FDIC issues fintech guide for companies seeking to partner with banks

A new guide to help financial technology companies and others partner with banks was announced Monday by the Federal Deposit Insurance Corp. (FDIC).

The guide, “Conducting Business with Banks: A Guide for Third Parties,” was released by the FDIC’s technology lab, FDiTech, and is intended to help third parties understand the environment in which banks operate and navigate the requirements unique to banking, the agency said. The lab was established in 2019 to collaborate with community banks on how to deploy technology in delivery channels and back office operations to better serve customers.

The FDIC said this guide is an initial effort to address concerns that agency Chairman Jelena McWilliams has heard from banks and technology companies across the country related to challenges associated with on-boarding at institutions.

FDiTech is working to develop additional tools and resources to increase opportunities for partnerships and eliminate unnecessary burdens and costs associated with third party risk management,” the agency said. “In the meantime, Conducting Business with Banks should serve as a helpful guide to both banks and third parties.”

FDiTech Releases New Guide to Help ‘FinTechs’ Connect with Banks

Conducting Business with Banks: A Guide for Third Parties” (FDIC, February 2020)