The synergy between financial institutions and fintech companies is reshaping the financial services industry, bringing forth transformative innovations. Nevertheless, within the highly regulated financial sector, implementing fintech breakthroughs can be a complex and time-consuming endeavour.
To address this issue, TechPassport, the SaaS provider connecting financial institutions with enterprise ready fintech firms, has teamed up with IBM to empower banks and fintech entities to foster mutually beneficial partnerships.
By combining IBM Cloud for Financial Services and TechPassport’s platform, the pair aim to help banks onboard fintechs quickly and more confidently than ever before.
Prakash Pattni, MD, financial services digital transformation, IBM, comments: “With the right technology partners and tools, financial institutions can feel at ease when selecting a fintech to work with. TechPassport and IBM are working together to help banks do just that as they come together with fintechs in collaboration.”
While, Layla White, CEO and founder, TechPassport, also added: “When I met with Prakash Pattni from IBM last year, it became very clear early on that there was something special that our companies could do together.
“IBM, the huge and highly respected firm, is on a mission to reduce risk and remains committed to helping financial services organisations keep critical data secured with resiliency, performance, security, compliance capabilities and total cost of ownership at the forefront. And us: the small but very capable startup with our personal mission to make engagement between FIs and fintechs better.
“It’s been a while in the making, but I am immensely proud to announce that we have joined forces in a huge step to drastically reduce the onboarding time for higher risk fintechs into FIs. Leveraging our partnership and tools, FIs can search and qualify solutions and onboard them knowing that the heavy lifting around compliance is already done. This is why I started TechPassport. Because onboarding SHOULD be faster. It SHOULD be easier. And everyone wins.”
According to insights from IBM and TechPassport, the growing prominence of generative AI technology across industries has introduced a new level of pressure for financial enterprises to innovate quickly—or risk missing the opportunity to drive new value for their customers.
As banks look to collaborate with different fintechs and take advantage of AI technology, they must cut down on the time it takes to onboard these ecosystem partners. The pair’s industry-tailored solution aims to make the process of onboarding technology providers easier.
TechPassport’s platform is designed to help financial institutions reduce due diligence time while providing a curated marketplace of enterprise-ready products. While IBM’s IBM Cloud for Financial Services and the IBM Cloud Framework for Financial Services aims to help fintechs become compliance-prepared from the onset.