JPMorgan subsidiary Neovest Holdings has acquired investment management company LayerOne Financial for an undisclosed sum. 

Neovest, a fintech for brokers and dealers, will now be able to help clients monitor portfolios, conduct risk assessments and send orders to their brokers, it stated in a March 1 release.  

“Neovest can enable clients to manage their full investment lifecycle with one software provider with industry-leading capabilities,” Neovest Chief Executive Jimmi Shah said in the release.

The $3.4 trillion JPMorgan acquired Neovest in 2005 to provide its trading technology to institutional investors, asset managers and hedge fund clients, according to a JPM’s release at the time. 

HSBC deepens ties with Silent Eight to fight financial crime 

HSBC is deepening its ties with regtech company Silent Eight to fight financial crime. 

Silent Eight will provide the $3 trillion bank with its automated alert closure for transactions solution, which will help flag and resolve transaction screening alerts, according to Silent Eight’s Feb. 22 release. 

London-based HSBC is an investor in Silent Eight and has been using the company’s name screening and adverse media automation to screen for sanctions violations, possible money laundering and compliance infractions, the release stated. 

“It is not about being more compliant [but] seeing more sanctions and more volatility in the future and understanding that technology is the only way to prepare for that,” Ben Rayner, regional head for UKI and EMEA at Silent Eight, told Bank Automation News. “With the ever-increasing scope of sanctions, organizations are looking for ways to adapt, but also drive standards in accuracy and consistency.” 

Silent Eight’s solution will be implemented across HSBC’s global network, Rayner said, adding that the company expects “to see a decrease in the elapsed time it takes payments that require investigation (but ultimately are innocent) to be released, which will have considerable customer benefit.” 

Commerce Bank to use Temenos’ loan origination solution 

The $31.8 billion Commerce Bank is using Temenos’ Infinity loan origination solution to provide a personalized experience for clients, according to a Feb. 20 release from Temenos. 

“Demand for digital onboarding and loan origination processes continues grow as banks look to create a best-of-class customer experience to drive customer acquisitions, retention,” Dallan McManus, executive vice president of product for core banking at Temenos USA, told BAN. “Banks are also looking to digitization to improve operational efficiency which our solutions provide.” 

With Temenos’ solution, financial institutions can identify sources of customer delays or abandonments, and continuously improve, making changes and measuring results, McManus said. 

“The loan origination allows banks the ability to automate decisions in a digital process, which can greatly reduce the number of applicants going to manual underwriting,” McManus said. “The highest digital priority for Temenos customers is to improve digital onboarding, digital loan application process and mobile apps.” 

Quantalytix joins state bank groups for data management 

Data aggregator and analytics provider Quantalytix is joining forces with Texas, Tennessee and Illinois state banking associations to provide its cloud-based Enterprise Bank Management software and its Enterprise Data Management (EDM) platform to allow financial institutions to understand their balance sheets and how money is distributed across the organization, Will Bryant, chief operating officer and co-founder at Quantalytix, told BAN. 

“Quantalytix makes the nuance and complexity of understanding a bank’s balance sheet simple, which doesn’t require specialized resources or expensive data scientists to operate,” Bryant said.  

Banks can onboard Quantalytix’s EDM solution in as little as 30 days, Bryant said, adding that the company’s cloud-based platform positions itself as an ecosystem that works openly with other software platforms. 

The Birmingham, Ala.-based company has more than 1,025 community banks across the country on its network and targets banks with $750 million in assets that want forensic and analytical capabilities. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.

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