TechPassport has teamed up with 15 of the world’s largest global banks to help “revolutionise the way banks and fintechs work together”.
Together they have introduced Enterprise Ready Questions (ERQs) – an industry set of ‘must have’ standards that fintechs must pass in order to work with a large bank or financial institution. The aim is to drive innovation in the industry and create a more efficient and effective fintech ecosystem.
TechPassport helps big banks find certified startups, and startups to find certified banks. It says it typically takes up to 18 months for a fintech to be fully integrated into a bank or financial institution. However, the ERQs can streamline the onboarding process, enabling fintechs to be integrated into banks and financial institutions quicker.
Fintechs will not need to spend as much time and effort preparing for onboarding, while banks and financial institutions will be able to assess the readiness of a fintech for integration faster. TechPassport reports helping 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 White, founder and CEO of TechPassport, explains: “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.
“That’s when I came up with TechPassport. When I started to speak to other industry leaders, I found I was not alone in having this vision and so the Banking Think Tanks were created. We started with 3 Tier 1 banks 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 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.”
While a head of technology sourcing at a Tier 1 investment and pension management company added: “The platform will have an overwhelming positive impact to the fintech community with transparent (and honest) engagement journey from NDA to Onboarding.
“The collaboration with peer-banks brought a focus to address the shared industry-wide challenge along with the collective need to expedite and standardise questionnaire requirements eliminating hours of repetitive tasks. All leading to a stronger and more dynamic partnership under the Fintech Pledge.”
