Tech news: Asset-Map announces 'relationship maps' and 'legal instruments' features

Tech news: Asset-Map announces new features

November 15, 2024 11:10 AM

Asset-Map announces relationship maps and legal instruments features; TaxBit launches platform for both traditional and digital finance; Mastercard releases business solution platform; and other news.

Asset-Map announces relationship maps and legal instruments features

Financial planning solutions provider Asset-Map announced two new features, as well as three soon-to-be available tools. Relationship Maps will empower advisors to create a customizable mind map of household members and entities to provide a client with a multigenerational family tree and lead discussions around family planning, trust and corporate entity structure, non-traditional family situations, and more. The Legal Instruments feature will allow advisors to incorporate wills, powers of attorney, guardianships, living wills, buy-sell agreements and other knowledge of legal documents into the tools available on the Asset-Map platform. Asset-Map also announced plans for the following tools, expected to be released in the near future: Side Bar In-meeting Planning will overlay a household's visual financial inventory (Asset-Map Report) with real-time Signals feedback on the preparedness to handle financial calamities, and Target-Maps goal-funding progress. Beneficiary Map shows a client's assets, insurance, liabilities and passive cash flows that can be critical to the insight of survivors and their advisors in the case of the demise of an interested household member. Finally, Practice Insights aggregates and analyzes the entirety of household data within a financial firm using Asset-Map, allowing for leadership to understand factors like average household income, retirement accounts and life coverage of a firm's client base, helping practice owners understand and find opportunities within their book of business.

TaxBit launches platform for both traditional and digital finance

Digital asset solutions provider TaxBit introduced a global reporting platform that encompasses both digital and traditional finance for managing complex tax reporting for digital products, specifically, high-volume, high-frequency and multi-asset transactions. With functionality that spans global tax regimes, the platform facilitates compliance with regulations—covering everything from U.S. information reporting to digital asset cost basis, DAC8/CARF, CESOP and DAC7 in the EU—without system overhauls. Among other things, the platform offers APIs that let developers integrate it with enterprise systems. Automation handles ingestion, calculation and reporting for complex multi-country, multi-asset transactions. A real-time dashboard offers self-service insights and analytics, allowing companies to monitor compliance status, identify risks and keep up with deadlines.

Mastercard releases business solution and automation platform

Mastercard released its Biz360 platform for small businesses to streamline operations and integrate their existing digital tools in one place. Users can consolidate their existing operational tools, subscriptions and payment gateways into a single destination, in addition to automating administrative tasks. Small business owners can access a client portal to manage and cultivate customer relationships, boost loyalty through personalized email and marketing campaigns, enhance their digital presence with website creation capabilities, and access personalized business performance reports. Small business fintech platform Hello Alice will collaborate with Mastercard on the initial rollout of Mastercard Biz360 to select small businesses across their U.S. network. Mastercard is also collaborating with vcita, a technology platform designed for organizations that serve the small business market. Mastercard aims to broaden Biz360's reach across additional markets in 2025 and expand the platform's capabilities. Learn more information here.

Vero AI announces AI tool for governance, risk and compliance

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Analytics solutions provider Vero AI released Iris GRC, an AI tool for evaluating governance, risk and compliance. It is the first rollout of Vero AI's industry-specific applications. Iris GRC analyzes and evaluates a wide range of organizational documents to determine a company's compliance status for meeting regulatory standards including SO, HITRUST and SOC 2, while helping them stay ahead of upcoming legislation. It offers insights to assess whether their processes meet all relevant standards, and analysis to identify where compliance is achieved and where it falls short. It provides recommendations on how to address noncompliant areas, evaluate against upcoming standards to stay ahead of the curve, and align with additional, potentially overlooked standards.

Tres announces personal blockchain financial AI assistant

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Web3 analytics company Tres released Tres Analyst, an AI-powered tool designed to simplify and quickly get the answers to blockchain financial questions. Tres Analyst brings together data from over 160 blockchains, exchanges, protocols and custodians, and enables users to directly interact with their transactional Web3 data. Users can ask for information such as their total net worth, specific asset balances and transaction history. It automatically generates graphs based on queries, letting users visualize trends, compare balances and display key metrics.

Sikich releases IAEdge solution

Sikich lobby in Naperville, Illinois

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Top 50 firm Sikich launched its IAEdge solution, a tool that combines traditional quality assurance review with the Internal Audit Capability Model framework. IAEdge evaluates conformance across 15 principles defined by the Institute of Internal Auditor's standards while providing a structured pathway for internal audit functions to evolve. The solution features a report summarizing conformance; a dashboard that assesses 42 key areas in six elements and outlines five stages of evolution for the internal audit department; a structured roadmap that defines steps to progress from one's current level to internal audit excellence; and recommendations designed for ease of use, implementation and optimization.

Withum opens dedicated AI website

Top 25 firm Withum created an AI-focused website, withum.ai to serve as a hub for thought leadership, insights, blogs, webinars and resources for navigating the AI landscape. Highlights include strategy and roadmap development to help organizations create clear, actionable AI strategies aligned with their business goals; implementation and engineering services providing support in deploying AI models, tools and technologies; and adoption and governance consulting for assisting companies with responsible AI adoption, data governance and ethical AI practices.

Partnerships and integrations

Tax compliance and automation solutions provider Avalara and digital asset accounting platform Ledgible announced a partnership to offer enhanced digital asset cost basis reporting for 1099s. The collaboration enables businesses to integrate digital asset cost basis information into their tax forms. … Expense management solutions provider Emburse added updates and improvements to the Emburse NetSuite Connector. The connector automates data flow between Emburse and NetSuite. Users can set a custom sync schedule that optimizes the timing to avoid interfering with synchronizations between NetSuite and other systems. User management options can import employees, vendors or both. Companies can use filtering to import a subset of their records; map card programs in Emburse to a credit card account or vendor in NetSuite; map primary fields from NetSuite to general ledger dimensions in Emburse; triage failed exports, view error messages, and choose the next action in one error management interface; access guided configuration; and use direct integration without third parties. … Top 10 firm RSM announced a strategic business relationship with financial reporting solutions provider Additive to enhance tax service capabilities with the Additive generative AI platform, which helps tax professionals manage and automate the processing of tax documents into structured formats. Additive's AI solution extracts structured information from partnership compliance packages, generating workpapers and facilitating review and subsequent workflows. … Thomson Reuters is enabling integration with ONESOURCE Pagero and Oracle Cloud Enterprise Resource Planning. Supported by early partners like Accenture, this integration aims to help streamline e-invoicing processes, particularly in countries with stringent mandates. The partnership will leverage Oracle's B2B technology platform to offer a solution for integration of e-invoicing compliance solutions. By integrating ONESOURCE Pagero with Oracle Cloud ERP, customers will be able to perform invoicing compliance workflows directly within the ERP system.