CACEIS selects Cardabel machine learning to optimise reconciliation

European asset servicing group CACEIS has implemented Cardabel’s machine learning (ML) technology to optimise securities and cash position reconciliation as part of the digital transformation of its middle-office outsourcing offer. The Cardabel technology reduces processing times and enhances CACEIS’ reconciliation offering. Sandrine Legrand, head of middle-office at CACEIS, says: “The challenge was to reduce turn-around times for clients’ reports while dealing with a constantly rising volume of flows. Cardabel’s offer is the perfect fit, and enables employees to focus on higher value tasks that raise client satisfaction”.

Contour extends use of LEI to inclusion in trade finance network

Contour, a digital trade finance network, has partnered the Global Legal Entity Identifier Foundation (GLEIF) to enable the use of Legal Entity Identifiers (LEIs) within its network and to financially support its members in obtaining their own LEI. By adopting the entity identifier, Contour’s members will benefit from increased confidence among their trading counterparties, lower data reconciliation costs, reduced transaction discrepancies and improved risk management. Contour plans further use of the LEI including building the identifier into its KYC processes and collaborating on the GLEIF-led Verifiable LEI (vLEI) initiative.

GRI Revises Universal Standards and Restructures Governance

Global Reporting Initiative (GRI) has revised its universal standards to help subscribers better report on their ESG impacts. The revisions, the “most significant” update since 2016, incorporate human rights disclosures and have been carried out to enable firms to better respond to new regulations, particularly SFDR. The Netherlands-based sustainability standards setting organisation has also reshaped its governance structure, creating a two-tired setup comprising a Supervisory Board of directors and a Management Board, consisting of the CEO and Chief Financial Officer. Current CEO Eric Hespenheide will step down in January.

Broadridge Adds AI-powered Anti-Money Laundering Solution

Broadridge Financial Solutions has released Broadridge Anti-Money Laundering Solution (AMLS), bringing new capabilities to the company’s existing intelligent automation suite. The solution delivers an end-to-end machine learning (ML) powered AML platform covering transaction monitoring, name screening, alert prioritisation, and customer risk scoring. The platform is powered by cloud-based AML transaction monitoring software provider Tookitaki.

Encompass Expands into North America

Encompass, a provider of automated KYC solutions, has expanded into North America with office headquarters in New York and the intention to better serve the needs of existing global clients with a presence in North America, as well as secure new clients and partnerships in the region. Alex Ford has been appointed president, North America. She joined Encompass in 2012 and has held executive responsibility for several business units of the company. She will be joined initially by six senior staff members before an increase to more than 10 by the end of 2021, and double the number in 2022.

FSB and IMF Report on G20 Data Gaps Initiative

The Financial Stability Board (FSB) and International Monetary Fund (IMF) have published their Sixth Progress Report – Countdown to December 2021 on the implementation of the Second Phase of the G20 Data Gaps Initiative (DGI-2). The report highlights significant progress in closing identified policy relevant data gaps during phases 1 and 2 of the Data Gaps Initiative, and the value of the initiative through the Covid pandemic in helping policymakers access key information to assess developments and risks in financial and non-financial sectors.

While some DGI-2 recommendations will not be completed by the end of 2021 and firms will continue to implement them, four data priorities that are likely to be covered by a new DGI are: climate change; household distributional information; fintech and financial inclusion data; and access to private sources of data and administrative data, and data sharing. A detailed workplan for the new initiative will be developed.

Milestone Group Offers Fair Value Control Solution

Milestone Group, an investment technology specialist recently acquired by BNY, has released a Fair Value Control solution for teams responsible for the administration and compliance of the fair value process, and ensuring funds’ securities are correctly valued in accordance with policy set by governing parties. The solution uses the pControl funds platform and includes workflows providing automation, transparency, and control of the end-to-end fair value determination process. It also unifies stakeholders involved in the process by providing a centralised solution for monitoring, decision-making, and implementation of fair value prices.

FactSet Teams Up with Macrobond to Offer Insight into Global Equity Markets

Macrobond, a provider of global economic, aggregate financial and sector data for finance professionals, has teamed up with FactSet to provide top-down researchers with insight into the dynamics of global equity markets.

The company has worked with FactSet to build an aggregate version of the latter’s Quant Factor Library, a point-in-time database of factor insights and consolidated data, including alternative data, from more than 70,000 securities across 127 countries and more than 200 exchanges. The library helps users detect investment themes across global equity markets, incorporate ideas into portfolio construction processes and transform raw data into actionable intelligence.

The new dataset, which combines FactSet’s deep insights into individual stocks with Macrobond’s platform for top-down analysis, allows users to efficiently form an aggregate view of the market by index, sector, country and other categories. As well as standard metrics such as earnings yields and EPS estimates, it includes a broad range of data such as ownership and corporate governance – including the number of women on boards, executive remuneration and stock buybacks – enabling researchers to explore pertinent themes.

Moody’s Acquires Climate and Natural Disaster Risk Modelling Specialist RMS

Moody’s Corporation has completed the acquisition of RMS, a global provider of climate and natural disaster risk modeling and analytics. The acquisition expands Moody’s insurance data and analytics business, and accelerates the development of the company’s global integrated risk capabilities to address the next generation of risk assessment.

Tikehau Capital Selects NeoXam DataHub for Transformation Programme

NeoXam’s DataHub platform has been selected by global alternative asset management group Tikehau Capital to support an IT and operational transformation programme across its global multi-fund business. The NeoXam solution will act as a central repository for Tikehau Capital, creating a single point of truth for securities, business entities, indices and benchmarks, and portfolios. NeoXam DataHub allows Tikehau Capital to consolidate a number of in-house developed data management systems into one ‘best of breed’ solution that will be used across its different investment hubs.