Fintech PR
ACORD Releases Implementation Toolkit for New Contract, Risk, and Pre-Accounting Data Standard
CRP publication marks key milestone in London Market modernisation programme
LONDON, Sept. 4, 2023 /PRNewswire/ — ACORD, the standards-setting body for the global insurance industry, today announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data. The CRP Standard was developed to streamline the flow of contract information among industry stakeholders, and support modernisation initiatives in the London Market. The CRP Standard was formally approved by the ACORD Global Reinsurance & Large Commercial Program Advisory Council in late August.
The ACORD Contract, Risk, and Pre-Accounting Standard enables the reconciliation and validation of core contract information in advance of the first premium and claim transactions. This allows for confirmation of placing conditions and account structures, helping stakeholders to detect potential inconsistencies earlier in the process and mitigate delays in processing premium and claim transactions.
The ACORD CRP Standard, an integral component of the ACORD Global Reinsurance & Large Commercial (GRLC) Standards, is fully aligned to the Core Data Record (CDR) v3.2. The CDR, established by the London Market Group (LMG) Data Council, is a comprehensive dataset of elements that need to be collected by the point of bind to drive downstream processes. In a fully digital market for open market placement, this will enable users to seamlessly submit the CDR dataset to the digital gateway from the London Market Joint Ventures, in order to facilitate premium processing, simple first notification of loss validations, and Lloyd’s tax and regulatory reporting.
The CRP Standard also defines how stakeholders will build and implement new systems in order to interact with participants across the London Market. The publication of the Implementation Toolkit was identified as a key Blueprint Two milestone earlier this year by the LMG, as part of “a trilogy of important documents” along with the PRR Final Recommendations (July), and the Good Practice Guide (September-October).
“The remit of the LMG Data Council has always been to digitise our market, so that information flows seamlessly from broker to underwriter, through to claims and settlement teams,” said Sheila Cameron, Chair of the LMG Data Council and CEO of Lloyd’s Market Association. “We have done this in stages: aligning to the ACORD Standard; creating a Core Data Record; creating a standardised contract (MRC v3) and latterly our process, roles, and responsibilities review. With that review now complete and adoption on the horizon, we are delighted to see the fruition of ACORD’s work to define the details in its new Contract, Risk, and Pre-Accounting handbook. The detailed information contained in this handbook is a crucial step forward to drive digitisation of our market, and I would like to thank ACORD for their wholehearted support and commitment to digitise the oldest insurance market in the world.”
“The new GRLC CRP Standard optimises data accuracy, increases efficiencies, and streamlines data exchange and processing at a key stage in the insurance process,” said Chris Newman, EVP & Global Managing Director, ACORD. “With alignment to the Core Data Record, the new messaging standard will better connect industry participants by enabling integration to Blueprint Two services, driving innovation, and supporting digitalisation.”
“This new Standard is the result of unprecedented collaboration and mutual effort not only within the London Market, but also on a global basis, ensuring alignment with the existing robust ACORD GRLC community,” Newman continued. “The ongoing collaboration of our industry partners will be essential as we continue to advance the market towards a digital-first future.”
The ACORD GRLC CRP Implementation Toolkit contains assets to support consistent integration of the CRP messaging standard across industry organizations, including JSON and API specifications, as well as resources for XML implementation. To download the Implementation Toolkit, or for more information on the ACORD Global Reinsurance & Large Commercial Standards, please visit www.acord.org/grlc.
About ACORD
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.
CONTACT: Beth Jarecki
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Fintech PR
Xinhua Silk Road: Conference on deepening financial openness and co-op in Northeast Asia held in NE. China’s Shenyang
BEIJING, Dec. 27, 2024 /PRNewswire/ — The 2nd Northeast Asia Finance Conference and 2024 “Revitalizing Liaoning with Finance” Excellent Cases Release kicked off on Tuesday in Shenyang, capital of northeast China’s Liaoning Province, aiming to further deepen financial openness and cooperation in the Northeast Asian region and advance construction of a regional financial center.
The main forum held a series of activities, including an opening ceremony, two round-table dialogues on “finance + biomedical industry” and “finance + cultural industry”, a symposium for foreign financial institutions, a seminar on innovative development of financial clusters, a forum on development of technology and finance, a forum on industrial low-carbon transformation and financial innovation, as well as an enterprise project roadshow and industry-finance matchmaking event.
