The new questions, designed to judge whether a fintech is enterprise-ready, should streamline the process, speed up innovation, and save time and money
TechPassport has teamed up with 15 banks to develop a series of eligibility questions to better prepare fintechs for partnerships and speed up the onboarding process.
Morgan Stanley, Citi and HSBC were among the banks to help create the questions in partnership with TechPassport, which runs a marketplace for banks shopping for fintech partners.
It can take up to 18 months for a fintech to be fully integrated into a bank. TechPassport said this “has been a major barrier to innovation in the industry”.
The new questions, designed to judge whether a fintech is enterprise-ready, should streamline the process, speed up innovation, and save time and money.
Layla White, founder and chief executive officer of TechPassport, commented: “Having worked in the banking industry for large global banks such as HSBC, Deutsche Bank and Lloyds, I knew there must 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.
“We started with three Tier 1 banks six 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.”
Sean Manahan, global head of business development and partnerships at Morgan Stanley, added: “Partnerships with early-stage companies are a key part of our strategy to drive new opportunities for our clients and business.
“With this cross-industry initiative, we have created a platform that sets the foundation for a productive partnership between fintechs and financial services organisations. It unlocks fintechs’ innovation potential by empowering them to focus on impactful contributions and deliver value faster.”
This is TechPassport’s latest move to facilitate collaboration in the financial services. Founded in 2019, the UK-based company was created to help lower the barrier of entry for fintechs and startups looking to work with financial institutions.
In a recent interview with FinTech Intel, White talked about TechPassport, and the changing relationships between banks and fintechs.