ebankIT launches “Innovate to Compete: Open Banking Report 2023”

Tenora Financial Group Limited (Tenora), a financial technology company providing end-to-end foreign exchange (FX) risk management, has today announced two significant milestones that mark a defining moment in its growth. Tenora's UK subsidiary, Tenora Financial Solutions Limited, has received authorisation from the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), while Macquarie Group, through its Commodities and Global Markets business (Macquarie), has increased its total shareholding in Tenora to 33%, following approval from the Australian Prudential Regulation Authority (APRA).

WealthAi, the AI operating system built for wealth management, is launching its Compliance Solution - an agentic AI tool that helps compliance teams monitor, flag and audit client communications in real time, replacing the manual spot-checks and spreadsheets that have become endemic across the wealth management industry.

Qolo, a leading fintech provider of modern treasury solutions, announced an expanded partnership with KeyBank with the launch of Key Virtual Card (KeyVC), a new virtual commercial card program that helps businesses more easily manage and track payments. The new offering allows KeyBank’s commercial clients to create and manage virtual cards directly within Key’s Virtual Account Management platform (KeyVAM). By bringing virtual cards into the same system clients already use for treasury and cash management, the program helps businesses pay suppliers more efficiently while maintaining stronger oversight of spending and reconciliation.

Northwestern Mutual is taking another significant step to drive innovation in the financial services industry, announcing a new $150 million investment to support promising startups across the fintech and insurtech landscape. Awarded through Northwestern Mutual Future Ventures (NMFV), the funds will expand the company’s total venture capital allocation to $350 million – deepening its commitment to elevating the experience for clients and the advisors who guide them.

InDebted, the global AI-native collections platform, today announced that founder Josh Foreman is moving from Chief Executive Officer to a dedicated Founder role focused on product, AI and R&D. The company has started an external search for a new CEO to lead market execution, operations and organisational leadership.

Black Ore, the AI platform for financial services, today announced the broad availability of Tax Autopilot, automating tax preparation for CPA firms. Since launching its early access program two years ago, Black Ore selectively onboarded 75 firms from a waitlist of close to 4,000 — including 40% of the Top 20 CPA firms in the country.