The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks. The guide is designed to help third parties understand the environment in which banks operate and navigate the requirements unique to banking. 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. This guide is the first in a series of new resources from FDiTech.
The guide is an initial effort to address concerns of banks and technology companies across the country. Banks tailor their review of third parties to their specific needs and the type of arrangement they are entering into. However, the following general considerations might help third parties prepare for the due diligence process:
- Understand the framework of laws and regulations that apply to banks
- Maintain a well-managed and financially strong business
- Be prepared for the questions banks may ask and for potential remediation of concerns
- Demonstrate that the business has appropriate monitoring systems in place
Keywords: Americas, US, Banking, Fintech, FDiTech, Third-Party Arrangements, Third-Party Risk, FDIC
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