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Salesforce Ventures Fuels Growth with $20M Series B Investment in OneVest
OneVest, a prominent player in the WealthTech sector, has raised $20 million in its Series B funding round, led by Salesforce Ventures and joined by new investors like Allianz Life Ventures and TIAA Ventures. The funding will enhance OneVest’s AI capabilities and explore alternative investments, providing robust wealth management solutions for banks, RIAs, and asset management firms. The company’s modular platform minimizes costs and implementation times. CEO Amar Ahluwalia emphasized the importance of this investment in transforming wealth management technology. Additionally, OneVest is strengthening partnerships with industry leaders like BlackRock and Vanguard to improve client experiences.
FMSB Unveils New Guidelines to Simplify Client Onboarding and Enhance Efficiency
The Financial Markets Standards Board (FMSB) is dedicated to improving fairness and efficiency in wholesale financial markets by promoting transparency and high standards. Recently, the FMSB released client onboarding guidelines to simplify documentation processes for financial institutions (FIs) and ensure compliance with regulatory standards. Key recommendations focus on identity, business, and structure verification, as well as mapping documents to data points. Enhanced due diligence communication templates are provided for high-risk cases. By adhering to these guidelines, FIs can improve onboarding processes, maintain data integrity, and uphold accountability in financial practices, according to Moody’s Marisol Lopez Mellado.
Zilch Launches Innovative Travel Solution with Flexible Payment Options and Exciting Rewards
Zilch Travel has launched a new white-label travel solution in partnership with lastminute.com, enhancing holiday booking experiences. This platform allows users to search, book, and pay for holidays, hotels, and flights while earning rewards through the Zilch app. The travel sector has seen a 140% year-on-year growth, with customers benefiting from 3% cashback and flexible, interest-free payment plans. Lastminute.com’s CEO, Alessandro Petazzi, emphasizes the importance of technology and financial flexibility in improving travel experiences. Zilch’s CEO, Philip Belamant, highlights the increasing demand for travel amid a cost-of-living crisis, aiming to provide affordable solutions for consumers.
Revolutionizing Financial Crime Prevention: How Consilient Leverages Federated AI for Enhanced Security
Founded in 2020, Washington, D.C.-based Consilient addresses the inefficiencies of traditional Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) systems. CEO Ajit Tharaken highlights challenges like high false positive rates, inability to adapt to evolving criminal tactics, and significant costs. Consilient utilizes AI-driven solutions, specifically Federated Machine Learning, to enhance detection by identifying 3-5 times more suspicious activities and reducing false positives by up to 80%, all while ensuring compliance with data privacy laws. As regulatory landscapes evolve, Tharaken emphasizes the need for collaboration among stakeholders to standardize AI models for improved financial crime prevention.
MuchBetter Unveils Prepaid Corporate Mastercard: Revolutionizing Business Expense Management
MuchBetter has launched the MuchBetter Prepaid Corporate Mastercard, aimed at improving corporate expense management for scaleups, FinTechs, and global enterprises. This initiative enhances their B2B services and marks a shift towards comprehensive financial solutions. Key features include instant virtual cards, customizable controls, real-time tracking via a mobile app, and seamless integration with accounting systems. The card integrates with MuchBetter Business’s Accounts banking platform, offering multi-currency accounts with lower fees. A partnership with Living Sky, a white-label platform, will leverage the Corporate Card for premium banking services. MuchBetter aims to provide a consumer-grade experience in business banking.
Transforming Finance: 83% of Firms Embrace Generative AI with Plaid Pioneering IDV Innovation
Plaid has launched significant upgrades to its identity verification (IDV) product to combat the rising threat of AI-enabled fraud. The enhancements, announced on May 13, include tools for deepfake detection, synthetic media recognition, facial duplicate identification, age estimation, and adaptive verification flows. These features aim to streamline verification for low-risk users while increasing scrutiny for high-risk individuals. As financial institutions adopt AI, the risk of fraud has escalated, prompting a need for robust identity verification tools. Plaid’s upgrades come amid a 400% surge in IDV usage and a $575 million funding round to expand fraud prevention capabilities.