During the conference themed on “accelerating the construction of a regional financial center in Northeast Asia and creating a new highland for opening up”, excellent cases of revitalizing Liaoning through finance in 2024 were unveiled and the index for core areas of regional financial centers in northeast China was released.
The conference also held an unveiling ceremony for the upgrading of the Shenyang finance and trade development zone to a national-level development zone, and a launch ceremony of a platform for Shenyang industrial insights and decision analysis.
The conference was co-hosted by China Economic Information Service, Liaoning Branch of Xinhua News Agency, Shenhe District People’s Government, Shenyang local financial administration under guidance of Shenyang Municipal People’s Government and Liaoning local financial supervision and administration bureau.
Original link: https://en.imsilkroad.com/p/343777.html
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VILNIUS, Lithuania, Dec. 27, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce the launch of ALTCOIN Index, the first futures trading pair involving top altcoins. This innovative trading product offers users a one-click solution to efficiently track and trade major cryptocurrency trends with ease.
Traditionally used in stock markets, a futures index is a financial derivative that tracks the performance of a group of assets, such as stocks of commodities. These instruments were first introduced to simplify trading by allowing investors to speculate on or hedge against the collective movements of selected market sectors. Instead of purchasing individual stocks, traders are able to access broad market exposure in a single transaction, saving time and reducing costs.
In the cryptocurrency market, this new ALTCOIN/USDT futures trading pair works similarly by bundling the performance of the top mainstream cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins. The current index includes ETH, XRP, SOL, BNB, DOGE, ADA, TRX, AVAX, and SHIB. This approach is more efficient compared to buying individual cryptocurrencies or ETFs as this allows for direct speculation using tiered leverage options without the need to manage multiple positions, effectively diversifying trading risks associated with individual asset volatility.
Vivien Lin, Chief Product Officer of BingX, commented on the new offering: “By aggregating a range of leading cryptocurrencies into a single trading instrument, we’re giving users a practical and efficient way to better capture market trends. This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage.”
BingX users can take advantage of tiered leverage options and competitive rates consistent with the platform’s perpetual futures terms, simplifying open order management and enhancing trading efficiency. The platform also ensures that the index composition remains current, with regular quarterly adjustments and temporary updates in response to market conditions.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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SINGAPORE, Dec. 27, 2024 /PRNewswire/ — Nodepay, a decentralized AI platform transforming unused internet bandwidth into real-time data pipelines for AI training, today announced it has raised a second round of funding, bringing its total to $7 million.
The latest funding round welcomed new strategic investors IDG Capital ($23 Billion AUM), Mythos, Elevate Ventures, IBC, Optic Capital, Funders.VC, Matthew Tan (Etherscan founder) and Yusho Liu (CoinHako Co-founder & CEO) as notable angels. They join an impressive roster of previous backers that includes Animoca Brands, Mirana, OKX Ventures, JUMP Crypto, Tokenbay Capital and more.
Nodepay’s network taps into a global community of users running privacy-protected nodes. By sharing their spare internet bandwidth, these participants earn rewards for creating a real-time data source that improves AI inference with accurate, timely information—an approach known as Retrieval Augmented Generation (RAG).
Darren Nguyen, co-founder of Nodepay commented: “Our mission is to develop solutions that create tangible value for both AI developers and its end users. We give contributors a share in the AI ecosystem they help fundamentally build.”
Nodepay’s infrastructure platform integrates real-time data retrieval, a Web3-focused decentralized answer engine, reinforcement learning for more accurate model output, and gamified human verification. Together, these components combine to create a fair, collaborative, and innovative AI ecosystem.
Eric Le, investment director of IDG Capital, said, “The team at Nodepay is democratizing the AI economy by providing a platform that allows users to share directly in the value they create. We’re proud to support their vision of making AI more accessible and beneficial to all.”
With this funding, Nodepay will continue to commercialize its infrastructure to benefit both its community and partner AI labs. As it prepares to launch on Solana, Nodepay stands ready to lead the next era of decentralized AI development and training.
Already serving over 1.5 million active users worldwide, Nodepay continues to expand its reach, solidifying its role as a leader in the integration of AI and blockchain technology. Users can expect further updates and new announcements through their social channels and official website.
About Nodepay
Nodepay is a decentralized AI platform dedicated to democratizing AI training through real-time data retrieval. By turning idle internet bandwidth into a valuable resource, Nodepay fuels the next generation of AI models and stands at the forefront of AI decentralization.
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