NEWS
OpenYield launches fully automated , equity-like marketplace to lead bond trading into the next era
OpenYield Trading , a FINRA-registered broker-dealer and SEC-registered alternative trading system ( ATS ), has printed its first trade , marking the launch of its platform . OpenYield aims to modernise fixed-income investing and empower broker-dealers , advisors and asset managers to easily enter the bond market or enhance their existing offerings . With unique liquidity , no minimums , flexible APIs and a powerful technology stack that delivers data and analytics , OpenYield provides a low-cost , equity-like marketplace for bond trading .
OpenYield addresses a range of challenges in fixed income investing that have made it difficult for smaller investors to participate in the asset class . Bond marketplaces traditionally post indicative quotes requiring confirmation , creating uncertainty for investors and operational complexity for execution . The emergence of pricing algorithms have eliminated the need for humans to confirm prices , similar to equity markets . Additionally , OpenYield simplifies bond selection by curating liquid bonds across corporates , municipals and Treasurys .
OpenYield enables subscribers to launch or enhance their bond trading solutions seamlessly with its open technology and is focused on minimising costs for small tickets . Familiar APIs streamline onboarding , while data services – including price history , yields and cash flows – can power an enhanced brokerage solution .
Jonathan Birnbaum , Founder and CEO of OpenYield , said : “ The bond market is primed for its next chapter . The rise of interest rates has catalysed the demand side for fixed income , while the rise of electronic trading and pricing algos has transformed the supply side liquidity . Meanwhile , the experience of interacting with the bond market for investors and advisors hasn ’ t changed , leaving much to be desired . “ We ’ re on a mission to make bonds cheap and easy to trade and are excited about the opportunity to build generational capital markets infrastructure .”
Klarna AI assistant handles two-thirds of customer service chats in its first month
Available in the Klarna app , the assistant is designed to enhance the shopping and payments experience for Klarna ’ s 150 million consumers worldwide , capable of managing a range of tasks from multilingual customer service to managing refunds and returns and fostering healthy financial habits . This launch marks a significant leap forward in Klarna ’ s vision of a fully AI-powered financial assistant aimed at saving consumers time , worry and money , while making the global retail banking industry more efficient and consumer-focused . Exciting new features are already in the pipeline and will be added to the AI assistant soon . Additionally , customers can still choose to interact with live agents if they ’ d prefer .
Klarna has announced its AI assistant is powered by OpenAI . Now live globally for one month , Klarna has published the results of its successful change :
• The AI assistant has had 2.3 million conversations , two-thirds of Klarna ’ s customer service chats
• It is doing the equivalent work of 700 full-time agents
• It is on par with human agents in regard to customer satisfaction score
• It is more accurate in errand resolution , leading to a 25 % drop in repeat inquiries
• Customers now resolve their errands in less than two minutes compared to 11 minutes previously
• It ’ s available in 23 markets , 24 / 7 and communicates in more than 35 languages
• It ’ s estimated to drive a US $ 40 million in profit improvement to Klarna in 2024
Klarna has also seen massive improvement in communication with local immigrant and expat communities across all our markets thanks to the language support .
“ Klarna is at the very forefront among our partners in AI adoption and practical application .” said Brad Lightcap , COO of OpenAI . “ Together we are unlocking the vast potential for AI to boost productivity and improve our day-to-day lives .”
10 www . intelligentfin . tech