In other news, FNZ buys YieldX, Integral debuts its crypto platform, and Baton Systems hires from Paysend.
Pershing’s NetXInvestor Supports RTP
An investor portal used by broker-dealers and registered investment advisors (RIAs), NetXInvestor from BNY Mellon Pershing, will be integrating real-time payments (RTP) technology to assist clients as they manage their portfolios, officials say.
“RTP is a new form of electronic money transfer that enables real-time deposits and withdrawals, giving broker-dealers and investors instant, 24/7/365, on-demand access to irrevocable and secure funds (subject to funds availability),” according to BNY Mellon Pershing officials, who developed the new service.
“We’ve seen incredible progress in client satisfaction since the launch of real-time payments, plus it helps protect the environment by reducing the negative impacts of paper-based processes,” says Carl Slabicki, co-head of global payments, Treasury Services at BNY Mellon, in a prepared statement.
The BNY Mellon Pershing business provides clearing and custody services to firms in need of trading and settlement services, investment solutions, bank and brokerage custody, middle and back office support, data insights, and business consulting, officials add.
FNZ to Expand in the U.S. via YieldX Acquisition
FNZ, a wealth management platform vendor based in Edinburgh, Scotland, has agreed to acquire YieldX, a Miami, Fla.-based provider of fixed income portfolio management technology to accelerate FNZ’s growth and presence in the U.S., officials say.
“YieldX’s solutions perfectly complement our existing strengths and will further differentiate our offering,” says Tom Chard, CEO North America for FNZ, in a prepared statement.
“The acquisition also provides a unique opportunity to accelerate our growth and presence in the U.S. as we continue to add market leading capabilities to our global wealth platform,” Chard says.
YieldX’s digital infrastructure and technology solutions “will be integrated into FNZ’s wealth platform, enable clients to scan the universe of fixed-income opportunities globally, and quickly identify the outcomes that mirror their desired term and yield, based on their risk profile,” officials say.
In addition, as a result of the acquisition Adam Green, the CEO of YieldX, will join FNZ as CEO of asset management for North America, and Steve Gross will join FNZ as head of asset management strategy for North America, officials say. Green and Gross and the FNZ senior leadership team “will support the broader expansion efforts for asset management products, solutions, and technology across North America.”
Founded by Green and Gross in 2019, YieldX, which has an office in New York, offers services to top-tier wealth and asset managers, business-to-consumer financial services and technology providers, officials say.
Integral’s Crypto Platform Offers Trading & Custody Support
Integral, a currency technology vendor, reports that it has launched Integral Digital, an extension of its trading and client distribution platform to support cryptocurrencies and fiat-backed stablecoins.
Integral Digital, which was developed with Mint Exchange, an institutional crypto exchange, “supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, Stellar, CoDEX and 100+ ERC-20 tokens,” officials say. “Services include aggregation and connectivity to over 30 crypto liquidity providers, desktop and mobile client trading, risk management, and hot and cold wallet custody solutions.”
The new platform is available on a monthly subscription basis and can be integrated with internal and third-party providers via the FIX electronic trading protocol and Rest APIs [application programming interfaces], according to officials.
“In addition, Integral Digital offers a fully integrated Prime Brokerage solution providing direct market access to multiple exchanges and market makers via a single account, maximizing netting across multiple venues and significantly reducing collateral requirements,” officials add.
Baton Systems Taps Paysend for its Global Head of Product
Ravi Madduri
Baton Systems, a provider of post-trade processing via distributed ledger technology (DLT), has hired Ravindra Madduri to be its global head of product, officials say.
Madduri’s experience in payments and cash management stems from positions with Citi, ABN AMRO, RBS and Barclays. More recently, he was head of enterprise B2B products for fintech vendor Paysend, officials say.
Madduri will report to Baton’s CEO Arjun Jayaram and will have “an immediate focus on ensuring that overall product strategy is aligned with client requirements and the overall growth trajectory of Baton Systems,” officials say. He will oversee product management, delivery, and design management.
Madduri will help Baton “continue to innovate and improve our industrial-grade, complex, and highly reliable and secure payments product on top of DLT … we are well-positioned to scale our product offering to nearly a thousand clients over the next few years and meet the growing market demand in a rising interest rate environment,” Jayaram says in a prepared statement.
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