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Wells Fargo unveils Vantage, a persona and AI-driven digital banking platform – Industry roundup: 5 December

Amex introduces an innovative digital B2B payments platform for network participants via Amex Business Link

American Express has recently launched Amex Business Link, a new business-to-business payments platform for network issuing and acquiring participants to offer to their business clients. Amex Business Link currently serves over 500 corporate clients in five nations.

Amex Business Link is aimed at facilitating domestic and international transactions while accepting card and non-card payments, making it simpler for buyers and suppliers of all sizes to manage payments. The new digital platform reportedly connects to all API-enabled customer relationship management and enterprise resource planning systems, including tools for reporting and reconciliation.

Mohammed Badi, President, Global Network Services, American Express, commented that Amex network participants can expect to benefit from its reliable payment rails, claiming to have the lowest fraud rates in the industry, as well as Amex’s issuing and acquiring expertise. As B2B payments continue to expand digitally, businesses can reportedly choose how they want to pay or be paid in real-time with Amex Business Link.

Taulia releases new update to assist with business clients’ working capital needs

Taulia, a provider of working capital management solutions, has launched a significant release to its Payables Scenario Planner solution, which reportedly helps clients achieve a deeper understanding of their liquidity as well as how their working capital profile evolves over time.

The new release is expected to include detailed macroeconomic indicators that reportedly monitor a diverse range of matrices around the world, such as inflation, GDP and ease of doing business. Additionally, the upgrade will reportedly enable models to become more interactive, enabling clients to access pertinent information tied to macro data in an effort to help strengthen supply chains during times of economic uncertainty.

Teampay, a US fintech company, raises US $47 million in Series B funding to further streamline its procurement processes

Teampay, a US-based all-in-one purchasing platform, has raised US $47 million in a Series B round led by existing backer Fin Venture Capital. The Series B round, which included new investors such as Mastercard, Proof Ventures, Trestle and Espresso Capital, brings Teampay's total capital raised to $65 million. The firm was founded in 2016 to help businesses streamline the employee purchasing process across virtual cards, physical cards, invoices and reimbursements. The company’s automated workflows reportedly enable employees to quickly purchase what they require while remaining compliant with policy.

The platform provides integrated controls for secure payment methods and instantly reconciles transactions with the client's accounting software. Teampay asserts that by giving finance teams complete visibility, they aid in the elimination of unauthorized and outside-of-policy spending.

With the additional funding, the business plans to advance the functionality of its cross-border payments system as well as develop its accounts payable solution. The company claims to have already tripled its headcount in the previous twelve months, with plans to further invest in sales and marketing in addition to hiring more employees. Teampay plans to continue to work with Mastercard to explore joint opportunities to advance product capabilities in the near future.

Binance Custody completes “SOC 2 Type 2” attestation

Binance’s Custody group has reportedly completed its organization’s security and audit protocols (SOC 2 type 1 and SOC 2 Type 2 proofs) as well as platform vulnerability assessments (ISO 27001 and ISO 27701 certifications) to show continuous examinations towards information security and privacy protection. An independent auditor has verified the SOC 2 Type 2 report, which assesses how effectively internal controls uphold the security of their platform and protect client data over an extended period of time.

Binance Custody expects to conduct annual security and risk management audits effective immediately. In addition, the group aims to store and manage their assets with an institutional-grade custody infrastructure, enforcing standard requirements to ensure institutions can continue to participate securely in the digital asset economy.

Another update states that Binance Labs, Binance's venture capital arm and accelerator, has committed up to US $4.5 million to Ambit Finance, a DApp (decentralized application) that uses innovative structured financial products to increase its BUSD stablecoin’s functionality, as well as that of other select crypto assets. In addition, Binance Labs and Ambit expect to collaborate on the launch of future DeFi apps with an emphasis on technology, security and risk management, as well as further initiatives within the BNB Chain landscape. With the development of a yield-bearing BUSD-based stablecoin that is intended to offer sustainable yield under all market conditions, Ambit could open up new use cases for BNB Chain users.

Binance’s multi-faceted framework aims to also include the development of a DeFi “Superapp” that will reportedly incorporate both existing DeFi functionalities such as collateralized lending and solutions for domains such as under-collateralized margin lending and structured products for financial firms.

INX and Binance both in the quest for Voyager Digital’s assets

INX has submitted a non-binding letter of intent to purchase distressed assets from Voyager Digital, joining other bidders including crypto exchange Binance. Voyager is an asset management firm that declared insolvency in July, owing between US $1 and $10 billion to over 100,000 creditors. Shy Datika, CEO, INX, stated that offering a combination of credibility, technology and regulatory compliance will help provide clients and investors with stability and security. The firm has reportedly been conducting due diligence in preparation for submitting a binding offer to acquire Voyager's assets.

