Our free FinTech update also covers a new exec for BNY Mellon, new funding for AccessFintech, and BNPPSS’s new POC.
Electra Billing 6.0 Launches
Electra Information Systems, a provider of reconciliation and other post-trade processes for the buy side, has launched Electra Billing 6.0, a system for audit and workflow control, designed for client-fee billing.
Electra Billing 6.0 is intended to “reduce risk by increasing the accuracy and efficiency of approval workflows throughout vital steps in the fee billing lifecycle — from market value, fee calculations and schedules, to invoice formatting, distribution and centralized audit reporting,” the vendor says in a statement regarding its version 6.0.
When “investment management firms continue to use manual methods, spreadsheets, or multiple systems to track market values, client fee schedules and calculations,” the vendor observes in its statement, “these methods often lead to costly errors, data security issues, regulatory audit risk, client billing disputes and revenue loss.”
“An efficient client fee billing workflow is imperative for investment managers to reduce the probability of risk and revenue loss while improving the client experience,” John Landry, Electra’s CEO, says in the statement.
“Eliminating the need for firms to keep audit records in multiple systems, Electra Billing 6.0 increases efficiencies by streamlining review, audit and approval processes into one workflow while enabling firms to stay current with their own policies and procedures,” Landry says.
BNY Taps Goldman Sachs for Key Post
The Bank of New York Mellon Corp. (BNY Mellon) reports that Robin Vince has been appointed vice chair of BNY Mellon and CEO of its global market infrastructure group.
He will report to Todd Gibbons, CEO of BNY Mellon, and will join BNY Mellon’s executive committee.
In addition, Vince will have oversight responsibility for BNY Mellon’s clearance and collateral management, treasury services, markets and Pershing’s clearing, brokerage custody and other related services. Pershing offers “business-to-business solutions to clients representing approximately 7 million investor accounts globally,” BNY Mellon officials say.
Vince joins BNY Mellon from Goldman Sachs, where he most recently held the post of chief risk officer (CRO) and was a member of the management committee, officials say.
AccessFintech Scores $20M in Series B Financing
AccessFintech, a fintech company specializing in data and workflow collaboration, reports that it has completed its Series B round of fund-raising, taking in $20 million.
The round was “led by Dawn Capital, Europe’s largest venture capital fund dedicated to B2B software,” the startup vendor reports.
“Existing investors JPMorgan, Citi and Goldman Sachs contributed to the round, and Deutsche Bank has participated for the first time,” according to an AccessFintech statement.
The latest round “brings the total capital raised to date to $37 million since 2018,” per the company, which also notes that it will use the funding to “fuel the next stage of its development, to accelerate product innovation, and to continue its go-to market expansion and extend its partner ecosystem.”
BNPPSS & Curv Conduct Digital Asset Transfer POC
A partnership between custodian BNP Paribas Securities Services (BNPPSS) and Curv, a cloud-based digital asset security infrastructure vendor for financial institutions, has yielded a proof of concept (POC) “to transfer security tokens securely between market participants,” officials say.
BNP Paribas Securities Services and Curv used the ERC1400 token standard To carry out this transaction, officials say.
“As part of this engagement, BNP Paribas Securities Services and Curv transferred a security token using Curv’s multi-party computation solution to ensure the security of the private keys. Curv’s solution enables transactions to be signed securely in a mathematically-proven and distributed way,” BNPPSS officials say.
“This proof of concept with Curv represents a significant step forward in our strategy to deliver an integrated custody solution that combines both traditional and regulated digital assets,” says Bruno Campenon, global head of financial intermediaries and corporates client line at BNPPSS, in a prepared statement.