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Wells Fargo, a leading financial institution, is set to revolutionize its trade finance operations by incorporating artificial intelligence (AI) technology through its collaboration with TradeSun.
Wells Fargo, one of the prominent “Big Four” banks in the United States, has chosen to utilize the TradeSun AI platform to modernize and enhance its trade finance and compliance procedures.
With assets totaling around $1.9 trillion, the bank, headquartered in San Francisco, will implement TradeSun’s Intelligence V4 solution to manage risks effectively in its trade finance operations. Additionally, the bank will leverage TradeSun’s AI capabilities to process unstructured data, verify documents, and meet compliance standards.
Cesar Gonzalez, who leads commercial banking operations at Wells Fargo, noted the significant progress made in digitizing trade finance and receivables processes. He emphasized that the partnership with TradeSun provides essential digitization and automation tools to bolster the bank’s risk framework.
Kiran Vuppu, heading Wells Fargo’s commercial banking client insights and commercial lending product management group, highlighted the bank’s ongoing efforts to streamline product offerings across various channels. The integration of TradeSun’s AI technology plays a vital role in this strategy.
Wells Fargo’s commitment to operational efficiency and innovation is evident in its adoption of digital solutions in recent years. This includes the introduction of the Fargo virtual assistant in partnership with Google Cloud in 2022, the launch of the Vantage digital business banking platform utilizing AI technology, and the subsequent rollout of LifeSync, a financial planning platform, in February of the following year.
Source: fintechfutures.com
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barq, a fintech application, and TerraPay, a global money transfer company, have formed a strategic partnership to offer rapid and secure international money transfer services. This collaboration harnesses TerraPay’s expansive global payments network, aligning with barq’s objective of broadening its service portfolio to meet the increasing demands of the fintech sector.
TerraPay and barq Forge Alliance
The partnership is poised to strengthen barq’s capabilities in providing efficient financial services both domestically within Saudi Arabia and internationally. This development comes on the heels of barq obtaining a license from the Saudi Central Bank in January.
Ahmed Alenazi, CEO of barq, expressed his enthusiasm, stating: “We are thrilled to partner with TerraPay to enhance our international money transfer services. This collaboration underscores our commitment to innovation and ensuring customer satisfaction.”
Ani Sane, Co-Founder & Chief Business Officer at TerraPay, remarked: “This partnership is more than just another agreement; it exemplifies our dedication to supporting promising initiatives in Saudi Arabia like barq. Through this collaboration, we aim to deliver swift, efficient, and secure international money transfer services that adhere to global standards.”
Developed in Riyadh, barq is expected to make a significant impact on Saudi Arabia’s fintech landscape with its services, secure payment methods, and experienced team.
Ani Sane’s comments reflect the shared commitment of both companies to deliver high-quality financial services and contribute to the advancement of the fintech sector in Saudi Arabia.
Source: financemagnates.com
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LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.
View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html
Cortical.io, renowned for its innovative artificial intelligence (AI) solutions, has teamed up with Swiss Re to advocate for the widespread adoption of intelligent document processing (IDP) among group insurance carriers, streamlining insurance operations.
Through this strategic partnership, Cortical.io’s cutting-edge IDP solution, SemanticPro, will be extended to Swiss Re’s clientele, aiming to expedite the intake process and enhance efficiency in quote preparation and policy comparison.
The intelligent extraction and classification capabilities offered by SemanticPro have demonstrated remarkable improvements in reducing review time and enhancing quote accuracy when compared to traditional manual processes.
This collaboration empowers Swiss Re to better assist its insurance clients by optimizing policy processing workflows, minimizing errors, reducing response times, and improving operational efficiencies.
Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re, emphasized, “The insurance industry faces challenges with legacy systems, manual workflows, and fragmented data, hindering operational efficiency. Recognizing the need for automation and AI-driven tools to streamline processes and enhance efficiency, we identified Cortical.io as a standout among IDP vendors. Its ability to accurately process complex provisions and its user-friendly, no-code interface set it apart. We eagerly anticipate contributing to our clients’ business success through this collaboration.”
Hans-Peter Riecken, SVP North America at Cortical.io, added, “We are impressed by Swiss Re’s dedication to providing its clients with access to innovative technologies and deeply honored to have been selected to support them in delivering optimal value. It is incredibly rewarding to have our expertise in the insurance industry acknowledged by one of the sector’s leaders, and we are excited to offer Swiss Re’s clients the same benefits enjoyed by our own insurance customer base with Cortical.io SemanticPro.”
Source: fintech.global
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