TechPassport, a SaaS company that connects financial institutions with enterprise-ready FinTech companies for faster, frictionless innovation, will launch its Enterprise Ready Questions in January 2023.
TechPassport is thrilled to announce that it has partnered with 15 of the world’s largest banks to develop a set of enterprise-ready questions (ERQs) that will revolutionize the way banks and FinTechs work together.
Fidelity International was one of the first financial institutions to join the Think Tank and shape the Enterprise Ready Questions.
These questions embody the “must-have” standards that a FinTech must meet to work with a major bank or financial institution. This is the first time that a group of banks have worked together to create a standard set of questions that they all adhere to. They represent progress towards creating transparency and clarity so that both parties can work and collaborate better.
HSBC was one of the key members of the think tank, with its head of innovation for the Americas, global functions playing an active role in selecting enterprise-ready questions that will help FinTechs navigate the process. of integration.
This collaboration has enabled TechPassport to address the industry’s long-standing issue of slow FinTech integration. Traditionally, full integration of a FinTech into a bank or financial institution can take up to 18 months. This slow process has been a major impediment to innovation in the industry. However, with the creation of ERQs, TechPassport was able to streamline the onboarding process, allowing FinTechs to be onboarded into banks and financial institutions more quickly. TechPassport has a proven track record of reducing the time it takes to set up NDAs and POCs from 6 weeks to 24 hours for its Tier 1 Banking customers.
“Partnerships with start-ups are a key part of our strategy to create new opportunities for our customers and our businesses. 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 allowing them to focus on impactful contributions and create value faster. – Sean Manahan, Global Head of Business Development and Partnerships at Morgan Stanley
The benefits of this collaboration are numerous. First, it will speed up the FinTech onboarding process, giving banks and financial institutions faster access to the latest industry innovations. This will help drive innovation and ensure that FinTechs are able to bring their ideas to market faster.
“The platform will have an overwhelming positive impact on the FinTech community with a transparent (and honest) engagement journey from NDA to onboarding. Collaboration with peer banks has emphasized the shared challenge to the industry-wide as well as the collective need to accelerate and standardize quiz requirements by eliminating hours of repetitive tasks, all leading to a stronger and more dynamic partnership under the Fintech Pledge. – Technology Sourcing Manager, Tier 1 Pension and Investment Management Firm
Second, ERQs will save FinTechs and banks time and money. The standardized nature of the questions means FinTechs won’t need to spend as much time and effort preparing for onboarding, while banks and financial institutions will be able to assess the status more quickly. preparing a FinTech for integration.
ZOPA Bank was part of the think tank to create the ERQs and pointed out that while each bank has a different risk lens, many of the criteria needed to work with a FinTech are the same. They acknowledged that there has been no attempt to standardize on these onboarding issues so far and that this collaboration helps join these dots making it easier for banks to access ready-to-go startups. enterprise and FinTechs to understand what they need to do to be enterprise ready.
Third, this new system enables banks to meet the FinTech pledge backed by the UK government.
TechPassport is proud to lead this important collaboration. We are committed to driving innovation in the industry and helping to create a more effective and efficient FinTech ecosystem. We believe that the creation of ERQs will be a major step towards achieving these goals, and we are excited to see the impact they will have on the industry.
Layla White, Founder and CEO of TechPassport shared: “Having worked in banking for major global banks such as HSBC, Deutsche Bank and Lloyds, I knew there had to be a better way, a way to save time and money and most importantly, to work partnering with FinTechs to help them succeed by removing friction and barriers to entry. That’s when I created TechPassport. When I started talking to other industry leaders, I discovered that I was not the only one with this vision and that is why the Banking Think Tanks were created We started with 3 level 1 banks 6 months ago and now we have 15 around of the table who have helped shape and create these ERQs that will drive innovation forward for the entire sector.
TechPassport is a member of the Citi Bank Accelerator program.