GovCoin Systems has revealed that its distributed ledger technology is being used in a trail to support the government distribution of benefit payments. GovCoin has partnered with Barclays, RWE npower and University College London for the pilot, which commenced in June.
Silicon Valley Bank has committed an additional $100 million to the Irish innovation sector, after pledging $100 million over five years in June 2012. The new partnership between the bank and the Ireland Strategic Investment Fund is aimed at supporting the technology economy in Ireland. As part of the agreement, Silicon Valley Bank will lend to Irish technology companies, with the Strategic Investment Fund helping to
US startup Solovis, a multi-asset class portfolio management and reporting platform, has raised $3.25 million in equity financing led by Edison Partners. Solovis software generates detailed reports in real-time for investors adopting multi-asset strategies for diversification and risk management. The platform can analyse and model data across multiple portfolios, relationships and pools of capital, then deliver automated, consolidated reports.
Momentum Investment Solutions & Consulting (ISC) has adopted RiskFirst’s PFaroe system as its risk analytics platform. The ISC team advises large UK pension schemes on investment strategy, and has over £10 billion of assets under advice. It will use the PFaroe system to help model, implement and monitor sophisticated asset allocation, liability hedging and de-risking strategies.
LV= has deployed a new cash management solution from Cashfac for trustees administering Self Invested Personal Pensions (SIPPs). The new system is set to drive greater efficiencies and simplification across LV=’s client money operations through the migration of over 41,000 bank accounts to six real accounts and thousands of client managed, virtual accounts.
The UK’s largest pension payments provider Equiniti has developed a free app to help savers manage their pension pots. New regulations have given people more options to drawdown their pension, and with the average retirement lasting 17 years, Equiniti stressed the importance of people making educated choices about managing their finances to make sure they do not run out of funds.