spiir, into which Danske Bank has invested DKK35m.

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