In other news, Numis uses Glue42, BNP Paribas buys Kantox, Resistant AI and ComplyAdvantage collaborate & MAS approves Coinbase.
BNY Mellon’s Digital Asset Custody Goes Live
BNY Mellon reports that its Digital Asset Custody platform has gone live in the U.S. and key clients can “hold and transfer bitcoin and ether,” establishing the custodian’s capability to offer traditional and digital asset servicing.
The firm launched an enterprise digital assets unit in 2021 “to develop solutions for digital asset technology, with plans to launch the industry’s first multi-asset platform that bridges digital and traditional asset custody,” according to BNY Mellon.
“Touching more than 20 percent of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets,” says Robin Vince, CEO and president at BNY Mellon, in a prepared statement.
In fact, BNY Mellon “tapped digital asset technology specialists Fireblocks and Chainalysis to integrate their technology in order to meet the present and future security and compliance needs of clients across the digital asset space,” according to officials.
A recent survey sponsored by BNY Mellon finds that “almost all institutional investors (91 percent) are interested in investing in tokenized products. Additionally, 41 percent of institutional investors hold cryptocurrency in their portfolio today, with an additional 15 percent planning to hold digital assets in their portfolios within the next two to five years,” according to the firm.
BNY Mellon reports that it had $43.0 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management as of June 30, 2022.
Numis Integrates Trading Desktops via Glue42
Investment bank Numis has tapped Glue42, a provider of integrated desktop services, to help the firm’s trading teams “integrate and synchronize” desktop applications for a workflow experience that is the same for staff working in the office or from home.
The Glue42 service offers “access to market intelligence, quotes, pricing, customer analytics and news, without having to switch between the different application and data providers,” according to the vendor.
“In turn, we will be able to operate even more efficiently and continue to exceed for our clients and the business as a whole,” says Tim Valmas, head of technology and transformation at Numis, in a prepared statement. “Seamless integration of our research, sales and trading applications with collaboration tools is crucial for more efficient and effective use of technology. Having the capability to embed client and market data into our existing sales and trading workflows provides our teams with the insights they need to gain a competitive edge.”
The Glue42 support offers access to applications that help end-users “know who to call and why, access client profiles including information on holdings, interests and to improve client satisfaction with faster, more accurate responses from sales traders,” officials say.
In addition to its London headquarters, Numis has offices in New York and Dublin.
BNP Paribas to Acquire Kantox
French banking giant BNP Paribas will acquire Kantox, a financial technology company that specializes in the automation of currency risk management, officials say.
Kantox characterizes its software as a “one-stop-shop, API driven, plug-and-play solution which has emerged as a unique technology within the B2B cross-border payments sector.”
BNP Paribas points out that the acquisition is “supported by the Global Markets business of BNP Paribas’ CIB division and the business centers of the Commercial, Personal and Banking Services (CPBS) division. The two divisions aim to deploy Kantox technology to large corporate as well as SME and Mid-Cap clients, capitalizing on market knowledge and local presence of the Group.”
BNP Paribas operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe.— L.Ch
Resistant AI & ComplyAdvantage Offer Joint Solution
Resistant AI, which specializes in applying artificial intelligence (A.I.) and machine learning to financial crime prevention, and ComplyAdvantage, a source of A.I.-driven financial crime risk data and detection technology, report the “general availability” of a joint solution for “fighting financial crime across the U.S. and Europe.”
The collaboration brings together Resistant AI’s capabilities and ComplyAdvantage’s transaction risk monitoring platform to extend “anti-money laundering (AML) and anti-fraud protections offered to financial institutions,” the vendors say.
The vendors say that the joint offering will “detect previously unknown patterns of behavior and identify new risks faster” and provide “alert prioritization so organizations can focus on the highest-risk areas and make the best use of their investigative resources.”
Resistant AI, headquartered in Prague, was founded in 2019. ComplyAdvantage has four “global hubs,” in New York, London, Singapore, and Cluj-Napoca, a city in Romania.— L.Ch
MAS Gives Regulatory Approval to Coinbase
Coinbase reports that it has received in-principle approval to become a major payments institution license holder from the Monetary Authority of Singapore (MAS). The Singapore license means that Coinbase will be able to offer “regulated digital payment token products and services in the island state.”
Coinbase CEO and co-founder, Brian Armstrong, will participate in a “fireside chat” with Sopnendu Mohanty, the chief fintech officer at MAS, at the Singapore Fintech Festival on November 4, officials say. — L.Ch
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