Reports indicate that INX is a FINRA (Financial Industry Regulatory Authority) and SEC-regulated broker-dealer that operates as a cryptocurrency trading platform with funds transmitter licenses in 43 states across the US.

Binance was previously bidding against FTX for Voyager. Changpeng Zhao, CEO, Binance, confirmed that he plans to announce another bid for Voyager given that FTX is unable to fulfil their previous commitment of $1.4 billion in September.

Crypto exchange MetaComp receives MAS approval to offer digital payment token services

The Monetary Authority of Singapore has granted MetaComp, a Singapore-based and cloud-based digital crypto exchange powered by Nasdaq trading, a license enabling it to provide regulated digital payment token services to its corporate, conventional and institutional investors with end-to-end digital asset services.

MetaComp's KYC/AML frameworks are reportedly compliant with the Financial Action Task Force (FATF), enabling accredited and institutional investors to join the digital market. MetaComp states that they bridge the gap between traditional finance and digital assets by operating in private equity, hedge funds and digital assets.

The MetaVerse Green Exchange (MVGX), a tokenized carbon credits exchange which reportedly holds the Recognized Market Operator and Capital Market Services licenses in Singapore, aims to support MetaComp's efforts to promote token innovation. The permits reportedly provide MVGX with the ability to deal in securities, collective investment plans, and custodial services. Additionally, MVGX is expected to engage in trading in over-the-counter derivatives and exchange-traded derivatives under the terms of its Capital Market Service License.

Both organizations can reportedly provide exposure to tokens that are backed by real-world assets, including tokens backed by intellectual properties, supply chain financing and carbon credits in the form of carbon neutrality token (CNT). The CNT reportedly makes use of blockchain technology and the firm’s secure protocols to enable cross-border trade of carbon voluntary emission reduction credits.

Crown Prince of Saudi Arabia expresses interest in Credit Suisse's investment bank

Saudi Arabia's Crown Prince Mohammed bin Salman and Chairman of Saudi Arabia's sovereign wealth fund and Public Investment Fund, along with Bob Diamond, Chief Executive of a private-equity firm, Atlas Merchant Capital, and former Barclays CEO, are reportedly interested in investing US $1 billion or more in Credit Suisse's new investment banking unit, CS First Boston (CSFB). The New York-based division's spin-off comes as Credit Suisse seeks to restructure its operations and raise $4.2 billion in new stock amid a series of controversies, regulatory issues and poor financial performance.

Reports indicate that Saudi Arabia is currently evaluating the prospect of investing $500 million to support the CSFB. The Saudi National Bank, which is managed by the Saudi government, previously committed to investing up to 1.5 billion Swiss francs (US $1.60 billion) in Credit Suisse for a 9.9% stake, said reports. Additionally, the bank stated that it would support CSFB as an independent capital markets and advisory bank with headquarters to remain in the US-NY.

Reports added that Credit Suisse's relationship with the First Boston brand dates back to 1978, when the two companies collaborated to operate in the London bond market. Later, they combined to form CS First Boston, but a difficult period ensued after renowned bankers left, and the company encountered regulatory issues.

Currently, Credit Suisse has not yet received a firm investment offer from any Saudi entity, reports said.

Atomic joins forces with Jack Henry to advance digital banking for financial institutions

Atomic, a major provider of payroll connectivity, has unveiled its direct deposit setup and switching solution, dubbed Deposit, which is reportedly now available through fintech Jack Henry's digital banking platform. Atomic integrated its technology into the digital experiences provided by community and regional financial institutions using the Digital Toolkit, the same collection of APIs that powers Jack Henry’s Banno Digital Platform, said reports.

The collaboration with Jack Henry has reportedly enabled Atomic to directly integrate into the digital banking platform via Jack Henry's API, design and authenticated architectures. The integration is expected to strengthen over 850 fintech companies that make up the Jack Henry ecosystem, which also currently provides over 8,000 financial institutions with financial products and services.

Financial institutions can reportedly use Atomic's Deposit solution to enable their customers to digitally set up and switch direct deposits to fund accounts held with them. Additionally, existing Banno customers can expect to install and activate the Deposit plugin to their bank's mobile app or online banking platform within hours.

The partnership is expected to operate with financial institutions of all sizes, promoting a more competitive environment.

Wells Fargo unveils Vantage, a persona and AI-driven digital banking platform

Wells Fargo has launched Vantage, a new digital banking platform designed to better serve its commercial, corporate and investment banking clients regardless of size. The solution is expected to become a one-stop shop for digital banking, bringing together Wells Fargo's suite of financial products and services in a single platform with the goal of meeting the increasingly consumer-centric demands of corporate treasurers and SMEs via AI and ML technologies.

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