FDIC guide - fintech doing business with banks

In a continuing effort to encourage technological innovation in the banking sector, FDIC’s technology lab FDiTech has released “Conducting Business with Banks: A Guide for Third Parties” a guide to help  Fintech companies partner with banks.

In its press release the FDIC says that:

• the Guide is an initial effort to address concerns that Chairman McWilliams has heard from banks and technology companies across the country related to challenges associated with on-boarding at institutions.
  
• the FDiTech is working to develop additional tools and resources to increase opportunities for partnerships and eliminate unnecessary burdens and costs associated with third party risk management.
  
• the Guide should serve as a helpful guide to both banks and third parties.
  
• partnerships between fintechs and community banks are particularly important.
  
• it is often the case that both fintechs and community banks  cite cost and regulatory uncertainty as roadblocks to innovation.
  
• leveraging new technology may provide additional opportunities for these institutions and their customers.

The FDIC Chairman Jelena McWilliams says  "The FDIC will continue to work with banks and fintechs to help them understand how they can effectively work together to serve our nation's depositors."

FDIC established FDiTech in 2019 to collaborate with community banks on how to deploy technology in delivery channels and back office operations to better serve customers. FDiTech is working to encourage innovation and partnerships at community banks through engagement, technical assistance, tech sprints, and pilot programs.

Source: https://www.fdic.gov/news/news/press/2020/pr20017.html

Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland)
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See also www.UKFintech.com www.FintechIreland.com