The following is an excerpt from today’s Global Newsletter.
Bank-fintech partnerships have been a thing for over a decade, but there has never been comprehensive guidance on managing these.
Until now.
This week the FDIC, OCC, and the Fed produced a 68-page interagency report detailing how banks should manage third-party relationships.
The TL;DR is that banks must do more to monitor their fintech partnerships, but this should lead to healthier and more productive relationships. Banks will now be more demanding of their fintech partners, so we all need to be ramping up compliance too.
At least this provides clarity…something sorely missing in the crypto space.
Featured
 USA |
| FDIC, Fed, OCC finalize guidance for banks’ third-party partnerships By Catherine Leffert The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties. |
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| Global Harness power of API-first card issuing approach for customized future-ready experience By Anil Goyal Adopting an API-first approach to card issuing allows fintechs to create personalized payment solutions tailored to their customers’ needs. |
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Webinars
| Unmasking Sanctions Evasion: Trends, Challenges, and Solutions June 15, 2 p.m. EDT One of the most crucial components of compliance is sanctions screening, which entails identifying and blocking transactions…Register Now |
| June 20: Challenges and Opportunities of Digital CreditRegister Now |
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