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- Global Custody Pro - 18 July 2025
Global Custody Pro - 18 July 2025
Q2 2025 AuCA US custody bank leaderboard so far and more
Global Custody Pro
July 17, 2025 • Reading Time: 8 minutes
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🌏 Global Custody News
Q2 2025 AuC/A US Leaderboard
BNY - $55.8 trillion (+ $2.70 trillion +5.08 % QoQ)
State Street - $49 trillion (+ $2.30 trillion +4.93 % QoQ)
JPMorganChase - $38 trillion (+ $2.30 trillion +6.44 % QoQ)
Citi - $28 trillion (+ $2.00 trillion +7.69 % QoQ)
Northern Trust - reports on 23 July, $16.9 trillion in Q1 2025
US Bancorp - $11 trillion (no change QoQ)
Proxymity Secures $36M for with MUTB Investment
Driving the news: Digital investor communications platform Proxymity has closed a $36 million Series C funding round, with Mitsubishi UFJ Trust and Banking Corporation (MUTB) joining its consortium of strategic investors. MUTB is the leading transfer agent in Japan, representing 20 of the top 30 listed companies by market capitalisation as of 30 June 2025.
The investment from Japan's largest trust bank is stated to reinforce Proxymity’s capabilities and its potential to enhance issuer and investor communications in collaboration with key industry participants.
Proxymity will utilise the growth capital to enhance its global proxy voting and shareholder disclosure technology, as well as to support its planned expansion into the APAC region, with a specific focus on making its services available to Japanese publicly listed companies.
FNZ launches Virtual Banking and FX API in New Zealand
Key Move: FNZ has launched new features on its New Zealand wealth management platform, developed with ANZ, introducing the country's first Virtual Banking solution and a new FX API to increase efficiency and reduce transaction risk.
The Virtual Banking solution enables near real-time cash allocation to client accounts, eliminating manual errors and allowing investors to deposit funds and place trades on the same day. The FX API provides instant execution for foreign exchange transactions, which minimises exposure to market fluctuations.
According to FNZ, these enhancements are part of its global strategy to drive automation and digital transformation, providing financial institutions with efficient, scalable, and client-centric solutions.
U.S. Bancorp Posts $1.8B Q2 Profit, Touts Digital Initiatives
The big picture: U.S. Bancorp reported second-quarter net income of $1.815 billion, highlighting its scale with approximately $11 trillion in assets under custody and administration. The bank also completed its first fully digital trade finance collection transaction using the WaveBL blockchain platform.
The stated purpose of the digital trade finance initiative is to modernise services for clients. The use of a digital process reportedly reduced the document courier timeline from days to minutes, enhanced security and compliance, and avoided potential disruptions.
Looking ahead, the company issued guidance for the third quarter of 2025, forecasting net interest income between $4.1 billion and $4.2 billion and total fee revenue of approximately $3.0 billion on an adjusted basis.
Fedwire Funds Service completes ISO 20022 migration
Driving the news: Federal Reserve Financial Services (FRFS) has completed the migration of its Fedwire Funds Service to the ISO 20022 message format. The move aims to align U.S. payment transactions with a global standard, promoting greater efficiency and encouraging innovation.
The implementation of the ISO 20022 standard is stated to enable more structured data within transactions. This is designed to support more intelligent risk and fraud mitigation, facilitate compliance with sanctions and anti-money laundering rules, and enhance straight-through processing for businesses.
The next step for the industry is to "leverage the standard to create value and modernise payments," according to Mark Gould, Chief Payments Executive for FRFS.
Wise Q1 cross-border volume rises 24% to £41.2bn
Why it matters: Wise reported a 24% year-on-year increase in quarterly cross-border volume to £41.2 billion and a 17% rise in active customers to 9.8 million for Q1 FY26. Underlying income for the quarter grew 11% on a reported basis to £362.0 million.
The company's cross-border take rate decreased by 12 basis points over the year to 0.52%, a change it states reflects a lower average price and a growing proportion of higher-volume customers. In its institutional business, Wise announced new Wise Platform partnerships with Raiffeisen Bank and UniCredit to power international transfers for their clients.
Wise expects to deliver strong growth in underlying income for FY26, consistent with its medium-term guidance of 15-20% on a constant currency basis. The company also noted its proposal for a primary US listing is intended to "accelerate our journey to becoming 'the' network for the world's money," according to CEO Kristo Käärmann.
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🚀 Digital Asset News
KuCoin Reports H1 2025 Growth and Compliance Milestones
The big picture: KuCoin reports reaching 41 million registered users in the first half of 2025, alongside obtaining SOC 2 Type II and ISO 27001:2022 certifications. The firm submitted a MiCA licence application in the EU and supported the launch of KuCoin Thailand, a locally regulated entity licensed by the Thai SEC.
The exchange is integrated with BitGo's Go Network for institutional-grade custody, which includes up to $250 million in insurance coverage. These actions are positioned as foundational to its strategy of aligning with global regulatory standards and building secure infrastructure.
Looking ahead, KuCoin plans to enter new markets in several regions during the remainder of 2025, with the stated aim of shaping a more secure and inclusive crypto market.
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Brennan McDonald,
Managing Editor
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