Fintech
Delta Data Declares Blockchain for Mutual Funds Biggest Tech Miss of Decade
COLUMBUS, Ga., Dec. 23, 2019 (GLOBE NEWSWIRE) — Delta Data, a fintech company providing infrastructure technology for the pooled investment community finds that Blockchain technology, which enjoyed 100s of millions of investment dollars for its potential of revolutionizing 40 Act fund trading, was a miss. In short, Blockchain is a solution for a problem that doesn’t exist within the mature mutual fund management industry.
“The hype, largely driven by the Ponzi scheme of the decade, Bitcoin, was able to overcome the normal gatekeepers to sane technology investment,” says Whitfield Athey, CEO of Delta Data. “All fintech investments must meet at least one of three criteria: an increase in the revenue opportunity for the firm, solution of regulatory requirements, and a clear back office ROI. In today’s cost-conscious fee pressured environment, a project needs to meet at least two of these three requirements to be worthy of receiving funding,” he adds.
The attributes of Blockchain ledger technology include decentralization, immutability, security, and transparency, allowing for verification without third-parties dependency. Within the collective investment fund world securities are cleared by a consolidated and mature industry that leverages services like the DTCC. These services have already enabled known and trusted counterparty networks that utilize tools, like the Delta Data or other mature, automated and STP trading systems, that operate at hyper scale with near zero reconciliation issues in an ultra-cost-effective environment.
“Blockchain vendors within the mutual fund space claim to solve three problems: trust, coordination of disparate data and cost scalability, however these aren’t issues within our space. 15 years ago, the ‘Buzzword Bandits’ hyping Blockchain today were selling data warehouses, and five years ago started to sell AI. This is another example of overhype and under delivery. Blockchain within our space is a square peg looking for a hole that would have to be drilled to find a home. Ripping out and replacing our current systems would cost hundreds of billions of dollars. Now, I will say that if we were starting from scratch, it would make sense to build on a ledger like this. But we aren’t, so Blockchain applicability may be found creeping into the industry as older systems are slowly obsolesced and replaced, and that’s not happening fast. In short, this tech is pretty late to the horse race,” observes Athey.
Blockchain’s scalability has not reached the point where it makes sense for any company within the pooled investment industry to make a significant investment to replace vetted, more efficient existing infrastructures with what is essentially an evolving technology. These findings are the result of benchmark transaction specifications stipulated by many of the largest banks and investment fund managers in the country. Currently the fastest Blockchain service available claims a speed of 3,000 Transactions Per Second (TPS), or 180,000 per minute and 10,800,000 per hour. Platforms like Delta Data, currently in use by the country’s largest banks and investment management companies, can process hundreds of millions of transactions per hour at a nominal cost.
Delta Data Dividend Calendar available now
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Features:
See all annual security events in an easily accessible online calendar format
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Proactive notification of dividend expectations
About Delta Data:
Delta Data provides back-end solutions processing trillions of dollars in assets for the mutual fund industry, supporting four of the top 10 US banks, four of the top five US retirement recordkeepers and four of the top five US investment managers. Delta Data’s industry-vetted and sophisticated SaaS integrated technology suite enables financial companies to manage the dynamic environment of regulatory change and risk associated with internal and external data management. Delta Data’s unique position within the financial industry allows for the maximum effective application of the latest technologies such as Artificial Intelligence and Machine Learning to provide a turnkey solution for financial services companies seeking to stay ahead of the change.
Media Contact:
BIGfrontier for Delta Data
[email protected]
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
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Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
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Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
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