Technology tested by regulators and banks now available to all sectors

NEW YORK, Sept. 23, 2024 /PRNewswire/ — XDI (Cross Dependency Initiative) is today launching the XDI Climate Risk Hub from New York Climate Week, an innovative platform that provides on-demand, physical climate risk analysis for financial institutions, companies, and governments worldwide.

“This new platform enables users to conduct real-time assessment of assets located anywhere in the world under a single, auditable methodology. It addresses the growing demand for accurate, comparable climate risk analysis to support decision-making across industries and jurisdictions,” says Dr Karl Mallon, Co Founder and Head of Science and Technology, XDI (Cross Dependency Initiative).

The XDI Climate Risk Hub technology was first launched in May this year via a new platform developed with The Hong Kong Monetary Authority (HKMA) – Hong Kong’s central banking institution. The HKMA Physical Risk Assessment Platform – which is currently being rolled out in a phased approach – offers all Hong Kong banks free access to instant and secure physical climate risk analysis. It is the first initiative of its kind in the international banking sector.

Now, with its broader release, the XDI Climate Risk Hub expands its reach to meet the needs of clients from all sectors, and with assets located anywhere in the world.

The XDI Climate Risk Hub offers world-leading physical climate risk analysis at the touch of a button, from screening a single asset or portfolios of tens of thousands of assets, to performing in-depth analysis for due diligence and adaptation planning. Users can utilise the platform for a wide range of applications, including counterparty risk analysis, infrastructure risk assessments, operational risk assessments, and adaptation planning.  It also allows users to screen new sites for climate risk, dive deep into high-risk asset subsets, and meet compliance and disclosure obligations. 

The XDI Climate Risk Hub features three risk rating bands, and suite of financial risk metrics, for nine climate hazards, four climate scenarios, five-year time steps for analysis through to 2100, and a spatial resolution of up to 5m x 5m.

XDI views the launch of the XDI Climate Risk Hub as a critical step in its mission to make high-quality climate data accessible to as many decision-makers as possible.  The increasing focus on adaptation in the platform, with new features being introduced throughout the rest of the year, is part of its commitment to supporting banks, companies and governments move from risk to resilience.

About XDI     

The team behind XDI (Cross Dependency Initiative) was established in 2007, making the group the world’s longest standing independent specialist in physical climate risk and adaptation analytics. Today, XDI is the largest provider of physical climate risk analysis to banks in the world. XDI is part of The Climate Risk Group.

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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth. 

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

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BETHESDA, Md., Sept. 23, 2024 /PRNewswire/ — SAR, a data analytics company specialized in the securities litigation risk of public companies, announces the appointment of Anthony Kabanek to Executive Vice President and welcomes him as a member of the executive leadership team.  The company also announces the publication of its inaugural U.S. Securities Litigation Risk Report, and the launch of the ACE Alert^SM subscription service.  The ACE Alert^SM subscription empowers strategic corporate executives, legal and investment professionals with trusted data-driven insights on the securities litigation risks facing corporate directors and officers of public companies listed on the NYSE or NASDAQ.

Anthony will spearhead the company’s business development objectives to optimize executive and financial risk-transfer solutions with responsible technological innovation.  He leads a team focused on building relationships with leading insurers that offer superior management liability insurance.  His goal is to deliver the value of trusted analytics and bespoke data licensing solutions of the SAR Platform^SM to multinational insurance and reinsurance companies.  

“Anthony brings successful business development and corporate sales experience to SAR.  I am thrilled to welcome him as a valued member of our leadership team to lead the execution efforts of key business development initiatives,” said Nessim Mezrahi, CEO.

Prior to joining SAR in 2024 from Microsoft, Anthony had two decades of corporate sales experience.  Anthony was a servant leader for successful teams at Microsoft, Intel 471, FireEye, and Mobius Partners by partnering with executive managers to deploy and implement technology solutions for Fortune 50 companies.  He is a 23-year veteran of the U.S. Navy Reserves, currently holding the rank of Commander.  Anthony served as the U.S. Naval Attaché for the U.S. Embassy in Madrid; was the Chief Military Liaison at the U.S. Consulate General Dutch Caribbean; served as Operations Officer, USCENTCOM/USSOUTHCOM; and was a Platoon Intelligence Officer with Navy Special Operations.

“I am excited to join SAR and lead the company’s growth journey by honoring the ethos of its mission.  We will execute our business development objectives with integrity and a commitment to delivering value for our corporate customers to better protect directors and officers of U.S.-listed companies,” said Anthony Kabanek, Executive Vice President.

Today, SAR also announces the publication of the inaugural U.S. Securities Litigation Risk Report.  The research report presents the impact of Adverse Corporate Events on the market capitalization of companies that trade on the NYSE or NASDAQ.  After six years of independent research and development by SAR, the organization has executed its commitment to publish data-driven results of stock price performance in response to the frequency and severity of Adverse Corporate Events to more accurately quantify the securities litigation risks that impact issuers.  SAR relies on the uniform and proactive application of the court-accepted event study methodology to continually test stock price reaction in response to corporate disclosures of U.S. and non-U.S. issuers to more accurately identify, track, and estimate the economic impact of Adverse Corporate Events.

Today, SAR also announces the launch of the ACE Alert^SM subscription service to offer unparalleled analytical prowess and transparency to key stakeholders that seek an innovative data-driven advantage to win in a highly competitive market.  The ACE Alert^SM is an essential risk management analytics tool that tracks the frequency and severity of Adverse Corporate Events every trading day based on issuers’ corporate disclosures. 

You can sign-up to fortify executive risk coverage and loss mitigation solutions to better protect directors and officers that choose to trade in American stock exchanges by clicking here: https://www.sarlit.com/acealerts

Media contact: [email protected]  

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