News

Bank Innovation, Fiserv Partner to Launch Fintech Accelerator

Xignite

U.S. Bank to Participate in Accelerator Operations

Application Period for First Accelerator Class Now Open

bank innovation fintechBank Innovation and Fiserv today announce the launch of Bank Innovation INV, a revolutionary fintech accelerator that will cultivate financial services startups around the world. INV is now accepting applications for its first accelerator class, which will commence this quarter.

INV is the first non-geographically specific fintech accelerator, open to startups from anywhere in the world, with a particular focus on the world’s four major fintech hubs: Silicon Valley, Europe, Israel and New York.

The partnership between Bank Innovation, one of the world’s leading fintech strategy news services, and Fiserv, a leading provider of financial services technology — and which includes the participation of U.S. Bank, the fifth-largest bank in the United States — will foster startup success via INV.

“Bank Innovation INV will uniquely embrace fintech startups no matter where they are on the planet,” said JJ Hornblass, Principal, Bank Innovation INV. “Our partnership with Fiserv means startups in the accelerator program will get exceptional technology mentoring and access to potential technology users, which will lead to better results.”

“As part of our role in the Bank Innovation INV accelerator, Fiserv has an opportunity to not only further innovation, but to serve as a connection point between financial services startups and our thousands of bank and credit union clients,” said Matt Wilcox, SVP, Marketing Strategy and Innovation, Fiserv. “There are many nuances to navigate when developing and delivering new solutions in our industry, and we have the expertise to help ensure technologies that can transform the way people interact with financial services make their way to market.”

Also participating in INV is Cross River Bank. Cross River Bank and U.S. Bank will provide mentorship and select financial services to accelerator startups, in addition to opportunities for proof-of-concept initiatives.

“The banking and technology industries are increasingly working together to make the customer experience better,” said Dominic Venturo, Chief Innovation Officer at U.S. Bank. “INV provides the opportunity for us to engage and collaborate more closely on fintech innovation, and we are pleased to work together in this venue.”

Additionally, the following companies will make their application programming interfaces (APIs) exclusively available to INV startups: Xignite, ChartIQ, Estimize, Open Bank Project, QuantConnect, and Streamdata.io. Some of these API providers are part of the #FintechRevolution, which INV supports.

INV will also be part of Bank Innovation’s two annual industry events, in Seattle (www.bankinnovation.info) and Tel Aviv (www.bankinnovationisrael.com), where the INV participant companies will have exposure to hundreds of influential fintech professionals.

INV startups will receive a multitude of services, including:

  • Consultation with Fiserv technology mentors
  • Direct feedback from financial institutions
  • Specific recommendations on technology, strategy, sales and marketing
  • Beta-testing and/or proof-of-concept opportunities
  • Goal-setting and project management assistance  
  • Access to independent legal professionals
  • Access to valuable APIs and banking services
  • Marketing support through Bank Innovation
  • Financial support

“We want INV to not just foster the evolution of fintech, but revolutionize it,” Hornblass said. “We’ve got a grand opportunity to change the face of fintech, and we’re going for it.”

ABOUT BANK INNOVATION

Bank Innovation tracks and encourages innovation in banking and explores the world of bank customer acquisition and retention. The digital information service records customer acquisition innovation successes and failures at a site at which bankers of common ilk and dreams can come together to share ideas and insights. Irreverent? Maybe. But our goals are true: to make banking better.

For more information on INV, visit www.BankInnovationINV.com.

Startups that want to apply for admission into INV should click here.

Find INV on Angel List here.

Financial institutions that want to learn more about participating in INV should contact Phil Ryan atpryan@royalmedia.com or visit http://bankinnovationinv.com/for-institutions.

Read the blogpost, “Why We’ve Launched a Fintech Accelerator”

ABOUT FISERV

Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a leader in financial services technology, and today is among FORTUNE magazine’s World’s Most Admired Companies and Forbes magazine’s America’s Best Employers. For more information, visit www.fiserv.com.

Source: Bank Innovation

RECENT NEWS

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today it has enhanced the data coverage for its’ interbanks and interest rates APIs in preparation for the required transition from the London Interbank Offered Rate (LIBOR) benchmark interest rate at the end of 2021.

Used in financial products such as adjustable-rate mortgages, consumer loans, credit cards and derivatives, LIBOR has been the world's most widely used benchmark for short-term rates. But after the 2008 financial crisis the U.S. Federal Reserve recommended a new benchmark interest rate to replace the outdated and problematic LIBOR. In the U.S market the new benchmark is Secured Overnight Funding Rate (SOFR), which is based on transactions in the U.S. Treasury repurchase, or repo, market, where banks and investors borrow or lend Treasuries overnight. Other countries are introducing their own local-currency-denominated alternative reference rates for short-term lending.

Xignite banking, and Fintech customers that build apps for capital markets, investment management, financing, and foreign currency exchange purposes, require interbank and interest rates data to manage exchange and interest rate risk. Xignite enhanced its Interbanks and Rates APIs with SOFR earlier this year and has now added four of the alternative overnight risk-free rates (RFRs) recommended to replace LIBOR for currencies in respective markets. The new rates include Euro Short-Term Rate (ESTR), Swiss Reference Rates (SARON), Sterling Overnight Index Average (SONIA), and Tokyo Overnight Average Rate (TONAR). These additional rates are available now at no additional cost to customers.

