In other news, Broadridge works with Apex, Fenergo rebrands key wares & VoxSmart raises $12 million.
Holland College Taps Northern Trust
Holland College, a community college on Prince Edward Island, has tapped custodian Northern Trust to provide asset servicing solutions such as custody, investment risk and analytical services, and benefit payment services, officials says.
“Innovation and technology were key priorities for our institution when we went to market for a new provider,” says Jillian Cameron, director of human resources at 7Holland College, in a prepared statement. “The platforms are user friendly, with enhanced security features that play a significant role in maintaining data integrity,” Cameron adds.
Holland College, founded in 1969, offers “hands-on, industry-focused training to individuals on Prince Edward Island, Canada. It has more than 60 full-time career training programs to help students reach their goals, and is home to The Culinary Institute of Canada, the Atlantic Police Academy and the Holland Hurricanes athletic teams,” officials say.
Northern Trust offers wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. The firm is based in Chicago.
Broadridge & Apex Silver Build Tax Reporting Solution
Broadridge Financial Solutions and Apex Silver, formerly known as Silver Management Group of Companies, are collaborating to launch a “one-stop solution” for regulatory tax information reporting, officials say.
The new solution will introduce “a common data sourcing and management model” to ease integration and to provide “greater flexibility and scale,” officials say.
The collaboration offers a reporting solution that will address cost basis and tax treatment, says Thomas Burke, president, Broadridge Tax Services, in a prepared statement.
“Broadridge has long provided tax data and information reporting solutions,” Burke says. By working with Apex Silver, the integrated reporting solution “supports compliance with changing tax regulations, new asset classes such as crypto, and which scales rapidly in line with higher transaction volumes.”
The integrated offering to come is intended to allow banks, broker-dealers and custodians to contract with a single vendor, Broadridge, for an integrated cost basis and tax information reporting solution “delivered and supported” by Broadridge’s customer service team, officials say.
Apex Silver’s “cloud-based, API-driven cost basis offering supports tens of millions of investment accounts and multiple Tier 1 financial institutions, including several firms that are also Broadridge tax information reporting clients,” says Blake Henry, CEO of Apex Silver, in a statement.
Apex Silver was acquired and became part of the Apex Fintech Solutions platform in August 2021, officials say.
Fenergo Rebrands Sentinel’s Wares As Its Own
A year after Fenergo acquired Sentinel, maker of A.I.-based transaction monitoring products, Fenergo will offer the company’s wares under the Fenergo branding, officials say.
The now-Fenergo software-as-a-service (SaaS) transaction monitoring solution helps financial institutions to “transform anti-money laundering (AML) compliance processes, leveraging data to detect suspicious activity in real-time and reduce false positives. This allows financial institutions to adopt a risk-based approach and be future-proofed against evolving AML regulations,” officials say.
The hybrid detection engine is supported by a scenario detection library, and Fenergo Transaction Monitoring “facilitates real-time identification of suspicious activity as well as post-event transaction monitoring, creating actionable client profiles for fast, effective data-driven investigations,” officials say.
“Our product offerings will enable financial institutions and fintechs to uniquely benefit from the strengths of Fenergo’s know your customer (KYC) together with AI-driven transaction monitoring solutions for smarter, real-time continuous risk monitoring,” says Niall Twomey, chief product and technical officer for Fenergo in a prepared statement.
“By coming together, we can more efficiently deliver on our mission to accelerate financial institutions’ growth and create a safer world by transforming the way our clients understand and manage their customers,” Twomey says.
VoxSmart Raises $12M to Advance Its Wares
VoxSmart Ltd., a communications surveillance and financial A.I. solutions vendor, has raised $12 million, an additional cash injection that will be used to advance the technology underpinning current solutions, including offerings to oversee mobile text and voice capture, trade reconstruction, and natural language processing (NLP), officials say.
The latest funding round “comes from existing investors including U.K.-based ToscaFund, as well as existing US investors,” officials say. The deal was completed in the first quarter.
The funding news “follows Toscafund’s investment of $25 million in March 2021, as well as VoxSmart’s acquisition of U.S. based AI & NLP Technology provider GreenKey Technologies in November 2021,” officials add.
The new funding follows a year in which there was “a noticeable uptick in regulatory oversight and fines levied against some of the world’s largest banks for communications violations, specifically WhatsApp,” officials say.
In September 2022, “the FCC and CFTC issued over $2 billion in fines to 11 of the largest market participants, with the FCA launching a follow-up probe to gauge the level of WhatsApp use amongst major institutions,” officials say.
VoxSmart Ltd. has offices in New York, London, Singapore, Madrid, Queenstown, and Melbourne. The firm offers financial voice transcription, real-time instant message capture, and support for regulatory requirements via the monitoring of all trade communications including voice, mobile, email and chat, officials say.
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