In other FinTech news, IFP picks Albridge, the DTCC’s Larry Thompson is retiring, Vaultex is working with Cinnober and Fiserv moves it billing solution to the cloud.
Blythe Masters, CEO, Digital Asset
Digital Asset Board Chairman to Be Acting CEO
Digital Asset, a provider of distributed ledger technology (DLT), reports that Blythe Masters, the company’s CEO since 2015, will step down, for unspecified personal reasons.
AG Gangadhar, who joined the company’s board of directors in April of this year, has been named board chairman and will serve as acting CEO until a permanent CEO is named, officials say.
Masters will continue as a board member, a strategic advisor and a shareholder, according to the vendor’s statement.
Digital Asset has been targeting financial institutions and other industries via its distributed ledger platform and smart contract language, called DAML, officials say. The company was founded in 2014 and has nearly 200 employees serving global clients in New York, London, Budapest, Zurich, Hong Kong and Sydney.
Independent Financial Partners Picks Albridge Wealth Reporting
BNY Mellon’s Albridge, an affiliate of Pershing and a provider of enterprise data management (EDM) solutions, has been selected by Independent Financial Partners (IFP), a multi-custodial registered investment advisor (RIA) and “soon-to-be broker-dealer,” officials say. IFP’s broker-dealership will specialize in wealth management and retirement plan consulting and will provide wealth reporting to approximately 500 IFP advisors nationwide.
The agreement will provide IFP’s advisors access to Albridge Wealth Reporting, a solution that lets advisors present a complete view of all client assets — even those held away, officials say. For home office executives, Albridge will provide transactional data from multiple custodial and legacy systems.
For IFP, Albridge will aggregate data from IFP’s custodians, providing IFP advisors with client information including benchmarks, holdings and allocations and “thus allowing them to offer holistic wealth management advice,” officials say.
Albridge Wealth Reporting aggregates data from 100-plus sources to provide a consolidated view of assets, officials say.
Larry Thompson, vice chairman, DTCC
DTCC’s Vice Chairman Larry Thompson to Retire
Larry Thompson, who served in a variety of senior roles at the DTCC, including general counsel and most recently vice chairman, will retire at the end of 2018 after serving for more than three decades at the post-trade services and systems provider.
Thompson began his career at the DTC in 1981 as associate general counsel and was appointed senior vice president in the early 1990s, officials say. He was named general counsel of DTC in 1999, and in 2005 was appointed general counsel “with responsibility for all legal and regulatory activities of the firm and our subsidiaries, including oversight of the legal, compliance, government relations and regulatory relations departments,” officials say.
“Thompson has played a key role during virtually every major crisis impacting the industry while at DTCC, including acting as chief liaison with the New York City Office of Emergency Management and state government officials following the terrorist attacks of 9/11, managing the fallout of the 2008 global financial crisis and responding to the devastating effects of Superstorm Sandy,” according to the DTCC.
Thompson will continue serving on the board of directors of the
Federal Home Loan Bank of NY, a position he has held for several years, officials say.
Vaultex to Deploy Cinnober Technology for New Exchange
Cinnober, a provider of exchange and clearing technology systems, reports that the Singapore-based Vaultex Exchange will use Cinnober’s TRADExpress and TRADExpress RealTime Clearing for its new security token exchange.
Vaultex is preparing to launch a licensed and regulatory compliant security token and tokenized asset exchange in Asia that will serve institutional investors, hedge funds and other eligible market participants, Cinnober says in a statement.
The new exchange will employ Cinnober’s established trading and clearing systems, which will provide the technological backbone needed to operate an advanced marketplace, Cinnober says.
Cinnober’s customers include such exchanges as the Asia Pacific Exchange, the Australian Securities Exchange, B3, Bitstamp, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, London Metal Exchange, Johannesburg Stock Exchange, and the Stock Exchange of Thailand, the company adds.
Fiserv Moves Billing & Revenue Management to the Cloud
Fiserv, Inc., a provider of financial services technology, reports that its Advantage Fee billing and revenue management system has been enhanced with a new user interface, and will be available for the first time via the cloud.
The cloud-based system, will enable firms to achieve greater operational efficiency with shorter billing cycles, faster fee collection, and better revenue integrity, the firm says in a statement.
Advantage Fee processes high volumes of invoice transactions and automates invoice management, Fiserv says, adding that the cloud-based application support can “reduce total cost of ownership for financial institutions by ensuring access to a scalable infrastructure with global deployment capability.”
The system presents billing and invoicing information in a simple format that can be accessed in just a few steps, according to the vendor, which points out that the “system offers a user experience that is tailored to specific job roles and responsibilities. Guided workflows take users through each stage of the billing lifecycle, providing key status updates and audit functionality. With dashboards and analytics, firms can gain greater visibility to their billing data in real time for improved revenue forecasting.”
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