TechPassport shares must have standards to improve Fintech-Bank collaboration
TechPassport has teamed up with 15 of the world’s largest global banks to help “revolutionize the way banks and fintechs work together”.
Together they have introduced Enterprise Ready Questions (ERQs) – a set of “must have” standards that fintechs must pass to work with a major bank or financial institution. The aim is to drive innovation in the industry and create a more efficient fintech ecosystem.
TechPassport helps large banks to find certified startups, and startups to find certified banks. It says it typically takes up to 18 months for a fintech to become fully integrated into a bank or financial institution. However, the ERQs can streamline the adoption process, allowing fintech to be integrated into banks and financial institutions more quickly.
Fintechs will not need to spend as much time and effort preparing for onboarding, while banks and financial institutions will be able to assess a fintech’s readiness for integration more quickly. TechPassport Reports helps reduce the time it takes to get NDAs and POCs in place from six weeks down to 24 hours for its Tier 1 banking clients.
Layla Whitefounder and CEO of TechPassport, explains: “After working in the banking industry for large global banks such as HSBC, Deutsche Bank and Lloyd’s, I knew there had to be a better way, a way we could save time and money, and most importantly work in partnership with fintechs to help them succeed by removing friction and barriers to entry.
“That’s when I came up with TechPassport. When I started talking to other industry leaders, I found that I wasn’t alone in having this vision, and so Banking Think Tanks was created. We started with 3 Tier 1 banks for 6 months ago and now have 15 at the table who have helped shape and create these ERQs that will drive innovation forward for the entire industry.”
The reaction
Sean Manahan, global head of business development and partnerships at Morgan Stanley, comments: “Partnerships with early stage companies are a central part of our strategy to create new opportunities for our customers and business. With this cross-industry initiative, we have created a platform that lays the foundation for a productive partnership between fintechs and financial services organizations. It unlocks the innovation potential of fintechs by enabling them to focus on impactful contributions and deliver value faster.”
While a head of technology procurement at a Tier 1 investment and pension management company added: “The platform will have an overwhelmingly positive impact on the fintech community with a transparent (and honest) engagement journey from NDA to Onboarding.
“The collaboration with peer banks focused on meeting the shared industry-wide challenge along with the collective need to speed up and standardize questionnaire requirements and eliminate hours of repetitive tasks. All of this leads to a stronger and more dynamic partnership under the Fintech Pledge.”