“Our rates and InterBanks APIs were the first REST APIs ever released to serve the needs of the lending and banking industries. They uniquely aggregate rates that are used by dozens of firms globally in critical business processes,” said Vijay Choudhary, Vice President of Product Management for Xignite “Given the major shift the industry is experiencing regarding reference rates, it was critical for us to support those new rates to give our clients the data they need to run their businesses,” added Choudhary.

Xignite’s Interbanks API offers real-time and historical interbank and deposit rates for currencies in 40 countries. Xignite’s Interest Rates API provides interest rate data for over 600 global treasury, money market and private capital market instruments and benchmarks. The new alternative T+1 (24hr+ delayed) rates include:

  •         Europe: Euro Short-Term Rate (ESTR) is an interest rate benchmark that reflects the overnight borrowing costs of banks within the eurozone. The rate is calculated and published by the European Central Bank.
  •         Switzerland: Swiss Reference Rates (SARON) represents the overnight interest rate of the secured money market for Swiss francs (CHF). The rate is calculated and published by SIX.
  •         United Kingdom: Sterling Overnight Index Average (SONIA) is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling.
  •         Japan: Tokyo Overnight Average Rate (TONAR) is an unsecured interbank overnight interest rate and reference rate for the Japanese yen. The rate is calculated and published by the Bank of Japan.

About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006, when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite.

06/09/2021

Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today introduced XigniteGlobalCorporateActions, a new advanced API providing detailed corporate actions data for events such as stock splits, dividends, mergers, and spinoffs. The COVID-19 pandemic has led to a dramatic increase in corporate actions, annual meetings canceled, dividend payouts suspensions, and an accelerated company mergers and acquisitions rate. Knowing when a company plans to offer a split or undertake an acquisition is critical for buy-side and sell-side firms.

Corporate action processing is one of the “last frontiers of pain” for investment management, and one of the most manual and complex parts of back-office operations. The lack of uniformity and standards makes it difficult to identify and interpret information correctly. Obtaining accurate and timely information is challenging, and errors can result in painful financial losses. The XigniteGlobalCorporateActions is the first cloud-based REST API to eliminate the pains and complexity caused by legacy data feed and files. The API provides a single-source data stream with consistent information gathered from more than 190 exchanges and over 30,000 U.S. mutual funds.

The recent split of TSLA and AAPL stock on the same day illustrates the complex and far-reaching impact of corporate actions. If a firm does not do this correctly, it will show on historical charts, and their customers will notice. Xignite’s Data Quality team cross-validates our corporate actions data across sources and proactively detects and fixes any missing information. This prevents missing issues such as the TSLA and AAPL splits.

“The industry is facing a ‘perfect storm’”, says Vijay Choudhary, Vice President of Product Management for Xignite. “On one hand you have a massive wave of corporate actions fueled by the pandemic and the rising markets, and on the other you have millions of new retail investors eyeballing their investment applications all day long. One bad corporate action can send your customer service department into a tailspin,” added Choudhary. Additional detail on the Corporate Actions API endpoints:

GetDistributions - Returns cash and stock dividends as declared by the company for a requested security and date range.

GetDistributionsByExchange - Returns cash and stock dividends as declared by the company for a requested exchange and date.

GetEventSummaries - Provides a high-level overview of events for a requested security and date range.

GetMergers - Returns merger events for a given identifier and date range.

GetSpinoffs - Returns spinoff events for a given identifier and date range.

GetSplits - Returns the stock split history for a security for a specified date range.

GetTakeovers - Returns takeover events for a given identifier and date range.

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

05/18/2021

In the foreign metal market and the world of international rates, currencies play the crucial role of acting as the medium of exchange in the transactions that take place.

Currencies like the United States dollar, the Euro, or the British Pound are commonly used around the world in order to get a metal rate. Some companies that offer precious metal live and historical rates have exposed their APIs (Application Programming Interfaces) to allow developers to integrate current and historical metal rates, currency conversion, or other capabilities into their applications.

In order to know about precious metals live and historical rates, there’s a lot of APIs available online, and if you want to try one, Barchart is going to be one of your first options. But if you take a look at what else is in the market, you’ll find alternatives so many great alternatives:

Xignite Market Data Cloud Platform

Xignite Market Data as a Service was one of the first market data services built to run in AWS and they are one of the few vendors that is an AWS Advanced Technology Partner with a Financial Services Competency.

With more than a decade of cloud expertise in building, scaling and operating cloud-based market data technology, it is no surprise that leading financial services and capital markets firms rely on this company to empower their journey to the cloud. Their Metals API Service offers real-time prices and quotes for metals including Gold, Silver, Palladium, Platinum and other base metals. In addition to real-time precious metals prices, the service provides daily London Fixing prices as well as historical precious metal prices and metal news. 

Xignite Cloud APIs are sourced from leading providers such as FactSet and Morningstar as well as Xignite’s own curated, high-quality data.

Read the article Top 3 Alternatives for Barchart Precious Metals Rates

02/25/2021