London-based core provider Finastra is partnering with payment service fintech Veem to provide payment services to small and medium-sized businesses (SMBs). 

San Francisco-based Veem’s payment service will be integrated into Finastra’s Fusion Digital Banking Platform and will give users a centralized platform for SMBs, Peter Longo, senior director of product management at Finastra, told Bank Automation News.

“No matter how many platforms develop niche functionality, a lot of times in the financial services world, you may have to go one place to do an ACH [payment], and another place to do a card payment and another place to do a traditional bill pay,” Longo said. “So, this is like one-stop payments, the way we look at it for small business users on the payables or receivables side.” 

The partnership has been in the works since early summer, with payment automation being a key driver for SMBs. The new functionality offered to bank clients will allow for preset and scheduled invoices and payment tracking either to domestic or international clients, Longo added. 

There are “multiple banks” that are signed up to beta test the platform over the next 45 days, he told BAN. The banks were not disclosed. 

Microsoft, London Stock Exchange Group team for digital trading  

Microsoft recently announced a 10-year partnership with the London Stock Exchange Group (LSEG) to provide greater data and analytics to LSEG’s trading platform. 

The partnership aims to deliver a better client experience using Microsoft’s cloud and Azure AI technology to drive revenue, LSEG Chief Executive David Schwimmer said in a release. 

“This strategic partnership is a significant milestone on LSEG’s journey towards becoming the leading global financial markets infrastructure and data business and will transform the experience for our customers,” Schwimmer said. 

The analytics and modeling solutions are expected to offer traders with model construction, validation, diagnostics and deployment, providing a full scope of trading capabilities to those within the LSEG, according to the release. Microsoft aims to generate $5 billion USD in revenue from LSEG and the financial services sector as part of the partnership. 

Broadridge taps IntraFi for securities-based lending

Corporate services and fintech Broadridge Financial Solutions will partner with financial services firm IntraFi to develop a streamlined securities-based lending (SBL) service for banks, brokerage firms and wealth management firms. 

Broadridge’s lending technology aims to drive revenue growth in the SBL space, ultimately expanding access to streamlined liquidity options through the company’s lending network, Mike Alexander, president of wealth management and global managed services at Broadridge, said in a release. 

“Broadridge’s partnership with IntraFi expands the availability of securities-based lending to previously underserved parts of the market — community and regional banks, independent broker-dealers and unaffiliated advisors and registered investment advisory firms,” Alexander said. 

Broadridge’s network of more than 5,000 clients includes Wells Fargo Advisors and TD Canada Trust, according to the company’s website. 

TIB Bank selects Jack Henry for tech modernization 

The Independent Bankers Bank (TIB Bank) announced it has chosen core provider Jack Henry to provide technology infrastructure and upgrade the bank’s systems. 

The $3.1 billion, Farmers Branch, Texas-based TIB Bank opted for Jack Henry’s fully outsourced tech model to support its operational goals and growth strategy, Michael O’Rourke, president and chief executive, said in a release. 

“It was important for us to find a well-rounded technology company that can support our unique business model and operational requirements with customizable, open and proven solutions,” O’Rourke said. “Migrating to [Jack Henry’s] platform will provide TIB with greater efficiency and the scalability we need to serve the future needs of our partner institutions.” 

The bank aims to leverage Jack Henry’s platform for real-time payments moving forward, O’Rourke added in the release. 

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